Investors frozen out of new home scheme

InVeSTOrS have been prevented from bulk buying houses and duplex units from a large new residential development in west dublin.

It comes as South dublin County Council granted planning permission to Glenveagh Homes to construct 376 new homes at Citywest.

In a bid to prevent an institutional investors bulk buying the houses, the Council has included a condition under the heading of ‘regulation of Institutional Investment in Housing’.

as part of the condition, the council is requiring that the first occupation of all houses and duplex units be done by individual purchasers.

The condition does not apply to apartments in the scheme.

The Council state that the aim of the condition is to ensure an adequate choice and supply of housing, including affordable housing, in the common good.

Glenveagh initially lodged plans to construct 384 units made up of 122 houses, 84 duplex units and 178 apartments in four blocks ranging from five to seven storeys for the site. Some 75 units will be provided for social and affordable housing.

The scheme is located south of Citywest avenue and west of Cheeverstown Park and ride, Brownsbarn dublin 24. Planning consultants for Glenveagh Homes, McCutcheon Halley contended that the proposed development “will provide for efficient use of this undeveloped site”. The planning statement also contended that the proposal contributes towards the need for increased housing supply along Citywest avenue and within South County dublin. Meanwhile, almost 1,000 households applied for costrental homes in dublin and Wicklow advertised by the land development agency (lda) recently. In advance of the midnight deadline, more than 540 applications had been lodged for the 22 three-and four-bed houses at Citywest in South dublin and about 430 applications for 24 duplex apartments in delgany, near Greystones in north Wicklow.