In what is believed to be the most valuable sale to have ever taken place in the Irish apartment market, an Irish couple based in Asia have paid €6.5 million for a penthouse at Lansdowne Place, the high-end residential scheme developed on the site of the former Jurys and Berkeley Court Hotel in Ballsbridge, Dublin 4.
Although the deal for the three-bedroom plus study unit is understood to have been agreed off the plans in 2017, the sale was completed on December 2nd last according to the latest returns on the Property Price Register. Located on the seventh floor of the development, the apartment in the Blake building extends to 3,454sq ft (321sq m) and is complemented by a roof terrace of 1,879sq ft (175sq m).
The €6.5 million paid for the property is inclusive of the 13.5 per cent VAT applied to the sale of new-builds and equates to a capital value of €1,882 per sq ft based on the apartment’s internal measurements.
To put that figure in some perspective, property developer Pat Crean paid the equivalent of €1,123 per sq ft when he acquired Lissadell on nearby Shrewsbury Road for €13.25 million last July. The off-market sale of the 11,800sq ft (1,096sq m) Edwardian-style mansion was the most-valuable residential transaction in the Irish market in 2021.
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While the offering at Lansdowne Place is of course entirely different to that offered by a house on Ireland’s most sought-after stretch, the prices being achieved at the scheme by Joe O’Reilly’s Chartered Land would appear to vindicate developer Sean Dunne’s original, boom-era vision for the site as an exclusive, concierge-serviced enclave comparable to those found in cities such as London and New York.
A further examination of the Property Price Register shows that the sales of 20 apartments were completed at Lansdowne Place at prices in excess of €1 million in 2021.
British-born property magnate and co-founder of Green Reit Stephen Vernon was the first to buy into the scheme, having paid a reported €5 million in spring 2017 to acquire a four-bedroom penthouse with study. The veteran businessman’s apartment apartment extends to 3,672 sq ft (314sq m) inside and is complemented by 2,820 sq ft (262sq m) of rooftop terraces.
Rod Stewart
Having secured a steady flow of disposals in 2021, joint agents Sherry FitzGerald and Savills will be hoping this year sees an uptick in enquiries and deals off the back of the publicity Lansdowne Place received after it was linked recently to legendary rock star Rod Stewart.
In an interview with the Daily Telegraph last November, Stewart spoke in glowing terms about the apartment he was buying in Dublin 4. “If I get out on my balcony I’m going to see [rugby and football] crowds on a Saturday afternoon. The oceans and beaches, it’s gorgeous,” he said.
While Stewart, who is due to perform at the 3Arena later this year, didn't name the Ballsbridge scheme, The Irish Times quickly established through industry sources that the 76-year-old celebrity is acquiring a penthouse at Lansdowne Place.
Quite apart from the quality of the accommodation provided by its apartments, the Dublin 4 development offers residents extensive private amenities on site. Liam Guerin, head of concierge services for the scheme oversees a 24-hour guest service to cater for residents’ every whim.
Owners and occupiers at Lansdowne Place have access to a fitness suite, wellness centre and treatment rooms. Further amenities include a morning lounge with coffee, pastries and papers, a more formal lounge for meetings, in addition to a meeting room that can also be used as a dining space for larger dinner parties – with a separate kitchen for caterers.
In a nod to the site’s historic use as the location for Trinity College’s Botanic Gardens, the outdoor spaces incorporate a private botanic garden of their own. Lansdowne Place is, to this day, bounded by the original wrought-iron Richard Turner railings that surrounded Trinity’s gardens for over 100 years.
