€6.5m-plus sought for Ballsbridge residential investment
Halcam Court, in 15 apartments and three houses, produces €362,148 in rent a year
Halcam Court, 61 Pembroke Road in Dublin 4: currently producing rental income of €362,148 a year
The newly announced sale of one of the largest houses in Ballsbridge, which is divided into 15 apartments, with three mews houses at the rear, looks set to become a highlight of this year’s residential investment market.
Knight Frank’s Capital Market personnel are quoting in excess of €6.5 million for Halcam Court, 61 Pembroke Road in Dublin 4, which is currently producing rental income of €362,148 per annum. The guide price equates to €465 per sq ft, about half the capital value of a new round of apartments under construction close by in Ballsbridge.
Halcam Court was built as a private house in 1843 and remained so until 1951 when it was taken over by the Order of Malta. In 1967 the city planners endorsed a plan to convert the house into apartments even though it involved substantial renovations and alterations including the replacement of the main staircase and the removal of some fireplaces. However most of the original period features were retained including the high ceilings, elaborate plasterwork and sash windows.
With the property market booming in 2004, Halcam Court was offered for sale at auction and with no less than seven developers and investors chasing it there was a lively bidding before it was knocked down to property developer Gerry Gannon at €9.3 million – €2.8 million above the guide price.
He subsequently spent heavily upgrading the very large property, both inside and out and replacing bathrooms and kitchens as well as the lift which had been fitted by the previous owner. Where possible the original features were restored and rooms brought back to their original style and layout.
The site was also landscaped and paved throughout. A six-storey extension was added to the rear to accommodate an additional six apartments. This brought the overall accommodation up to nine one-bed apartments, six two-bed units, two two-bed mews houses and one three-bed mews houses.
Apart from the main entrance, which is off tree-lined Pembroke Road, there is a separate gated access from Raglan Road that leads into an enclosed courtyard with 21 car parking spaces, bicycle parking and bin storage.
The location of Halcam Court, at the junction of Pembroke Road and Raglan Court, puts it in “one of the most desirable residential locations in Ireland,” according to Ross Fogarty of Knight Frank, because of a wealth of amenities within easy reach including shops, restaurants, hotels and bars in the Baggot Street and Ballsbridge areas.