WHEN AN apartment overlooking the sea on Coliemore Road in Dalkey, Co Dublin (Number 1A Coliemore) went on the market last week asking €200,000, but with a massive service charge of €6,497, it attracted major interest and estate agent Knight Frank was deluged with enquiries.

However, it seems that the apartment is worth upwards of €300,000 to €400,000 and not the €200,000-plus it was advertised for sale at last week. Prospective buyers should probably expect to pay at least that much.

“I admit we got it wrong,” Knight Frank boss Robert Ganly said yesterday. The discounted price of €200,000 reflected both the unusually high annual service charge plus the fact that “we understand there had been some previous title complications”.

He says he doesn’t know the extent of the possible title problem there or the details of High Court proceedings (a case against the developers has been going on for close to 12 years).

“I haven’t been able to get the details from the management company. I have asked our lawyers to investigate and havent got the official answer.”

High Court proceedings, ongoing since 2006, were taken by a number of apartment owners, including X-Factor judge Louis Walsh, over alleged defective workmanship.

The proceedings were taken against the developer of the seafront apartment complex, Dalkey Island Hotel company, the architect EN Kennedy and the management company Coliemore Apartments Management Ltd.

The case was taken because of alleged inadequate specification resulting in failure to comply with fire safety regulations and the alleged sale of certain common areas of the development without the consent of the apartment owners.

There’s another motion before the High Court next month.

In the meantime, number 1A is still on the market. All this, and now plans for drilling for oil of Dalkey Island too . . .