Star per­form­ers 2018

The Irish Times - Thursday - Property - - Property 2018 -

From page 1

trans­ac­tion dat­ing back to 2014 when the prop­erty mar­ket was still on the floor. These sales have been matched by only one other at Dublin’s most talked about lux­ury scheme, Lansdowne Place in Balls­bridge, where the pent­house sold late last year for ¤6.5 mil­lion. The sale has yet to ap­pear on the price reg­is­ter as the scheme is not com­plete. These top prices are the high­est ever paid for apart­ments in the State. The coun­try homes mar­ket in 2018 has been a long, hard slog. The big­gest sale fails to fea­ture in the list­ing ow­ing to a le­gal de­lay. Castle­town Cox in Co Kilkenny, prob­a­bly Ire­land’s finest coun­try es­tate and Pal­la­dian man­sion on 513 acres is un­der­stood to have sold since Au­gust for more than ¤20mil­lion but it has yet to ap­pear on the Prop­erty Pric Reg­is­ter. The deal has be­come em­broiled in a le­gal row be­tween the UK-based Ma­gan fam­ily, who owned the es­tate from 1999, and a Jer­sey-ad­min­is­tered trust which Lord Ge­orge Ma­gan (a re­tired banker and for­mer chair­man of the Bri­tish Con­ser­va­tive Party) had him­self es­tab­lished. The undis­closed in­ter­na­tional buyer was found within just seven months of it list­ing through Knight Frank with an ask­ing price of ¤17.5 mil­lion. It has been re­ported that the in­tended buyer has paid off a ¤14.5 mil­lion bor­row­ing se­cured on the prop­erty in an­tic­i­pa­tion of clos­ing the sale. When com­plete it will be the big­gest res­i­den­tial sale in the State since Castle­martin, the for­mer Tony O’Reilly es­tate, which sold to US busi­ness­man John Malone for ¤28 mil­lion in 2014.

This leaves us with a top sale this year of ¤3.4 mil­lion for Dowd­stown House in Co Kil­dare. The Geor­gian man­sion close to Maynooth on 26 acres has been op­er­ated as a stud farm since the 1940s by its Ir­ish-Swiss own­ers. The prop­erty was placed on the mar­ket with Sherry FitzGer­ald coun­try homes in 2016 seek­ing ¤4.35 mil­lion.

Galtrim House, a charm­ing Geor­gian on 110 acres in Meath and the for­mer home of Count­ess Mount Charles, ap­peared sold on the prop­erty price reg­is­ter in March for ¤1.92 mil­lion. It was orig­i­nally placed on the mar­ket through Sav­ills in 2017 seek­ing ¤2.25 mil­lion for the en­tire es­tate with an agri­cul­tural land value of ¤1.1 mil­lion.

It is be­lieved the en­tire spread fi­nally sold for ¤3 mil­lion. Bought by a lo­cal busi­nes­man to use as a fam­ily home, an ex­ten­sive re­fur­bish­ment is in the pipe­line.

Next up was the sale of Ath­gar­van House, which stands on the banks of the Lif­fey out­side Ath­gar­van vil­lage, close to New­bridge, Co Kil­dare. The 775sq m (8,342sq ft) eight-bed was placed for sale through Sherry FitzGer­ald in May 2017 seek­ing ¤2.5 mil­lion and ap­peared sold for ¤2 mil­lion in June.

The Beach Haus was an un­usual prop­erty when it came on the mar­ket in July. A high-spec Hol­ly­wood-style beach house out­side Bet­tys­town, Co Meath, was started by an am­bi­tious de­vel­oper in 2005 and later com­pleted by new own­ers who bought it in 2013. By Oc­to­ber the deal was com­plete when it ap­peared sold on the price reg­is­ter for ¤1.525 mil­lion a sum, well in ex­cess of the orig­i­nal ¤1.25 mil­lion ask­ing price. The buyer is un­der­stood to be a US-based woman orig­i­nally from Drogheda who plans to use the prop­erty as a hol­i­day home.

Fifth po­si­tion was also taken by a con­tem­po­rary water­front prop­erty, this time in Cork on Kin­sale’s “Golden Mile”. Scilly House was placed on the mar­ket in June 2017 through En­gels and Volk­ers seek­ing ¤2.75 mil­lion and ap­peared sold for a sub­stan­tially re­duced ¤1.5 mil­lion in June.

Year-on-year com­par­isons may be clumsy but when we com­pare this year’s big­gest reg­is­tered coun­try-es­tate sale (Dowd­stown at ¤3.4 mil­lion) with the top rank­ings in 2018, it would only have taken fourth po­si­tion last year. A re­flec­tion per­haps of pric­ing need­ing to come into line with ex­pec­ta­tions and poor de­mand for coun­try homes.

Ath­gar­van House, Ath­gar­van, Co Kil­dare ¤2mFor the few that sold there are a host of ar­guably finer es­tates still seek­ing buy­ers, in­clud­ing Lug­gala on 5,000 acres in Wick­low (¤28 mil­lion), Rock­etts Cas­tle on 250 acres in Water­ford (¤6 mil­lion), Grange Con stud on 256 acres in Wick­low (¤15 mil­lion), Fort Gran­ite on 341 acres in Wick­low (¤3.5 mil­lion) and Liss Ard on 163 acres in west Cork (¤7.5 mil­lion).

Wait­ing in the wings: Castle­town Cox, Co Kilkenny ¤20m+

Scilly House, Scilly, Kin­sale, Co. Cork ¤1.5m

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