Pre-opening | Property Bridges Funds €1,924,055 for Two €1.6m Houses in Stillorgan (Dublin)

06/10/2026 – ⏱ 4 min

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

Property Bridges is preparing €1,924,055 of development finance for Camba TV Limited to build two bespoke semi-detached houses on a site adjoining 59 Stillorgan Wood, in Stillorgan, south County Dublin. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The term is 21 months. Of that amount, €1,746,000 funds the works — construction, professional fees, supervision and contingencies — and the remaining €178,055, 9.3% of the loan, is interest and fees already capitalised: the developer services no interest during construction and investors are paid at the end, on sale. The fact sheet does not publish the interest rate or the return to investors, an omission we have already flagged on two other recent operations from this platform and which should be verified in the key information document. No opening date, minimum investment or internal rating is stated either.

Asset description, construction progress and sales traction

The site is some 446 sqm freehold, at the end of a cul-de-sac in the Stillorgan Wood estate, about 8 kilometres south of Dublin city centre. Planning permission is final (ref. D19A/0958, granted in 2020 by Dún Laoghaire-Rathdown County Council, amended in 2024 and valid to 2028) for two two-and-a-half-storey houses over basement, of 220 sqm each, with three bedrooms and a study across four levels, A energy rating and two parking spaces per house. Basement foundation works have begun, although the site is not yet connected to services.

No unit has been sold or reserved, and repayment depends on placing two houses at €1,600,000 each: extreme concentration, because the entire project is two units. One concrete selling point is private access to the Stillorgan Luas stop through a gate in the boundary wall, two minutes on foot against the twenty of the normal route.

Where the file is solid is on price. The plan assumes €1,600,000 per house, some €7,273 per sqm, below every comparable the valuer cites: 58 Wilson Road in Mount Merrion sold at €8,756 per sqm, number 56 at €8,383, 15 Coolnevaun at €8,300 and 24 Laurleen at €7,751. The project sits between 6% and 17% below those references, despite being new build and some 20 sqm larger than the Wilson Road houses: a prudent assumption. A minor discrepancy: the fact sheet dates the sale of 56 Wilson Road to the first quarter of 2026 in one section and the fourth quarter of 2025 in another.

Financial structure, coverage ratios and security

The independent valuation, dated 22 January 2026 and prepared under European Valuation Standards 2025, puts the current site value with permission at €600,000 and gross development value at €3,200,000. After deducting the Irish 13.5% VAT on new homes, net development value is €2,819,383, a figure that matches the calculation exactly. That gives a 68.2% LTNDV and a 60.1% LTGDV, ratios correctly calculated on the full loan with interest included.

Two qualifications on how the risk is shared. First: the developer's contribution is the €600,000 of land, not cash; investors provide all the working capital for the works. Second, the margin. Against net value of €2,819,383, land plus works total €2,346,000, leaving €473,383 of headroom, 20.2%. But including the capitalised finance cost, the total rises to €2,524,055 and the margin falls to €295,328, 11.7%: a moderate cost overrun would consume it, in a project the platform itself acknowledges is expensive to build — some €335 per square foot, close to €3,606 per sqm — because of the finish levels and the full basements.

The security is a first fixed charge over the site, including buildings and works in progress. One structural detail: the land is owned by Vincent O'Farrell personally, not by Camba TV Limited, the company receiving the loan. The borrower is a construction professional and his father, of the same name, acts as consultant with decades of experience. An independent monitoring surveyor has reviewed costs and programme, and the lender's project manager will visit the site regularly; the fact sheet also names its author and reviewer, an uncommon degree of transparency.

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 investing no more than 10% of net worth in this type of project. 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.