Are there new apartment blocks being built on the South side of Dublin??

drizzle

Hi
I'm a first time buyer looking to buy a new apartment in south co Dublin. There doesn't seem to be any new apartment blocks being built in Dublin or country wide.

All the new builds seem to be 3-4-5 beds townhouse style housing estates.

I know there's plans for 3000 homes in cherrywood, and the other locations earmarked by Simon Covney but that seems to be planned for late 2017.

Any input would be greatly appreciated,

Thanks

Stheno

Advice on what?

Michael D Not Higgins

I believe they're still building in Central Park in Sandyford, and the shell of the building near Dunnes in the Sandyford industrial estate is planned to be finished too. I've also heard they're continuing to develop The Grange on Brewery Road.

ScouseMouse

Two new blocks have just opened in Central Park, Sandyford. The Luas stops next to it.

Zenify

There's loads of apartments going up right now in Dun Laoghaire, where the old golf course used to be. There's some on the kill ave side (Honeypark) which I'd say will be expensive but the ones across the road seem a much lower spec and I'd say they'll be more affordable.

drizzle

Zenify wrote: »

There's loads of apartments going up right now in Dun Laoghaire, where the old golf course used to be. There's some on the kill ave side (Honeypark) which I'd say will be expensive but the ones across the road seem a much lower spec and I'd say they'll be more affordable.

Thanks for all your replies,

The Central Park apts along with the grange apartments are being built for the rental market. I'm not sure about Honey Park but on there website it lists what they have available with no mention of new apartments?

Big Nasty

There's actually still plenty of apartments for sale in Dublin, albeit not many new. The demand is for houses now so builders are throwing up duplex apartments with postage stamp sized gardens and calling them 'townhouses'.

Zenify

drizzle wrote: »

Thanks for all your replies,

The Central Park apts along with the grange apartments are being built for the rental market. I'm not sure about Honey Park but on there website it lists what they have available with no mention of new apartments?

It's the other side of the road to Honeypark. I think it's called something like "Caulanor". it looks like a lot of apartments. They aren't fully finished yet so I say they aren't on the market. I suggest you go and take a look if you are near by.

whoopsadoodles

They're building apartments in Cualanor (facing honey park in Dun Laoghaire/Glenageary) and Woodbank in Shankill.

They're just the two new developments I can think of right now so I'd be surprised if there weren't more.

Idbatterim

few reasons, unless they are in expensive areas, the are probably uneconomic to build. you cant release them in phases...

they will also cost a lot more to deliver initially than houses... think about the cost of underground carparks etc and all of the other apartment related expenses...

PhoenixParker

I know where weve bought our house there are three apartment blocks going in, however they're the last thing they'll build. Same at a number of other d15 sites.

Not as familiar with south's ide but I'd guess it's the same approach most places.

caviardreams

There are some in Knockrabo in Clonskeagh/Goatstown as well I think!

Dice75

A lot of apartment blocks currently going up are being rushed up by investment firms for the rental market (i.e not for sale). Fairly sure the Neptune building in Honeypark is one of these.

Gumbo

Another issue is funding.
Some of the large developers are being funded in the background and they are dictating what they will release the funds for.

For example, a large development in north Dublin contains a mix of houses and apartments but the funders will only provide the funding for the hosing units at present as they feel that the houses are what's required and will give them the most secured return of investment.

I was loosely involved in the new apartment block in Smithfield this year and it was the first new. Lock completed in Dublin City in a few years. They sold out in 48 hours.

newacc2015

There is no apartment blocks being built to go on the market. All the REITs are building them ultra high spec to rent them out as luxury lets. It is more profitable for them in the long run to get a reasonable yield every year than sell their developments immediately. There is a fair amount of new apartments being built around the docklands just for REITs eg the new Kennedy Wilson midrise block. There is talk of German pension funds building apartments in Dublin for renting.

Is there any reason why you want to buy a new apartment? There is plenty of excellent second hand apartments in the IFSC and docklands.

Michael D Not Higgins

newacc2015 wrote: »

There is no apartment blocks being built to go on the market. All the REITs are building them ultra high spec to rent them out as luxury lets. It is more profitable for them in the long run to get a reasonable yield every year than sell their developments immediately. There is a fair amount of new apartments being built around the docklands just for REITs eg the new Kennedy Wilson midrise block. There is talk of German pension funds building apartments in Dublin for renting.

Is there any reason why you want to buy a new apartment? There is plenty of excellent second hand apartments in the IFSC and docklands.

Because the government are gonna cut a cheque for 5% of a new property.

newacc2015

Michael D Not Higgins wrote: »

Because the government are gonna cut a cheque for 5% of a new property.

Realistically that 5% has been added on to take off with the rebate. If you do the math, there is probably no added value in buying a new apartment to get the 5% unless it is far more energy efficient.

Zenify

I just heard that an investment firm bought hundreds of the Cualanor apartments and that there won't be many for sale. Can anyone confirm this?

morrga

Michael D Not Higgins wrote: »

I believe they're still building in Central Park in Sandyford, and the shell of the building near Dunnes in the Sandyford industrial estate is planned to be finished too. I've also heard they're continuing to develop The Grange on Brewery Road.

Brand new block just finished in the Grange.

bleary

There's a large development near Mt argus in Harolds cross being built at the moment. Or at least a few months ago it was. I haven't heard anything for a while. Also a new development in Rathgar called Marianella starting at 395 for 1 beds

Touchee

bleary wrote: »

There's a large development near Mt argus in Harolds cross being built at the moment. Or at least a few months ago it was. I haven't heard anything for a while. Also a new development in Rathgar called Marianella starting at 395 for 1 beds

395 for 1 bed? That's really affordable:)
To be fair they will probably be high spec apartments, but 395 for 1 bed would be really difficult to justify.

drizzle

€395000 for a one bed is outrageous unless it's beside the sea. I think anything over €240000 for a one bed is over priced concidering the price just a couple of years ago.

I'm thinking I should probably wait till the 3000 new homes are built in Cherrywood and the other areas because I think the one/two beds (2nd hand) will drop in value then, so it's probably a bad time to buy at the moment.

caviardreams

drizzle wrote: »

€395000 for a one bed is outrageous unless it's beside the sea. I think anything over €240000 for a one bed is over priced concidering the price just a couple of years ago.

I'm thinking I should probably wait till the 3000 new homes are built in Cherrywood and the other areas because I think the one/two beds (2nd hand) will drop in value then, so it's probably a bad time to buy at the moment.

1 beds look to be 64m http://www.marianella-rathgar.com/
https://static1.squarespace.com/static/57b7283fc534a53d369a608d/t/5807b0c529687f21377afc03/1476899023228/Marianella-Floor-Plans-2016-10-19-FINAL-SCREEN.pdf

Also, seems to be a concierge service, cinema and meeting rooms and on site gym, so very high spec.

bleary

Yep, will only sell for what people are willing to pay. Doubtful too many ftb at that level more likely downsizing from larger houses in the area.
Following is a link to current developments in dublin
http://www.skyscrapercity.com/showthread.php?t=1823305