Pre-opening | Property Bridges Opens a New Tranche for Phase I of 14 Homes in Kilmallock (Limerick)

22/09/2026 – ⏱ 2 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Property Bridges is preparing a new call within the development facility granted to Kilmallock Manor Property Developments Limited to build 14 homes at Bellview, Glenfield, Kilmallock (County Limerick, Ireland). They are Phase I of a 28-home project. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The facility amounts to €3,723,391, with no acquisition tranche, over a 14-month term. The published fact sheet does not state the interest rate, an essential figure for assessing the operation, nor the opening date, the size of this tranche, the minimum investment or an internal rating; investors should verify these in the contractual documentation before committing funds.

Asset description, construction progress and sales traction

The 2.85-hectare site, held under a single folio (LK76694F), has planning permission (ref. 23/26) for 28 homes, valid until 28 January 2029. Phase I totals 1,612.72 sqm across four three-bedroom and ten four-bedroom houses. It is being built by DGN Curragh Developments Limited under an RIAI contract whose clause 36 was amended to a fixed price, so the contractor bears material and labour inflation. Overall progress is around 43% and site works around 38%; completion is expected in July 2027.

There are no pre-sales: the homes will be marketed in phases as construction advances. Several pre-commencement planning conditions also remain outstanding, rated medium difficulty by the monitor, which must be formally discharged before drawdown. The borrower is a special purpose vehicle incorporated in December 2025.

Financial structure, coverage ratios and security

The security is a first fixed charge over the site, plus an assignment of insurances and contracts; collateral warranties from the contractor and design team have yet to be perfected. The valuer puts the development land at €710,000 and the full 28-home scheme at €10,540,000. The independent monitor estimates construction costs of €3.225m and development costs of €3.61m, with a contingency of around 5%.

The fact sheet contains two inconsistencies. The Phase I loan-to-gross-development-value ratio appears as 70.5% in the summary table and around 63% in the summary text; 70.5% is the figure consistent with the facility and the €5,280,000 net value. And that net value assigns €370,000 to the four-bedroom houses and €395,000 to the three-bedroom ones, the reverse of the valuation, which puts the four-bedroom houses at €395,000.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product; the platform recommends allocating no more than 10% of net worth to such projects. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.