New sales reach €7 million at revamped Priory Hall
Former fire-trap apartments sell in days for half of what they cost in the boom
Before the revamp: the apartments at Priory Hall, Donaghmede. Photographer: Dara Mac Dónaill
The first 43 apartments put up for sale in the revamped Priory Hall complex in north Dublin have all been sold in a matter of days, realising more than €7 million for Dublin City Council.
The council is spending more than €27 million on the reconstruction of the notorious fire-trap complex near Donaghmede in north Dublin, which was built in 2007 by former IRA hunger striker Tom McFeely.
Work began more than two years ago on the redevelopment of the derelict complex of 187 apartments which was evacuated on the orders of the High Court in October 2011. The work on the first phase of 60 apartments has been completed.
The council put the apartments up for sale under the estate’s new name of “New Priory”. Prices started at €145,000, about half of what they cost when they were first sold at the height of the boom.
Nine refurbished apartments are being retained for social housing and eight have been handed back to buy-to-let owners who were given a stay on their mortgages for the duration of the reconstruction.
Sale agreements have been reached on 41 apartments with two more, on which booking deposits have been paid, due to progress to final sale shortly.
The apartments were sold at prices starting at €145,000 for one-bedroom units and €165,000-€178,000 for two-bedroom apartments. The largest duplex was sold for €270,000 but the average price was €180,000.
The council hopes refurbishment work on the entire complex will be finished by the end of 2017.