All you need is a toothbrush, your favourite CDs, a few fancy outfits and you're ready to occupy a top-of-the-range luxury penthouse. A niche area of the property market, the standard of accommodation of a penthouse apartment equals that of a luxury suite in an international hotel.
Espresso coffee machine, designer crystal glassware for entertaining and corporate conference facilities are among the features that define this market. Interior designed throughout with large terrace balconies and stunning views, rents can range up to £8,000 a month. Corporate clients account for the majority of lettings, but this class of accommodation is also in demand from embassy personnel and movie production companies for short, medium and long-term lets.
With this type of property landlords know that to achieve a premium rent they need to invest in extra features. A stunning view from the top floor apartment does not qualify the accommodation for luxury penthouse status.
One of the most exclusive penthouses in Dublin is in the new Capel development at the former British Embassy on the Merrion Road. Overlooking Shrewsbury Road and the RDS, the Grafton penthouse is a model of five-star accommodation. The most outstanding feature of this property is the size - 3,500 sq. ft including three double bedrooms, study, wine room, utility room, kitchen, drawing-room with separate dining area, mezzanine and foyer with private lift.
Interior designed throughout, this penthouse rents at £5,500 per month on a long-term basis, and up to £8,000 per month for a shorter rental. The drawing-room is spacious and modern, with an ornate marble fireplace and is an ideal setting for entertaining. The kitchen has every modern convenience, granite work surfaces and doors to the large balcony terrace.
Above the kitchen is a mezzanine, overlooking the drawing-room and dining area; this room can also be used as a work/study space. An ISDN line provides Internet and video conferencing facilities, and the eight-seater dining-room can also be used for corporate conferences.
The sleeping quarters are just as spacious as the living quarters. The three bedrooms are en suite, with Jacuzzi baths and plenty of closet and storage space. The main bedroom has a private balcony, while another bedroom has doors to the terrace.
Surround sound throughout the accommodation and multimedia visual systems are another standard feature of this class of property.
The availability of luxury penthouses is limited. But, according to Carina Warner of Hooke & MacDonald, there is no great demand for this standard of accommodation in the lettings market. "This market moves along steadily, it is slower than the general lettings market, which is very buoyant at present," she says.
On average, there are one or two penthouses in most large new developments, but not all of them would be designed to this high standard, and many are owner-occupied. "There was no market for such accommodation a few years ago, but economic development has attracted a new breed of corporate clients who expect this level of accommodation," according to Ms Warner.
The client profile is usually corporate, but there is also demand from embassies and movie production companies, who require large and tasteful reception rooms for entertaining. Hooke & MacDonald estimates these represent only about 2 per cent of overall lettings.
For a penthouse apartment to yield premium rents, the landlords have to invest capital and maintain the property. Perhaps the most special feature of another penthouse, at the Pembroke Square development on Grand Canal Street, is the panoramic view from the large terrace, overlooking Lansdowne Road stadium, Ballsbridge, and the broad sweep of Dublin Bay from Howth to Bray. This property is a very large and bright three-bedroom apartment, with en suite bathrooms, heated towel rails, surround-sound stereo, a study and ISDN line. The main bedroom has a balcony which overlooks the landscaped courtyard that is one of the signature features of this Cosgrave development. This property is typical of penthouses built in new apartment blocks and rents for £2,000 per month.
Living in a hotel suite can be quite tedious, and, according to Jean Curley, of David Daly Management, at Shelbourne Hall, in Ballsbridge, for that reason corporate clients prefer to rent penthouses. The standard of luxury is similar, and cleaning and laundry services can be provided.
There are two penthouse apartments in the Pembroke & Shelbourne Hall complex. These apartments are very luxurious and enjoy a prime location, just a few doors up from Jury's Hotel and overlooking the American Embassy. One of these properties is very modern and chic while the other has an old-world Georgian theme. Both apartments are similar in layout, with 10-seater dining tables and multi-media facilities, which makes them ideal for entertaining and corporate conferences. The kitchen is well equipped with all modern conveniences.
This accommodation is very popular with US corporate clients who, according to Jean Curley, "love their charm and elegance". The art work, John Rocha crystal and some bronze busts in the foyer add an extra element to this exclusive and distinctive penthouse accommodation.
Joan Fogarty, residential lettings manager at Lisney, says that properties priced above £1,600 per month are slower to let so the time lapse between tenants is longer than in the general lettings market.
