An attractive listed building with full planning permission to be converted into 14 high-end apartments at the junction of Harcourt Terrace and Adelaide Road in Dublin 2 is to be offered for sale through agents CBRE with a guide price of €5.75 million.
The distinctive three-storey, mid-19th century building has been in residential use over the years.
Harcourt Terrace is one of the few residential streets in the central business district with traditional period houses resembling areas of Ballsbridge and Donnybrook.
The €5.75 million asking price will work out at over €410,000 per residential unit and according to CBRE a further €2 million to €2.5 million will have to be spent on converting the building into 14 prestigious apartments.
The development will consist mainly of two- and three-bedroom apartments with an average floor space of about 1,000sq ft. There are 15 car-parking spaces on the adjoining grounds.
Apartment market
CBRE says there is a considerable appetite among developers and investors to deploy capital into the top end of the apartment market.
A recent development of 14 apartments costing from €750,000 and €1.25 million at Percy Place in Dublin 4 proved a runaway success for a development company run by Paddy McKillen jnr and Matt Ryan.
This success will be quickly followed by much larger developments of highly priced apartment schemes on sites adjoining existing hotels in Ballsbridge.
