172 Lower Rathmines Road, Rathmines, Dublin 6

Hi, has anybody been to see this? Any idea of refurb costs? What do people think it will sell for?

myhome.ie/residential/brochu … -6/2743005

Never been in this particular property, but have seen enough on the Rathmines Road (both upper & lower) to bring your attention to that most Irish of four letter words - DAMP !

I see this has a basement.
You should be able to smell any potential problems here instantly.
Even if you do not see or smell anything, do not buy this property without a full damp inspection.

The other potential problems with Rathmines Road properties are the foundations.
I’ve seen many a builder scratch their heads and question the laws of physics when they see what little is holding the place up.

Straight forward enough to rectify, but again, be aware of the potential issue.

If there are no major issues, and the necessary work is cosmetic, then it looks very good value.

Thanks. I haven’t been to see it, only came across it yesterday so missed the open viewings. I’m guessing 250-300k refurb costs, even allowing for some issues? Would be surprised if this sold for anything less than 450k…

Very few if any of these properties on Rathmines Road are lived in as family homes. They are, as you probably know, generally used as low-quality bedsits. Would you be thinking of converting to use as apartments?

This looks to be a family (oriented) home.
There’s no mention of a pre-63 in the description.
Also, 5 bedrooms would be too low.

Assuming it is not a pre-63, converting this into apartments would be near-impossible.

Could be demand to turn back into one home, this up the road sold recently for €800k and had a shop in the garden and no parking.

myhome.ie/residential/brochu … -6/2656019

Obviously would sink alooot of money to turn it into something like that tho.

Not that much damp. Needs a new roof (at 4 floors up) and front and back walls bowing needing tieing. Bricks in bad condition to rear needing a big job. Hasn’t been lived in for 15 years and despite being marketed as having previously been a family home, has clearly been in flats - evidenced by the 4 bells (A, B, C, D) on the front door and the random toilet pans and shower trays in the corner of certain rooms. Front wall onto road is also pitching forward as a hazard. A large number of viewers and quite a few surveys but I wonder how many will pick a number out of their arse (as the Drummer would say) rather than doing a fairly comprehensive estimate. There’s a long back garden with a big workshop and potential to put in a mews but would it really be a good idea. Again a protected structure with all that entails. It will be a brave or foolhardy project if the buyer doesn’t have deep pockets - lots of scope for overruns and less likely prospects to cut corners. The building next door is in similar condition and, if anything, that house’s garden is more of a jungle.

Agreed it could be turned back to a family home, but not an ideal location for a family home - it’s smack bang in the centre of Rathmines village, and surrounded by commercial properties. I think it potentially could be more appealing to develop a “family” home in the mews - and take most of the garden, which would then be West facing. Could probably get a 1,500 sq ft house in here, with parking off Parker Hill. And rent out the main house for commercial/residential use

Thanks for the detailed info. I think you’re right - there really isn’t enough time to do a detailed survey - there were only 2 open viewings! Why do you think building a mews to rear may not be a good idea?
Anyone care to guess where this will sell for? I’m going with 500k - but it only takes 2 interested parties to drive the price higher…

I think there were 4 or more public viewings - certainly there had been more than 300 people through it before Saturday, plus 10 or more surveys outside that period. Estimates of refurb costs are very high. Putting in a mews is very possible but I think negotiating with those either side is difficult and the Dublin waste depot is the other side of an unattractive lane. Hope that’s enough dampening of expectations…

This sold for 625k at auction today. Wowzers.

Not in the least bit surprised.
The asking was ***way ***too low.
Smells of a bank repo.

€625k for 2,200sq/ft house and 1,400sq/ft mews makes just over €174 per sq/ft.

Even if you spend €375k for a combined €1m, that’s still only a price per sq/ft of €277.

Blow another €80k on chandeliers and you’re just touching €300 per sq/ft.

I was there too and I think there were probably a good 20 people interested int he lot although only 4 actual bids.

To be clear, 375k would not be a generous refurbishment budget, would likely not permit much of an extension and there isn’t a 1,400 sq ft mews. There’s a 1,400 square foot wood workshop which consists of a galvanised roof spanning the two boundary walls and a wooden shed type structure attached to it. It would need to be knocked for access for the major refurb but was regarded as unsafe by everyone I spoke to (apart from agent). The vendors looked to be ecstatic.

Thanks for that.

The beauty with the extension, condemned or not, is that there is something present.
Makes PP for residential accommodation much easier to get.
Money to be made on that alone.

Regardless, whatever way you look at it, this would have gone for savage money in 2006.

To put it in perspective:

This was asking €950k in 2008.

Pin thread on it.

I do agree with most of your points but creating something at the bottom of the garden will have been expensive. There’s certainly lots of length but it’s not that wide and I believe that vehicular access for the main house would have been essential unless you were going to turn that into apts/flats. That was it’s most recent use but no pre 63 declarations were being provided and it was being asserted (contrary to the clearly apparent facts) that it was laid out as a family home. Planning to convert to multi unit would have been complex, ergo parking for the main house would have had to be maintained. This would have made any mews quite narrow at ground floor level. The builders merchants next door runs right up to the boundary (across the rear gardens of 3 houses). Perhaps it could have been keyed into this and maybe 3 floors would have been permitted. This would have been necessary to make it a good return proposition.

I wanted to restore it to its former glory. Needless to say I am disheartened.

Per the PPR, this sale was completed at €425k on 23 April (link propertypriceregister.ie/we … enDocument ). This is a full €200k under the hammer price and a level at which there would have been sustained interest. I guess it’s possible that the rear was split off in a separate sale on a commercial basis.

I think you could be right. The site at the rear is now for sale at the Allsop auction with a reserve of 170k:
allsopspace.ie/auction/lot/19788

Back for sale at €475k minus the site. The site did not sell last month at the Alsop auction and was asking €170k. Maybe they found out after they brought it how much work was involved and decided to cut losses?

myhome.ie/residential/brochu … -6/2875700

I’m still interested and I called O’Connor Shannon. They say that the owner still owns the entire property would be happy to sell for the €625k he paid at auction. I don’t think they have any chance of getting €475k for the house alone. The property next door which has been reconfigured as offices and a cafe has been for sale for less than €500k for a year or more - it would cost a lot less to reconfigure than would be involved in remediating this heap.

I can only assume that he bid relatively blind - I expected to spend €400k to refurb without an extension and spoke to a number of underbidders int he building game who couldn’t justify €625k even with access to much cheaper refurb options.

First post-bounce buyers regret ?