New homes: Renovated units in Rathfarnham’s Ely Woods complex

Owendoher Lodge, on Ballyboden Road in Rathfarnham, was constructed as rental units by Deane Homes in 1999, and is now on the market for the first time since their construction.

The complex, designed by architect Franks Elmes, consists of 68 units: two three-bedroom townhouses, 33 three-bedroom duplex units, and 33 two-bedroom apartments.

In late 2011, Ulster Bank installed Tom Kavanagh as receiver to 850 homes and apartments built by Deane Homes, and the Owendoher development was later sold to a private investor through estate agent Savills.

The properties, all vacant, are now on the market, having been completely renovated and refurbished by investors. The units have had a swish overhaul, with new kitchens, bathrooms and tiling – doors and skirting boards are the only features remaining from the original furnishing.

"We've witnessed a complete transformation of the development in a short space of time," says David Browne of Savills, who are selling the units under the new name of Ely Woods at Owendoher.

Prices for two-bedroom apartments, with a footprint of 62sq m, start at €250,000 and the three-bedroom duplexes, at 96sq m, start at €340,000. Prices for the two town houses have yet to be confirmed.

“For home buyers, this represents exceptional value with monthly repayments being far less than the cost to rent. Considering a 6-7 per cent return, they also make highly attractive investment properties,” says Browne.

All bedrooms in the complex are double and duplex units have two car parking spaces included, with one space for the apartments.

Small annual management fees will apply for the upkeep of the grounds.