Redbricks aplenty as Quinlan, Reynolds sell up

The number of redbrick houses available in Dublin 4 has risen sharply with the launch of two high-profile property portfolios, writes ORNA MULCAHYProperty Editor

THE supply of redbricks for sale in Dublin 4 has taken off this week with the launch of property portfolios owned by financier Derek Quinlan, and by James Reynolds, a brother of the former taoiseach.

Four houses have come on the market on Elgin Road, close to the American embassy in Ballsbridge.

One of these, number 1, was purchased by Mr Quinlan in 2006 for €7 million with more spent on refurbishing it in some style.

Yesterday, Lisney put the house on the market at €2.95 million.

Across the road, numbers 4, 6 and 8 Elgin Road, three terraced houses which are semi-derelict, are now being sold as one lot by Colliers International at €6 million. The price includes large mews sites to the rear of each of the three houses.

The Victorian houses have been owned for many years by Longford hotelier James Reynolds, who had let them as flats. Last year, one of the houses hit the headlines when it was revealed that a holder of a fake Irish passport, who had allegedly been involved in the killing of a senior Hamas figure, had used number 6 as his address.

The sale will be welcomed by neighbours unhappy for years that the partly vacant buildings had been dragging down the road.

Mr Quinlan had invested heavily in residential property in Ballsbridge during the boom years. Now residing overseas, mainly in London, he recently sold his home on Shrewsbury Road, Ballsbridge for a figure thought to be around €7 million.

Sales boards have just gone up on two other houses owned by him on Shrewsbury Road, numbers 1 and 3. He purchased these for an estimated €27 million. He had planned to redevelop the houses, first as apartments and later as a 2,787sq m (30,000sq ft) mansion.

The houses are now for sale through Sherry FitzGerald, asking €7.5 million for the two. According to Simon Ensor, there has been plenty of interest since the boards went up last weekend, with one or two willing to explore the redevelopment of the site. The houses sit on a total site of almost an acre.

Mr Quinlan is also attempting to sell number 43 Ailesbury Road, a substantial redbrick house that he bought in 2007 for €8.5 million and which is now asking €2.95 million through Lisney.

He is also having to a sell the mews to the rear of number 43, which has an address of 18 Ailesbury Wood. The modern four-bedroom house is asking €1.4 million, also through Lisney.

The Elgin Road house is likely to attract interest as, unlike his other residential investment properties, it is in very good decorative order. The Victorian two-storey over garden level house measures 390sq m (4,197sq ft) and has a drawingroom and diningroom with marble fireplaces plus a study and orangerie.

There are four bedrooms on the first floor as well as a shower room. There are two more bedrooms at garden level along with a wine cellar, familyroom and kitchen.

This has Poggenpohl fitted units with granite worktops and extensive appliances, including a coffee maker.

There is a coach-house in the garden.

Number 1 is located at the roundabout that marks the junction with Raglan Road. Residents here include Michael O’Leary, who bought his home in more buoyant times, in early 2007, for €9.4 million, and later purchased the adjoining redbrick for around €4 million.