Property-derived wealth may have become a taboo subject in recent years, however with the economy and property market improving, property millionaires seem to be emerging from exile.
Managing director of London and Regional Properties Dublin, Niall Gunne has emerged as the buyer of a lavish €3.3 million house in Rathgar. Mr Gunne, who previously lived in a large renovated house in Woodlands Park, Blackrock, now lists his address as 18 Highfield Road in company filings, a substantial residence that went on the market last year.
The sale, which was reported on these pages at the time, netted the previous owners a handsome profit, after they purchased the house for €835,000 and flipped it to Gunne for nearly four times that amount following an extensive and tasteful renovation. The price paid was 10 per cent higher than the €3 million asking price.
Gunne's London and Regional Properties is no stranger to flipping either. The company, founded by British billionaires Ian and Richard Livingstone, bought the former Four Seasons Hotel (now the Intercontinental) in Ballsbridge for €15 million during the downturn and flipped it in recent months to a group backed by US millionaire John Malone for €50 million.
Meanwhile, on Ailesbury Road, another Gunne is upgrading his house. Green REIT managing director Pat Gunne is carrying out work to his house – a protected structure – having received planning permission for changes at basement level. The property veteran bought no 17 in 2006 at the height of the property market from the widow of the late politician John Kelly.
The 456sq m (4,910sq ft) main house was renovated at that time, however the latest changes will improve the home’s connection with its expansive south-facing garden through the use of large sliding glass doors.
