Monteray: A house and site where potential abounds

THE imperative for high returns on property investment, one of the strongest drivers of our economy, will be one reason why ‘Monteray’ could be flattened to rubble.

With its 0.15 of an acre site and access onto Magazine Road and St Clare's Avenue, this attractive, detached property doesn't stand a chance.Not unless a white knight with a yen to live in one of the city's most convenient locations happens along.

And that could happen witness the sale to a private purchaser two weeks ago of West End, a 1940s bungalow on the main Bishopstown road.

Close to the Bandon road roundabout, the house's site is a much more substantial 1.1 acres, but the purchaser did fend off heavy bidding from developers to pay a reported e1.5 million for the three-bedroomed property.

It was initially expected to make €800,000 to €1 million through joint agents, Frank V Murphy and Sherry FitzGerald.

Back in Magazine Road, Tom Woodward of Woodward and Co is asking €400,000 by comparison, for Monteray.

One of the last sales here for Woodwards was in the 1990s when Brookfield House went for £4,500,000.

The potential also exists for the house to be substantially enlarged and to continue in use as a family home. It has some fine features, but room sizes are only average. However, its main reception rooms come with period fireplaces, and the three bedrooms with smaller, cast iron versions.

There's a conservatory to the side and the side is private and bounded by hedging.