Rathfarnham apartments refitted to a high standard
Ely Woods, Rathfarnham, Dublin 16
After selling out the first phase of apartments and duplexes in this revamped development in the affluent south Dublin neighbourhood of Rathfarnham last year, Savills is now releasing 18 properties in the second phase of the scheme.
The Ballyboden Road development was built as rental units in the late 1990s, when it was called Owendoher Lodge. After the property and financial crash, the original developer went into receivership and the scheme was bought by Adelaide Real Estate Investments.
The investor refitted the units to a high standard, landscaped the communal gardens and, in October, began marketing the scheme under the new name of Ely Woods at Owendoher Lodge. Prices for the second phase start at €260,000 for the two-bed apartments and at €345,000 for the three-bed duplexes.
Savills doesn't expect the brick-fronted properties to remain on the market for long, given their appeal to investors in search of a high rental yield. The two-beds are currently renting for as much as €1,400 a month, with the three-beds commanding a rent of up to €1,800, Savills says.
They are also attractive to owner occupiers who have saved the requisite deposit as the monthly mortgage payments are far cheaper than rental payments for the same properties.
Both types of purchaser will likely be drawn to Ely Woods' location: the development is situated at the foothills of the Dublin Mountains, but is just 7km from the centre of Dublin and 2.2km from the M50.
Inside, matt porcelain floor tiling comes as standard in the kitchen and bathrooms. The wide shaker-style cabinet doors and soft-close drawers in the kitchens are finished in a stone white in the two-bed units and in a bone grey in the three-bed duplex. The kitchens also have under-counter lighting and brushed steel down-lighters. Each home has a stylish patio and designated parking.
Enquiries to: Savills New Homes (01) 6181300.