A LITTLE-known property company, Parkway Properties, has paid slightly over £3 million for a 41-acre residential site beside Malahide, Co Dublin. Individual sites are now expected to be sold on for around £150,000 each. The planners have stipulated that no more than 50 houses can be built on the site, which is located in the townland of Auburn directly opposite Malahide Castle.

The Land was sold by three investors, who acquired it eight years ago and succeeded in having it rezoned for housing Parkway Properties will provide roads, water sewerage an other services on the site before offering the individual sites for sale through the Gunne agency. None of the sites will be on less than half an acre.

Declan Cassidy of Gunne, who handled the sale of the 41 acres, said they had already received a large number of inquiries about the Auburn development, which would be ideally. located on the outskirts of the village.

The new houses cannot link up to the main sewerage scheme until Fingal County Council increases the capacity of the local sewerage plant. In the meantime, the developers will have to install a bio-cycle sewerage scheme for all the houses.