Prime part-completed €2m development to test market

Builders are back in business in cities like Dublin and Cork in the bid to get sites for a house-hungry market — and now an outer suburban site comes to market in Cork to test appetites for something just a bit further out.

Prime part-completed €2m development to test market

Carrying a €2m guide is a six-acre part-completed development by E&T Builders, The Brambles at Castletreasure, Scart Cross, outer Douglas. It has ten completed houses, which have been rented out, and extension of planning for 28 units was granted in 2010.

It’s priced at €2m by Eoin Ryan of DTZ, with Ann O’Mahony of Sherry FitzGerald. That’s the same price as the same agents have on a prime six-acre inner-suburban Cork Blackrock Road site at Cleve Hill, currently under very active viewings from builders and speculators, with planning for 18 homes worth up to €1m each. It’s likely Cleve Hill’s initial guide will be far surpassed.

And, sale terms have yet to be revealed on a Well Road Douglas site, previously the site of Greenbanks, the home of rock guitarist Rory Gallagher’s mother, which was speculatively assembled in the mid-2000s at a cost of €3.3m. It has been acquired from AIB by builder David Walsh of Rockforest Homes for c €700k, who has completed eight homes on the Boreenmanna Road and is now building in Carrigaline. After seven months negotiation with AIB, via Cohalan Downing, Mr Walsh intends to go for planning for five house on the Greenbanks site, expected to be worth over €800,000 each, via Casey and Kingston, once planning is secured.

Bidders/builders pushed out of the fray for such ‘old’ suburbs sites might cast an eye over Bramble Hill, with its 10 completed houses, producing immediate rental income, and two more are to first fix level.

“Bramble Hill comes to market during a period of continued lack of supply of viable residential sites being placed on market for sale, while demand for housing continues to increase throughout Cork City and suburbs,” notes Eoin Ryan of DTZ. “This demand, primarily from first-time buyers, continues to be unsatisfied due to a lack of supply of new housing and also limited second-hand house sales.”

Separately to the section with planning, there’s 3.4 acres which may, in time, provide for further development. The agents say it’s a chance to acquire a residential development site with existing stock providing a strong income stream and a substantial development site which will deliver added value over time. Ann O’Mahony, Sherry FitzGerald adds “the completed development will prove attractive to both first-time buyers and those looking to locate close to the wide range of amenities throughout Douglas” .

Details: DTZ/Sherry FitzGerald, 021-4275454, 021-4273041

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