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Mullen Park Maynooth

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  • 02-02-2021 3:57pm
    #1
    Nika Bolokov
    Registered Users 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!


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    #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,204 Mod ✭✭✭✭godtabh


    Has phase 1 sold out?


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    #3
    Nika Bolokov
    Registered Users Posts: 651 ✭✭✭Nika Bolokov


    godtabh wrote: »
    Has phase 1 sold out?

    2 left.


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    #4
    you2008
    Registered Users Posts: 695 ✭✭✭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:


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    #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?


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    #6
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,676 Mod ✭✭✭✭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: 23,204 Mod ✭✭✭✭godtabh


    Looks like the Lidl is getting an upgrade


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    #8
    Galwayhurl
    Registered Users Posts: 271 ✭✭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.


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    #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


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    #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


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    #11
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,676 Mod ✭✭✭✭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.


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    #13
    Nika Bolokov
    Registered Users 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.


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    #14
    Galwayhurl
    Registered Users Posts: 271 ✭✭Galwayhurl


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


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    #15
    DaveyDave
    Registered Users Posts: 6,185 ✭✭✭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.


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    #16
    ongarite
    Registered Users Posts: 8,201 ✭✭✭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.


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    #17
    JimmyVik
    Registered Users Posts: 5,368 ✭✭✭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.


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    #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.


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    #19
    Nika Bolokov
    Registered Users 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.


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    #20
    Lord Nikon
    Registered Users Posts: 3,609 ✭✭✭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."


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    #21
    yer man!
    Registered Users Posts: 1,646 ✭✭✭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 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.


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    #23
    yer man!
    Registered Users Posts: 1,646 ✭✭✭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%.


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    #24
    LuckyLloyd
    Registered Users Posts: 36,128 ✭✭✭✭LuckyLloyd


    It's not going to be social housing.

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


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    #25
    JimmyVik
    Registered Users Posts: 5,368 ✭✭✭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.


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    #26
    Reversal
    Registered Users Posts: 402 ✭✭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.


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    #27
    Fred Cryton
    Registered Users Posts: 944 ✭✭✭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.


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    #28
    Reversal
    Registered Users Posts: 402 ✭✭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.


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    #29
    Topgear on Dave
    Registered Users Posts: 4,522 ✭✭✭Topgear on Dave


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


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    #30
    Fred Cryton
    Registered Users Posts: 944 ✭✭✭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 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.


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