Development LandThe continuing strength of the new homes market has helped Co Kildare auctioneer Colm McEvoy to get a top price of almost €28 million for an 18-acre development site at Rathcoole, Co Dublin.
The stronger-than-expected tender from the Rathcoole-based Stanley Macadam Company works out at close to €150,000 for each of the 186 residential units but, with about 80 of them two and three-bedroom apartments, the cost per unit is one of the highest so far in Co Dublin.
Out-of-town sites, such as the one in Rathcoole, are ideal for the traditional three-bedroom starter homes which are in exceptionally strong demand because most suburban sites have been switched to apartment schemes.
Apartments in villages like Rathcoole will have to compete with schemes much closer to the city centre.
However, Rathcoole is still within easy commuting distance of the city being little more than 10 minutes' drive from the Luas service at the Red Cow Interchange.
It is thought likely that Stanley Macadam will reapply for a higher density development on the Rathcoole site which adjoins the village.
Meanwhile, Colm McEvoy also secured €7.5 million at auction for a site with planning permission for 66 two-bedroom apartments at Langton Cross, close to the centre of Newbridge, Co Kildare. The 2.1-acre site is also close to the Whitewater shopping centre and was bought by Galway's Hugh Heskin.
