Former HQ of Jesuits is sold for €2m
Published 03/06/2011 | 05:00
THE former Irish headquarters of the Jesuits -- which was destroyed by fire four years ago -- has been sold for an estimated €2m.
Located at the junction of Sandford Road and Eglinton Road in Dublin 4, the derelict Victorian house is in one of the more sought-after areas in the country and had a €2.5m asking price.
The order was last night declining to say the price agreed for the 1.25-acre property but indicated that it was below the asking price
Nevertheless it is believed that it sold for closer to €2m as a number of developers submitted bids.
It's the second valuable property deal on Eglinton Road in recent days.
Last week, 75 Eglinton Road was sold at auction for €1.3m. It was a former home of Taoiseach Garret FitzGerald and he launched his political career from there.
Eglinton Road is also popular with the families of members of the diplomatic corps as it is close to the many embassies in Dublin 4 and Dublin 6.
The Jesuits' property might have achieved more than €4m if they had sold it immediately after the fire which practically destroyed the period house on the property in 2007.
However, when the property market declined the order sought to enhance the value by applying for permission for six houses and 11 apartments on the site.
The Jesuits suffered a further setback when An Bord Pleanala restricted the scale of the development by refusing permission for the more valuable houses and instead allowing 18 apartments.
Seven of these flats are to be located in a refurbished version of the Victorian red-brick building which had a floor area of 751sq m.
The other 11 apartments will be built in a new block on the site.
Known as Loyola House, and located opposite the order's former training centre at Milltown, the property had been the headquarters of the religious order -- officially known as The Society of Jesus -- until it was extensively damaged by the fire.
Noah Bunn, then aged 26 and a former clerical employee of the Jesuits and member of environmental group Friends of the Earth, was convicted of starting the fire, causing €3m worth of damage.
The asking price would have been the equivalent of €2m per acre.