LIMERICK County Council has extended by five years planning permission for around 80 houses in Mungret, with receivers arguing the local property market is recovering.
Two phases of the scheme at Moneteen were given the go-ahead in 2007 and 2008.
McInerney Homes, which has since gone into liquidation, was the original developer but the site was subsequently sold on to Greenband Investments. Greenband, in turn, fell victim to the property crash and Grant Thornton was appointed receiver in January 2012. Planning permission for around 50 properties expired in June while the permit for the remainder elapses in December.
GVA Planning’s Paul O’Neill - on behalf of Grant Thornton - said both McInerney’s and Greenband had intended to complete the development but economic circumstances had prevented this.
The average price for a four-bedroom house in Limerick had fallen from €338,000 in the fourth quarter of 2007 to €149,000 in the corresponding quarter last year, which had a “dramatic” negative effect on those who had invested in the properties.
But “as Limerick is one of the main cities in Ireland, its property market is already beginning to show the first signs of stabilisation and recovery,” Mr O’Neill wrote.
A pick-up in the office sector reported by Sherry Fitzgerald last year showed existing companies were expanding and new enterprises were being attracted to the city and this would require additional housing.