Up to 44% off apartments in regeneration scheme

DUBLIN 8: FROM €165,000: EVEN IN the current market slowdown, apartments near Dublin city centre will always be in demand, particularly…

DUBLIN 8: FROM €165,000:EVEN IN the current market slowdown, apartments near Dublin city centre will always be in demand, particularly from first-time buyers and investors. A new phase of 25 apartments going for sale today at Herberton, St James's Walk, off South Circular Road, has been substantially reduced in price and are among the cheapest to be launched in the city in recent years.

One-bed units with 47-52sq m (505- 560sq ft) are from €165,000 – 44 per cent below the original selling price of €295,000 – while two-bedroom homes with 59-72sq m (635-775sq ft) cost from €230,000 (one-third below the €345,000 they were making before the market ran into trouble).

Joint agents Hooke MacDonald and GPK are handling sales at the well-located site by the Luas less than a mile from Christchurch.

Herberton is built on the former Fatima Mansions site, at the rear of St James’s Hospital. The close proximity to the hospital – the largest in the country – should mean that investors will also be pitching for some of the apartments given the huge potential to rent them to hospital staff.

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Irish Mortgage Corporation says that first-time buyers can avail of 92 per cent mortgage financing, sometimes at interest rates which begin at 2.49 per cent. An apartment at Herberton costing €230,000 would involve mortgage repayments of €755 a month over 35 years and €646 after interest relief. Similar properties in this location can be rented at up to €1,300 per month.

Herberton is acknowledged as one of the most successful regeneration projects in the city, helped in part by the inclusion of a large gymnasium and swimming pool. Other leisure facilities have also been included as well as shopping amenities. Herberton is being developed jointly by Elliott’s and Michael Whelan’s Maplewood Developments.

Herberton, St James’s Walk, off South Circular Rd

One and two-beds beside the Luas with keen prices

Joint agents: Hooke MacDonald and GPK