Apartment sales buck the trend

With 11 sold and just four left, this Killarney development is a winner. Tommy Barker reports

It’s a success story, of sorts, and especially for the beleagured apartment sector — 11 clearly ‘upmarket’ sales are currently going through in Killarney’s The Old Presbytery scheme, with four units left to sell.

The sales number are good for any scheme, but especially for apartments — and prices are also bucking the trend, even if they’re just a fraction of what developer Philip O’Connor had hoped to get.

The sales already secured, and the four 1,500sq ft-plus units left to sell, are being bought for less than the cost of building them, and that’s even putting no value at all on the site, which had changed hands for millions back in the mid-2000s, once to Sunday’s Well Properties and then to Philip O’Connor.

The low number (16 in all), the level of finish and features, the space, and the setting by the Cathedral, all combined to make them a great buy, says selling agent Michael Coghlan of Sherry FitzGerald.

That’s appreciated by locals, who’ve been to the fore in the 11 sales to date, as they’re a mix of business owners and returning ex-pats.

Marketing at the current prices started in November, and with contracts now completed, the first of the 11 buyers get possession this month.

Old Presbytery is a brand-new build opposite St Mary’s Cathedral and by Killarney’s National Park at King’s Bridge, and prices range from €225,000 for a choice of two 1,500 sq ft ground floor units, next is a duplex, and top is a €340,000 for a 1,650 sq ft penthouse with roof-top terraces and two basement parking spaces.

Features include secure access, underground parking, two lifts, gas heating, pressurised water system, en suite bedrooms, ‘B’ level BER ratings, oak floors and recessed lighting.

VERDICT: Locals have copped on to the good things on offer here in what’s a niche scheme and “one which won’t be built again for a long time given the costs involved,” notes the auctioneer.


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