Monday 27 March 2017

Boom-era duplex in Dublin 2 can be yours for €795k

Modern Dublin City pad with a terrace is lavishly fitted out.

The exterior of Apartment No1 in Power's Court on Mount Street Crescent
The exterior of Apartment No1 in Power's Court on Mount Street Crescent
The kitchen with striking pink counter top
The living room at Apt No1
Looking down into the sitting room
One of the double bedrooms at Apt No1
The main bathroom of Apt No1 in Power's Court
The wardrobe in the main bedroom

Eithne Tynan

Venerable and all as it is, much of Georgian Dublin arose from error and folly. Mount Street and its elegant hinterland are the product of an 18th century property bubble - a historical calamity that had a lot in common with its 21st century counterpart.

Take a soaring urban population, add reckless lenders and over-ambitious property speculators, and sure enough you end up with a reversal that causes property values to collapse disastrously.

In the late 18th century, Georgian property speculators - your Fitzwilliams and your Gardiners, for instance - oversaw the building of whole streets and squares of elegant townhouses, and everybody made a packet. As Seamus Nevin writes in History Ireland magazine, an acre of land in the capital fetched three times more than an acre in London, and from 1780 onward, rents doubled.

The crash happened after the Act of Union, when many of the gentry high-tailed it to Britain and values plummeted. Houses at Merrion Square, which had sold for £8,000 in the 1790s, could fetch only £2,500 by 1801 and less than £500 by the 1840s, according to Nevin.

Mount Street was on the lands of Lord Fitzwilliam and began to be built in the late 18th century, much of it by the architect Samuel Sproule, who later became a government spy, strangely enough. The street's most famous landmark, the Pepper Canister Church, went up in 1824 and even that was in danger of collapse by 2009.

Down the street from the Pepper Canister is No 51, Powers Court, a property whose fortunes have been closely tied to the latter-day crash.

The kitchen with striking pink counter top
The kitchen with striking pink counter top
The exterior of Apartment No1 in Power's Court on Mount Street Crescent
The living room at Apt No1
Looking down into the sitting room
One of the double bedrooms at Apt No1
The main bathroom of Apt No1 in Power's Court
The wardrobe in the main bedroom

The building, then known as The Mews, sold at auction at the height of the boom in 2006 for €1.45m. Planning permission was granted the following year for a commercial gallery on the ground floor and a swanky apartment on the three floors above with 2,432 sq ft and four bedrooms.

Then everything went south. Number 51 was put on the market, partly completed, at a price that fell steadily before it was bought in 2013 by Gerry Walsh and Vanessa Hamilton - together forming G&V Developments.

They came up with a new plan for the building, turning it into three apartments instead. Apartment No2 sold for just under €265,000 last November, according to the Property Price Register, and No3 went for €650,000 a month later.

Apartment No1 is a duplex occupying the basement and ground floor, where the art gallery was to have been, and it's on the market with a reduced asking price of €795,000 (down from €845,000).

This modern city pad in the historical heart of the capital has been lavishly and expensively fitted out, and comes with a 625 sq ft terrace out the back.

It's reasonably spacious inside as well, with 1,260 sq ft of floor space, making it roughly the size of an average new house in the city. The living areas are on the ground floor and consist of a large, open-plan kitchen, dining room and living room with hardwood floors and a tall ceiling of 11ft 6ins. This room has a videocom link to the front entrance.

There's a high-end fitted kitchen with white high-gloss cabinets and a quirky bright pink counter top with a mirrored glass splashback.

The living area is in two parts - one adjoining the dining area and the other raised up a short flight of steps and opening through two sets of French doors on to the decked terrace outside.

One of the double bedrooms at Apt No1
One of the double bedrooms at Apt No1
The exterior of Apartment No1 in Power's Court on Mount Street Crescent
The kitchen with striking pink counter top
The living room at Apt No1
Looking down into the sitting room
The main bathroom of Apt No1 in Power's Court
The wardrobe in the main bedroom

Beneath the mezzanine living area there's a large storage cubby. Also on this level there's a utility room and a chic guest toilet.

At the bottom of the stairs you reach the bedroom suite, although there is a frosted glass door allowing for privacy in the bedroom.

The bedroom suite has a good-sized dressing area with walk-in wardrobe, shoe-storage and an ensuite with a corner shower, as well as a separate bath.

In one corner of the bedroom there's a study area with a window overlooking the lower courtyard, which you can reach from a set of French windows in the bedroom. The courtyard has a staircase leading to the upper terrace, so you can go straight from the terrace to bed.

The apartment has an A3 energy rating, separate thermostatic heat controls for both levels and solar panels. Car parking is on the street and there's an annual service charge of €1,900.

Apartment No1

51 Powers Court, Mount Street Crescent,

Dublin 2

Asking price: €795,000

Agent: Ganly Walters (01) 662 3255

Indo Property

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