May 11, 2011
Interesting today to see a deluge of new properties for sale by Cork-based developer, the Fleming Group which is reportedly one of NAMA’s Top 30 developers. The properties all appear to be on estates developed by Fleming Homes and they are:
(1) 15 properties at Cooline, Ballyvoloon, Cobh, CoCork
(2) Six properties at Ardfield, Douglas, Cork City Suburbs
(3) 30 properties at College Wood, Mallow, CoCork
(4) 16 properties at Tir Cluain, Midleton, CoCork
(5) Seven properties at The Glenties, Macroom,West Cork
(6) 15 properties at The Orchard, Macroom,West Cork
(7) Seven properties at Ard Sionnach, Shanakiel, Cork City Suburbs
(8) Three properties Cois Cuain, Courtmacsherry, CoCork
(9) Three properties at The Pines, Cobh, CoCork
(10) Four properties at Buttery Court, Mallow, CoCork
(11) Six properties at Inis Alainn, Inch,Cork
Having had a quick look at the property details and with prices pitched close to the €300 psf, it doesn’t seem as these are bargain basement. It should also be remembered that these may not be NAMA-backed properties, but I would have said the betting would be that they are. Interestingly it is the Fleming Group that is handling the sales rather than an estate agent.
Various companies within the Fleming group have had receivers and administrators appointed. Last month, the Irish Examiner reported that a substantial Fleming development in Wembley, north London had apparently been sold by administrators, Baker Tilly. John Fleming, the founder of the Fleming Group applied for bankruptcy in the British courts in December 2010.
Your right about the prices these are not bargains in fact I am willing to bet anyone buying these properties will be facing negative equity in a few months let alone in a year. Even at half the asking price you are been robbed .The Fleming Group will have to face reality and step down from cloud cuckoo land.
- NAMA developer, the Fleming Group puts 112 homes up for sale in Cork (namawinelake.wordpress.com)
- NAMA alleged to have said “let’s kill the whole lot of these pigs and get rid of them” (namawinelake.wordpress.com)