Monday 18 February 2019

Spy out the land in mission to snap up a Malahide dwelling

Waterside Malahide, Co Dublin

Asking price: €267,500-€377,500

Agent: Hooke & MacDonald (01) 631 8402 or Kevin Flanigan Estates (01) 845 3459

The courtyard and exteriors of Waterside at Malahide
The courtyard and exteriors of Waterside at Malahide
The reception area
The dining area overlooking the kitchen

Checkpoint Charlie, the best-known crossing point between East Berlin and West Berlin during the Cold War, was the setting for many a spy film and novel, from Octopussy to The Spy Who Came in From the Cold. It was at the Berlin Wall checkpoint - dubbed Charlie by the Allies - that Soviet and American tanks briefly faced off in 1961.

The East German checkpoint watchtower, the last surviving original Checkpoint Charlie structure, was demolished in 2000 to make way for development. In 2007, Mayo brothers Cathal and Michael Cannon, who own developers Cannon Kirk with Owen Kirk, bought the land for €29m, with loans that were later transferred to Nama, and then sold the site in 2015 for about €85m.

The proceeds of the sale are understood to have to reduced Cannon Kirk Group's Nama loans. The homebuilder left the state-owned bad bank two years ago, following a €100m-investment from US private equity house Oaktree in return for an equity stake.

During the boom, Cannon Kirk built some 3,000 homes in Ireland, including at Aiken's Village in Sandyford and at Waterside in Malahide. About 550 apartments, duplexes and houses were built at the latter scheme, which has a long water fountain acting as a central focal point.

Cannon Kirk has returned to development, and has earmarked schemes for Dundalk, the Co Kildare village of Kill, and Donabate, according to its website.

At Waterside, which is located off the Swords Road, about 3km west of the centre of Malahide, Cannon Kirk has added a new block of 29 apartments and duplexes.

The first 15 one, two and three-bed homes were quietly placed on the market last year. Of the remaining 14 apartments and duplexes just released, five are still available. While all the two-beds at the new building have been reserved, there are still one-bed apartments and three-bed duplexes for sale. Prices start at €267,500 for a one-bed measuring 625 sq ft, while the duplexes, which range in size from 1,170 sq ft to 1,345 sq ft, cost from €343,500 to €377,500.

The new block has been appealing to first-time buyers, downsizers, and investors attracted by the strong rental demand from people working at Dublin Airport, which is just a 10-minute drive away, and in Malahide and Swords. Waterside is just 1.5km away from Swords Main Street.

The new building at Waterside has a facade finished with brickwork and render, with UPVC to the fascia, soffits and gutters. Each unit has a custom-designed fitted kitchen with integrated appliances such as an oven, a hob, an extractor hood, a fridge/freezer, a dishwasher, and a washer/dryer.

There are built-in wardrobes to the main bedrooms. There is extensive wall and floor tiling to the bathrooms and ensuites, as well as sanitaryware and thermostatically-controlled showers. All the walls and ceilings are painted throughout.

The A3-rated apartments and duplexes benefit from PV panels that generate electricity and from condensing boilers for the gas central heating. Both features help keep household utility bills in check.

Neighbourhood amenities at Waterside include a Daybreak convenience shop, a Four Star Pizza, two crèches, a playground, a park, and playing fields.

For family buyers, there are seven primary schools and six secondary schools between Swords and Malahide.

Commuters can use the Dart at Malahide to reach Dublin city centre, which is 15km away, or use the M1 motorway, which is a 13-minute drive away. The M50 is 6.5km from Waterside, which has stops for Dublin Bus routes 32, 32X, 42 and 102 at the entrance to the development.

Waterside residents will also benefit if the proposed Metro North line in Swords goes ahead.

Viewings at Waterside will take place tomorrow, from 11.30am to 1pm.

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