Cairn Orwell Road scheme almost sold out and public launch deferred
Already 85 of the mainly two-bed units have sold from 100 due for launch in first tranche
Cairn’s upmarket scheme between St John of God hospital and the junction with Orwell Park is selling off the plans
The official launch of the upmarket Marianella apartment scheme on Rathgar’s Orwell Road has moved to September. It seems developer Cairn has decided to defer public viewings until the autumn when the build will be further advanced. Meanwhile the luxury scheme between St John of God hospital and the junction with Orwell Park is selling away like hot cakes off the plans.
Already 85 of the mainly two-bed units have sold from 100 due for launch in this first tranche. The remaining 15 are likely to sell shortly on foot of private walk-throughs in recent weeks of two show apartments for buyers and those on a registered list of interested parties.
Kevin Stanley, chief commercial officer of Cairn Homes, says the second phase of a further 100 apartments will likely begin early next year, and it is these units that will be on offer from plans at the official launch in September.
Stanley says: “It’s our first major launch, and we would like to have it further on before bringing people through. The club room and the car park needed to be completed and a lot was closed off for health and safety reasons.”
Around 70 per cent of the scheme comprises two-bed 1,100sq ft apartments priced between €600,000 and €650,000, and about half the buyers so far are downsizers from bigger homes in the Rathgar area.
Second phase units
Stanley expects prices to “remain largely the same” for the second phase units for sale through joint-agents Hooke and MacDonald and Knight Frank. Of 12 three-storey 2,650sq ft homes backing on to Orwell Park, five have already sold for €1.5million apiece. In the second phase there will be 25 2,000-3000sq ft houses on the west side of the site beside St John of God.
It is certainly grist to the mill for Cairn at the moment who seem to be singlehandedly determined to rehouse every well-heeled downsizer in the capital. Its purchase of the substantial RTÉ site on 8.6 acres in Donnybrook this week for €107.5million will certainly ramp up the publicly-traded company’s stated goal to build 1,000 to 1,200 homes a year by 2019.
Cairn says the Montrose site will deliver a further 500 apartments to the Dublin 4 locale. All subject to planning permission, of course.