Paddy Kelly home sells 20% below asking price for ¤8.1m
Developer Paddy Kelly has told financial news service Bloomberg that his Shrewsbury Road home, Clonmore, is sale agreed for ¤8.1 million just one month after being placed on the market by its receiver. That’s 19 per cent shy of its ¤10 million asking price, and a far cry from the ¤30 million-plus price quietly sought for it by Kelly in 2009.
The reported selling price represents a lacklustre outcome for what is one of the best sites on Shrewsbury Road. Built in 1992 the house is not protected and therefore the purchaser can happily follow in the footsteps of recent arrivals on the street, who have mostly demolished existing homes, often retaining just the façades.
The sale of Fintragh in April 2017 by the Assaf family to packaging millionaire Patrick Doran for ¤8.45 million, equating to a price of ¤12.1 million per acre, marked a peak for the Shrewsbury Road market, with the Clonmore sale now achieving a lesser ¤11.6 million per acre for a debatably superior site.
Property values on the exclusive road have by some measures slumped back to late-1990s levels, in sharp contrast with the wider south Dublin City market, where less extraordinary family homes are trading at around 2005 levels - not far from their Celtic Tiger peaks. In 1998, Blacktie founder Niall O’Farrell paid the equivalent of ¤11.15 million per acre for a 0.41 acre site with significant frontage onto Shrewsbury Road, while O’Malley Homes paid about ¤9.14 million for the adjoining 0.98 acre Chester Beatty Library site shortly after, which had no road frontage other than its driveway and no planning permission. The O’Malleys endured a 10-year saga to secure planning at undoubtedly significant cost, before selling it to listed housebuilder Glenveagh in 2017 for less than ¤11 million with the benefit of full planning permission.
Paddy Kelly says that only one serious bidder emerged for his former Shrewsbury Road home, and with the rumour mill in overdrive, smart money is on (yet another) aviation tycoon buyer.
Nearby on Dartry’s Temple Road, Dublin 6’s most esteemed address, three top-class houses have been on the market for over ¤5 million for some time and have all reduced their asking prices lately. High Cross, on under an acre of south-facing grounds, has been on the market since February 2015 and has dropped its price several times from ¤7.5 million to its current ¤5.95 million. The apparent downturn in Dublin’s high-end market is echoed by a recent Knight Frank report, which identified that prices of luxury homes had dropped for the first time since 2013, citing uncertainty around Brexit combined with an easing of pent-up demand as potential reasons
Clonmore had been seeking ¤10 million, and in 2009 Kelly had quietly sought ¤30 million-plus for it