Builder buys €122k 'ghost estate'
An unfinished Cavan housing estate has sold for €122,500 (£100,000) to an anonymous Northern Ireland builder at auction yesterday.
The sale involved three unfinished houses and four acres of land at an estate outside Ballyjamesduff in Co Cavan.
The lot was among 100 properties being sold by Allsop Space at auction yesterday, including pubs, hotels and sites.
The three houses, which need kitchens and bathrooms, are located at a four-acre site at Woodlands Park, Ballyjamesduff, Co Cavan. They were sold by receiver Kavanagh Fennell with a reserve of no more than €40,000 (£32,500).
It is understood the builder intends to finish off the houses.
There are 36 houses in the finished part of the estate.
The mix of three and four-bed semi-detached homes were built in 2004. At the time, the four beds sold for about €225,000 (£180,000).
Combined prices of more than €3.5m (£2.8m) were achieved at a range of auctions this week - although not everything in the catalogues sold. The best result was achieved by a stylish modern lodge-style property near Trim, Co Meath, which generated more than €1.2m (£970,000) when sold.