January is only into its stride and the first bumper city sale has come to our attention. No sooner did the Sold sign go up outside number 49 Leeson Street Upper when it was confirmed that the three-storey terraced townhouse had been purchased quietly off market for €2.7 million.
It’s the biggest price achieved for a property on the street since the downturn, though last year’s auction of Number 67, a lavishly refurbished three-bedroom property, received considerably more fanfare when it achieved €2.2 million at auction in March on an AMV of €1.3 million.
It prompted many to speculate that the boom times were back, though this wasn’t borne out in subsequent high-end sales (or indeed non-sales).
Number 49 has had a stylish upgrade in recent years and there’s a smart contemporary extension out back.
With five bedrooms and a floor space of 3,600 sq ft (334 sq m), the sale represents a value of about €750 per sq ft (number 67, on 2,400 sq ft/222 sq m, worked out at €916 per sq ft). The deal was brokered through agent Peter Kenny of Colliers, though he declined to comment on the sale or the buyer’s identity.
Now that a To Let sign has gone up outside, it’s likely to have been an investor capitalising on the Capital Gains Tax amnesty before it ended on December 31st.
Meanwhile, we noted when 22 Nutley Park came to the market this week through Hunters (see page 2) that it’s not so long since it was last sold.
It turns out the detached property, which has been vacant since 2011, was acquired in December 2013 for €950,000.
Now it’s for sale with full planning permission for its demolition and replacement with a 390sq m (4,197 sq ft) three-storey house – asking €1.395 million. If it comes good, that will be a €445,000 profit flip, excluding some lengthy planning costs. Nice work if they get it.
They’re probably hoping to emulate the fortunes of nearby 33 Nutley Road which was purchased in October 2012 for €890,000, partially-renovated and then flipped for €1.4 million in July 2014 with full planning permission for an extension.
