Buy a whole neighbourhood – estate on market for €2m

Sick of noisy and messy neighbours? Well if you have a handy €2 million in the back pocket, there’s a chance to buy an entire estate and decide just who gets to live nearby.

The freehold estate consisting of 25 units in one of Galway’s most established suburbs has been put on the market by the Deloitte receivers for €2.25 million but that price tag is open to offers, according to the real estate agents.

Moneenageisha Court is located across from the Huntsman Hotel and Wellpark Retail Park and within walking distance of the city centre and the GMIT.

There are two detached houses, eight semi-detached houses, six terraced houses, seven two-bedroom and two one-bedroom apartments. In total the estate is estimated to bring in rent of €227,100 annually. The estate is in good condition having been built in the last 15 years.

“There has been huge interest, both locally and nationally, because there’s an extremely strong return on it. It offers a 10% yield – if you were lucky enough to have money in the bank you’d be getting 2%,” said Colm O’Donnellan of joint selling agents, O’Donnellan & Joyce.

“It’s very unusual to get a property on the market like this. Most of the time there are two or three houses or it’s an unfinished estate. This is the beauty of this estate. All properties are currently rented with tenants attracted by its easily accessible, high profile location. It’s less than 2km from the city centre and the college.”

Rents range from €500 for a one-bed flat to €825  for a terraced house.

The estate sits on 1.87 acres of roadway and landscaped open spaces. It is situated on a private cul-de-sac off the Moneenageisha Road close to the junction with the Old Dublin Road. Each property has its own door access and parking.

The sale is being completed privately with final offers expected to be accepted in the next fortnight.