Buyers snap up apartments at the Gasworks fire sale – Sunday Business Post – 08/05/2011

More than half of the units for sale in agent HT Meagher O’Reilly’s fire sale at The Gasworks development in Dublin 4 were sold within 24 hours of being launched onto the market last week.

The  one, two  and  three-bedroom apartments  and townhouses in  the scheme, which was, built by developer Liam  Carroll, are  being  sold by receiver Grant Thornton with prices down by 65 per cent from  peak. By mid-morning last Friday, 14 units had been sold. “A mix of units have been sold, including  two three-bedroom  penthouses, one  two­bedroom apartment, and  the remainder are  one-bedroom units,” said David Browne, managing director of HT Meagher O’Reilly New  Homes. “Many of the buyers are people already renting apartments in the scheme. One such buyer is renting a two-bedroom unit, but has bought a three-bedroom apartment.

“Other buyers include a lot of young couples, many of whom work at Google and are familiar with the development. The average wage at Google is reputed to be about €80,000, so the reduced prices are more affordable and attractive to employees that want to live next door to where they work and don’t want to have to commute or worry about parking.”

According to Browne, investors have also been keen to snap up one beds in particular. One such investor already owns a Unit within the scheme, which he rents for €1,150 a month and which has never been vacant.

The remaining one-bedroom units range in size from 48 to 57 square metres and are priced between € 155,000 and €199,000.This represents  a 67 per cent reduction from  peak prices of €475,000.

The two-bedroom units span 70 square metres and are priced at €270,000, 65 per cent less than their peak price tag of €765.000. Three – bedroom apartments and penthouses offer between 95 and  115 square metres and cost from €325,000 and  €385,000 respectively, a drop of some 67 per cent from peak. All of those units come with parking. There are also a few townhouses remaining, which cost between €350,000 and €370,000. At peak, these 105 square metre homes were selling for €950,000.

The units are on view today from 3pm to 5pm. For more information contact the selling agent at 01-6342478.

By Tina-Marie O’Neill, Sunday Business Post

8th May 2011

Knight Frank

Leave a Reply Text

Your email address will not be published. Required fields are marked *