Putting the ‘rich’ into Richmond and no 18 under the 2007 gavel

AUCTIONS were the damp squib of the Dublin property market in the latter half of 2006 as that market cooled, and outside of Dublin, sales by public auction can be hit and miss even at the best of times.

Certainly, in Cork, they are not for the faint-hearted, and as many houses fail to sell at auction as get successfully knocked down under the hammer.

However, the lads at Cohalan Downing auctioneers are confident about no 18 Richmond.

What way will it go, and will it even be physically knocked down under a demolition hammer? Or, substantially built up?

Cork’s Richmond Estate is just off the city end of the Blackrock Road, linking back to the Boreenmanna Road, within a mile-plus trot back to the city centre.

It was developed back in the 1960s by builder, Barry Burke, and members of his family sold a 4.8 acre adjacent site on the Boreenmanna Road, with full planning for 66 up-market houses, to O’Flynn Construction in autumn 2006. It made a hefty €15.8 million via John Downing of Cohalan Downing, who is also agent for the successful Tellenganna office development, the other side of Richmond estate, on the Blackrock Road.

Back in 2006, two other similar Richmond bungalows came for sale here, one making just under € 600,000 and the other a whopping €730,000.

No 29 sold via Timothy Sullivan & Co for about the €575,000 figure A three-bed home in need of upgrading, it had been price-guided at €485,000-plus in late 2005, when it hit the market. It now is being significantly upgraded.

Meanwhile, no 30, a two-bed bungalow on a large site of nearly a quarter acre, sold with Hugh McPhillips of Marshs auctioneers for €730,000, almost 50% over its cautious €500,000 guide, and is due to be demolished (subject to planning permission) and replaced: inquiries and demand for both 29 and 30 were very strong, and the same cadre of buyers will come out to view no 18.

Malcolm Tyrrell and Brian Olden of Cohalan Downing, give no 18 a guide price in the early to mid €600,000, and will auction it as an executor sale in early February. It will, they say, be a good test of the early year market, but on location terms alone, it is a bit of a banker.

They say it may be bought as-is, and done up by a buyer seeking a modest-sized and easily kept bungalow near the city centre. Others may seek to grow it in size by a further 1,000 sq ft or so, as most of its neighbours are semis and two-storeys high.

Located near the entrance gate and lodge to the late builder, Barry Burke’s original house, no 18 Richmond has a hall, old style kitchen with serving hatch to a 28ft by 12ft dining room/family room with garden views and fireplace, bathroom and two bedrooms. The house, on a corner site, has gas central heating, a car port and mature lawns.