Who bought and sold
Telephone sum sales of luxury residential homes were few and far between this year and an array of properties on the top shelf still await buyers. The biggest residential transaction in the capital only closed in recent weeks: the ¤8.1 million sale of Clonmore on Shrewsbury Road to former Icon boss Ciarán Murray. The 528sq m (5,683sq ft) former home of developer Paddy Kelly was placed on the market by receivers in September seeking ¤10 million with agent David Bewley of Lisney.
Murray retains other properties on Merrion and Ailesbury Roads and with this acquisition has created something of a golden triangle in Dublin 4’s premium property hotspot. A colossal refurb is likely to follow.
Next up was the purchase of Lota, at 26 Coliemore Road in Dalkey, for ¤7.5 million by Kingspan boss Gene Murtagh. It came as something of a surprise because the luxury seafront property on half an acre had not been placed on the open market. The vendor was developer Francis Rhatigan who had bought Lota at auction in 2002 for ¤4.5 million. The off-market deal took place over the summer through Sherry FitzGerald’s Simon Ensor. The purchase is a departure for the Kingspan boss who until now has lived close to the multinational’s headquarters in Kingscourt, Co Cavan. It’s believed Murtagh was the first and only viewer of Lota.
The third biggest sale of the year was that of Ardmore at 34 Ailesbury Road in Dublin 4. The semi-detached six-bed on 0.4 of an acre sold through Sherry FitzGerald for ¤4.875 million. The original asking price was ¤5 million. The undisclosed buyer is likely to update the property and may well take a leaf from the book of neighbour Shane Ryan. The son of the late Ryanair founder Tony Ryan bought the former French consulate next door for about ¤4 million in 2013 and proceeded with a refurbishment that included a swimming pool and a five-car garage on its acre of grounds.
In May, 41 Cowper Road in Rathmines sold for ¤4.7 million, with the buyers understood to be Diarmuid and Yana McKillop. The detached double-fronted Victorian with 380sq m(4,088sq ft) and five bedrooms, originally sought ¤4.9 million when it launched to market in May 2017, through Sherry FitzGerald selling agent Geralyn Byrne.
Another major off-market sale took place in April when 81 Park Avenue, one of Sandymount’s finest properties, sold quietly for ¤4.5 million. The smart Edwardian on 0.7 of an acre, previously owned by the late senator Eoin Ryan and acquired in 2004 by businessman John Pugh for ¤7.1 million, was placed on the market through Lisney in July 2017 seeking ¤4.6m. It was subsequently taken off the market and rapidly sold by the receiver. The buyer is understood to be solicitor Joseph Stanley, brother of developers Michael and Kevin Stanley of Cairn Homes.
To put the market at the upper end in Dublin in context, this year’s top sale Clonmore for ¤8.1 million would only have made fourth position in the ranking last year. Similarly, it’s worth noting that the top open-market sales generally came in below their original asking prices, reflecting a downward correction in pricing.
Worth mentioning in this context were two other sales around the ¤4million mark.
In Dalkey, number 1 Coliemore Villas, an end-of-terrace of just four early Victorians overlooking the sea, quietly sold for ¤4.2 million early in the year. It was purchased in 2015 by an Australian couple, Karen and Warwick White, for ¤2.35 million.
A lavish refurbishment followed, at an estimated cost of ¤1.2 million. The buyer is believed to be one of the co-founders of La Rousse foods, which sold to Aryzta in 2015 in a multimillion euro deal.
Another quiet sale took place in Rathmines when 2 Temple Gardens, owned by Patrick Roe, popped up on the Residential Property Price Register in September after selling for ¤4.1 million in an off-market deal. Geralyn Byrne who brokered the deal declined to comment on the sale.
On the apartment front, a couple of jawdropping sales appeared on the price register mid-summer when joint owners of the exclusive Merrion Hotel, Lochlann Quinn and Martin Naughton, purchased the top two floors of the hotel’s latest accommodation wing for ¤4.1 million and ¤7.1 million respectively in a
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