AroundtheBlock: Are Pat Gunne and Bill Nowlan living on the same planet? We only ask because this week the two property experts came out with wildly conflicting views on the likely shape of the Dublin property market over the next decade.
Bill Nowlan, an academic and practitioner in the commercial property market, painted a far from rosy picture, saying that the returns on ordinary properties could remain low for a very long time. At the same time investors will be watching their leases getting shorter, their buildings needing maintenance and bank interest rates going up. Meanwhile, Ballsbridge auctioneer Pat Gunne is taking a totally optimistic look into the crystal ball, promising that prime property values could double in value over the next 10 years.
Readers, take your pick, but one way or another it looks as though the bank interest rates will remain at 50-year lows for the next year or two while Europe sorts itself out. There seems to be general acceptance that house sales have some way to go yet, particularly with an increasing number of parents digging deep to get their children onto and up the housing ladder. Similarly, the weight of money chasing commercial property investments is not going to go away, with so many players convinced that property is a better deal than the cyclical stock market that has produced so many disasters in recent years.
Barrister cancels sale on Ailesbury
Barrister Colm Allen left a few disappointed house purchasers when he decided to cancel the sale of his lavish modern home on Ailesbury Road, just hours in advance of yesterday's auction. There was strong interest in the house, which had been guided at €7m by Sherry FitzGerald. However, the property may well come up again, and given the way things are going on the road, the price can only go up. There are any number of families now chasing Ailesbury Road houses, which in one estate agent's words are considered "gold bar investments".
Members only at Carton
There's hardly a county in Ireland now that doesn't have its own golf resort with luxury villas and spa retreat. Few, though, are on a par with Carton, the great walled estate beside Maynooth in Co Kildare. At long last the Mallaghan family, who bought it almost 30 years ago, are seeing their master plan taking shape with the first tranche of 33 houses going on the market this weekend and the planned five-star hotel quickly taking shape alongside the magnificent Palladian house. However, don't bother queueing at this stage for one of the houses, because the first lot is being pitched at members only. After that, the general public will have a chance at buying into the 1,100-acre estate with golf membership being thrown in with the lodge-style houses. Carton remains largely unspoilt unlike some other country clubs that have elitist aspiration.
The Mallaghan family continues to control the estate where they milked a large herd of cattle for decades before turning to the restoration of the 18th century house which has a stunning interior. Outbuildings have been converted into a stylish clubhouse and golf shop with even the old stable stalls restored. Designers Helen Turkington and Aidan Cavey worked around the clock to furnish the show units, modestly enough priced between €650,000 and €1.35 million, though these are only reserve prices. Members will set their own prices when they pitch for them by tender.
