€1.7m derelict cottage brings D4 prices to a new high

We thought Dublin 4 had lost the run of itself last month when 12 new luxury apartments overlooking the canal on Percy Place came to the market commanding a new high of about €10,000 per sq m.

But it turns out to have only been in the ha’penny place compared with the €1.7 million revealed this week as the price paid for a derelict lock-keeper’s cottage on the same quiet street opposite the canal bridge.

Sold by CBRE on behalf of Waterways Ireland, there's hardly a Dublin-based developer that hasn't fancied their chances with Number 53 because of its development potential.

Situated in one of Dublin’s premium commercial districts there was a flurry of bidding when the cottage on just one tenth of an acre came on the market last October.

It was reported then that Johnny Ronan was among four rival bidders for the property, but in the end the successful bid went to two unnamed financiers. CBRE is remaining tight-lipped about the buyer.

Without question, it’s a new record for central Dublin, commanding an unheard of €17 million per acre.

Waterways Ireland

It’s all’s well for Waterways Ireland at least, who seemed to be struggling for ideas about what to do with the site when back in 2013 they came up with the wheeze of offering the cottage rent free to someone prepared to carry out the necessary refurbishment themselves.

It never came to pass, and no doubt this sale at quite an inflated price is a far preferable outcome.

The cottage is unprotected, clearing the way for the new owner to demolish it and maximise the site for redevelopment.