Seabren Developments – the company led by Michael Moran of the Red Cow Moran Hotel and Johnny O'Loughlin – has completed the sale of 12 three-bedroom houses in Dublin 12 to the registered charity, Acorn Housing.
While the developer declined to comment on the amount paid for the Cromwellsfort Court portfolio, The Irish Times understands the deal carried a value of between €5.5 million and €5.7 million, or an average of €458,333 to €475,000 per house.
Commenting on the transaction, Seabren Developments director Michael Moran, said: “Cromwellsfort Court is one of a number of our developments that will provide much-needed social housing within the Dublin City Council area. The quality of design, construction and finish of these schemes meet the exacting standards that Seabren ensures with all our developments.
“We are particularly pleased that we employed a highly-efficient development process to provide these new homes within a short timeframe. On site activity at Cromwellsfort Court commenced in July 2019 and was completed, including all demolition, service connections and construction, and its ultimate sale to Acorn Housing, within 12 months. This has resulted from a high level of focus and cooperation between Seabren, our design team, Dublin City Council, utility providers and Acorn Housing.”
Seabren Developments has, to date, completed seven residential schemes within the inner south and west Dublin suburbs including two semi-detached homes at Ontario Court in Ranelagh, nine town houses at Aideen Place in Rathgar, two large four-bed homes at St. Teresa’s Road at Crumlin village, a split-level period home at 23 Portobello on the Grand Canal, and four three-bed semi-detached homes at 63 Terenure Road North.
Its current developments include a luxury development of two five-bedroom homes at 37 Highfield Road in Rathgar and a new street of 20 three and four-bedroom homes at Annesley Gardens in Ranelagh, Dublin 6.
Seabren is currently finalising plans for two further housing schemes at sites it has acquired in Blackrock village and Crumlin village. In the case of the former, the company is understood to have paid developer Pat Crean's Marlet Property Group about €7.5 million plus VAT for the former Europa Motors site at the junction of Maretimo Terrace and Newtown Avenue.
While the 1.25 acre (0.5 hectare) site had been offered for sale at a guide price of €9 million with planning permission for a high-end scheme of 51residential units comprising a mix of 42 apartments and nine houses, a feasibility study suggested the plot has capacity for a scheme of 109 units.
The Europa site changed hands previously in 2015 when seven parties chased the price up to € 7.5 million from a guide of € 4.8 million.