Numbers 31 to 33 Merrion Road sit
on the site of the former British embassy in Ballsbridge, Dublin.The building was purchased by Capel Developments in 1997 for a then modest €3.81 million.
By 2000, two new builds and total renovation of the Victorian house resulted in 50 bright spacious apartments with award-winning gardens, all set behind private electronic gates adjacent to the current British Embassy.
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Twelve of the properties appear on the Property Price Register, all having been purchased on November 20th, 2013, for a total of €4.31 million.
Exceptional condition
The remaining 38 are being sold by Savills as part of a receivership sale. Fifteen of these are currently available, with prices starting at €615,000 for the 96sq m (1,021sq ft) apartments.
The two bedroom units, with three-metre high ceilings, are in exceptional condition and show very little wear in 14 years. This is partly due to the fact they have been let on short term leases to high-value corporate clients. The communal areas are in perfect condition, albeit a little dated.
Two of the apartments have been given facelifts, with grey palettes in keeping with current trends. Furniture is not included in the price.
The originals, in perfect condition, come with silk curtains, cherry furniture, and have solid chestnut flooring as opposed to laminate in the modernised show apartments.
In keeping with the diplomatic theme, four embassies house their staff here and security is tight, with electric gates, a concierge, keyless entrances and CCTV. Some of the larger apartments have spacious balconies that overlook the Victorian-themed gardens, which won first prize for Clontarf Landscapes in All Ireland Landscape Contractor of the Year, in 2001.
More than 75 per cent of the gardens are laid out above the underground carpark and include a formal rose garden, five water features and laburnum arches.
Fees
Current management fees are high at €6,000 per annum, but this figure includes wi-fi, linen and apartment cleaning services, on top of building insurance and maintenance, due to its current rental set up. Once the 38 units are sold, new owners, who will be automatically on the management board, may decide to reduce the extras.
The location, standard and size, coupled with exceptional gardens, will attract investors, buyers downsizing and those in search of a prestigious pad in Dublin 4.
