High hopes for Navan
Navan, one of the world's few towns with a palindromic name, straddles both sides of the rivers Blackwater and Boyne. Indeed, 2km outside the dormitory town, in the suburb of Johnstown, the rivers of Co Meath have served as the inspiration for a new development called Cois Glaisín, which itself means 'beside the stream'.
All seven house types available in the latest phase of Cois Glaisín are called after rivers that flow through the Royal County, from the Blackwater to the lesser-known Monagh.
In 2015, the scheme, which sits on an elevated site with vistas of the surrounding countryside, was the first to come to the market in Navan in five years and the lack of new estates has led to a squeezing of the rental market.
When Cois Glaisín is finished, it will have 350 two, three, and four-bed homes, assuming planning permission for the latter tranches is granted.
At present, a two-bed house in Johnstown can command a monthly rent of €1,000 a month. So the entry price level of €199,000 for a two-bed at Cois Glaisín looks appealing for a first-time buyer currently renting in the area, especially with the government's new tax rebate scheme.
Cois Glaisín was first launched in 2009 by Tailored Homes Navan, but just 20 houses were sold. The new contractor completing the scheme is Bridgedale Homes, which is building at Cois Glaisín on behalf of Targeted Investment Opportunities, the investment fund managed by LA-based Oaktree Capital. The same partnership is developing Marina Village Greystones, which was launched in August.
This second phase at Cois Glaisín, launching this weekend with a brand-new show village, will consist of 40 properties, with prices starting at €199,000 for the two-bed, €229,000 for a three-bed, and €285,000 for a four-bed. The myriad house styles available mean the new release will be catering to a whole slew of buyer types, from the first-timers to expanding families to the downsizer.
The smallest house type is the two-bed Boyne, which comes either as a mid-terrace or end-of-terrace property and features between 818 sq ft and 893 sq ft of space. The Delvin, Stoneyford, Blackwater and Tolka styles are all three-beds, with sizes going from 1,151 sq ft for a mid-terraced Tolka to 1,205 sq ft for an end-of-terrace Tolka.
The smallest three-bed, namely a corner semi-detached or end-of-terrace style, measures 1,055 sq ft. The four-bed semi-detached style in this phase has 1,420 sq ft of space, while the sole detached type is a four-bed with a floor area of 1,400 sq ft.
The front elevations of the homes are finished either in a full red-brick or in a mix of red brick and cream render, depending on the design chosen by the buyer.
All the homes at Cois Glaisín were designed to have a BER of A3. Energy-saving technologies at the properties include an A-rated condensing gas boiler for the central heating system. PV panels have been fitted to generate electricity all year around.
Cois Glaisín is just two minutes from the M3 motorway, 33km from the M50, 40km from Dublin and 52km to Dublin Airport. The show village is on view tomorrow and Sunday, between 2pm-4pm.
Cois Glaisín, Johnstown, Co Meath
Asking price: €199,000-€285,000
Agent: Sherry FitzGerald New Homes (01) 6671888 or Raymond Potterton Auctioneers (046) 9027666