Ardeen, St Vincent's Road, the Burnaby, Greystones, Co. Wicklow, is expected to fetch in the region of £800,000 when auctioned by Lisney on June 3rd.

One of the largest and oldest houses in the Burnaby, Ardeen is built on three-quarters of an acre of mature gardens, and has a lawn tennis court. The main reception rooms are large and spacious, with six bedrooms and three bathrooms over three storeys.

In common with many Burnaby homes, this property has been upgraded in recent years, and today combines the best of the old with the best of the new. The house has its original period windows, doors, chimney-pieces and ceiling cornices - and in addition, a modern kitchen and refurbished bathrooms.

It is in excellent decorative order throughout. The prevailing colour scheme of fawns, creams, pinks, neutral and earth colours give a feeling of space and calm as you move through the house. A fine reception hall leads to a large drawing room and dining room, connected to each other by a square arch. Each room has its original mahogany mantel with marble and brass inset. Each room has period windows, giving a variety of attractive garden views. An original south-facing conservatory is reached from the drawing room. Three other panelled doors from the hall lead to a study with stripped pitched pine windows and shutters, a pretty sitting room and a family room.

The kitchen/breakfast room has work-tops in chestnut hardwood, and an oil-fired Aga. The window from the breakfast room looks out on old trees. and bluebells. There is a utility room and cloakroom.

There is a bedroom and wood-panelled bathroom on the first floor return. The first floor has a large landing and four more bedrooms. The main bedroom features a large walk-in fitted dressing room with lots of shelves and hanging space, and an en suite bathroom. The second return has a sixth bedroom and a shower room.

The gardens include lawned areas, large old trees and cultivated areas with well-stocked flower beds and shrubs.

Last month, a frisson of shock reverberated locally when a quarter acre site with planning permission in the Burnaby, expected to make £200,000, was sold by Hassett & Fitzsimons for £340,000.

However, Tom Day of Lisney believes that Greystones in general, and the Burnaby, in particular, are still undervalued. "For their size and location, for their gardens, many of them over half an acre, there is still very good value to be had in the Burnaby," he says.

This situation is likely to change. The arrival of the DART in Greystones this autumn, which will make the city centre a 50 minute train ride away, will obviously give a fillip to local property values.

But how is the Burnaby faring right now? With south Dublin's first new estate of £1m homes recently completed in Carrickmines, what price old graciousness in Co. Wicklow? Is the Burnaby part of the new stockbroker belt that now takes in parts of Dalkey, Killiney and Malahide? Built between 1899 and 1905, the 70 houses which comprise the old Burnaby are set in handsome, quiet tree-lined avenues on the Burnaby estate, then on the edge of Greystones. Built as summer villas for Dublin's wealthy families, apocryphal tales are told of the train being held in the station in the morning for the arrival of its prestigious passengers from the Burnaby, and being met each evening by butlers as well as by chauffeurs.

Whatever about the butlers, there seems to be no doubt that in the early days, Catholics were excluded from holding a lease in the Burnaby. Also, at a time when Greystones would be considered rural, an incentive was needed to woo residents from the city. So with the sale of each lease came a six month return first class ticket from Dublin, a neat marketing ploy between the Burnaby Estate and the south eastern railway company.

The profile of residents today is middle-aged and successful. There is a sprinkling of solicitors, at least one member of the judiciary, some chief executives of semi-state companies as well as luminaries from the financial sector.

John Doyle, a director H.J. Byrne, waxes lyrical on the charms of the Burnaby: "It fulfils the expectations of people who may not want to live in Dalkey, Killiney or Foxrock. It has a seaside, small-town feel about it, convenient between sea and golf club", he says. In fact, Killincarrig House, former home of the Burnaby family, is now the site of Greystones Golf Club. "The Burnaby is a very desirable place to live," echoes Gordon Lennox, director of Jackson-Stops & McCabe, "It's timeless, it has quiet tree-lined avenues, an Edwardian ambience, it is near to the town, church, shops, library and beach."

The estate features a wide variety of house styles and sizes. Current prices range from £300,000 for a terraced house on Killincarrig Road, to £750,000 nudging up to £1m for some of the detached houses in large gardens behind high hedging.

One such house is Glanseskin, on Portland Road, which was withdrawn from auction last November and is still on the market.

Sherry FitzGerald are quoting £795,000. "It's an outstanding period house on three-quarters of an acre," says Jackie Tallon of the company's Bray office. "In this price range, we are in a narrower market, but anyone who knows Greystones knows that the Burnaby is absolutely gorgeous, so we are hopeful."

While a handful of Burnaby homes remain in the third generation of the original family, most have changed hands over the years and have been upgraded and refurbished in the process.

Last week, The Glen, Portland Road, a large dormer-style bungalow with south-facing mature gardens, was withdrawn from auction, quoting £440,000, according to selling agents Ross McParland. "When you consider that a Burnaby site went for £340,000, a home in good decorative order seems to be good value at £440,000," says John Magee.