£8.3 m for 3-acre

A record price of £8.3 million has been paid for a house on just over three acres at Brighton Road in Foxrock, Co Dublin.

The new owner is likely to demolish the six-bedroom Victorian house, Hollybrook, and replace it with either a development of up to 60 apartments, or an exclusive scheme of up to 18 houses. It is easily the highest price paid for land in south Dublin, equating to over £2.7 million per acre.

Three Dublin house-builders vied for the property, which is one of the last large development sites in the area. The underbidder was Mr Jack Cosgrave of Jackson Properties.

Hollybrook had been expected to make around £5 million prior to auction but Lisney's auctioneer Mr Tom Day - who was selling it jointly with Mr Donal O'Buachalla - opened the bidding at £3 million. The price rose in bids of £500,000 before being knocked down to Mr Peter McLoughlin of solicitors Arthur Cox.

The property, which adjoins the Japanese embassy on Brighton Road, has been owned by the Hastings family for over 40 years. It is an exceptionally private property bounded by mature trees and dense shrubberies. It has road frontage of over 250 ft, with the house almost at the centre of the site. It is thought likely that the planners will allow the house to be demolished, though they may insist the many trees be preserved.

Although there is no planning permission on the site, it seems certain the planners will allow a reasonably high density because of the new planning guidelines issued by the Government.

The recent sale of 16 houses for around £1 million each in nearby Carrickmines underlines the demand for large family houses in exclusive south Dublin enclaves.

If the new owner opts for a housing development, individual houses are likely to cost close to £1.5 million while apartment prices could start as high as £500,000.