The price of parking spaces in a new boutique scheme of apartments puts Dublin on a par with Manhattan, writes Property Editor Orna Mulcahy
The cost of parking in the capital has hit a new high with underground spaces at a new block of apartments in Dublin 2 asking €120,000 each.
The record price puts Dublin on a par with Manhattan, where parking spaces regularly change hands for between €115,000 and €150,000.
The Dublin spaces, which will comfortably take a Ferrari, are only available with 13 apartments costing from around €1 million to €3.6 million-plus at a boutique scheme called 18 Lower Baggot Street.
In all, 22 apartments have been built in a courtyard setting behind five Georgian houses on Lwr Baggot Street with rear access from Fitzwilliam Lane. However, the underground parking spaces will be limited to those buying the more expensive homes in the development.
Access is through a handsome Georgian doorway, behind which is a large residents' lounge that will be staffed by a concierge who will take deliveries, book restaurants, and even valet park.
Developer Ted O'Sullivan ran a hotel in the these buildings for many years, before getting permission to build to the rear. He is converting the old houses into apartments which will be rented out.
The new three and four-storey building wraps around a large landscaped garden and the larger units will have balconies on two sides to catch the morning and afternoon sun.
Prices start at €650,000 for the smallest one-bedroom unit, while larger two-beds range from just over €1 million to €1.35 million.
Just one penthouse apartment is available. It's the show unit that has been fully furnished by interior designer Nuala Roberts and it's asking €3.6 million plus.
Five minutes from St Stephen's Green and with Doheny & Nesbitts, the Shelbourne, the Dáil and the Unicorn within staggering distance, the location is perfect for the pièd a terre brigade - rich suburbanites who like to stay in the city for a night or two a week.
"We're expecting quite a bit of interest from wealthy businessmen who just want to have a base in town," says Carolyn Coyle of selling agents Savills Hamilton Osborne King. "I imagine there will be quite a few parties going on here."
Despite the sluggish market, the scheme is likely to be a sellout given its rarity value. There are very few apartments within striking distance of the Green, and the agents expect that the buyers will be mostly owner occupiers.
It's a good looking scheme designed by architects Arthur Gibney & Partners, with a high spec finish including expensive kitchens and bathrooms with glazed doors throughout to maximise the amount of light. The 22 apartments are divided between two core sections, increasing the level of privacy by reducing the numbers of apartments per floor.
There are just four one-bedroom apartments ranging in size from around 44sq m (474sq ft) to about 53sq m (570sq ft).
The one-bedroom homes have a large combined livingroom/diningroom with a fully fitted high gloss kitchen with all appliances and quartz counter tops.
There are 16 two-bedroom apartments from the ground level up to the second floor ranging in size from 66sq m (710sq ft) to around 89sq m (958sq ft). All of the two-bedroom apartments have south facing views into the internal courtyard.
The three-bedroom penthouse apartment is on the third floor and has a large open-plan living space opening onto generous roof terraces that will take a crowd for drinks.
