| 7.5°C Dublin

It's a bargain as 63-house estate sells for €649k

IT was billed as the deal of the century but in the end a housing estate sold for more than four times its estimate.

An unidentified buyer snapped up 63 houses on the commuter belt for €649,000 after the bank put the houses on the market.

The Glendale housing estate in Tullow, Co Carlow, went for significantly more than the €150,000 the bank said it was willing to accept.

But the buyer still got a "complete bargain" compared to boom prices, at just more than €10,000 per house.

There were more than 20 interested parties in the auction room and eight serious bidders, but after an hour of bidding, it was a solicitor representing an unknown purchaser that settled the transaction.

Marcus McCormack of DNG McCormack Properties conducted the sale on behalf of a bank whose client has gone into receivership.

Mr McCormack believes the buyer will finish off the estate and put the houses on the market for as little as €40,000.

Most of the two-bed homes are completed to a high standard but others need some work on the kitchens and bathrooms.



planning

The Glendale estate also comes with 58 more sites with planning permission and is situated on 14 acres.

Initially it was planned as a retirement village. It is located next to the Glendale nursing home on the Shillelagh Road and close to the centre of Tullow.

There is one snag with the properties, however, as some fees are still due to the council and will need to be negotiated.

"When you compare it with historic prices, it is a complete bargain," Mr McCormack said.

Mr McCormack said he believed the purchaser would complete the estate and sell off the properties.

hnews@herald.ie