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Mullen Park Maynooth

  • 02-02-2021 3:57pm
    #1
    Nika Bolokov
    Registered Users, Registered Users 2 Posts: 651 ✭✭✭


    Hello

    Im just wondering would anyone have any insight into this development?

    The houses look lovely and the location very handy.

    Is anyone else here thinking about one of these?

    Thanks!


«1

Comments

  • #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,231 Mod ✭✭✭✭godtabh


    Has phase 1 sold out?


  • #3
    Nika Bolokov
    Registered Users, Registered Users 2 Posts: 651 ✭✭✭Nika Bolokov


    godtabh wrote: »
    Has phase 1 sold out?

    2 left.


  • #4
    you2008
    Registered Users Posts: 711 ✭✭✭you2008


    Nika Bolokov wrote: »
    Hello

    Im just wondering would anyone have any insight into this development?

    The houses look lovely and the location very handy.

    Is anyone else here thinking about one of these?

    Thanks!

    Main bath without a window, that is no for me :eek:


  • #5
    jake_ryan_1986
    Registered Users Posts: 11 ✭jake_ryan_1986


    Hi I was wondering if anyone knows the area. Is this a safe area? Is there much antisocial behaviour? The houses are also right by the highway and they are going to build a flyover through the estate. Do you think this area is going to be really noisy?


  • #6
    L1011
    Registered Users, Registered Users 2 Posts: 69,551 ✭✭✭✭L1011


    They are not building a flyover through the estate. The main spine road is going to be part of the ringroad, though.

    The noise level is quite bad; the motorway will be resurfaced within a few years which will hugely cut that element of it.

    Its a brand new estate, there is no way to judge antisocial behaviour yet. Most issues in Maynooth are in areas with significant student rentals which this won't have.


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  • #7
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,231 Mod ✭✭✭✭godtabh


    Looks like the Lidl is getting an upgrade


  • #8
    Galwayhurl
    Registered Users Posts: 273 ✭✭Galwayhurl


    you2008 wrote: »
    Main bath without a window, that is no for me :eek:

    Agreed. No window in an ensuite is understandable, but the main bathroom?

    In all my years, I've yet to see an extractor fan that 100% prevented mould on the ceiling.


  • #9
    jake_ryan_1986
    Registered Users Posts: 11 ✭jake_ryan_1986


    In case anyone is still interested 70% of the estate is going to be council houses. There is a thread here where lots of people are talking about it https://www.boards.ie/vbulletin//showthread.php?t=2057567018&page=53


  • #10
    Taurus0007
    Registered Users Posts: 2 ✭Taurus0007


    Hi, we bought a house in Mullen park first phase. Received a call from the contractor that a private company's bought the next 2 phases and will be used as to rent only. After reading this post, I am a bit shocked as 70% of the houses will be given to social housing.. They didn't say that to us. We've already paid deposit etc.. We don't know what to do.. Can we still back out from this? Any help appreciated... Thanks


  • #11
    L1011
    Registered Users, Registered Users 2 Posts: 69,551 ✭✭✭✭L1011


    70% were not going to social housing, that appears to have possible been imagined on here due to a maths error. About 40% were, and now none more than the 10% Part V will be.

    The entire rest of the estate has been sold to a REIT and will be rented. Some/lots of this could end up being HAP tenancies but its not social housing.


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  • #12
    Taurus0007
    Registered Users Posts: 2 ✭Taurus0007


    L1011 wrote: »
    70% were not going to social housing, that appears to have possible been imagined on here due to a maths error. About 40% were, and now none more than the 10% Part V will be.

    The entire rest of the estate has been sold to a REIT and will be rented. Some/lots of this could end up being HAP tenancies but its not social housing.

    Thank you so much for the info.


  • #13
    Nika Bolokov
    Registered Users, Registered Users 2 Posts: 651 ✭✭✭Nika Bolokov


    Looks like the remaining houses have all been bought by a private equity firm for rental. No more coming for sale.


  • #14
    Galwayhurl
    Registered Users Posts: 273 ✭✭Galwayhurl


    https://twitter.com/crazyhouseprice/status/1387790404163096576?s=20


  • #15
    DaveyDave
    Registered Users Posts: 6,288 ✭✭✭DaveyDave


    L1011 wrote: »
    70% were not going to social housing, that appears to have possible been imagined on here due to a maths error. About 40% were, and now none more than the 10% Part V will be.

    The entire rest of the estate has been sold to a REIT and will be rented. Some/lots of this could end up being HAP tenancies but its not social housing.

    It's not social housing in the traditional sense but HAP is still social. You're still going to have a number of undesirable people living there.


  • #16
    ongarite
    Registered Users, Registered Users 2 Posts: 8,279 ✭✭✭ongarite


    You can blame the housing minister if you want but some of the blame has to be levelled at NPHET and government.
    Construction stopped for 7-8 months since last March.
    Developer getting deeper and deeper into a financial hole with no income but loans and wages still to pay.
    REIT comes along with offer too good to turn down.
    I would guess they got massive lump sum up front which may save developer from possible bankruptcy.


  • #17
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    My friend has been fighting for their money back there after it turned out the sheer amount of houses going for rental, council and charities.
    He has been told by his solicitor a few days ago that he is allowed to pull out and get his money back.
    So get your solicitor on to them if you are not happy with whats happened.
    No matter how you dress it up the vast majority of people living there will not own the property they live in and I give it about 3 years before its a dump. I might be wrong, but i certainly wouldnt chance it myself.


  • #18
    MaryLouMacari
    Registered Users Posts: 32 ✭MaryLouMacari


    Galwayhurl wrote: »
    https://twitter.com/crazyhouseprice/status/1387790404163096576?s=20

    Kelston Capital Limited (Previous name: Kelston Properties Limited) requested voluntary strike-off in January 2014 and was dissolved in May 2014.


  • #19
    Nika Bolokov
    Registered Users, Registered Users 2 Posts: 651 ✭✭✭Nika Bolokov


    JimmyVik wrote: »
    My friend has been fighting for their money back there after it turned out the sheer amount of houses going for rental, council and charities.
    He has been told by his solicitor a few days ago that he is allowed to pull out and get his money back.
    So get your solicitor on to them if you are not happy with whats happened.
    No matter how you dress it up the vast majority of people living there will not own the property they live in and I give it about 3 years before its a dump. I might be wrong, but i certainly wouldnt chance it myself.

    Remember doing the virtual viewing.... i.e. Thr YouTube video and getting the heeby jeebies as the agent wanted to know by 5 whether we were interested.


  • #20
    Lord Nikon
    Registered Users, Registered Users 2 Posts: 3,610 ✭✭✭Lord Nikon


    As per the businesspost.ie
    "Mullen Park estate in Maynooth in Co Kildare had been marketing new homes on the estate to private buyers since last year, with around 35 sold so far
    A global property investment firm with a €1 billion war chest has pushed out first-time buyers by purchasing most of a 170-home estate in the commuter belt.

    The developers of the Mullen Park estate in Maynooth in Co Kildare had been marketing new homes on the estate to private buyers since last year, with around 35 sold so far."


  • #21
    yer man!
    Registered Users, Registered Users 2 Posts: 1,653 ✭✭✭yer man!


    Has the housing minister commented on this yet? I contacted my local TDs on this and gave this exact estate as an example of unfair practice in the market. I asked them to look into potential legislation that would reserve a portion of new developments to first time buyers. I would urge other people to get in touch with their TDs on this too, bombard them.


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  • #22
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    yer man! wrote: »
    Has the housing minister commented on this yet? I contacted my local TDs on this and gave this exact estate as an example of unfair practice in the market. I asked them to look into potential legislation that would reserve a portion of new developments to first time buyers. I would urge other people to get in touch with their TDs on this too, bombard them.

    TBH I think FTB are being done a favour by being excluded from that mess. There shouldn't be concentrated social housing anywhere.


  • #23
    yer man!
    Registered Users, Registered Users 2 Posts: 1,653 ✭✭✭yer man!


    Samuel T. Cogley wrote: »
    TBH I think FTB are being done a favour by being excluded from that mess. There shouldn't be concentrated social housing anywhere.

    I agree somewhat, in this case it's probably a dodged bullet in a way. I think there is significant opportunity to get creative in legislation though. Like 20% social housing commitment, 20% FTBs and the remainder for individual buyers. If the property is to be bought for investment purposes or if not primary residence, slap on an extra tax.

    In The Netherlands, if you wish to buy any house for an investment, you have to pay 8% of the value in tax, if it's your primary residence it's 2%.


  • #24
    LuckyLloyd
    Registered Users, Registered Users 2 Posts: 36,401 ✭✭✭✭LuckyLloyd


    It's not going to be social housing.

    REITs aren't in the business of depreciating the value of their property ime.


  • #25
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    yer man! wrote: »
    Has the housing minister commented on this yet? I contacted my local TDs on this and gave this exact estate as an example of unfair practice in the market. I asked them to look into potential legislation that would reserve a portion of new developments to first time buyers. I would urge other people to get in touch with their TDs on this too, bombard them.


    He is the one who is driving it.
    Its HIS grand plan.
    Coveny started the ball rolling on fcuking up the property market, got out and handed it off to the next sap.
    Rinse and repeat.
    The current housing minister will serve his time, not fix anything, just make it look like he is doing something, but which will just make it worse.
    Then he will be on his way and the next one will just continue.


  • #26
    Reversal
    Registered Users Posts: 403 ✭✭Reversal


    LuckyLloyd wrote: »
    It's not going to be social housing.

    REITs aren't in the business of depreciating the value of their property ime.

    The value of a REIT's property is primarily based on the level and security of rental return. Nobody can compete with the state in that regard, offering 25-30 year lease deals.

    A REIT will never sell any of these houses on to a private individual on the second hand market, only another instructional investor. So filling the estate with social will have no impact on the value.

    In fact filling this estate with as much state backed leases as possible is the best way for this REIT to maintain the value of their assets.


  • #27
    Fred Cryton
    Registered Users Posts: 990 ✭✭✭Fred Cryton


    This is actually good news. Don't be taken in by the lefty populist narrative. It will allow the developer to "de-risk" this project. He can use the cash as a deposit to take out a loan on another development. Result is that more homes get built and more economic activity. Construction sector can scale up.

    Think of it this way, we are getting €135m extra in foreign capital into our housing sector as a result of this deal. The more cash the better.


  • #28
    Reversal
    Registered Users Posts: 403 ✭✭Reversal


    Fred Cryton wrote: »
    This is actually good news. Don't be taken in by the lefty populist narrative. It will allow the developer to "de-risk" this project. He can use the cash as a deposit to take out a loan on another development. Result is that more homes get built and more economic activity. Construction sector can scale up.

    Think of it this way, we are getting €135m extra in foreign capital into our housing sector as a result of this deal. The more cash the better.

    The only reason a foreign investor is putting in €135 million is because they are guaranteed to bleed a lot more back out of the country.

    And the money they take is either taxpayer money in the form of HAP or long term leases, or extortionate rents from the young people of this country blocking them from entering the market themselves.

    This policy is a disaster for everybody except;

    1. The institutional investor.
    2. The politicians who want to reduce the social housing list in this election cycle.


  • #29
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Noy good for ftbs but there is a huge shortage of rentals in the area too. This will probably help to clear that.


  • #30
    Fred Cryton
    Registered Users Posts: 990 ✭✭✭Fred Cryton


    Reversal wrote: »
    The only reason a foreign investor is putting in €135 million is because they are guaranteed to bleed a lot more back out of the country.

    And the money they take is either taxpayer money in the form of HAP or long term leases, or extortionate rents from the young people of this country blocking them from entering the market themselves.

    This policy is a disaster for everybody except;

    1. The institutional investor.
    2. The politicians who want to reduce the social housing list in this election cycle.


    The only way he can take more money out of the country than he has put in is if a lot of homes have got built to generate revenue.



    You've got to see it at the macro level. All this cash pumped into the economy will ultimately result in a lot more homes getting built which otherwise would not.



    .


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  • #31
    Nika Bolokov
    Registered Users, Registered Users 2 Posts: 651 ✭✭✭Nika Bolokov


    Fred Cryton wrote: »
    The only way he can take more money out of the country than he has put in is if a lot of homes have got built to generate revenue.



    You've got to see it at the macro level. All this cash pumped into the economy will ultimately result in a lot more homes getting built which otherwise would not.



    .

    Im not sure thats the case with a housing shortage.

    They are interested in the sky high rents available due to the shortage, there not interested in solving that problem and in the main are looking to lock in very high rents with long leases as they dont see supply improve anytime soon.


  • #32
    Fred Cryton
    Registered Users Posts: 990 ✭✭✭Fred Cryton


    Nika Bolokov wrote: »
    Im not sure thats the case with a housing shortage.

    They are interested in the sky high rents available due to the shortage, there not interested in solving that problem and in the main are looking to lock in very high rents with long leases as they dont see supply improve anytime soon.


    It's not their job to solve the problem, they will charge whatever the market rent is. But pumping more cash into the market and building more and more homes can only put downward pressure on rent in the medium term. Nothing good can come from chasing away international capital on some silly lefty populist crusade and ending up with nothing being built.


  • #33
    Yellow_Fern
    Registered Users, Registered Users 2 Posts: 2,612 ✭✭✭Yellow_Fern


    Has anyone confirmed whether Mullen Park was bought for private rent or for rental to the council for social housing?


  • #34
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    Yellow_Fern wrote: »
    Has anyone confirmed whether Mullen Park was bought for private rent or for rental to the council for social housing?


    Or a housing charity.


  • #35
    marcelomaxaqp
    Registered Users Posts: 9 ✭marcelomaxaqp


    Any updates on how much % of social housing will be sold in Mullen park?



  • #36
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    So my friends finally got their deposit back last week.

    The EA told them that the only reason they are getting their money back is because a REIT is happy to buy the house instead.

    I think they dodged a bullet myself.

    I think they would have paid a fortune for a house that will probably go down in value while other estates go up in value.



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  • #37
    marcelomaxaqp
    Registered Users Posts: 9 ✭marcelomaxaqp


    https://boards.ie/discussion/comment/117635480#Comment_117635480

    from the last comments seems it would be only 10% of social housing, like on any new development by law. Would that be correct? or the state will purchase more houses than 10%?



  • #38
    silver2020
    Registered Users, Registered Users 2 Posts: 2,045 ✭✭✭silver2020


    https://boards.ie/discussion/comment/117635480#Comment_117635480

    Do they know that Mullen Park is no longer being sold to a REIT and that the next phase will be going on general sale - and most likely at 10%+ higher than your friend agreed.

    The reason they are getting their deposit back is that it can be resold at €30k + higher.


    I never understand people's fears of REITs buying properties. If anything it is far better than individual landlords that tend to rent and then not care how a property is looked after. REITs are primarily pension funds - if you have a private pension, the chances are part of it is in a REIT.

    Too many people believe rubbish spouted by hysterical media who will create scare headlines, but will never show you how this works very well in other countries.



  • #39
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    https://boards.ie/discussion/comment/117636318#Comment_117636318

    Are you sure you are not the estate agent :)

    They simply dont want to buy in that estate anymore.

    They dont believe for one second that a big chunk of it will end up owned by councils, reits or housing charities. They have decided not to take the risk.

    It will only be known after all phases are complete and sold how much of it is not owner occupied it, but if its anything like ive seen in Donabate then I think they dodged a bullet.



  • #40
    silver2020
    Registered Users, Registered Users 2 Posts: 2,045 ✭✭✭silver2020


    https://boards.ie/discussion/comment/117636768#Comment_117636768

    They should have kept an eye on the news - https://www.irishtimes.com/life-and-style/homes-and-property/maynooth-new-homes-back-for-sale-as-deal-with-uk-investor-called-off-1.4620252

    I suspect prices will be circa €450k for the 4 beds.

    Individual investors won't go for it as its too pricy.

    People with SSAP and other types of pensions now have huge hurdles under iorpsII rules. (I'm in that category and no longer looking for something, whereas I was looking for something circa 300k)

    REITS are not interested in just one or two, so the new stamp duty knocks them out of the equation.


    I think they made an error and should have looked at better advice and keeping abreast of news. If I were them, I'd try cancelling the cancellation.


    (if I was an ea or the developer, I'd gladly take the cancellation as its a very very easy extra 50k profit)



  • #41
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    https://boards.ie/discussion/comment/117640419#Comment_117640419

    They've already bought another house so it doesnt really matter to them at this point.

    It was scumy behaviour from the developer. If the developer can strike a mass deal like that once, then he is capable of doing it again if another offer comes in too.

    We still dont know what percentage of Mullen prak is not going to be owner occupied.

    At the time my friends bailed out it was very high. It probably is still going to be high, but i dont know what figure it will be at this point as ive lost interest, since they bailed. I dont know anyone else buying there so am not following it like i was.

    What I do know is that I would not be buying a house from that developer in the future unless i was really desperate for one.



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  • #42
    silver2020
    Registered Users, Registered Users 2 Posts: 2,045 ✭✭✭silver2020


    https://boards.ie/discussion/comment/117645205#Comment_117645205

    I can't see what the issue is as these reits operate in many countries and manage their properties extremely well. They've been here for 10+ years, mainly apartments, and I don't think there's any anti social behaviour issues in their properties. Remember parties like sf/ira pbp and whatever shower paul murphy is with this week, will scaremonger and frighten people who have little experience in buying property.

    The developer is cairn homes - one of the largest developers in the country and they primarily sell to owner occupiers.

    Looking at their other developments, 90%++ are owner occupiers, so there will be little difference here. they also have the large Marianella development in Maynooth and a couple of others in the town, so the chances are your friend has bought from the same developer.


    People need to stop the unquestioned believing of the rubbish spouted by the leftist brigade in this country and do their own checks.



  • #43
    L1011
    Registered Users, Registered Users 2 Posts: 69,551 ✭✭✭✭L1011


    Mullen Park is not Cairn Homes.



  • #44
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    https://boards.ie/discussion/comment/117645769#Comment_117645769

    Or maybe they should start doing proper research and realize that yes, there is a problem with new housing estates of late :)



  • #45
    LuckyLloyd
    Registered Users, Registered Users 2 Posts: 36,401 ✭✭✭✭LuckyLloyd


    There seems to be some misinformation or misunderstandings in the posts above. The future phases will not be sold to an investment fund or housing body. Also a different selling agent has been engaged for future phases.



  • #46
    JimmyVik
    Registered Users, Registered Users 2 Posts: 5,367 ✭✭✭JimmyVik


    https://boards.ie/discussion/comment/117649036#Comment_117649036

    Glad you have confidence that they wont be sold to them. How much of the estate has been sold to them at this point?



  • #47
    DaveyDave
    Registered Users Posts: 6,288 ✭✭✭DaveyDave


    Anyone who thinks REITs aren't an issue are foolish. I live beside an apartment building that was bought by one of these crowds and now a handful of scumbags live there.

    None of the private houses on my road are an issue but the apartments there's constant noise from people coming home drunk every other day, drinking on their balconies until 6-7am, some lad got kicked out at 4am and was trying to kick the door in while she was shouting off the balcony. Random cars parked up blasting music at 2am, beer cans left behind.

    All it takes is one person to be an issue and there's 5-6 that I know of. It's non stop.

    Social housing will be enough of a burden for most homeowners, REITs will just add to the number of troublesome tenants to the estate and people shouldn't have to put up with it.

    Post edited by DaveyDave on


  • #48
    marcelomaxaqp
    Registered Users Posts: 9 ✭marcelomaxaqp


    How to be sure about the percentage to be sold to housing body (social)? Does the council provide this information?



  • #49
    niniboots
    Registered Users Posts: 64 ✭✭niniboots


    There is enough demand from general public, the developers weren't bothered the deal was off as they can get increased profit from private sales in this climate, they have had thousands of inquires already & Hooke Mcdonald only recently appointed new agents. Officially 20 homes from 115 are going to council. They are releasing 20 in September to general sale and the remainder in two more phases Dec & first qtr 2022. For anyone turning their nose up, well get in line because these will be snapped up as the rest of new builds have been!



  • #50
    hi!
    Registered Users Posts: 130 ✭✭hi!


    Has anyone booked in the newest phase? We’ve put down booking deposit since investors pulled out :)

    Anyone from the first phase moved in? How how you found it? Can’t find a residents page on Facebook yet.



  • #51
    niniboots
    Registered Users Posts: 64 ✭✭niniboots


    We booked type G The Weir, really liked the design, it's huge. Garden is a postage stamp size though. Estate agent said they had huge waiting list already so despite the price increase we feel lucky to have secured. We have been trying to buy for 18mths. Queue of house viewers yesterday but all very coordinated!!!

    I don't think there is residents page but maybe someone from phase 1 set up.

    If anyone is interested or out of curiosity the type B lock 114 sq mtr mid terrace was 395k end terrace 425k and detached 450k. The three story 132sq mtr type G1 440k 3bed with study (but it's actually same house layout as 4bed) & three story 4bed, this is classed as 4bed as has extended roof136sq mtr 465k.

    EA said next release before Christmas and not sure prices will remain the same.

    Best of luck



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