Outside, it’s all elegance, of the type that has tourists reaching for their cameras, and speculators eyeing their chequebooks – only the front garden gives it away. That, and perhaps the bell-pushes beside the front door, letting you know that 17 Waterloo Road was once divided into flats.

A few years ago, a speculator had reached for a chequebook, and work had begun on the complete overhaul this house needs.

Down in the basement, you can see the rewiring had started, and on the ground level, the elegant and formal reception rooms have been painted white, the cornicing and ceiling roses are still intact, and the gorgeous tall windows let in the spring light.

Working your way upstairs, it’s a different story. There are three floors in addition to the basement, plus a generous attic space. In total you get approximately 325sq m (3,515sq ft) of accommodation, which probably works out at five bedrooms, but it all needs a great deal of work. There are bathrooms on the returns, and a kitchenette at ground level, but none inspire the idea of immediate use.

Look a little more closely though, and you can start to see what might emerge from the great deal of TLC this house requires. Re-wiring, yes. Re-plumbing, almost certainly. The windows need attention, and at present it’s heated with electric storage heaters.

On the plus side, there are lovely arched windows, nice iron work here and there, the fantastic proportions you’d expect from a period property like this, and a generosity of scale everywhere, even to the wide granite steps up to the front door. Clear the front area, and you have off street parking which is very handy for this part of town.

You’re just round the corner from all the shops, bars and restaurants of Pembroke Road and Baggot Street, near the canal, and a short walk to St Stephen’s Green. There’s also a 17 metre (55 ft) back garden, which is also, unsurprisingly, very overgrown.

Waterloo Road is a fantastic location, and the price: €1.5 million, by private treaty with DNG, reflects all the work to be done. Earlier this month, just round the corner, the much smaller 67 Upper Leeson Street sold for €2.2 million; and 48 Wellington Road, which is of a similar size to this house, sold for €2.4 million; both at auction.