Timely Ledbetter buy provides vast Nutley site for a pittance

The Block notes that 46 Nutley Road is back on the market, this time with a much-reduced site asking €1.35 million with Lisney. The garden now extends to 16m in length, substantially down from its original size. Some improvements have been made to upgrade the house, presumably in order for the new owners to temporarily live there, such as a new bathroom suite upstairs.

The owner, retired businessman Peter Ledbetter, purchased the house in 2012 at the bottom of the market for €1.6 million, slightly over the €1.5 million AMV set by Lisney auctioneer David Bewley. Ledbetter bought the 198sq m house for its development potential – its near-half acre of grounds being the best undeveloped site on expensive Donnybrook road.

Soon after the purchase was complete, architects de Blacam & Meagher submitted plans for the construction of a new 359sq m modern residence, to be built in the extensive side garden. The new home, known as 44 Nutley Road, is a superbly appointed house and the ultimate retirement property.

On the ground floor there is a colossal five-room master bedroom suite overlooking the garden, comprising a study, lounge, bathroom, bedroom and an enormous dressingroom. The rear garden is particularly impressive, extending to nearly 0.2 acres with a southwesterly aspect.

Ledbetter certainly seems to have the Midas touch, having sold his Blackrock home, Glenvar, to Ardagh's Niall Wall for a lofty €5.25 million in 2013. If he succeeds in selling 44 Nutley for the asking price, he will have picked up the site for his new des res for next to nothing.

The Ledbetters aren’t the only Nutley Road buyers likely to flip at a profit. A ground floor apartment at neighbouring Nutley House is also being flipped and is offered for sale at €675,000, having been purchased just a year and a half ago for €395,000.

Across the street, partially renovated 33 Nutley Road, purchased in 2012 for €890,000, was flipped last year for €1.4 million.