Michael O’Leary buying and building on Dublin’s embassy belt

Michael O'Leary's Bradley Investments has emerged as the €2.85 million buyer of a substantial period residence in Ballsbridge. 3 Clyde Road, a 284sq m (3,056sq ft) Victorian house dating from 1876, was brought to the market last year by Sherry FitzGerald with an asking price of €2.95 million.

While in need of total refurbishment, the house is one of the best untouched examples on the street, featuring a full length 130ft-long rear garden with rear access on to Clyde Lane.

Indeed, it was this access that probably attracted the Ryanair boss as he intends to construct a double-width modern 305sq m (3,289sq ft) mews house on Clyde Lane – perhaps Dublin 4's most coveted mews lane, given its convenient and scenic location, with each house built directly facing Herbert Park.

The new mews house will span three storeys in all, featuring ample living space, four bedrooms, four bathrooms, a study and integrated garage.

The home’s design will feature a vaulted barrel roof, which is a signature of its architects, de Blacam and Meagher, who have constructed some of Dublin’s finest mews houses.

Magnificent houses

O’Leary is no stranger to the embassy belt – he already owns two magnificent houses just around the corner at 10 and 12 Raglan Road through two separate investment vehicles, FLH Investments and Stormwell.

Number 10 was previously a guesthouse before O’Leary splashed out about €9.4 million for it at the height of the market in 2006. Adjoining Number 12 was bought by him for an undisclosed sum while the market was spiralling downwards in 2009 – its asking price was a more recession-friendly €5.9 million.

He engaged de Blacam and Meagher to renovate both, undoubtedly at significant expense. 12 Raglan Road is rented out, re-emerging on the market in recent months with a €9,500 per month price tag, and is one of a number of exceptional “buy to let” mansions on the street.

Nearby 17 Raglan Road is owned by auctioneer Sean Davin and has been a regular fixture on the luxury rental market in recent years, seeking up to €15,000 per month.

The street's newest rental is 31 Raglan Road, which was purchased by Martin and Catriona Dunn in 2013 for €2.3 million and subsequently lavishly renovated and extended. Works to the house were completed in recent months and it was subsequently advertised for rent with an asking price of €10,000 per month.