NAMA Seeks Buyers For Kildare Housing Estate

Buyers for an exclusive Limerick estate are being sought in the interest of the National Asset Management Agency (NAMA), receivers and local authorities.

The unfinished Castleroy housing estate, Evanwood, is being estimated at needing a number of years for completion. This same housing estate was once considered among the city's most exclusive.

Of over 200 houses originally planned for Evanwood, Golf Links Road, only 36 have been built and occupied.

Nineteen are partially constructed while 141 have yet to commence. A crèche was also part of the original plans. When initially put on the market by developer Ger Clohessy in 2008, a three-bed semi-detached cost €350k but the asking price had dropped as low as €200k by 2010.


The economic downturn prevented the completion of the 19 houses and made the commencement of the other 141 houses impossible.

Former Young Munster skipper Mr Clohessy last year strongly criticised Irish Nationwide for appointing receivers to Evanwood, saying it "flew in the face of commercial logic" given the level of market interest and claiming the bank had been supportive of the project right up to the appointment of the receivers.

Receivers Farrell Grant Sparks, now acting for NAMA, have appealed to Limerick County Council to extend planning permission by another five years in order to dispose of the site to a "solvent third party".

Meanwhile architect Diarmuid Maguire, for Farrell Grant Sparks, says there are "ongoing discussions with a number of interested parties". He too is appealing to Limerick County Council not to allow planning permission to lapse, Mr Maguire states this would make it more attractive to prospective buyers.

(LB/CD)