Windermere, Westminster Road, Foxrock, Dublin 18. D18K6W4
6 Bedrooms, 7,013 sq ft (650 sq m), 0.45 Acre
Irish Times write up an history of site and its development (quite interesting).
Stunning Cantrell & Crowley high-end house (profiled on their website), which would have been one of the highest end fit-outs seen for sale for quite a while in Dublin (inside is amazing), sitting on almost half an acre, on one of Foxrock’s best roads.
Probably 2.5m of build costs+fit-out+VAT here (350 sq ft all-in), excluding site cost (worth +1m at a 2m per acre mark).
(The 350 sq ft cost would have been c. 250-275 sq ft build and fit-out + Prof Fees 12% + 13.5% VAT)
Just sold for over 3.15m on the register (i.e. less then cost of build+site, never mind a mark-up).
(note, despite being new, the bank sat on it long enough, that VAT did not apply, and sold as second hand.)
Date of Sale:03/03/2016
Not Full Market Price:No
Description of Property:Second-Hand Dwelling house /ApartmentDate of Sale:03/03/2016
Interesting comparison with “sister house” done by the same developer / architect, Grassmere, which sold for 1.8m in early 2013.
Grassmere was 3,745 sq ft of period house restored to mint condition which sold for euro 475 per sq ft, where as Windermere, has gone for lower at 440 per sq ft (and would have cost at least 350 sq ft to build all-in alone ex site).
Had Windermere achieved Grassmere’s early 2013 pricing, it would have sold for almost 3.4m (what Lisney hoped).
In addition, Windermere’s “sister house”, Hazelmere (same size, sitting behind it, slightly less attractive and slightly poorer site shape), sold for 2.5m at the absolute bottom in the summer of 2012. The uplift of 25% from the bottom in 2012, to the 2016 sale of Windermere, is a common pattern in high-end Co. Dublin (i.e. outside of D4 and D6).
A cautionary tale for many sites in Foxrock, with several currently asking over the euro 2m an acre mark (and on lesser roads). The long standing saga of Mandeville (and now linked with Carrigmore, plus potentially another linked site) a case in point where we see the EA needing a Plan A (sell for 2m an acre), Plan B (sell for 2.6m for multi-house), Plan C (combine with other site), Plan D (other site for 2m an acre). Tricky stuff !
See following link for further analysis on Dublin high-end residential prices in 2012 vs. 2013 vs. 2014. vs. 2015