Ballycullen site being sold with plans for 74 houses

By Maurice Garvey

NAMA are selling a 9.6 acre Ballycullen site with planning permission for 74 three- and four-bed houses.

The site – opposite Lidl on the Old Court Road – has an open market value of between €6.5 million to €7 million.

It is to be offered for sale by way of a licence agreement by Nama-appointed receivers.

The new sales method allows developers to gain possession of housing sites on the payment of an initial fee – in most cases at least €1 million – and then reimbursing Nama when the houses are sold.

Expectations are that the successful developer will pay a non-refundable fee of €1 million to gain control of the site and a second payment, equating to about 25 per cent of the projected selling prices of about €300,000 to €400,000, as soon as any of the three-bed and four-bed houses are sold.

A third condition will oblige the developer to agree at this stage on a percentage of the selling price he will hand over to Nama in the event of houses selling for more than the projected valuations.

Real estate agents Savills are handling the sale, their third by way of a licence agreement, and they recently reported strong interest in a similar site at St Edmunds, Lucan.

The Ballycullen site is located close to the M50, Rathfarnham, Knocklyon, Firhouse and Tallaght.

Sale of the land is being carried out by Savills on the instructions of joint receivers Michael Coyle and Michael Madden of HWBC Allsops.