Nov 27th, 2007 by Conor McCabe
Thanks to the property pin for this one.
On Thursday 30 August 2007, Irish Times property editor Orla Mulcahy wrote a piece (sub required) about the “swish” Grange apartments in Stillorgan, Co Dublin. “It’s that time of year when student accommodation becomes a burning issue” said Orla, “with thousands of young people moving to the capital to take up residence. For most of them it will be a hard slog to find a place to stay but, for a lucky few, this year’s gaff will be a luxury apartment on the southside.”
Remember, this was not an advertisement piece, this was a proper property article - albeit one written for the owner of a €50 million property website.
She goes on.
The Grange, located off Brewery Road, is about as far from the traditional student flat as you can get. The apartments are big and airy with marble-tiled floors, gleaming Italian-style fitted kitchen with all appliances, immaculately designed bathrooms with trendy shelving and directional lights. And then there is Ted. Ted Robinson is the newly appointed concierge who will head up a team of four dedicated to making life easier for the residents round-the-clock.
Ted, a cheerful fellow in a sharp suit, will do more than take in your awkward packages and arrange to let the plumber in to fix your washing machine. Taking their cue from the doormen and concierges of Manhattan and Paris, his team will handle deliveries and online orders, book theatre tickets and taxis, manage apartment fit-outs and even arrange the flowers. He will also make sure that, if you want to eat Italian, you get a table in an Italian restaurant that you like. The basic concierge service will be included in the service charge which will work out at approximately €1,900 per month for a two-bedroom units. Additional services such as dry cleaning and car washes will cost extra at rates to be arranged.”
The properties are being sold by Savills Hamilton Osborne King, and over on their website they tell us that the next phase of The Grange will be put on the market next spring. The prices range from
“€485,000 for 1 bedroom apartments (560 sq.ft / 52 sq.m.), 2 bedroom apartments from €655,000 (816sq.ft / 75.8sq.m) and 3 bedroom apartments from €780,000 (981sq.ft / 91.1sq.m). 220 units have already been sold and the first residents have now started to occupy at The Grange.”
Now, what’s the Irish Times’ opinion on all of this? Orla Mulcahy again.
Though most of the units now being finished were sold from plans at the height of the boom in late 2005 and early 2006, the development still has plenty of appeal for investors. With the rents in the city at record levels (my emphasis), two-bedroom units at The Grange are expected to fetch €2,000 a month, and one-beds likely to rent at €1,500.”
The Irish Times repeated yesterday the mantra that rents are strong in the capital. Now, with both yesterday’s analysis and Orla Mulcahy’s prediction in August, just how are those Grange apartments getting on these days? You know, record level rents and 13% increases and all that?
From tonight’s daft.ie, a two-bedroomed apartment in Amber, The Grange, concierge service included. Orla’s prediction: €2,000 a month.
Oh well. Still. How about the one-bedroomed apartments? Orla’s prediction in August, €1,500 a month.
Well…. a little bit better. Only out by €100 Euro. Still, what’s changed in the last three months that has those involved in property saying that rents are going up, while it appears that rents are going down? I mean, what could the owners of a €50 million property website possibly gain from advising people to buy apartments?