WIW 5 Ashurst (Ash Hurst), Military Road, Killiney, Dublin

What's it Worth? (WIW)
1

5 Ashurst (Ash Hurst), Military Road, Killiney, Co Dublin
For Sale - 5 Bed Site 240 m² / 2583 ft² 1.45m
myhome.ie/residential/brochure/5-ashurst-military-road-killiney-county-dublin/3161535

458×501 66.2 KB

When I looked at this first, I felt for the buyers of 8 Ashurst (or Ash Hurst) across the road in mid 2014.
irishtimes.com/life-and-style/homes-and-property/new-to-market/secret-garden-in-killiney-for-1-55m-1.1786808

8 Ashurst was bought for 1.5m at mid 2014, on 0.30 acre + 3,101 sq ft. (nice house but not brand new by any means). It implied c 3m per acre valuation (600k house + 900k land). This would rank with the implied site valuations of nearby Dorset Lodge and Galleen (but they were on premier standalone sites off Killiney Hill Road). Certainly a step-up from the benchmark sale of the derelict Dromeen site in nearby Kilmore Avenue in end 2013 (600k for 0.33 acre, or almost 2m an acre in valuation terms).

The desirable (and expensive) part of Killiney (south from Killiney Village along Killiney Hill Road to Military Road) is full of period houses of a wide variety and types (i.e. mansions, arts & crafts etc.). A major drawback here is that the Killiney planners have been very hardcore about what people can and can’t do with these houses - particularly in terms of adding modern extensions and opening up back walls to create the large modern kitchen extensions (just ask the Edge of U2 who lives in the impressive Fortlands compound). Owners in Ailesbury Road get permission to do a lot more behind the well preserved façade, where as in the best parts of Killiney, the structure must be fully preserved (i.e. there are few modern blow-out kitchen extensions). I think this is why the small Ashurst (or Ash Hurst) estate has often attracted high valuations - owners can build proper modern houses, still get some of the views, and still be in the best parts of Killiney. You can buy c 1 acre sites on the Glenalua Road / Church Road for c 1m, but not in the Ashurst estate.

Per PPR:
8 Ashurst, Military Road, Killiney.
Date of Sale: 07/10/2014
Price: €1,500,000.00

5 Ashurst is now for sale 12 mths later for 1.5m for 0.65 acres (0.26577 ha) + 2,583 sq ft. house ? House is not great so it is really a site sale.

5 Ashurst comes with planning permission to build two houses on the site (giving two south facing 0.30 acre plots) for 750k each. Equates to 2.3m per acre for an ‘estate’ location off Military Road. Rational asking vs. Dorset Lodge and Galleen pricing than 8 Ashurst in my view, and still a step-up from the standalone site benchmark of Dromeen on Kilmore Avenue. However we will see what 5 Ashurst eventually goes for.

Dromeen set a benchmark for standalone good quality sites in Killiney of c. 2m an acre in 2013.
See thread thepropertypin.com/viewtopic.php?f=10&t=52354&p=831028&hilit=dromeen#p831028

This has been surpassed by the sales in the Ashurst Estate to over 2m an acre.

The best quality houses off Killiney Hill Road are implying land values of c 3m an acre (Dorset Lodge, Galleen, Percy Lodge etc.)
thepropertypin.com/viewtopic.php?f=10&t=61097&p=826273&hilit=galleen#p826273
thepropertypin.com/viewtopic.php?f=10&t=64387&hilit=percy

2

Gone Sale Agreed - that was quick.

3

Sold for €1.45m 29-6-15

4

That was a good price (c 2.25m an acre).

Very good period houses sell in Killiney (i.e. Dorset Lodge, Galleen, Cloneevin etc.).

Or

Very good sites sell in Killiney (i.e on which you can build modern house).

But

What is much harder to sell in Killiney are the less attractive period houses - particularly if a lot of work is needed (150-200 sq ft jobs), where their pricing is almost just for the site?

5

New Ashurst house for sale, POA on Daft. Construction not yet started. Presume this is one of those plots.

daft.ie/11159932

6

Thought this was a weird development play reading the above posts - but in actuality I checked the planning and the planning was for the retention of the existing house and for this new house (as per Daft link above) on a minority portion of the site - which makes a bit more sense than demolishing for two small houses. They’re selling 0.17 of the overall 0.6 acre site, and assuming build costs of perhaps €400,000 for this new 2,300sqft dormer house they could do fairly well if they can clear €500/sqft+ (though there’s no guarantee they will). Then there’s also the cost of renovating the main house for themselves counteracting any profit on this new one, so they’ve still paid a lot of money for the main house.

7

New house is sold:

5A Ashurst
Killiney
Co. Dublin
Date of Sale: 04/05/2016
Price: €1,395,000.00
Not Full Market Price: No
VAT Exclusive: Yes

So €1.395 + 13.5% VAT = €1,583,000 for what, if my above comment is correct, is a new 2,300sqft. That equates to €688/sqft. Not half bad for the border of Ballybrack and on just 0.17 acre. Not that there’s anything wrong with the location, mind, it’s perfectly nice, although Military Road itself is stupidly narrow (Military Lane would be a more accurate name) and it’s an issue for two cars to try and pass one another - and by issue, I mean they can’t!

8

Quite a deal, almost paying the cost of build for a 2,300 sq ft house (<500k), for a just under 0.50 acre site, in Killiney.
(where land is trading at ++2m an acre, even in this small estate per other transactions) ?
(and they did this deal in 2015) ?
(and they never really marketed the new house that hard) ?

respect !

Deep in the GFC when I was tracking, what used to be, high-end sites like Dromeen in Killiney (thepropertypin.com/viewtopic.php?f=10&t=52354), c 1m an acre was the target (which I think Eirene set the benchmark for after its epic years of price reductions thepropertypin.com/viewtopic.php?f=23&t=10101). Dromeen made almost 2m per acre (coming out of the GFC), but I did not expect such metrics to apply to this small estate.

An EA who lives out Dalkey / Killiney way, explained the attraction of Ashurst to me as a chance to get the Killiney experience (near sea / near mansions / near DART / near Holy Child etc.), but in a non-period, or modern house (I believe that most good Killiney plots have a period house on it, and not only is the period house staying, but don’t think you can even do an Albany House, Albany Avenue, Monkstown job, under the zero / zero planning restrictions)?

Makes this seem pretty decent value (and also validates the pricing of 8 Ash Hurst as well - more land, not a new house) ?

Ama-Lur, 6 Ash Hurst, Killiney, Co. Dublin
€1,400,000 - 5 Bed Detached House 253 m² / 2723 ft² For Sale (0.5 acre)
myhome.ie/residential/brochure/ama-lur-6-ash-hurst-killiney-co-dublin/3577611
thepropertypin.com/viewtopic.php?f=10&t=65922