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Over €2.5m generated from sale of Shannon apartments

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In excess of €2.5m is to be raised from the sale of apartments in Shannon.

Sale has been agreed for forty four units by BidX1 at Brú na Sionna which equates to €52,270 per apartment. Included in the deal are 26 two bedroom units, 17 three bedroom units and a four bedroom apartment.

Of the forty two occupied units, a total of €395,400 is generated through annual rent with the fee per annum paid by residents varying from €6,900 to €10,800 on rent. Housing units are spread out amongst the development ranging in size from 56 sq m for the smallest two-bedroom unit to 107 sq m for the four-bed unit.

A month ago, a further three units at 31, 100 and 101 Brú na Sionna, sold at an REA online auction for a combined €211,000 or an average of €70,333. They consist of one two-bedroom and two three-bedroom 90 sqm units.

Located in the middle of Shannon Town, the complex off Tullyglass Rd is a few minutes walk away from Sky Court Shopping Centre. In March of this year, it emerged that homeowners in the 240 apartment unit were told they would have pay €4m to remedy fire defects, twice more than originally estimated.

Originally the cost of works per unit was deemed to be from €6,000 to €12,000. Fire marshals were patrolling the development on a twenty four hour basis at a cost of €200,000 a year.

Speaking previously on the concerns, Adrian Kelly Clare’s Chief Fire Officer had agreed with the company on a programme of redress that would attempt to eliminate any fire safety concerns. “Clare County Council is satisfied that the owner management company is engaging with us to rectify the various fire safety issues uncovered and are completing the works on a priority basis. In the interim there are safeguards in place to allow occupiers to remain in their apartments while the works are progressing.”

Newmarket-on-Fergus native, Páraic McMahon is a freelance journalist and broadcaster currently working for numerous national and local publications including The Clare Echo, The Irish Examiner, The Irish Independent, The Irish Times, RTÉ, TheJournal.ie, The42.ie. A graduate of Mary Immaculate College, Páraic was previously employed by The Clare Herald and Clare FM. If you have a story, tip or some feedback for him then send an email to - paraic@clareecho.ie

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