SOLD: Twenty three Longford homes snapped up for €4 million by Cavan based company

Local Longford and Carrick on Shannon based auctioneering firm, DNG McGill, have just completed the largest ever residential sale in County Longford with the sale of 23 homes fully let at the Oaklands development in Longford town.

Built twenty years ago, this is one of the most sought after estates in the county town and the Longford agents were appointed by an investor to handle the sale of all fully let 23 houses at the development.

This week, DNG managing director, Fintan McGill, confirmed that a sale has been completed with no tenants effected and the sale price is understood to be in the region of the €4m guide price.

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He told Longford Live: “This was a major sale and it attracted a lot of interest from investors and ultimately we are pleased to see it sold to a Cavan based company.”

Pressed about plans for the houses, he said he understands the new owners intend to continue managing the houses  with tenants in situ. He added: “They are a very impressive and committed operation and they intend to take all the 23 houses to A rated standard with an extensive retrofit programme.”

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All 23 homes came to the market  fully let and are conveniently located just off the N4 in a non RPZ rent pressure zone, making them an attractive investment.

The property portfolio consists of 21 No three-bedroom semi-detached, 1 No four-bedroom semi-detached, and 1 No four-bedroom detached. These properties were constructed circa 2004 and have varying Building Energy Rating (BER) rates ranging from C1 to C3.

The entire collection of homes was offered for sale as one lot with an asking price of €4m. The current rental income exceeds €25,000 pa, making this a potentially lucrative investment opportunity for the new owners. 

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Meanwhile, in June of this year, Fintan McGill will become the first Longford person to take over as president of IPAV The Institute of professional Auctioneers. IPAV was established in 1971 as a representative professional body for qualified, licensed auctioneers, property service providers, valuers and estate agents throughout Ireland.

IPAV currently represents over 1400 Members and has a National Council which consists of 20 elected members representing all four provinces