Maynooth: A major retail and housing development in Maynooth is being launched this week. Jack Fagan, Property Editor, reports
Ireland's only university town, Maynooth in Co Kildare, is to undergo major changes in the coming months when development work gets under way on a new shopping and residential complex just off the main street.
The €100 million development will include 189 two-bedroom apartments and three-bedroom penthouses that are going for sale off the plans from today.
Larger than usual two-bedroom apartments will be available from €;245,000 while three-bed penthouses with roof gardens will cost from €;330,000.
The 50 homes in the first phase will be ready to move into from the autumn of 2005. Selling agents Hooke & MacDonald, Coonan Real Estate Alliance and French Estates will be taking bookings at their offices this weekend.
The mixed use complex is being built on the site of Kavanagh's Mill which closed down over three years ago when it was put into liquidation. A business syndicate that acquired the mill and an adjoining site subsequently received planning permission for a shopping centre at first floor level over a basement car-park.
The apartments will be located in four separate four-storey buildings over the shopping centre and the car-park.
The anchor tenant will be Dunnes Stores and the letting agents are reporting strong interest in a range of unit shops that will trade alongside Dunnes.
There will be a mix of high street fashion outlets, pubs, restaurants and a gym. Dunnes will go head-to-head with Tesco which built a new shopping centre a little further out of town about three years ago.
While many of the apartments in Lyreen Manor will be bought by first-time buyers wanting to live in one of the most appealing towns in Kildare, a large percentage are also likely to be targeted by investors looking for a decent rental return and promising capital appreciation.
Maynooth and other towns in north Kildare are largely escaping the slowdown in the rental market because of the continuing success of major industries, such as Intel and Hewlett Packard, both based nearby.
Another strong selling point is the fact that the new apartments adjoin the National University of Ireland which has over 5,500 students. Maynooth has good bus and train (Arrow) services to and from the city.
The selling agents are promising those booking apartments that they will be finished to an extremely high standard. There will be lifts to all floors and each unit will have natural gas central heating and Shaker-style kitchens including electrical appliances.
Interestingly, most homes will be dual aspect with the emphasis on space and light. Almost all of them will have a deck or balcony with views mainly of the town or over the grounds of St Patrick's College.There will be round-the-clock security with CCTV and each apartment will have its own car-parking space.
Two-bedroom apartments will have a floor area of 72 to 83 sq m (775/895 sq ft) including an en suite with the main bedroom. The penthouses will average 95 sq m (1,030 sq ft) plus private roof terraces.
