WIW 16 Leeson Park

myhome.ie/residential/brochu … -6/2653577

Obviously it would need work but how much?

€100 per sqft and a slab of beer for the builders.

You would also be surprised also how easy it is to spend +200 sq ft (ex. VAT) on this.
Particularly when there is a lot of internal wall movement / re-creation (surprisingly expensive).

I heard the opposite that it was easy enough to reconvert. It is a beautiful looking house, far more impressive than the other houses that have gone for sale recently in Lesson Park with a wonderful garden.
I would of thought it would make at least asking but I think there has been a definite slowdown in this price range over the last few months with similar priced properties lingering

2M + (sadly)…

If this was on with SF, the asking price would be 2.5

Strategy, strategy…


No enforcement. Why the hell they don’t fine EA’s (as a revenue raising exercise) for breaching this law is beyond me.

I believe that it is a protected structure so no BER is required.

This will go for at least €2.5m.

Should we expand the question to WIWAW - what’s it worth and when?

It’s fine to say “it’s worth 2m” (or 2.5m or 3m) if it languishes here for 3 or 4 months with all offers being refused. I don’t think we are in the same situation as in April when EAs were boasting about properties being “snapped up”.

The answer is it’s worth whatever somebody will put their hand in their pocket and draw out money to pay for it. Until then, it is all theoretical.

Until then, it is only worth whatever cashflow it can generate if they rent out the floors.

Sorry I am still catty, :unamused:

Worth is indeed a nebulous concept, but most take it to mean what it can reasonably be expected to achieve right now, given what we know of the market at present.

I don’t think this will get 2.5
Normally people who pay that kind of money want a house in mint condition, unless the house is truly unique on a fantastic road. This has been split up so a lot of the original features will have been compromised
I think it will go for above asking as the facade is gorgeous and the garden fantastic but I would be surprised if it reaches beyond 2

Achieved value is what it sells for.
Market value is what it can be resold for reasonably quickly, bearing in mind illiquidity of the asset class.

IMO “worth” in the property market is most commonly taken to mean the latter.

For a property with multiple bidders the market value is therefore what the first loser offers. :smiley:

Hence the theoretical advantage of Vickrey auctions in revealing true valuations.

I would have thought you might need to look at the leases before putting a value on this. I remember recently there was a fantastic house on Elgin road that went for just over €1m, had an elderly living tenant who effectively had squatters rights therefore decreasing the value dramatically.
There are three apartments here which look well lived in (note no photos of interiors), I would think the terms of the rental agreements would have a bearing on price, it could for example take out investors or people looking to develop as a family home, or people looking to buy through a company structure. Once you start eliminating potential buyers IMO the price comes down. €1.6m isn’t a bad guide…

Was asking 1.6m
collapso.net/Sale-Property/m … id=2653577

Now 1.85m
daft.ie/sales/16-leeson-park … 1047/&ea=1

Now up to 2.5m 8DD
daft.ie/sales/16-leeson-park … 3560/?ea=1

16 Leeson Park, Ranelagh, Dublin 6 (4,500 sq ft, c 0.28 acre)

Address Information
Sale Information
Date of Sale: 14/07/2015
Price: €2,700,000.00
Not Full Market Price:No
VAT Exclusive:No
Description of Property:Second-Hand Dwelling house /Apartment

Finally sold for 2.7m per PPR

As strange a sale process as I have seen and I think there were complications with the previous owner / receivership.

Initially on for 1.6m, which was a mad asking at that time given that the smaller, 1 Leeson Park, had sold for 1.8m at auction just out of the bottom of the GFC and had no back garden (1 Leeson Park had a very basic re-furb where every wall /ceiling / coving etc. was covered in think white paint, and the bathrooms had cheap fittings - 50 per sq ft job) ?

16 Leeson Park was in units, but it had one of the longest west facing gardens on this road (if not the longest), plus the option of a muse house at the end (with own separate access). Not in the class of the 6 semi-D houses that sit at the end of the west side of Leeson Park (at the Dartmouth Road intersection), but still, highly desirable regardless.

16 Leeson Park’s back garden + muse would have added 500-700k vs 1 Leeson Park alone (regardless of uplift post GFC).

Lisney increased the price (formally and informally) a few times until it was asking 2.5m
(which was acknowledged to be closer to fair value, and similar to 72 and 85 Eglington Road sales for c. 2.6m).

New owners are revealed to be none other than Paddy McKillen Jnr Junior and his wife Edel O’Connor (Patrick and Edel McKillen)
(a.k.a son of Paddy McKillen, probably Ireland’s richest remaining property developer from the GFC).

I think they simultaneously sold 1 The Birches, Torquay Road, Foxrock, Dublin 18 (their existing home) at same time.

Expect to see a mega-renovation here !

Currently (and for many months) under substantial renovation. Has a flat roof? Looks like they will do a nice job on it.