Home for a million wakes up market

DEEP in sleepy August the news of a million pound sale last week shook up auctioneering circles in Cork.

While the agent responsible for selling Millboro on Cork’s Orchard Road was tightlipped on the matter, it looks like Malcolm Tyrrell, of Cohalan Downing has pulled off the sale of the summer.

The property is close to UCC and the Bons Secour Hospital, which makes it highly likely the purchaser is a professional attached to one instituion or the other.

Narrowing it down further, it would take a highly-paid professional to service a mortgage in excess of 1million, apart from any upgrading of the property.

The location and site mean everthing with this sale: firstly, Orchard Road is no stranger to million euro properties (it has a quiet sprinkling) and is regarded as one of the better areas in the western suburbs, despite being a busy through road.

Secondly, Millboro itself is a detached and very private residence that cannot be seen from the road, and one which also comes with a generous half acre site - a rarity so close to the city.

Built in 1947, it displays a clean style that is recognisable in later semi-detached housing estates in the city.

A fine, solid house, is has a number of reception rooms, five bedrooms and magnificent grounds with more than enough room for improvement.

What is heartening about this sale for local residents, apart from the boost to property prices, is the fact that the property will remain a family home, rather than a development site for apartments.

A quick survey of other million euro homes in the city shows the market to be as sluggish as the weather. Buyers are there, say most agents, but they have the luxury of time - upper level purchasers are bearish in this cautious economic climate.

The most prominent of all the million euro properties is Carrig Cottage, Carrigrohane, which is still on the market at 2.25 million euro through Lisney. Following on in the price stakes is a modern house built entirely of natural materials at Curraleigh, Inniscarra.

‘Woodhouse’ is on the market at 1.25 million euro with Sherry FitzGerald and Michael Daniels. Finally, on the main Douglas Road, ‘Lauriston,’ a detached period residence on a large site, is on offer at 1 million euro with Casey and Kingston.