FURTHER EVIDENCE that development sites have been hardest hit by the slippage in values comes this week from North's Property Chartered Surveyors who are offering a 50 per cent reduction in the selling price of a site in Fairview, Dublin 3.
The 0.29-acre industrial premises and yard at Richmond Avenue, just off Richmond Road, was sold last year for €2.5 million but the deal was never completed because of the credit crunch. The vendor has now decided to put it back on the market with an asking price of €1.25 million. It has full planning permission for a five-storey block to include 17 apartments, two commercial units on the ground floor and a basement car-park.
Simon Stokes of North's says the newly adjusted price works out at a mere €66,000 per unit, a long way short of the €150,000 per unit achieved in the area over a year ago.
The industrial premises has been occupied in recent years by McConnell's Fireplace. Does that make it a fire sale? "It's a half price sale, nothing more, nothing less," says Stokes.
