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13 apartments sold in Dublin city for €52,857 each

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Mystery surrounds the sale of 13 apartments, just a five-minute bike ride from O'Connell Bridge, which were bought last month for just over €50,000 each.

Mystery surrounds the sale of 13 apartments, just a five-minute bike ride from O'Connell Bridge, which were bought last month for just over €50,000 each.

Mystery surrounds the sale of 13 apartments, just a five-minute bike ride from O'Connell Bridge, which were bought last month for just over €50,000 each.

Mystery surrounds the sale of 13 apartments, just a five-minute bike ride from O'Connell Bridge, which were bought last month for just over €50,000 each.

The sale of the Green Court View apartments in the heart of Smithfield, bucks the trend in Dublin 7 where property prices have risen sharply.

Half a dozen Dublin 7 estate agents contacted by the Sunday Independent said they were unaware the apartments were on the market.

"Good two-bedroom apartments in the immediate area are going for €175,000," said one. Current average prices for residential property in Dublin 7 is about €135,000 and rental demand remains strong.

A one-bedroom apartment in the same complex was successfully let for €1,000 a month just last July.

The block is opposite the landmark Special Criminal Court building in Green Street, scene of some of the most notorious paramilitary and serious organised crime cases over the last three decades.

The bargain basement disposal of Apartments 2 to 14 was revealed in the Residential Property Price Register for August.

Each of the 13 apartments were sold on August 27 at the low price of €52,857 each.

That's a total price of just over €687,000 - about the price of one four-bed house achieved recently across the river in Sandymount.

Green Court View is close to Dublin Institute of Technology at Bolton Street which along with other Dublin colleges is battling an accommodation crisis for its new intake of students who start courses this month.

The complex was developed in the late 90s by businessman Jack Connaughton and was one of the first projects in the regeneration of Smithfield. Leading practitioners John Fleming Architects were the designers.

Mr Connaughton, who retired a number of years ago, was a former director of the leading wholesale clothing retailer CF Classic Fashions which is now controlled by his son, John Connaughton.

In 2007 Jack Connaughton hit the headlines when he was listed as making the largest settlement in the December Tax Defaulters List of that year.

Jack Connaughton made a €6.7m settlement arising from the underdeclaration of income tax. The settlement involved penalties and interest totalling €4.5 million and arose from the Revenue's offshore assets investigations.

On Friday, his son John Connaughton declined to comment on the sale.

Sunday Independent