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 a 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 VFM (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.
New Northbank tenants enjoying the fine weather whilst getting their keys at Túath HQ.