Yet another partially-completed housing estate in Co Westmeath is about to be sold for a fraction of its original value.
Wesley Rothwell of CBRE is guiding €600,000 for 12 partially completed three- and four-bedroom houses at Ballymahon Road in Mullingar. They are to be sold along with 1.67 hectares (4.12 acres) with planning permission for a further 36 traditional-style houses. The Coill Rua development is to be auctioned on March 26th.
CBRE has been instructed to handle the sale by Declan McDonald of PricewaterhouseCoopers who was appointed receiver to the development company, JJ Owens and Sons.
The 12 houses are at various stages of completion while the estate roads and various services are in situ.
Cost of completion
Though CBRE has not indicated the likely cost of completing the dozen houses, sources in the construction industry have suggested that the expenditure of about €300,000 would probably leave the houses ready for sale.
The housing estate is about 3km from the centre of Mullingar and it is within easy proximity of the M4 motorway linking Dublin and Galway, and the N4 running from Dublin to Sligo. During the last property boom, Mullingar strengthened its position as an important commuter town for Dublin workers.
