Ballsbridge house divided into 15 apartments sells for €9m
Halcam Court on Pembroke Road currently produces annual rental income of €362,000
The Ballsbridge site was landscaped and a six-storey extension added to the rear to accommodate six additional apartments
One of the largest houses in Ballsbridge, which is divided into 15 apartments and has three mews houses at the rear, has been sold to a private investor for round €9 million, well ahead of the €6.5 million-plus guide price.
Agent Knight Frank handled the sale of Halcam Court at 61 Pembroke Road in Dublin 4, which currently produces an annual rental income of €362,148. The sale attracted considerable interest, and five bidders looking to avail of the soaring rents in the residential market.
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 city planners endorsed a plan to convert the house into apartments even though it meant the removal of the main staircase and some fireplaces. Most other period features were retained.
Halcam Court was offered for sale at auction during the property boom in 2004, and was bought by property developer Gerry Gannon for €9.3 million, or €2.8 million above the guide.
Gannon spent a small fortune upgrading the substantial building and replacing bathrooms and kitchens fitted by the previous owner. In most instances the original features were restored and rooms brought back to their planned layout.
The Ballsbridge site was also landscaped and a six-storey extension added to the rear to accommodate six additional apartments. This brought the overall accommodation up to nine one-bedroom apartments, six two-beds, two two-bed mews houses, and one three-bed townhouse.
In addition to the main entrance off Pembroke Road, Halcam Court also has a gated access from Raglan Road leading into an enclosed courtyard, with 21 car parking spaces and bicycle parking.