Harbour village site for €75,000 has planning for two townhouses

Value for an enterprising buyer, or two together. Tommy Barker reports

It’s like a tale — or a nightmare — from the boom, the rise in hopes and the crashing fall in value of this Monkstown, Cork harbour area site.

A tale of two times, and two house sites, this redevelopment plot, facing the tennis courts in Monkstown, was bought at auction in 2006 for €330,000.

Then, it went for planning, not once, but twice, and to Bord Pleanala appeal, as well, when it was revised from three houses down, instead, to two townhouse sites.

By the time the planning came through the market had sunk, and, by now, the costs associated with it have risen well over €500,000 — and its sale price will realise only a fraction of that hefty sum.

Now, estate agent Catherine McAuliffe, of Savills’ Cork City office, is asking for €75,000 for the site with full planning (but which is due to expire this year) for two, three-storey townhouses of c 1,300 sq ft each, with lower-level parking and top-floor balconies.

By the tennis courts, it’s also near the Castle Demesne and Monkstown Golf Club, as well as the Sand Quay sailing club and new marina.

VERDICT: It’s time has now come, offering value for a new buyer, group of buyers, or an enterprising builder, with site costs for each house now around €40,000.