'Ghost' estate makes €550,000
A partially built housing estate in Blessington, Co Wicklow, has been sold prior to auction for a figure believed to be close to €550,000. The sale included a showhouse and five other houses in “shell” condition.
The overall site of 4.5 acres was originally sold by Blessington GAA club during the property boom for €9.5 million.
Fifteen houses had been built by Willowbridge Developments and nine of them were sold before the market collapsed. Two-bedroom units made between €210,000 and €230,000; three-beds sold for €400,000 to €425,000 while four-beds fetched up to €430,000.
Loman Dempsey of Savills, who handled the sale of the unfinished estate for a receiver, had been quoting in excess of €350,000 plus VAT for the property and clinched a deal before the planned auction “at a highly satisfactory price” with local builder Mervyn Chamney. Apart from the houses partially or fully built, there is planning permission for a further 33 dwellings.
Though the planning permission is due to run out next spring, the new owner can seek an extension for up to five years under legislative changes already announced.
Mr Dempsey said the high level of interest in the site suggested that confidence was returning to the new homes market in good locations across the greater Dublin area.