Private investor strikes it lucky as Rohan fails to bid

Bargains have been hard to come by over the past year but a private investor was on hand to avail of one when Hamilton Osborne…

Bargains have been hard to come by over the past year but a private investor was on hand to avail of one when Hamilton Osborne King auctioned a Georgian office investment last week. The auction was poorly attended because of the expectation that the house at 5 Mount Street Crescent, Dublin 2, would be bought by the long-standing tenant, Ken Rohan, the multimillionaire developer and property investor. However, Mr Rohan did not show up and the building was knocked down at £620,000 to a private investor who could not believe his luck. Mr Rohan's company has been renting the house and a mews at the rear on short leases since 1974. The present rent of £22,500 per annum is likely to increase to over £40,000 when the current lease runs out next September.