Persistence Pays-off with Value for Money for Túath in Dublin Docklands
After several years of a very challenging acquisition process, Túath completed the purchase of 26 apartments at Northbank, Castleforbes, D1, for just under €5M. The apartments have been refurbished and comprise mix of 6 x one beds, 16 x two beds and 4 x three beds. The homes were bought under Section 25 (DDDA Part V) from a receiver. At an average €190,000 per property, the acquisition represents excellent value for money. No capital finance was required from the DHPLG with loan funding provided entirely by the Housing Finance Agency on a 25 year term at a fixed interest rate of 3.5%, resulting in an overall Loan to Value of 63%.
The acquisition of the Northbank apartments topped off a busy fortnight for Túath with the completion of seven different developments in collaboration with six local authority partners in Meath, Roscommon, Wicklow, Kildare, South Dublin and Dublin City.