Early An Caislean investors scoop profits

THE early birds into An Caislean, a house development in Ballincollig, made money from the start.

A number of investors who bought here in the first phase of houses had only to pay a €5,000 deposit, and have since sold on their properties which were free of stage payments, and have netted up to €30,000 after costs and capital gains taxes.

Global Properties declined to confirm reports that one investor had deposits on a handful, and walked off with €250,000 for what amounted to little more than paper-work but they are happy to talk about the next phase of sales, apartments.

They still forecast strong capital appreciation for the 53 apartments, but the chance of a €5,000 deposit to secure it are gone.

Instead, buyers will need to stump up a 15% deposit for the remaining 15 of 53 units, ranging in price from €214,000 to €240,000. Expected completion date is about 18 months time. The last three-bed semis houses sold at €235,000, and two-bed mid terraced houses sold for €199,000, according to Barry Nagle of Global, who remarked that in the apartment sales, it seems to be the largest ones selling most strongly.

Units average 850 sq ft, with penthouse apartments equally large or larger, compete with up to 800 sq ft more of roof-top terraces. The contemporary design is by architect Richard Rainey, developers are Frinailla Ltd, and there's one basement parking space with each unit.

Included in the overall development of 196 houses and 53 apartments is a montessori, creche, medical suites and 2,000 sq ft of first floor offices, being sold for €400,000.

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