Greenan, Avoca Avenue, Blackrock, Co. Dublin
€2,250,000 - 5 Bed Detached House (0.45 acre) 718 m² / 7728 ft² For Sale D2
It’s back, third time lucky ?
Let’s re-cap the Greenan story:
Originally auctioned in Feb 2008 for 7.5m but failed (no chance at this point - well past the peak of the Irish market - bonkers pricing which I believe was McKenna). Despite this, McKenna locked into another property (a smaller one) and bridged Greenan (yikes - such nice accommodating banks, thank you Bertie). The bridge collapsed (along with massive other debts), and both were taken by the receiver. McKenna left the country.
Greenan was let to an Embassy for a few years but then left un-let (they didn’t like it). David McKenna went to the Middle East and KPMG got the rent cheques. It was brought back to market with Allen & Jacobs (not known as a seller of +2m houses) in 2013 asking 2.5m, but then reduced to 2.2m but I don’t think ever got much of a bid above 2m. Must have been an Irish bank involved as the property was taken off to bring to market later (the UK banks in Ireland unusually complete the process via an auction). Irish banks don’t foreclose. Period.
Greenan even featured in a standard bulls**t Mark Keenan article on top 10 Dublin roads (Independent’s property spin doctor). Avoca Avenue is barely holding on by its fingernails (if not long gone) as a top Dublin road. Outside of 7 beautiful period houses (from Glenheather to Avoca Lodge), Avoca Avenue is a collection of apartments, townhouses, 1970s houses, and everything else. Saying you live on Avoca Road could mean anything. Only aging Dublin SoCoDu EAs still revere Avoca Avenue (and Cross Avenue).
- Greenan now back with Lisney asking 50k above the 2013 asking of 2.2m (McKenna still involved).
There are two key issues here:
A. Site is 0.45 acres in a normal rectangular shape with large frontage onto Avoca Avenues (good tick). Problem is that on its important West side (i.e. the sunlight), it has a massive (i.e. +20 ft.) bank of neighbours leylandii fully screening out this boundary. (Neighbour is Barry O’Callaghan of Riverdeep fame, who uses these trees to screen out the awful 1990s structure of Greenan from his very beautiful Avoca Lodge and grounds, one of the best on Avoca Avenue). On the East side, there is a block of apartments built right up to the boundary (again, not classy). Land on Avoca Avenue troughed at c. 2.1m an acre in 2012 (Ferndale), but is currently about 3m an acre (Donmar, 23 Avoca Avenue etc.). Agents are trying to get it to 3.5m but having much less success (there are only so many IT / Aircraft leasing guys looking to build in Blackrock at one time). Given the drawbacks of Greenan’s site, its value is c. 1.5m
B. The second issue is why the site value of Greenan is so important is due to its next issue - the structure. Greenan’s construction quality is very low (sub 100 sq ft. townhouse in mid-lands housing estate type low). A cheaply built late 1990s house to get the biggest size for the cheapest price (a reflection of its owner). Chipboard, plywood, plaster and old upvc windows. The fabric is equally cheap. More importantly, its shape is awkward (two big intersecting blocks), and not clear that it would fit into any future, more aesthetic, plan. The scale of the structure (almost 8,000 sq ft.) also adds substantially to any demolition costs.
I think that in 2013, with land at c 2m an acre in Blackrock, Greenan had no chance of the asking (i.e. site worth only 1m). You had to really love this awful structure (inside and out) to get to that asking. There were no takers.
Now with land closer to 3m an acre in Blackrock (for once-off housing), Lisney have taken 1.5m (site) + 100 sq ft. x c 7,500 sq ft. (structure), to see if they can attract anybody who is interested in using the structure. If they can’t find such a buyer, then the pricing will come below the 2m mark (i.e. cost of demolition and re-build). Don’t know if a buyer could repeat the apartments of the structure to the right of it (Avoca Cottage) ? Probably makes more sense, and would make a 2m site value much more possible.
Will be interesting to see if it can finally find a buyer this time…