New developments in and around Dublin’s Georgian Squares are few and far between, so it caught The Block’s attention this week when Foxtrot Investment 2011 posted a planning application for two new houses to the rear of 5 Fitzwilliam Square East.
The proposed development at 4 and 5 Lad Lane is for the construction of two semi-detached two-storey buildings on part of an existing surface level car park area on a 0.2 acre site to the rear of Fitzwilliam Square.
The two- and three-bedroom mews units, one measuring 125sqm and the other 110sqm are planned, alongside a private landscaped courtyard to the front and off street parking for each unit to the rear.
No work is proposed to 5 Fitzwilliam Square East, a protected structure mainly in office use. It was placed on the market by receivers in September 2012 asking €1.1million through estate agents CBRE and sold for an undisclosed sum at the beginning of 2013.
If the new owner is planning to turn a quick profit and the application for planning to Dublin City Council is successful, it will certainly enhance the re-sale value of the mid-terraced building . Equally, if retained, the rental fee from the new properties would also significantly boost the estimated €98,000 annual rental income currently accruing from the main building.
Earlier this year, the former home of Sir Anthony O’Reilly at nearby 2 Fitzwilliam Square was bought by a Dublin-based businessman at a private auction for €3.2 million.
