The quite ugly development at the The Weir, 59 Orwell Park, Rathgar, Dublin 6 has finally been completed. The deep red of brick colour does not match that of the adjacent houses.
There are clerestory windows to the size of the development to eliminate the adjacent houses being overlooked which must affect the light in the properties.
The apartments and townhouses are all for rent rather than sale, apart from two apartments that are not listed by the agent.
See:http://www.daft.ie/dublin/houses-for-re ... n-1677177/http://www.daft.ie/dublin/apartments-fo ... n-1677171/
Apartment to Rent 2 Beds 2 Baths €3,300 Monthly
House to Rent 3 Beds 3 Baths €3,500 Monthly
The letting agent is http://www.ryanestateagents.ie/
. He lists 8 townhouses and 6 apartments. There is no mention of the remaining two 4-bed apartments in the planning documents.
Built by Townlink Builders - http://www.townlink.ie/news/59-orwell-p ... r-dublin-6
There were various planning applications for the site:
09-Dec-2003 Brian M. Durkan & Co. Ltd. 27 no. apartments
24-Mar-2005 Brian M Durkan & Co Ltd 21 no. apartments
21-Dec-2007 Clydewell Investments Ltd & Irwin Druker 8 apartments and 8 townhouses
06-Jan-2014 Fiona Hanby 8 apartments and 8 townhouses (including two 4-bed apartments)
Fiona Hanby was a director of Clydewell Investments Limited 263341 that went in receivership on 11/11/2014.
Fiona Hanby was also a director of Clydewell Orwell Development Limited that was dissolved on 06/04/2016. Its last annual return filed on 30/09/2013. The last account details filed on 09/10/2013 do not list any assets.
The Irish Times had some articles that were suspiciously like the original post:http://www.irishtimes.com/life-and-styl ... -1.2115448
Fiona Hanby, wife of solicitor Paul Hanby, has broken ground on an apartment and townhouse development at 59 Orwell Park. The one-acre site was formerly occupied by a small lodge house, which was demolished in recent years. In total the development will contain eight apartments, eight townhouses and 32 parking spaces.http://www.irishtimes.com/life-and-styl ... -1.2108205
The largest units will be duplex penthouses extending to 317sq m and 322sq m, each offering multiple reception rooms and four bedrooms. Both penthouses will rival their period Orwell Park neighbours in size and are likely to be the largest apartments in the area. Similar to the market for Renehan’s new development, the apartments will likely appeal to locals downsizing and young couples alike. Upon completion of Hanby and Renehan’s developments, Orwell Park will be home to approximately 185 private dwellings in total – a fourfold increase from the 45 period homes that once occupied the street before modern infill developments sprung up in the 1980s and 90s.
Twelve years after the initial planning application was lodged, development of the one-acre 59 Orwell Park site is finally under way. In 2003, Brian M Durkan & Co acquired the site and, having secured planning permission, subsequently flipped it in 2006 to Clydewell Investments and auctioneer Irwin Druker. Clydewell’s shareholders included solicitor Paul Hanby along with four other Hanby family members. Clydewell never developed the site, and company records show that Grant Thornton was appointed as receiver of the company in November 2014 by AIB. The latest planning applications were applied for in the sole name of Fiona Hanby, stating her legal interest in the site as “freehold interest” – suggesting ownership has changed again.
The apartments currently under construction are suitably large for this top-class address, with six two-bed apartments ranging in size from 104sq m to 128sq m and two lavish duplex penthouses extending to 317sq m and 322sq m, each featuring 55sq m of terraces and balconies. In addition to the apartments, there will be eight townhouses, each 139sq m in size.
Few apartments in south Dublin will rival these new Orwell Park penthouses in size and quality, but there is no indicator yet as to pricing or who is handling their sale.
Perhaps Fiona Hanby might even consider retaining one of these very fine penthouses, now that the family home on nearby Temple Road is surely worth north of €5 million once again based on recent sales in the area.
Based on the asking prices, the development has a total potential annual income of around €570,000.
The total cost of the site and the construction and fees given the complexities of the site was probably over €8 million.
To justify the rate of return, it must have been funded largely or totally from cash.
So, what does the all rent approach say for the high-end property market? What is the likely market for these properties: downsizers looking to retain cashflow from a propery sale, corporate lettings?