Planning was only cleared for the c €15 million development in January and Lugus are looking at a mid-March sales launch.
LOTS of changes, and lots of new homes are due around Cork city’s western suburbs and out along the chi-chi Model Farm Road — but only a handful of what’s in the pipeline will be pitched yet at first time buyers, or, indeed, even at the mid-market.
New homes supply in this affluent hinterland — between Bishopstown and Ballincollig, and brushing up against the greenbelt — looks like moving from a famine to a feast, especially for those in the trading-up market.
Likely to be early out of the stocks, with a launch possibly by the middle of next month via Barry Auctioneers, is a scheme of 19 new builds on the three-acre site of the former Nangles Nurseries, which has now closed after 70 years in business, and through several generations.
Behind the project are a new name to Cork, Lugus Capital and its housing subsidiary Pavilion Asset Management, headed by investment specialists Tim Cahill and Peter Horgan.
Planning was only cleared for the c €15 million development in January for Lugus, and market sources suggest the site now with its full planning had been offered to other builder/developers in recent months.
Now, estate agent Kevin Barry says Lugus are looking at a mid-March sales launch, with the 19 houses done with red-brick facades to a design by architects Deady Gahan.
“Both directors of Lugus Capital are from Cork and this, hopefully, is the first of many projects in Cork for them,” adds Mr Barry.
Although prices haven’t been finalised prior to formal launch, indicative levels for 2,300-2,420 sq ft four-bed detacheds may be up in the low to mid-€700,000s.
Four semis of 1,800 sq ft are likely to be in the €500,000s, and two smaller 970 sq ft three-bed semis will be well into the €300,000s, it’s understood.
House design with the red brick finish will be broadly comparable to the look of homes directly across the lane at Carrigrohane at Hayfield, where recent resales of the Ruden Homes build are over €600,000.
Also using a Carrigrohane address will be O’Flynn Construction’s Steeplewoods development of 26 new builds, all four-beds, on a 4.75 acre level site it bought last year by St Oliver’s Cemetery/Killumney Road, just off the Model Farm Road and where site works have recently started.
Agents Sherry FitzGerald says a launch here at Steeplewoods will be later on in 2017, but they have started a register of interest and “we have several hundred names and inquiries already,” says SF new homes specialist Paul Hannon.
Steeplewoods will have 16 large detacheds, from 2,000 sq ft to 2,800 sq ft over two floors. Also offered will be ten 1,500 sq ft semis.
A showhouse is likely to be delivered to kick-start sales for O’Flynns and, while no prices are settled, it’s expected the largest will at least be well into the high €700,000s.
Meanwhile, agents Casey & Kingston this month are releasing five more c 2,300 sq ft five-bed homes at the slowly-evolving Hill Farm development on the Model Farm Road, priced at €690,000.
The last recorded sales on the Price Register at Hill Farm were in 2014, in the high €400,000s.
Casey & Kingston last year sold a period home, Vailima, at the city end of the Model Farm Road for a reported €1.35m, and developers Into the Future Homes/Rockforest have sought planning for six large detacheds on its grounds, post-demolition, if planning is secured.
A request for further informations was made by planners last month on the Vailima planning.
Furthermore — also in the Carrigrohane vicinity — it’s understood that a three-acre site by the Church of Ireland’s St Peter’s Church on Church Hill is for sale, for up to 40 houses, while another zoned site by the Guide Dogs could deliver another 50 new homes, all subject to planning.
Finally... For those who covet the Model Farm Road location, and who can’t wait for new homes to rise up out of the ground, agent Hugh McPhilips of Marshs Auctioneers has just this week launched four-bed detached, older-era home called Glenveigh, at Laburnum Park.
Set on the city end of the Model Farm Road, Glenveigh has 1,900 sq ft, and four bedrooms, albeit all on the small side.
On mature suburban grounds near the CUH, it is guided at €480,000, but need updating and, mostly likely given its setting, extension and other upgrades. So.... more dealing with builders.
VERDICT: Famine moving toward a bit of a feast in this inner-to-outer suburban hinterland. But don’t expect too many widely affordable builds or FTB purchases just yet.
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