Around the Block: 75 houses in Carlow ghost estate for €1.25m

It’s clear there’s value to be had in country property at the moment for anyone who has the money to invest, but a ghost estate in Graiguecullen outside Carlow certainly takes the biscuit this week, with a guide price of €1.25 million for 75 unfinished houses on 68 acres.

Work stopped on Fruithill Manor in 2008, and now it’s for sale through Lisney by the receivers of the estate of the late Patrick McCormack, developer of Fruithill Manor.

When planning permission was granted back in 2006 the site was sold for around €60 million. There were ambitious plans to build 800 homes on the site as part of a €400million development that would include apartments, six shops and a crèche.

The receiver is clearly targeting developers with the sale of the entire lot, and while planning permission has expired, almost half of the land is zoned for development.

Some of the houses have been vandalised though Lisney says they have been secured against intruders and the elements, ie boarded up. Of the 75 homes on offer three are detached, 66 are semi-detached and six are terraced. None have kitchens, radiators or boilers, and it’s estimated that each house needs a further €50,000 to complete it.

Of course the question now is whether there’s a real demand in Carlow for 75 new homes, not to mention 800.