Double take on Shrewsbury sale

Is there any end to the saga of the forlorn Numbers 1 and 3 Shrewsbury Road in Dublin's Ballsbridge? Formerly part of the financier Derek Quinlan 's portfolio, we reported last April that these two semi-detached redbricks had finally been dispatched by Nama for a sum somewhere above €5.5 million, which was €2 million shy of the asking price.

Imagine the Block’s surprise, then, when it discovered the sale of both houses finally closed only in the last couple of weeks. And not only that, but No 1 sold for €2.5 million and No 3 sold for €2 million. Now we’re no Einsteins, but that’s a good million south of €5.5 million.

It turns out that last year's sale to an overseas buyer fell through. It seems Simon Ensor of Sherry FitzGerald has been quite busy trying to offload the houses, which Nama has always insisted on selling as a pair. In any event the latest buyer seems to have proved very low maintenance. Apparently the new buyer, an Irishman, took one look around the houses early this year, and thereafter left it to his solicitor to tie up the details.

It’s believed the new owner plans to completely refurbish both homes – there had been planning permission to redevelop the site as a 21,000 sq ft mansion, although it expired last year – and live in one; and, potentially, sell or rent out the other.

It just shows the market in this Dublin 4 enclave is no more immune to falling prices than elsewhere. That, or the buyer knows how to drive a good deal.