41 Upper Leeson St - MyHome.ie
Was €1,350,000 (October 2018), Now €995,000
41 Upper Leeson Street, Donnybrook, Dublin 4, D04 E8K1
(Incorporating: The Mews, 41 Sibthorpe Lane, Dublin 6, D06 YY72)
Interesting property on offer, comprising:
- 1-bed / 1-bath self-contained apartment at garden level
- 3-bed + attic / 1-bath main house at hall / first floor level
- 2 bed / 1 bath + parking mews house to rear onto Sibthorpe Lane
Was up for auction with AMV €1m in October 2019, a year after coming on at €1.35m and failing to sell. Presumably did not sell at auction, or it did and it subsequently fell through, so back up now seeking €995k private treaty.
An interesting offering as either an investment proposition, retaining it as three separate self-contained units, or potentially for an owner-occupier with the mews as ancillary accommodation / rental income opportunity. There would be a significant investment required to refurbish the existing properties in either scenario, albeit it could potentially be rented out subject to relatively minor investment with a view to fully refurbishing it down the line to achieve higher rents and reduce maintenance issues.
This property, at this price, will be rather sobering for neighbours given prices achieved on this stretch in past years when the general property market was at a much lower point than today’s market. Two doors away, 39 Upper Leeson Street was for sale in 2015 for €1.675m. It was a similar two-storey over garden level property, but all three floors were connected internally. It wasn’t renovated or extended and it didn’t have a mews to the rear - it did have off-street parking to the front, which was a benefit. It was asking €7,790 per sqm and achieved €6,511 per sqm (€1.4m) in 2016.
This house, Number 41, in contrast is just €3,396 per sqm based on the 228sqm house and 65sqm mews. Its roof also has a different, higher, pitch with two small dormer windows that lends itself favourably to potentially getting a decent bedroom with bathroom up at that level.
It’s the tale of two markets - a lower / middle end Dublin market where prices are high and affordability is being pushed to the limit, compared to the high end market where, in pockets of the market at least, prices achieved aren’t all that much more than recessionary levels.
Overall, without physically inspecting it, this property is starting to make sense price-wise for investors and owner-occupiers and will be one to watch as the Covid-19 situation plays out and its impact on the market becomes clear.