Morning Ireland in Mullingar

Mullingar is not out the back of Ballivor. It has good quality road and rail links to Dublin and is eminently commutable …by Irish standards .

Morning Ireland ( thanks What Goes Up) had a look around some sites there this morning .

Start about half way ( Real Player)

The Taggart site on the bypass with planning permission for 500 homes and worth €30m a few years back is described as worth €2-€3m by a local auctioneer . 90% haircut .

That in Mullingar , relatively accessible to Dublin !

But the longterm economic value of the site is, oh, at least 20m. …isnt it?


500 houses * 150k euro = 75m

and using the 25% number for the cost of land that was posted in another thread (at least for a few hours) for the cost breakdown for the typical Irish property dev deal that works out at almost 20M.

75M * .25 = 18.75M.

That’s how NAMA math works.

Seems you have a future with NAMA as a valuation expert…

its easy isnt it? Wheel Of NAMA…

The 32 Acre site on the Ardmore Road referred to in the radio clip featured in a court case report here.

Tailteann Court also featured in the radio clip is photographed on (but the site seems to be down at the mo.) (have PM’d Nemonoid to advise)

When John Gormley said that some parts of the country have enough zoned land for the next 75 years he could have been describing Mullingar, the town has bypasses on almost all sides and all lands inside the bypasses are now zoned. There is enough zoned land to approximately treble the size of the town.

Will these be invisible houses the kind the future demands? Ya know real phantoms building, exist on paper but in reality only an old ghost story… :angry:

I have some ectoplasm at a good long term economic price if anyone’s interested.

I believe Dunnes are going to have a Long Term Economic Sale soon too. I hope to get a Long Term Economic Value Wage myself when I start making some money. I heard you can already get one somewhere but can’t remember where…

I wouldn’t think they will have any problems in shifting these, it’s a very rent-able location, very very close to the General hospital.

I wonder what the management fees are?

The two beds will rent for €500pm with ease and a good bit more if they are well decorated to Junior Doctors, so I’d guess the yield is at least 7%.

I disagree. They will have major problems trying to shift them… for any price at all. The pioneers have realised that there is no gold in the hills outside of Dublin. Mullingar will gradually creep back to where it was before all the madness began.

Got to disagree. I know from experience that if you have a modern low maintenance apartment\townhouse within a few minutes of hospital in a county town it will easily rent to the medical staff on contract and what is more they won’t be living in it much and it won’t suffer wear and tear.
You won’t get more than the local market rate but you won’t have fallow period as long as you sync your lease date with the renewal date for contracts in the hospital.

Also being discussed at

These medical staff would be renting property in the vicinity of the hospital now. What happens to rents and vacancy rates, when a whole new pile of flats is dumped on the market?

from my observations rents drop but the newer property close to the hospital still commands a higher price and rents more quickly than the older stock.