Landmark Merrion Square house sells for just €485,000

There’s a new Oscar Wilde Cafe on the ground floor now, only opened recently.

For sure, saw when work was going on, but if it did open, is it still open?

Oh right, it definitely opened and I’m pretty sure it was still open last week.

More goings on at Merrion Sq, this time no.6 which sold for €1.25m last May at an Allsopps auction. Thing was the top floor was leased out on a 15 year lease to the grandchild of the vendor. Now the new owners are locked in a PRTB battle with the tenant. Thing is the tenants lease says rent reviews only every 5 years and then the rent can’t rise by more than 5% each time. The rent is €1000pm for what looks like a 90sqm top floor apartment. So with it being signed in 2011 and running till 2026 the highest the rent can go is just under €1200 by 2026. The tenant has a lease that basically copper fastens against inflation and the current sky rocketing rents in Dublin, especially Dublin 2 where Merrion Square is.

Allsops link
allsopspace.ie/auction/lot/15577
PRTB Dispute, landlords calling it a “sham lease”
independent.ie/irish-news/mo … 27842.html

For some reason the top floor of 6 Merrion Square also comes up as sold recently on this site, with €300k the price
propertypriceregisterireland.com … nd-112611/

The PRTB case continues, break out the popcorn

The interesting question will be whether the lease actually subsists from a legal perspective. I seem to recall there was a receiver, a Rodolphus Allen Trust intervention and the Allsop sale. If the property was subject to a mortgage, the consent of the lender would generally be required to create a new interest (ie grant a lease) over part or all of the property. Perhaps that is what the new purchasers took a punt on, despite its inclusion in the particulars of sale, and now find some difficulties…

Jackie of the family Lavin trying the same shit #

independent.ie/irish-news/i- … 79266.html

Speaking of Jackie Lavin did I just hear the Muckross Park sold for €6m? Seems a very cheap price for whats there, less than €100k a bedroom plus theres a leisure centre, wedding centre and apartment buildings. Unless there was debt with the sale it seems like another NAMA bargain for some lucky vulture.

Nama? Danske were the debtors iirc?

It’s not a rule, it’s more of a… guideline :smiley:

Just kidding, it’s totally a rule, widely discussed I would have thought over the past few years among mortgage holders, particularly in respect of whether it would increase your rate from a tracker to a buy to let rate.

Here’s more:

mcdowellpurcell.ie/news/creation-lease-banks-requirement-consent/

Note that your mortgage contract doesn’t actually have to state it - it’s implied.

Surely the people who bought no 6 got it cheaper because of the lease?

m.independent.ie/irish-news/news … 16027.html

Double Yes.

You can purport to rent it out (create a lease) without the mortgagee’s consent but, as I understand the position, the lease is not validly created as an interest in the property and while the tenant will have some cause of action against you, they cannot retain occupation of the property against other interest holders (principally the mortgagee or receiver) who have not consented and who want them out.