Buena Vista, Killiney Hill Road, Co. Dublin
+1 must be re-structuring
Still derelict and overgrown. 12,000 sq ft. concrete shell still there. Jumped wooden fence on right. Views very good (esp. first floor). As good as Paddock Wood but more private (Paddock sat in amphitheatre looked down on from above by row of terraced houses). As well as having good east and south views, site also getting a lot of west evening light - very pleasant place.
There is no new planning on the DLR site, and no signs of any work done (there is some site clearing). Past planning docs show the site is almost exactly 1 acre, but the scale of the 12,000 sq ft. structure makes it seem smaller (really is a huge structure).
Killiney is a tricky place to value. It has had the most c 3m sales with +7 outside D4 & D6 since the collapse. Zero / zero planning means some Killiney mansions come with excess acres with lower marginal value (i.e. Strathmore & Ashurst). There are also material dividing lines between the pricing on the southerly section of Killiney Hill Road (down from Killiney Hill Village) and everywhere else. Pricing falls off quickly as you go back up from Killiney Hill Road to Glenalua Road / Killiney Heath / Church Road. Ballybrack House (1 acre + 5,599 sq ft.) is struggling at 1.75m, where as a derelict site at Dromeen (Kilmore Avenue) got 1.8m an acre in 2013.
http://www.thepropertypin.com/viewtopic.php?f=10&t=64532&hilit=ballybrack+house
http://www.thepropertypin.com/viewtopic.php?f=10&t=52354&p=831028&hilit=dromeen#p831028
I felt the 2013 asking for Buena Vista of 1.5m was very high. Paddock Wood, also on Killiney Hill Road and with as good views on over an acre, was asking 2m and had a +9,500 sq ft. brand new house on it (albeit with c 1m of remedial costs and a very personalised layout that would not suit all). Dromeen's agent was considering accepting c 1m per acre. Paddock Wood however surprised when it went for 4.0m at auction in late 2013 (most surreal auction of my life). Dromeen held out for 1.8m an acre.
Things have moved on in 2014 on Killiney Hill Road. The 4,714 sq ft. Dorset Lodge (across road from Buena Vista) on a 0.60 acre site with lesser views sold for 3m, implying a c 3m per acre value. The 2,626 sq ft. Galleen (down and to right of Buena Vista) on a 0.40 acre site and also with lesser views, sold for 2.2m, also implying a c 3m per acre value. Even houses and sites in the Ashurst estate on Military Road (i.e. 5 & 8 Ash Hurst) are implying site values of well over 2m an acre.
http://www.thepropertypin.com/viewtopic.php?f=10&t=61097&p=826273&hilit=galleen#p826273
http://www.thepropertypin.com/viewtopic.php?f=10&t=64395&hilit=5+ashurst
Buena Vista was auctioned in June 2004 (2-3 years before peak) with AMV of 4m. It did not sell at auction (there was confusion over a leasehold title), but it sold soon after for c. 4.25m. (see attached Irish Times article pre auction).
http://www.irishtimes.com/life-and-style/homes-and-property/vista-from-art-deco-style-home-in-killiney-1.1144257
I also think Buena Vista sold previously in c 1996 for c. £900k punts / 1.1m euros at auction (just can't find a reference).
Interestingly, Percy Lodge right across the road from Buena Vista, is on the market for 2.65m. Percy Lodge was auctioned in June 2006 for 4.25m, two years after Buena Vista (prices were up c 50% on average). In fairness, Percy Lodge has had c 500k of renovation work done since its 2006 auction. It also hasn't sold yet and has had to drop its asking from 2.85m.
http://www.thepropertypin.com/viewtopic.php?f=10&t=64387&p=826281&hilit=percy+lodge#p826281
I thought the Edge of U2 had bought Buena Vista. It looks right into his neighbouring Fortlands compound (you can see into it from the first floor of the structure), and I think he also bought neighbouring Santa Barbara at the time (which is also in its same state). One for his kids ? He had a torrid time with planners on renovating his own period structure.
Statistics: Posted by observer35 — Mon Jun 01, 2015 5:42 pm