Just under an acre of land at Harcourt Terrace in Dublin is to be swapped by the Office of Public Works (OPW) for 215 affordable homes in parts of south and west Dublin.
The 0.87 acre site, valued at €31.4 million or the equivalent of €36 million an acre, is being swapped with construction company Durkan New Homes in exchange for apartments and duplexes valued at between €165,000 and €235,000 in seven housing developments in Lucan, Tallaght, CityWest, Clondalkin and Rathcoole, Co Dublin.
The homes will be provided for qualifying first-time buyers who earn less than €55,000 as an individual or €75,000 as a couple. They are then eligible to purchase a house at a reduction of between 25 per cent and 40 per cent on the market value. The variation depends on the size and location of the house. Durkan New Homes will sell the property directly to qualifying purchasers.
This is the third land exchange and follows another on Harcourt Terrace and the exchange of Brock House in Dublin, which had been bought by the OPW to house asylum seekers but never used for that purpose.
Minister of State for Housing Noel Ahern said the latest exchange was a good example of the Government's "determination to deliver on its commitments in relation to affordable housing" and to provide such housing "in innovative ways".
Des Geraghty, chairman of the Affordable Homes Partnership, welcomed the move, and said it highlighted the "potential of the land-exchange mechanism as a model for the delivery of affordable housing. It is proving to be an effective measure in ensuring a high yield of affordable homes in the fastest time possible."
The Affordable Homes Partnership was established to co-ordinate and promote the delivery of affordable homes in the Greater Dublin Area. Further information is available at www.affordablehome.ie
