Following the price rises of the last few years and stricter lending rules, young professionals are seeking centrally located one-bedroom apartments to be close to work and social life. Prices of about €250,000-€325,000 are being sought for quality, second-hand one-beds in the fashionable Grand Canal Dock area, but lower prices can be found around the city in equally convenient locations.
11 Canon Court, Bride Street, Dublin 8
€175,000, Hooke & McDonald, 44sq m (474sq ft)
Built in 1999 by South Dublin Construction, Canon Court is an attractive redbrick building comprising 47 one- and two-bedroom apartments.
Number 11 is a first-floor unit with a northeasterly orientation, facing Bride Street. Its entrance hall leads to a kitchen, living-cum-diningroom, bedroom, bathroom and hotpress. Unlike many apartments from this era, the kitchen is separate from the living-cum-diningroom and has plenty of room for appliances.
The good-sized double bedroom is well fitted with an abundance of built-in storage. One unusual feature is the double doors in the bedroom open out to the livingroom and the apartment features electric heating.
The location is difficult to trump, as it is just a few minutes’ walk from the many restaurants and bars on Camden Street, Aungier Street and Wexford Street. Stephen’s Green and Grafton Street are also less than 10 minutes away.
The apartment would likely rent for €1,300 per month upwards, making it a very interesting investment opportunity, while another one-bedroom apartment in the development is being rented on a short-term basis for €700 per week.
When first launched, one-bedroom apartments without parking were available from about €145,000. In 2007, asking prices for mid-floor one-bed units such as number 11 maxed out at €350,000. The last one-bedroom unit to have sold on the open market was 24 Canon Court in 2014, a second-floor unit with parking, which achieved €162,500.
The apartment is subject to an annual service charge of just €1,153 per annum; some inner-city blocks also built in the 1990s are charging nearly double this amount.
7 Hogan View, Drumcondra, Dublin
€160,000, Turley Property Advisors, 55sq m (592sq ft)
Built around 2005 by Killure Castle Developments, Hogan View is a small apartment complex with just 26 units on Richmond Road. At 55sq m, number 7 is about as spacious as one-bedroom apartments come in Dublin, without looking to brand new developments where prices are substantially higher.
Two important features of this apartment set it apart from its competition: its gas-fired central heating and two parking spaces, which is practically unheard of.
In the entrance hall, there two storage closets. Beyond this, the large open-plan kitchen-cum-living/diningroom has ample room for a six-seater dining table and a couple of sofas.
The windows and French doors in the livingroom look out across Ierne Sport & Social Club. The bedroom is also spacious and has built-in wardrobes. A main bathroom completes the accommodation.
Richmond Road could not be described as picturesque. The presence of numerous empty sites and large industrial units reduces its curb appeal, but it seems inevitable the road will only improve with time and future residential developments given its convenient location.
Hogan View is about 10 minutes on foot from both Drumcondra and Fairview villages.
In September 2015, a one-bedroom unit with no parking sold in the development at auction for €147,500. That apartment was subsequently advertised for rent seeking €1,250 per month. Given that number 7 has the benefit of parking, the current asking price is reasonable.
In 2005, new one-bedroom apartments were available in the scheme with prices of €299,000 and upwards.
36 Smithfield Market, Smithfield, Dublin 7
€175,000, Herbert Property Services, 51sq m (550sq ft)
Constructed by Fusano Properties, Smithfield Market is a large mixed-used scheme in the heart of Dublin. The development is close to a variety of amenities such as Jervis Shopping Centre, Henry Street and DIT's Grangegorman campus. Its proximity to the Luas is a key selling point, especially with the cross-city extension on its way.
Inside, the apartment is in walk-in condition and has an open-plan kitchen- cum-living/diningroom, including a high-quality fitted kitchen with integrated fridge freezer and dishwasher. The living/diningroom is bright thanks to its floor-to-ceiling windows and the room itself is good-sized. The bedroom has built-in wardrobes, two chests of drawers and a child’s crib.
There is further storage in the hallway, which along with the rest of the apartment has solid wood floors. Unfortunately, it has electric heating, which may be offputting for some.
Last month, a similar one-bedroom apartment was rented with an asking price of €1,350 per month.
When sold off-plan in 2004, prices started from €360,000 for one-bed apartments; however, section 23 tax relief was also available. Twenty-two apartments have sold in the development in the last two years, the cheapest going for €170,000. The approximate annual service charge is €1,886. aidanmurphyproperty@gmail.com
