A cute cottage in Portobello, D8, with an attractive asking price, sounds like a match made in heaven. The catch is, it needs complete refurbishment. How much will it cost to renovate? Quantity surveyor Adam Kinnear of Modia has the answer.
Portobello is a lovely part of Dublin 8. It’s by the Grand Canal, near town yet feels far removed from the freneticism of the nighttime economy of the Camden Quarter.
Described as Gaeilge as an cuan aoibhinn, or beautiful harbour, it developed in the Victorian era when much of the red brick housing stock was constructed.
Address: 14 Saint Vincent Street South, Clanbrassil Street, Dublin 8, D08 X3X4
Asking price: €300,000 (€4,918 per m²)
Agent: Sherry FitzGerald Rathmines
Number 14 Vincent Street South is a single-storey cottage that may have been built by the Dublin Artisans' Dwellings Company. Situated between Clanbrassil Street and Emorville Avenue, it has a small backyard that is north-facing.
The property extends to about 61 square metres, has a G BER rating, and is in need of complete refurbishment.
But how would you go about it? Is it worth taking on, and what might it cost you to do the works?
The property has been vacant for about 40 years, so the good news is that it is eligible for the vacant home grant.
The upside to that is that there aren’t any dodgy interventions that need to be undone, which will further add to your costs. What you have here is bare walls and a roof.
The bad news is that there are no period features remaining; you will need mains water. Oh, and it also needs to be rewired and replumbed.
Selling agent Chris Corrigan of Sherry FitzGerald Rathmines suggests knocking the return and building full width across the back of the property to maximise the site.
He also suggests digging down this level so that you could add a mezzanine above, as some of the other properties on the road have done.
This is a good idea if funds can stretch to the additional works, but the basics need addressing first.
“As it stands, the property will require a complete renovation, essentially stripping the existing house back to its bare bones and starting from scratch,” explains quantity surveyor Adam Kinnear of Modia Consulting.
He says the works will require a new concrete slab, a full rewire and replumb, and all new fixtures and fittings.
“The existing property measures approximately 61 square metres, with a small extension to the rear that has seen better days. There is likely to be very little scope for salvaging this extension, and it would need to be completely demolished and rebuilt.”
There are a number of challenges associated with this property that are likely to drive the construction costs higher than those of a standard renovation, he continues.
Site access is the main issue. “There is currently no access to the rear of the property and very limited space to the front. This will make it difficult and awkward to get skips and other equipment onto the site. Given the extent of the demolition and stripping-out works required, this is likely to be a significant issue.”
Furthermore, all materials and waste will need to be manually carried out through the house, increasing the labour element of the stripping-out and demolition works, he caveats.
“There is also evidence of damp and timber rot in the photographs, which will require further investigation and could result in significant additional costs.”
For budgetary purposes, on a cost-per-square-metre basis, he envisages the cost of fully renovating the property to be approximately €3,000 per square metre, excluding VAT for the existing house.
He puts the cost of demolishing and rebuilding the small rear extension at €4,000 per square metre, excluding VAT.
In addition, he suggests allowing €20,000 for the purchase and installation of a kitchen and €15,000 for other built-in fittings, professional fees and development contributions.
Based on these allowances, the overall construction and associated costs could be in the region of €340,000, plus VAT, he says. That’s a net sum of approximately €386,000, inclusive of VAT.
This would bring the total project cost, including the purchase price, to approximately €686,000 inclusive of VAT.
Additional considerations for a period property like this
- Lime plastering/skimming to the internal face of the external walls
Potential additional cost: €13,500, excluding VAT.
- External brick repointing
Potential additional cost: €3,500 excluding VAT.
- Existing sash windows, shutters and window boxes
Potential additional cost: €7,000 excluding VAT.
Allowing for these additional items, he estimates the overall construction and associated costs could increase to approximately €417,000, bringing the total investment to approximately €717,000, inclusive of the €300,000 purchase price.
Contingency plan
Given the age and current condition of the property, together with the extent of the proposed renovation works, he strongly recommends allowing for an additional contingency of approximately five to 10 per cent of the estimated construction costs.
Depending on whether the additional items outlined above are included, this would equate to a contingency allowance of approximately €13,900 to €30,200, exclusive of VAT.
“This would provide some financial flexibility to accommodate any unforeseen issues or additional works that may arise once the property is stripped back and the full extent of the required works becomes apparent.”
This contingency should be considered over and above the budget figures outlined above, he counsels.
To find out more about Modia Consulting, visit Modia.ie.
