Derek Quinlan's Shrewsbury Road homes finally find their buyer
THE SOLD SIGN has finally gone up outside numbers 1 and 3 Shrewsbury Road, two of the houses in financier Derek Quinlan’s Ballsbridge portfolio sold by Nama as a job lot for a figure believed to be in excess of €5.5 million – €2 million shy of the asking price.
Simon Ensor of Sherry FitzGerald, who handled the sale, refused to comment on the details, but says his agency is delighted with the outcome.
The pair of semi-detached houses comes with planning permission to redevelop the site as a 1,950 sq m (21,000sq ft) mansion, although that permission is due to run out in a year.
The houses, which were put on the market last year, took quite a while to sell but this is believed to be down to Nama’s insistence on selling them as a pair.
Derek Quinlan paid a reported €27 million for the houses, which are located at the corner of Shrewsbury Road and Merrion Road. Following the failure of his empire, the properties re-emerged on the market last year.
Quinlan had invested heavily in Ballsbridge properties. Number 6 Shrewsbury Road, his family home, was sold last year for an estimated €7 million.
His property on 43 Ailesbury Road got €2.7 million and 1 Elgin Road got €2.6 million. A mews property in a scheme he developed himself on Grosvenor Lane in Rathmines, Dublin 6 asking €380,000 through Owen Reilly is reportedly sale agreed.