Receiver sale: Blessington ghost estate for €350,000
THE REMNANTS of a ghost housing estate in Blessington, Co Wicklow, is to be offered for sale at auction on November 21st through agent Savills.
Loman Dempsey is quoting a guide price of €350,000 plus VAT for the Milltown Gate housing scheme which was partially built by Willowbridge Developments before the market collapsed. KPMG was subsequently appointed receivers over the company.
The 4.5-acre former grounds of the local GAA club were originally acquired in 2006 for €9.2 million. The site has full planning permission for 54 houses, of which nine have been sold and occupied.
Another six houses are 80 per cent completed and are included in the sale along with 39 partly serviced sites.
The sites are laid out in two cul-de-sacs directly opposite the row of completed houses. A tarmac base has been put in place along the proposed roads on the site.
The planning permission provides for detached, semi-detached and terraced houses with a mixture of two, three and four bedrooms.
Dempsey said that with the slowdown in housing construction in all areas they had noticed “pockets of demand” in some locations including Blessington. The fact that there were six houses almost ready-to-go and a further six sites with foundations in place to allow for a phased development meant that the site should have immediate appeal to developers seeking a low entry cost and a low development opportunity.