Paddy Kelly home sells 20% below ask­ing price for ¤8.1m

The Irish Times - Thursday - Property - - Property The Market -

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

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