Limerick responds to a very well-situated new launch
Limerick sees one of its first post-recession new homes developments launch off plans next Saturday. Bloomfield in Annacotty is the first new homes scheme by Clancy Homes, the development company that was set up late last year by building contractor Clancy Construction, a third-generation family business.
The site is adjacent to an existing development by McInerney Homes, which is fully finished and occupied. This land, which was originally part of the McInerney scheme, was bought by Clancy Homes in December last year from the receiver.
Brenda Mulcahy of Sherry FitzGerald says they are seeing interest from first-time buyers and those wishing to trade up - including those living in the existing adjacent development - as well as downsizers, with the location proving a particular selling point.
Less than a 15-minute drive from the city centre, the site is adjacent to Castletroy Park, which includes a playground and running area, the shops and restaurants of Newtown Shopping Centre, and the University of Limerick. Castletroy College, one of Limerick's most sought-after secondary schools, is across the road and the National Technology Park is a short drive away. Access to all the major roads is also nearby.
"This is one of the first new developments in Limerick, and like everywhere, there is a bit of pent-up demand. There really has been very little supply," says Aidan Clancy of the development company.
This first phase brings 11 homes to the market: eight three-bed semi-detached units; two four-bed semi- detached; and one four-bed detached home. Built over two storeys, these homes have a BER of A3.
All have utility rooms and ground-floor WCs, as well as open-plan living areas; all living rooms have sliding cassette doors, which retract back into the wall. Allowances for fitted wardrobes, kitchens and tiling are included. There is parking in the front garden for two cars, as well as a grassed area, with double doors at the back overlooking the rear gardens. Sizes range from 107-126sqm and prices from €235,000.
Building will begin towards the end of the month, with the scheme eventually having approximately 150 homes, including terraced, semi-detached and detached, with three-, four- and five-bed options. Sherry FitzGerald will host next Saturday's launch in its offices on Shannon Street. It is open to all those preregistered on lovebloomfield.ie.
Although anecdotal evidence would suggest it is difficult to build new homes schemes outside of Dublin and manage to both cover land and construction costs to make a profit, this week's Daft.ie quarterly house-price report concluded that prices outside of Dublin were continuing to rise due to a shortage of supply, with Limerick seeing prices for the first quarter rise by 18pc compared to the same period last year.
Well-situated land would seem to be key in achieving a price that works for both buyer and builder. Limerick has good jobs, he points out, between University of Limerick, and various multinationals.
"Limerick has only just turned the corner to make sense [financially]," says Clancy, explaining that that is probably why it is one of the first developments to launch in the area in recent years.
Clancy adds: "We are regularly appraising potential schemes in Dublin. One of the big risk factors I would notice is the affordability of deposits. It's an awful lot more affordable to buy a house in Limerick; you're trying to raise a much more manageable deposit."
Address: Bloomfield, Annacotty, Co Limerick
Viewing: By appointment
Agent: Sherry FitzGerald (061) 418 000