independent

Thursday 24 April 2014

Revamp opportunities in Ranelagh

The desire of families to live in the sought after Dublin 6 area has long been reflected in their willingness to rejuvenate former bed sitter Georgian properties in the area into attractive, period style, family homes.

This tradition is especially evident in Ranelagh and as a result the village itself has attracted a demographic mix including adults, families and young singles and couples with a sense of community. The civic spin-off is reflected in both the numbers attending village's famous schools as well as its wide choice of restaurants.

With old-style bed sitters now being outlawed, families who are willing to take on rejuvenation projects can expect to have a greater choice of these period properties on which to bid around the city.

Reflecting the change of market, prices for these types of properties are believed to have declined by an average of around 60pc compared to falls of about 50pc for average family homes in areas like Dublin 6.

Consequently the keener prices make such conversions more affordable and building costs have also been reduced following the market downturn.

However buyers can find it more difficult to finance such conversions. During the boom, banks were much more willing to extend large enough mortgages which would cover refurbishment costs. Not any more.

Now families, will not alone have to have a substantial deposit but they would also need to have funds to pay for such upgrading at their disposal.

This week a rare opportunity has arisen in Ranelagh to buy two of these types of adjoining properties which will be auctioned separately on February 27 with an AMV for each property of €600,000.

Agent Robert Lawson of Lisney acknowledges that the two buildings, which are two storey, over garden level, mid-terrace period properties, are almost derelict and would benefit from complete updating and modernisation.

One of the houses, 84 Ranelagh Village, has a floor area of 215sqm and is currently laid out in 10 bedsits or pre '63 residential units. It also has off-street car parking to the front.

To its rear is a large 105sqm workshop which is accessible by car from Chelmsford Lane and it may have potential along with its neighbour for generating commercial rental income.

The adjoining house, 86 Ranelagh Village, has a slightly smaller floor area of 200sqm (2,152 sq ft) and is laid out in nine bedsits. It also has a slightly smaller workshop of 91sqm to the rear which also has car access.

For families, among the attractions of the village are such famous schools as Gonzaga College, Sandford Park, Muckross Park and Scoil Bhride while others such as St Marys College are also within walking distance and UCD is just a short bus ride away.

Furthermore the village's two Luas green line stations extend the school catchment to include Alexandra College, Wesley, CUS, Notre Dame, Loretto and Benildus. Luas also makes employment, entertainment and shopping centres, such as Grafton St and Dundrum, easily accessible.

Contact Lisney 01 6382700

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