Monday 26 September 2016

Apartments for €1.75m

Tara Fitzsimon

Published 05/11/2015 | 02:30

DNG Advisory is managing the sale of Earls Court on Reuben Street, Dublin 8
DNG Advisory is managing the sale of Earls Court on Reuben Street, Dublin 8

DNG Advisory is bringing to market nine apartments for sale in one lot at Earls Court, Reuben Street, Dublin 8.

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The firm is guiding €1.75m for this residential investment which represents a gross yield of 6.5pc. The property qualifies for significant section 23 tax relief. The section 23 tax relief allows a landlord to write off the qualifying cost of the individual apartments against all Irish rental income. It is anticipated that in most cases approximately 69pc of the purchase price will qualify for this relief.

Earls Court is within walking distance of Grafton Street & St Stephens' Green. The property is also close to many institutions, colleges and businesses includingthe Digital Hub.

The property is 100pc occupied at present. The portfolio comprises of nine apartments all currently let and generating a total passing rent of €112,800 PA with an optimised rent of €133,200 achievable through active management. It is made up of two one bedroom apartments, one one bed plus study, five two bedroom apartments and one three bedroom apartment ranging in size from 517 sq ft to 1055 sq ft. The block sale of apartments will include three underground car parking spaces. The development is "very well maintained", says the agent.

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