Georgian splendour now going for a song
At the peak of the market in 2006, Hyde Park, Inch, Gorey, Co Wexford, achieved €3.25m at auction. However, the highest bidder failed to complete the deal and now it's to go for auction again next month and its disclosed reserve is €475,000. That's 85pc below its 2006 price and one of the sharpest haircuts seen for any period country house in this downturn.
The imposing Georgian house is set on around 12 acres, over half of which is woodland, and also includes five houses, gardens and a long driveway.
Dating from 1803, it was previously home to David Kelly, British ambassador to Moscow, and at one stage had also been occupied by a Christian religious group who also built a chapel on the grounds.
While retaining many attractive period features, both the main house and the other five houses would need to be repaired or upgraded. Agent Edward Townshend of Colliers says that the low level of the reserve price reflects the need to spend money on the property.
"A person could simply repair the leaks and things but someone who wanted to restore the main house to its former glory might wish to lavish a lot of money on it. They might spend the same again on the property," he adds.
The main residence features original plasterwork in the drawing room library, reception hall and a cantilevered central stairwell with skylight cupola.
At entrance level there are three formal reception rooms, including a dining room, where the large bow wall has three windows. The kitchen also incorporates a second dining area as well as a double gas oven.
Upstairs there are six bedrooms and five of these are en suite. The basement has four store rooms as well as a laundry and wine cellar.
The other five houses vary in style from cut stone cottage to inter-connecting Scandinavian style houses, all of which are double-glazed. They also vary in size from three to five bedrooms.
While none of them are lettable in their current state, at least two of them may not require a major investment to bring them to lettable condition to generate income from the self-catering holiday market as this is close to Clones and Kilmichael beaches and could be attractive to Irish and international holiday makers. The five-bedroom house was a charming stone conversion built in 1690 which extends to 130sqm and includes two double bedrooms plus three single bedrooms.
Immediately to the rear of the house is a stone-lofted courtyard with two of the converted houses, four stables, a coach house, lofted workshop and a large store room.
A family with a couple of ponies might be happy with the sole paddock which extends to about 1.5 acres but those wishing to have more horses might need to clear some of the woodland.
In terms of location, the property is situated 10 minutes from Arklow/Gorey and one hour 10 minutes or so from Dublin city centre.
Colliers International, 01 633 3783 have set November 1 as the date for the auction.