Dublin 7: from €290,000 A major new development of no frills apartments go on the market in Dublin's north docklands todays, writes Orna Mulcahy, Property Editor
Buyers in the market for a city apartment in an up and coming neighbourhood will be interested in the launch today of Castleforbes Square, a major new development of 300 apartments nearing completion on the north side of Dublin's docklands where one-bedroom units start at €290,000.
Two and three-bedroom apartments are also available priced between €370,000 and €435,000 through joint selling agents, Hooke & MacDonald and Gunne New Homes.
Castleforbes Square is being built by Liam Carroll, a major player in the urban renewal game, who has built thousands of apartments in Dublin over the last 15 years.
The scheme, which is almost fully built, occupies a large site off Castleforbes Street, between the Point Depot and Spencer Dock, beside the Brooks Thomas timber yard which is also owned by Carroll and is earmarked for development.
While the neighbourhood currently has a raw docklands feel to it, most of the surrounding land and warehouses are going to be developed with apartments, offices, retail and hotels over the next five to 10 years, so buyers at Castleforbes will be getting in at an early stage.
The development of the north docklands has lagged behind in the last couple of years, with most of the action, in terms of apartments, now happening across the river. However, it is only a matter of time before the northside fills out between the river and the hinterland of East Wall.
Three show units will be open today and over the weekend and with the sales office located on the top floor of the one of the buildings, potential buyers will be able to view the scheme in relation to the huge docklands landscape.
With prices pitched to attract first- time buyers as well as investors, the apartments are not the most luxurious in town. However, what they lack in fit-out and decorative style, they make up for in terms of space and light.
These are surprisingly large apartments with good storage - now a requirement in all new developments - well-appointed kitchens and bathrooms, and sit-out balconies.
The no frills approach applies equally to the the communal areas, which are functional rather than fashionable, although the courtyard garden of the show block has a very striking stone water feature.
Fifty apartments are for sale in this first phase, though given the scarcity of city centre apartments for first-time buyers, there is likely to be strong demand translating into immediate sales.
One-bedroom units with around 46sq m (500sq ft) of space start at €290,000 and rise to €360,000 depending on the floor. Two bedroom apartments with 58-71sq m (620-760sq ft) are from €370,000, rising to €450,000.
A small number of three-bedroom apartments with 80sq m (860sq ft) are priced from €435,000 rising to €500,000. Underground car-parking is available at €30,000 a space.
With a number of high profile office buildings within walking distance, and the IFSC a 10-minute walk up river, there should be good rental prospects here.
The development itself has a large office element which when fully let will increase the rental chances at Castleforbes.
The proposed Luas extension would bring trains right to the end of the street, while the waterside linear park is part of an overall strategy to improve the area that includes the new Calatrava Bridge at Macken Street which will link the North Wall with the south city via Sir John Rogersons Quay.
The area is about to receive a further massive boost when the Government make a decision later this year on the National Conference Centre.
The two shortlisted locations are adjacent to Castleforbes Square - Spencer Dock is one of these and the other is beside the East Link Bridge.
