A little-known building firm is about to make vastly more money from the Phoenix Park racecourse than the bookies ever did in 90 years of racing.
Flynn and O'Flaherty yesterday netted €110 million for 170 apartments and houses when they went on sale for the first time. The remaining 30 in the first phase are expected to be sold by lunchtime today, and latecomers will then have to join the waiting list.
The high level of interest in yesterday's launch of the new homes off plans took the builders, their selling agents (Hooke & MacDonald) and many of the punters by surprise.
More than 80 buyers formed a queue before 8 a.m. outside the marketing suite in a newly built gate lodge at the original entrance to the racecourse, which closed in 1990.
By lunchtime most of the homes had been booked by a mixture of first-time buyers, people trading down and investors. According to Mr Ken MacDonald, of the selling agency, a "huge number" of young people were buying with financial help from their parents.
The homes are among the most expensive to come on the market in north Dublin in the past year.
Just over 260 two-bedroom apartments with between 835 and 905 sq ft sold for between €365,000 and €500,000. All 40 three-bed houses (1,150 sq ft) released were also snapped up at prices from €550,000 to €600,000.
Mr Jimmy Flynn, of Flynn and O'Flaherty, said they were "more than happy" with the success of the sales campaign. "The fact that the site is immediately beside the Phoenix Park is a huge selling point," he added.
