Pre-1963 properties are slowly making a comeback since Government incentives made them a more appealing investment proposition. Formerly regarded as unwieldy dinosaurs and a burden to maintain, there has been a renewal of interest in them thanks to a decision to allow investors to offset refurbishment and maintenance costs against rental income.
Two properties with pre-1963 declaration coming to auction are 82 Northumberland Road in Ballsbridge, Dublin 4, on Friday March 30th, and 2 Upper Leeson Street, Dublin 2, on Friday April 6th.
The former has a guide price of £700,000 (#889,000) and is being handled by Douglas Newman Good. A two-storey over garden level house facing the Italian Embassy, it is a relatively manageable size. Subdivided into four units, it retains many original features, including ceiling cornicing, dado rails, fireplaces, windows and shutters.
Accommodation consists of two three-bedroom units, one two-bedroom and one studio flat. Outside is a rear garden with cut-stone walls and a laundry room. Number 2 Upper Leeson Street is a four-storey over basement property beside Leeson Street bridge, guiding at £1 million (#1.27m) through Sherry FitzGerald. With over 5,000 sq ft, it comprises eight studio units, one two-bedroom and three one-bedroom units. Some units could be modernised.
Properties with pre-1963 declaration are those converted from a single unit into multiple units prior to October 1st 1964, when the 1963 planning legislation came into force. The conditions of tax relief on capital expenditure upon refurbishment are that there must be at least three units, half of which must be made available to tenants in receipt of social welfare assistance.
Agents have reported a resurgence in the number of enquiries received regarding pre-1963 properties, which were unpopular in the 1980s and 1990s. Investors were then attracted by city centre apartments with Section 23 tax breaks, rather than older, high maintenance buildings that often require upgrading to meet fire regulations.
