Two adjoining mid-terrace period buildings on the southern side of St Stephen's Green in Dublin, bought at exorbitant prices during the property boom by Treasury Holdings, are back on the market at a fraction of their original cost.
Paul Hanly of Knight Frank is guiding €615,000 for number 98 which cost €3.5 million when it was bought in 2006 – a drop of 82.5 per cent. A price of about €880,000 is being sought for number 99 which cost an astronomical €6 million just before the property bust in 2007 – a drop of 85 per cent.
The two four-storey over-basement buildings have been vacant since they were bought and are in need of considerable refurbishment.
Number 98 has an overall floor area of over 220sq m (2,374sq ft) while 99 extends to 314sq m (3,388sq ft).
They are located close to the Departments of Justice and Foreign Affairs and back on to Stokes Place.
Under the Dublin City Council’s development plan, they can be used for a variety of purposes including bed and breakfast business, childcare facility, cultural, educational, embassy residence, hostel, live-work units and medical and related consultant office.
The two sales are being sold on the instructions of joint receivers William O’Riordan and Declan McDonald of PwC.
