Saturday 21 April 2018

'It's rare to see new homes in this area' - High-end launches in prime Dublin locations

Launches in Monkstown and at a restored property in Donnybrook are gems, writes Liadan Hynes

Bloomfield House is a restored 18th century property
Bloomfield House is a restored 18th century property
One of the kitchens at Bloomfield House

The recent snow, and the upcoming bank holidays of St Patrick's weekend and Easter, have conspired to render this weekend a particularly busy one in terms of launches.

Alongside a significant number of starter homes coming to the market in Ratoath, and Lucan (see right), this weekend sees the launch of Grangeabbey in Monkstown, Co Dublin.

New homes developments in traditional, established areas of the capital city where land is scarce are a rarity. It is a factor that should make this launch particularly appealing to trade-down buyers, already living in the area, who don't want to move far but are keen to purchase a smaller, lower-maintenance and more energy-efficient home.

Grangeabbey in Monkstown by Greenleaf Homes launched yesterday, brought to the market by Savills. It is a small development which will total only 29 houses when complete. Located on what was formerly a brownfield site, it is situated off Abbey Road on the turn for St Fintan's Park. There is a mix of three- and four-bedroom houses, as well as one one-bed apartment, and one two-bed duplex. All are A-rated, prices range between €275,000, and €665,000. Unusually, for this area, there are units priced within the reach of the help-to-buy scheme.

Grangeabbey in Monkstown is a small development which will total only 29
houses when complete
Grangeabbey in Monkstown is a small development which will total only 29 houses when complete
An interior at Grangeabbey in Monkstown

The three-bed mid-terrace homes, approximately 123sqm, are priced from €490,000. The one-bed apartment, approximately 65sqm, is priced from €275,000. The two-bed duplex unit, approximately 113sqm, is priced from €395,000. Three-bed end-of-terrace units, approximately 132sqm, are priced from €535,000. Four-bed semi-detached units, approximately 158sqm, are priced from €620,000, and four-bed end-of-terrace units, approximately 158sqm, are priced from €615,000.

"It's rare to see new homes in this area," says David Browne head of new homes for Savills. "Cosgraves have a very large scheme in Glenageary, but there are very, very few new homes schemes in the more established suburbs. This scheme is unusual for this kind of suburb, in that it attracts the help-to-buy first-time buyer. So there's massive interest from the public on that. There would not be huge choice in this area for that buyer."

On this occasion, first-time buyers are competing with trade-down purchasers for the three-bedroom stock.

"What we're seeing now is that the trade-down market is looking for three-bedroom houses," reflects Browne. "They're kind of in-between. Not ready to move to an apartment yet, but they want to get the smaller house and they want to get the easier-to-heat house. The energy issue has become a huge thing now, in that they want the A rating and the low heating costs. That's a big drive for the trade-down buyer."

At the higher end of the price scale, Savills are seeing interest in Grangeabbey from trade-up buyers. "The bigger unit we have here would be two-and-a-half storey properties, with a master bedroom on the top level. These are seeing interest from the trade-up purchaser, people currently living in a three-bed semi who now have more kids and want to get the bigger house."

Browne notes an interesting trend in general at the upper end of the new homes market - the €900,000 to €1.1m price bracket.

"What's really interesting at that end of the market, as in the big, luxury homes, is a trend for people moving home from the UK, Australia, Hong Kong, Asia, or the States. All Irish. Typically in their forties with kids, they left 10 or 15 years ago and they're coming back.

"They obviously made money abroad and now they want the Irish lifestyle. It's not a one-off purchase. It's a very, very clear market in that type of site, which we haven't seen before at this level. They feel this is a good time to come home, which is great for our economy.

Also coming to the market this weekend are the remaining apartments at Bloomfield House in Donnybrook. This is a development of 12 apartments, which had a pre-launch before Christmas, when the one three-bed was sold, along with three other units.

Bloomfield House is a restored 18th century property of approximately 438sqm that will go on the market later this month.

It is the adjoining restored buildings, Northfield and Westfield, with interiors by Karen Howes of Taylor Howes, which are coming on the market now.

These two-bedroom apartments retain many original features, including high ceilings, ornate coving, and the original sash window casements which have been restored and given double glazed windows.

Sizes range from 93-153sqm, and units include Siematic kitchens, tiled bathrooms with inbuilt storage, bespoke wardrobes, large private terraces and balconies, private landscaped communal gardens, off-street underground parking (one space per apartment), and security alarms with an intercom system linked to security side gates and the car park. Prices range from €1,000,000 to €1.2m.

Joint agents for Bloomfield launch: Sherry FitzGerald (01) 667 1888 and Felicity Fox (01) 633 4431

Viewing: By appointment only

Agent for Grangeabbey: Savills (01) 618 1300

Viewing: Today, 11am-1pm.

Sunday Independent

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