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Friday 20 September 2019

US firm plans to sell flats for social housing at €600k each

Focus Ireland’s Mike Allen. Photo: Damien Eagers/INM
Focus Ireland’s Mike Allen. Photo: Damien Eagers/INM

A US-owned property firm is proposing to sell 18 two-bedroomed apartments at a cost of nearly €600,000 each for social housing as part of a new apartment scheme.

Kennedy Wilson has lodged fast-track plans with An Bord Pleanala for the 287 properties at the Grange on the Stillorgan Road in south Dublin.

The firm has put an indicative cost of €13.57m on selling 29 apartments to Dun Laoghaire-Rathdown County Council to comply with its Part V social and affordable housing obligations.

The 18 two-bed apartments are priced at €583,000 each.

The firm has also put an indicative cost of €280,000 on each of the 11 one-bed apartments.

The social units, representing 10pc of the overall development, will be located in the same block.

Reduction

If the eventual planning permission from An Bord Pleanala reduces the scale of the development, this will result in a pro-rata reduction in the number of Part V social units.

In another deal, Cairn Homes wants to sell 44 apartments at a cost of €14m for social housing to South Dublin County Council from its 406-unit development at Newcastle South and Ballynakelly in Newcastle, Co Dublin.

The development will comprise 281 houses and 125 apartments.

Cairn Homes is putting forward a mix of two and three-bed houses along with one, two and three-bed apartments.

The builder has put an indicative cost of €349,283 on the three-bed homes and an indicative cost of €429,620 on a three-bed apartment.

The board is due to make decisions on the two applic- ations in January.

Mike Allen, of homelessness charity Focus Ireland, said: "The cost of these homes is justified due to the high demand for social housing and the agreed objective of social mix."

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