It looks like some lucky council tenants could be in line for 37 one and two-bed apartments at the upmarket Grange development in Stillorgan which Dún Laoghaire-Rathdown County Council is acquiring for social housing under Part V of the planning and development act for over €10.26 million.
The council has signed contracts with the developer Ray Grehan of Glenkerrin Homes and is looking for a loan from the Minister for the Environment, Heritage and Local Government to fund the 12 one-beds and 25 two-beds - at an average of €277,240 per unit.
Two months ago Grehan was offering buyers a 15 per cent interest-free loan for luxury two-bed private apartments at the Grange so that they would only have to come up with a 5 per cent deposit. The apartments were being sold at 2005 prices of €525,000.
The council is proposing the €10.26 million would go to BIH Housing Association (Ireland) Ltd, an approved voluntary body that provides accommodation to meet a range of housing needs for single people and families.
A spokesperson for Dún Laoghaire-Rathdown County Council said the units at the Grange were allocated to social housing - along with another 38 affordable housing units - prior to the downturn and have been a long time in negotiation.
They did acknowledge, however, that in more buoyant times "there's no doubt that developers preferred to make financial contributions rather than allocate units although this was always our least preferred option", but added that this was never the case at the Grange.
The council has either agreed to acquire units or has already acquired them in a long list of salubrious and high profile south Dublin developments, including 24 social units and 36 affordable units at the Gallops in Leopardstown, and 34 social and 70 affordable units at Beacon South Quarter in Sandyford.
The Irish Times