Once valued at €700,000 each, now all 14 townhouses are going for just twice that
The 14 townhouses in the gated estate of Bun na Leaca in Galway city could once have commanded up to up €700,000 each.
Now, under the control of NAMA, they are set to sell in one lot for an asking price of €1.4m – which would have covered just two of the units when they first came on the market.
The massive price drop saw 11 interested parties submit tenders, many of whom outbid the €1.4m guide price.
“There was unbelievable interest,” said Noel Browne of O’Donnellan and Joyce Auctioneers.
“Four if not five of the tenders were above the asking price and one or two were considerably over. It was unexpectedly high but several bidders were very eager to secure them.”
The 14 terraced and semi-detached houses are located on Newcastle Road directly across from the gates of NUI Galway.
independent.ie/national-news … 86130.html
So asking €100k per house. Why aren’t they being sold as one off houses like Killeen castle for example. Surely the return for the taxpayer would be greater. The whole thing stinks to high heaven.
https://c3.dmlimg.com/315234f77e06c58db60e12adebc349c35d80275ba591603c9c8e0de8b45484b7.jpg
Arguably (and I’m not condoning this, just speculating) because they’re not finished. Does this also mean the purchaser won’t have to pay VAT?