Cairn Homes has commenced a formal sales process with a view to forward selling the Citywest Quarter comprising 282 apartments.
Cairn’s appointed agents Savills and Hooke & MacDonald are guiding a sale price of €90 million for the development, reflecting an average unit price of €319,150. Cairn recently commenced construction of this development.
Cairn homes say there continues to be significant demand from institutional investors seeking high-quality blocks of apartments. The development separately contains 123 houses, 42 duplex units and 14 apartments which will be offered for sale to individual homebuyers in the private market. The first delivery of the apartment blocks is expected in the final quarter of 2020, with final delivery expected by the end of the third quarter of 2021.
The Irish homebuilding company yesterday welcomed the successful grant of planning permission from An Bord Pleanála for the development of its 385 unit Griffith Avenue site, comprising 377 apartments and eight houses.
In recent weeks, Cairn has also received successful grants of planning permission for its developments at Marianella, Rathgar for 107 apartments and at Cross Avenue, Blackrock for 221 units, comprising seven houses and 214 apartments.
In a statement yesterday, Co-Founder and Chief Executive Officer, Michael Stanley said, "We are pleased to today announce that we have commenced a sale process for the Citywest Quarter development comprising 282 apartments. The sale process is aimed at institutional investors. We are now active on 14 individual sites in the Greater Dublin Area and continue to see significant demand for our new homes from individual buyers, and from institutional buyers for some of our larger apartment sites."
He added, "Today also marks a significant achievement as we welcome An Bord Pleanala’s permission for our development in Griffith Avenue. This is the seventh successful planning permission Cairn has received through the Strategic Housing Development process in the past 14 months for a total of 2,100 units. This reflects the quality of our design and our engagement with the various planning authorities and has been a significant support for Cairn’s ambitious growth plans."