There are loads of poor Mock-Period / McMansions in Dublin from the developer era (take a look at Sean Dunne’s Ouragh (thepropertypin.com/viewtopic.php?f=10&t=64459). All show but cheaply built and offensive to the eye (Abington Estate in Malahide wins the overall “Potemkin Village” award for this).
I don’t think however Bishop’s Value house is one of them. I actually think that this house is very attractive and beautifully done in both façade and inside. The gardens are still a bit too Tigerish for me (i.e. such a layout would fit in with Versailles rather than the hills of Dublin / Wicklow), however I do feel myself drawn to this house.
There must be c. 3.0m of build costs (incl. gardens) here ?
The house, if anything, is over-styled. Not in poor taste, clearly not cheap, but just trying a little too hard to be the thing it’s never going to be - a period house. If I’d the dosh, I’d buy the genuine article. This is the equivalent to a really well crafted, but nonetheless, fake, Rolex.
Think you may be over-romanticising ‘the real deal’ - old houses are often a lot of trouble and this house is as close as it gets to the real deal, with all modern conveniences, a good BER and is finished to superb standards with great taste and flair.
The hardest bit is the site value, since building costs are knowable.
In theory you could buy agricultural land at 15k/acre, landscape it and build a house. Good luck with that.
I have a spreadsheet of Dublin 18 prices asked and achieved in the last couple of years. They mostly achieve 200k + 200k/acre + 1500-2500/sqm, but there are few sites over an acre. The PPR isn’t a complete guide since a maximum of one acre is included in the sale on the PPR.
Carrig Dolgen, an unexceptional 464sqm 1970s bungalow with 2.64 acres on Barnaslingan Lane sold for 1.2m in Sept 2014 (and presumably the price was higher than that for the extra land).
How many Carrig Dolgens is Bishops Vale House worth? Two? Three?
Barnaslingan next door, 225sqm of reasonable but ageing 1990s mock-period vintage on a steep 1.2 acre site with an uninterrupted view of a massive pylon and high voltage lines a few metres from the house sold in Jan 2016 for €1.015m.
So what’s 600sqm of high end build on 9 acres worth?
If you want any 600sqm with a bit of land within spitting distance of Dublin you could get this:
“Carrig Dolgen, an unexceptional 464sqm 1970s bungalow with 2.64 acres on Barnaslingan Lane sold for 1.2m in Sept 2014 (and presumably the price was higher than that for the extra land).”
No I believe that was indeed the full price 1.2m (including the extra land).
“How many Carrig Dolgens is Bishops Vale House worth? Two? Three?”
Well if it’s somewhere between the two that you have just mentioned that would make it worth 3.0m by your own estimation. I did say I thought it was overpriced by c 900k!
“So what’s 600sqm of high end build on 9 acres worth?”
As we’ve pointed out above maybe in the region of 3.0m. I am sure you are aware what something might cost to build and what it’s worth at the time of selling can be very different. In most cases if you want high end in the current market you will buy it cheaper than you’ll build it for but there will always be the exception. Either way we may be both wrong as the market will dictate what its worth in time and what someone is willing to pay for it.
Some interesting discussion above, but it captures some of the strange dynamics going on in high-end Dublin.
Pricing is strong in D4 & D6, but only because of Embassys and Corporates buying houses in mint condition (and without independent advice). If they were not buying, then it would be a different story. Houses in poor condition in D4 & D6, are having a much harder time and not getting pricing much above early 2014 levels (and taking time to get there).
Once you leave D4 and D6, you are really only seeing strong pricing in SoCoDu places with:
Great views / locations (best of Sandycove, Dalkey, Killiney).
Great condition (brand new, ultra high level fit-outs, that are also mostly for Embassy / Corporates).
Once you leave SoCoDu, pricing drops off dramatically and can go anywhere. A very good house called “Longacres” in Portrane is an example. About 2.5-3.0m of high-end new build, plus 12 acres of land (not sure what was worth), sold at auction for 1.4m. This is the dilemma for Bishops house. There is close to 3m of build+fit-out here, and the land probably brings it close to asking. thepropertypin.com/viewtopic.php?f=10&t=51819
If Bishops House was sitting in even Foxrock, and was asking anything near cost of build, plus land at market value, it would be sold in a reasonable period for more than asking to an Embassy / Corporate.
The owner’s problem is that when you leave the Embassy / Corporate segment, anything can happen.
I don’t think this will (or should) be sold below 3m, but I do think that they will need to have a lot of patience here.
Similar modern slab foundation, £2500 for 36" by 32". I’m not sure whether it’s one or two stories, if one I make that £3363/sqm or €4282/sqm, compared to €6500/sqm for Bishops Vale. You have to bring your own grounds though.