Househunters at the upper end of the market looking in the Dublin 6 area who viewed 56 Palmerston Road this time last year and thought the price was steep given the considerable amount of work needed might be kicking themselves now.

The near-derelict house in several units had been unoccupied for more than a decade, and there was even some fire damage; it eventually sold for €1.1 million, a little over the asking price and a sign of how desirable this road is. An estimate at the time suggested it would need €500,000 spent on it and there’s currently a planning permission notice on the railings.

Mirror image

Now its neighbour, its mirror image in terms of size, is for sale for exactly twice the price. Obviously, for €2.2 million you get a house in significantly better condition and number 55 has been a pricey rental for some years up until now. New owners could easily move into the 278sq m (3,000sq ft) four-bedroom family house because it was renovated relatively recently by its present owners and it comes with the usual upmarket features such as several en suites and an extended open-plan kitchen with a separate utility room. Its two grandly proportioned interconnecting reception rooms are its most appealing feature.

However, it is unlikely that buyers will simply move in once the sold sign comes down on number 55 – instead it is more likely they will protect the many lovely period features such as the original marble fireplaces, the plasterwork and ruby red stained glass in some of the windows and embark on a renovation programme of the former rental.

Ripping out

That will start with new bathrooms and a new kitchen, ripping out the dated fitted wardrobes, the tiled flooring in the kitchen while redecorating throughout, perhaps even reworking the kitchen extension. The original encaustic tiles in the porch were replaced with inferior modern ones which will go in the renovation. The bill for such changes won’t reach anywhere near €500,000 but in a protected period house it’s not going to be a steal either.

Number 55 has vehicular rear access – a real plus given that the chances of any of the residents of Palmerston Road ever again getting off-street parking in their front gardens is extremely slim.