A high-quality housing and apartment scheme owned by Gannon Homes at Robswall, Malahide, Co Dublin, is to be offered for sale along with nine acres of development land.
James Meagher and Rena O'Kelly of Knight Frank are to handle the sale of the 85 homes in the investment portfolio which are producing a rental income of €1.6 million.
The sale will include 39 four-bed neo-Georgian houses, 17 three-bed houses and apartments, 23 two-bed houses and duplex units, four one-bed apartments, one four-bed townhouse, and a four-bed house at Strand Road in Portmarnock.
There is also planning permission for another 154 houses and apartments at Robswell.
Gannon Homes, one of the main housebuilders in the Dublin area over the past 20 years, is run by businessman Gerry Gannon whose loans are being managed by Nama.
Although Knight Frank has not yet indicated how much the sale is expected to yield, it is thought likely that the selling price will be about €30 million. All the homes were completed before the property market crashed in 2007.
Prestigious development Robswall is regarded as one of the most elegant large housing developments embarked upon in north Dublin over the past 15 years. The homes are located off the coast road overlooking Dublin bay and next to a mature 90-acre public park presented to the local authority by Gannon Homes. The firm also developed Gannon Park sports grounds for the local community.
Robswall is distinguished by gently curving Georgian style terraces with period style features including window boxes, granite window sills and door porticos. The houses have good proportions and handsome joinery and are fitted out to a particularly high standard. The apartments have also proven popular because of their generous floor space and top-class fit-out. Rents vary from €800/ €900 per month for one-bedroom apartments and range up to €2,000 for four-bedroom houses.
Gannon Homes has developed 363 houses and apartments on most of its 40 acre site and had been expected to opt for houses on the remaining nine acres because of the shortage of family homes in the Dublin suburbs. Four-bedroom homes could be expected to make €500,000-€550,000 while three-bedroom semis would probably make between €320,000 and €350,000. Two bedroom apartments could be expected to fetch from €220,000.
