An estate for €400,000

AS recently as this year, marina apartments in Shannon-side Killaloe were making €260,000, according to the new Property Price Register — so what value a 10-acre partly developed site nearby, with 30 houses in various states of undress? Try €400,000.

That’s the quote for the land, outlined in two phases, with a lapsed 2004 planning grant for a further 57 units on phase two’s 6.3 acres.

Joint selling agents are Denis O’Donoghue, of Savills, in Cork, with the Harry Brann office acting locally in the Lough Derg area. It’s being sold on behalf of a receiver, Padraic Monaghan, of KPMG, and comprises the incomplete Arda Na Dierge scheme, on the east Clare side of picturesque and busy Killaloe, 25 minutes from Limerick and near the M7.

It comes after the successful sales of comparable schemes in Kerry’s Castlemaine, and Co Carlow’s Tullow, “and is perhaps one of the more interesting development opportunities to be put on the market in the mid-west region,” says O’Donoghue. Arda Na Dierge “is the only development opportunity available in Killaloe, a town left largely unscathed in comparison to the predicament of over-development and abandonment affecting so many areas throughout the country.”

It has planning permission for phase one, on 4.3 acres, with a mix of 30 houses with 12 detached houses of 1,350 sq ft (three of which are excluded from the sale) and 18 similar-sized semi-detached houses. One is complete, seven are to first and second fix, and one detached is at foundation. The semis have one complete, seven to first and second fix, six at foundation, two as shell units and two untouched sites. Seven of the 57 plots on phase two’s 6.33 acres aren’t in the mix on offer.

Importantly, all development levies are paid up, and phase one works have access to mains services, facilitating early completion.

Details: Harry Brann Auctioneers, 061-376380; Savills 021-4271371