They just don’t build them like they used to – or so the recent purchasers of an apartment on Ailesbury Road must strongly believe. 51 St Ann’s, one of six penthouses in the Donnybrook apartment block, was offered for sale in April with an asking price of €1.25 million. While period redbrick homes in the area in the same price range were slow to attract bids and often sold for under the asking price, the penthouse was sale agreed within three weeks after buyers showed huge interest.

The sale closed in July and The Block was surprised when it transpired that an astounding €1.74 million was paid for the 170sq m (1,830sq ft) apartment. The price achieved equates to a whopping €951/sq ft, likely making it the highest price paid per square foot for a Dublin apartment in the past five years. Not bad for a 50-year-old BER F-rated apartment that is likely to be redecorated throughout. If the lofty purchase price wasn’t evidence enough, deep pockets are certainly a prerequisite of ownership as the penthouse is subject to a €7,500 annual service charge, which includes central heating, hot water and concierge service.

Just three years ago, in 2012, 18 St Ann’s, a neighbouring 158sq m (1,705sq ft) penthouse in superior condition sold for a mere €845,000. Number 51’s exceptional price suggests a whopping 92 per cent upswing in value on a per square foot basis. The highest price achieved for a penthouse in the building was €2.45 million in 2005 for Number 37, which had been lavishly renovated by Helen Roden’s Merrion Square Interiors, at undoubtedly great expense.

St Ann’s is popular with affluent downsizers seeking the ultimate in lateral living, including owners of adjacent period homes on Ailesbury and Shrewsbury Roads. The penthouses appeal to this market due to their generous ceiling heights, large picture windows, well-proportioned rooms and terraces spanning the width of each apartment.