The first “affordable” homes for sale at O’Devaney Gardens, the largest State-subsidised housing development under construction in Dublin city, will cost up to €402,125 for a two-bed apartment, it has emerged.
The first apartments on offer in the vast complex of more than 1,000 homes near the Phoenix Park are priced at €257,986 to €320,625 for a one-bedroom apartment and €334,000 to €402,125 for a two-bed, depending on the income of the buyer and the floor on which the apartment is located.
Sales will open in June for 44 one-bedroom and 22 two-bedroom apartments, located from ground to fifth floor of the new estate, which will eventually have 1,044 new homes in blocks up to 14 storeys. Three-bedroom apartments will be marketed at a later date.
The prices are slightly lower than the maximum set for Oscar Traynor Woods, the affordable purchase estate in Coolock, which went on sale last summer with subsidised prices of up to €308,750 for a one-bed, €427,500 for a two-bed and €475,000 for a three-bed.
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Under the affordable purchase scheme, eligible buyers are offered a discount on the market value of homes, with the State taking an equity stake to reflect the discount given. Buyers on lower incomes pay less, but the State takes a higher stake in their homes than with people on higher incomes.
In the case of O’Devaney Gardens, market values for the 44 one-beds were assessed as ranging from €330,000-€337,500, depending on which storey the apartment was located. To avail of discounts ranging from 19-22 per cent, buyers can have incomes of €58,047-€72,141.
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For the two-beds the market value was put at €420,000-€427,500. Discounts of 16-20 per cent will be available for buyers earning €75,150-€91,378.
O’Devaney Gardens, now renamed Montpelier, is being developed by Bartra following a contentious deal eventually approved by Dublin city councillors five years ago.
Initially, the 14-acre site of the former 1950s flats complex off the North Circular Road was to be sold to Bartra with the agreement that 30 per cent of the new homes would be for social housing and 20 per cent for affordable purchase; the remaining 50 per cent were available to Bartra to sell privately.
However, councillors would not approve the deal and to secure their agreement Bartra offered to sell a portion of these private apartments to the council or a nominated housing body for a cost-rental scheme. A total of 264 cost-rental homes will be provided.
Buyers for the first 66 affordable homes will be able to register their interest with the council from April, with sales due to open in June and the apartments expected to be ready for occupation next February.
