Address: Carrigmore, Citywest, Saggart, Co Dublin.Agent: Hooke & MacDonald.Property type: three-bedroom duplex for €295,000.
What do you get? Three-bed duplex on upper two floors with around 111sq m (1,200sq ft) of space. The site is laid out in curved cul-de-sacs with a landscaped area in the centre of apartment buildings. Carrigmore is being developed by Devondale and built by Brian M Durkan & Company. Designed by Project Architects, the emphasis is on light and space. Living and bedroom areas are a good size and the main bedroom is en suite. The duplex units come with conservatory areas and balcony. Carrigmore is a massive development of around 600 residential units.
Where? Accessed from Fortunestown Lane near Saggart and adjacent to N7 and M50, Carrigmore is close to the Luas, and is served by the 69 and 69X bus routes. The site backs onto the new Citywest "pay and play" golf course. It is also situated close to the Citywest and Park West business centres where an estimated 6,000 people are employed.
How much for an investor? On an investment property, Bank of Ireland Mortgages will lend a maximum 80 per cent of the property value up to a term of 25 years.
Based on a 3.6 per cent investment tracker, the monthly repayments over 20 years would be €1,380 per month and over a 25-year term would be €1,193 per month. If the customer opted for an interest-only loan for the first 10 years, Bank of Ireland would lend a maximum of 75 per cent of the cost of the property. Based on a 20-year term and an investment tracker rate of 3.6 per cent, repayments per month for the first 10 years would be €706.
After 10 years monthly payments revert to a repayment mortgage over a maximum of 15 years at available repayment rates at that time.
How much for an owner-occupier to buy? Based on a 92 per cent mortgage at a tracker rate of 3.3 per cent, the monthly repayments for this over 25 years would be €1,328 per month.
Single income required: €52,280.
Joint income required: €60,310.
Potential: a three-bed duplex apartment in Citywest could fetch in the region of €1,100-€1,200 per month being situated near a number of business parks with high-tech and heavy industry a plus.
Verdict: there are two schools of thought for this area. Some estate agents argue that prospects are good with net immigration running at 30,000 per year and with about 60 per cent of immigrants aged between 25 and 44 years and many renting for a period of up to five years. However, some market analysts believe that areas like Citywest, Clondalkin and Blanchardstown could be adversely affected by the vast number of new properties due to come on stream in the coming years.
Calculations by Bank of Ireland
- Edel Morgan
