Tuesday 17 January 2012

Developers Mulryan and O'Reilly switch emphasis to family homes

Leading developers Sean Mulryan and Joe O'Reilly are changing their plans for projects in Dublin by jettisoning apartments in favour of "family-style'' homes which have held their value better since the crash.

Mr O'Reilly, the owner of the Dundrum Town Centre and a top 10 NAMA developer, is seeking to revise a previous planning permission for the latest section of the Adamstown development -- dropping plans for apartments and going instead with three-bed homes.

The application, from O'Reilly's Castlethorn Construction, has been made to South Dublin County Council, with a decision expected early next month.

The agent for the company refers to the changing landscape for housing in Dublin.

"One of the immediate challenges in Adamstown is maintaining the momentum of the early phases of development, to build up the critical mass of population,'' states Mahony Pike.

Adamstown must develop as "a permanent home for families" and not just a "transitional location for first-time buyers'', states the agent.

Castlethorn, the main contractor at Adamstown, is not the only company switching emphasis away from apartments to houses, with Sean Mulryan's Ballymore Residential also revising its plans.

A planning revision from that company includes proposals for 43 four-bedroom houses and several other larger houses at Wainsfort Manor Drive in Terenure, Dublin 6.

Dublin is currently suffering from an over development of apartments and it is understood NAMA, which is now supervising the plans of a large number of developers, is keen to see a re-balancing towards traditional family-style housing.

Read the article @ The Irish Independent


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