Ballymun/from €179,000: A second phase of apartments at the gateway to Ballymun's new main street is being launched this week, reports Jack Fagan, Property Editor
A second tranche of new apartments going for sale next week at Ballymun will be among the most competitively priced in the Dublin area. They are likely to appeal mainly to first-time buyers.
Two months ago, all 187 apartments in the first phase of Santry Cross were sold off the plans within days of being launched by joint agents Sherry FitzGerald New Homes and Lisney. About 80 per cent of the homes were bought by investors attracted by the Section 23 tax breaks which were once available all over the city but are now extremely scarce. The next 60 homes going on the market in the coming week only have tax breaks for owner- occupiers but developers Pierse Homes has trimmed prices by about 15 per cent to ensure that the strong selling pattern will continue until buyers are found for the remaining 187 apartments.
The homes are being built in two high profile blocks that will form part of the northern gateway to Ballymun's main street. The €100 million Santry Cross scheme will also include about 20 shops and restaurants with 2,601 sq m (28,000 sq ft) of retail space and 1,486 sq m (16,000 sq ft) of offices.
One-bedroom apartments with floor areas of 41.4 to 54.5 sq m (446 to 587 sq ft) will be priced from €179,000; two-bedroom units with 65.2 to 70.4 sq m (702 to 758 sq ft) will cost from €225,000 while three-bedroom homes with 81 to 96.6 sq m (872 to 1,040 sq ft) will be available from €250,000.
The selling agents calculate that a 90 per cent mortgage - or €161,100 for a one-bedroom apartment - would work out at a net repayment of €71 per week for the first 10 years once tax breaks are taken into account. Similarly, a 90 per cent mortgage - or €202,500 - on a two-bed home would involve net weekly repayments of €89 per week for owner-occupiers. The two and three-bedroom apartments will come with an en suite bathroom off the main bedroom. All homes with have either balconies or terraces.
The smart, contemporary style fit-outs chosen can be previewed at a snazzy marketing suite erected on the site at the junction of Ballymun Road and Santry Avenue. Buyers will also be happy that, like most other developers, Pierse will be supplying the usual range of integrated electrical appliances and black granite sparkle formica worktops in the open-plan kitchens.
Bathrooms will also have an impressive fit-out of high quality white sanitary ware, chrome mixer taps, shower cubicles and power showers in most homes and full tiling in wet areas. Phone and tv points will be fitted in livingrooms and bedrooms.
The selling agents say there should be a good rental market in Ballymun - not only because of the close proximity of DCU - but also because Dublin Airport and the city centre are with easy driving distances.
Santry Cross will be a crucial element in the redevelopment of Ballymun, a massive scheme that will eventually involve an expenditure of €2.5 billion. Several new impressive buildings have already been completed along the new high street, notably the new Civic Centre and the Arts Centre and many more are on the drawing board.
By the time all the redevelopment has been completed, Ballymun will have a population of at least 30,000 as well as a further 10,000 on the nearby DCU campus. It is also planned to create thousands of new jobs on a large site designated for a business park but that will largely depend on the economy.
