Buyers snap up new development units

AN BRUACH, at the Halfway, Ballinhassig, in Co Cork, is on the brink of being sold out — in just three days.

The property demand story continues to run and new developments are being snapped up immediately by first-time buyers keen to get in fast before price rises in second and third phases.

Barry Nagle of Global is nonplussed at the flurry of deposits he's received so far, despite having had a similar response to the An Caisleán development at Ballincollig.

And An Bruach is not central as the address suggests, it's mid-way between Cork and Bandon but does have excellent road access in its favour.

Also, Kinsale is less than eight miles away the first four deposits taken on the scheme were from Kinsale locals, says Mr Nagle. So the net for this satellite development is quite wide, but most probably, the majority of buyers will be commuters to the city.

The An Bruach scheme is unusual in that it includes apartments and townhouses, and will also include duplex units of 1,000 square feet and over in the second phase. This will offer a broader mix to buyers and was part of the conditions imposed by the planners at County Hall, said Mr Nagle, acting jointly with Philip O'Sullivan of O'Sullivan Estates.

The development is a joint venture between Kinsale builders, MMD Construction, and Gable Holdings and there will be a total of 59 units when the scheme is completed.

In this, the first phase, there are 27 units on offer, of which 24 are now sold. Of the total development, 25 apartments and 34 townhouses are planned.

Prices begin at €127,000 for a one-bedroomed unit with two-bedroomed units starting at €150,000. The townhouses start at €175,000 for the mid-terrace type and rise to €180,000 for an end property.

Should demand continue at the present level, prices are certain to rise in the next phase. This is already happening at the An Caisleán development, where a minimal 10% increase is forecast for the remaining 54 housing units yet to be released.