Builders who have managed to escape Nama’s clutches and are still on good terms with their bank manager may be interested in a block of apartments in Killiney, Co Dublin, which is to be sold off in one lot at the request of a receiver.
Estate agent HT Meagher O’Reilly is looking for €3 million for the 31 apartments and penthouses, which are 80-90 per cent completed at Auburn Lodge, off Church View Road in Killiney.
The agency estimates that another €1 million needs to be spent on finishing off the homes – including the cost of installing three lifts – but suggests that whoever buys the lot could make a profit of more than €2 million, depending on the market conditions when the sales campaign gets under way. The same agency says it has been getting €200,000-€300,000 for two-bedroom apartments in other south Dublin locations in recent weeks.
When the Killiney scheme was launched off plans in April, 2008, McGinley Construction pitched opening prices at €475,000 for two-beds and €395,000 for one-beds. They are still for sale.
In Galway, Sherry FitzGerald Kavanagh has been engaged by a receiver to shift a number of apartments in a small development, Cúirt an Dolain, at Fairhill Road in Claddagh. A one-bed apartment is available at €127,000, a two-bedroom ground-floor unit at €165,000 while another two bed on the upper floor is up for grabs at €275,000. Claddagh is one of the best inner-city locations close to the Spanish Arch.
