Monday 5 December 2016

Portfolio of Dublin apartments for sale

Published 05/06/2016 | 02:30

The Ice Rink apartment development in Dolphin’s Barn is on the block for €2.5m
The Ice Rink apartment development in Dolphin’s Barn is on the block for €2.5m

Hooke & MacDonald has been retained to secure a buyer for a number of apartments which were developed by Liam Carroll earlier this century.

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The portfolio includes 20 apartments at The Ice Rink development at Dolphin's Barn in Dublin 8, 47 apartments at The New Maltings on Watling Street in Dublin 8, 47-47 Cork Street, Dublin 8, and 31-35 Middle Gardiner Street.

The 20 apartments at the Ice Rink are on the block with a guide price of €2.5m.

The Ice Rink is a six storey building which incorporates 41 apartments. The development occupies a prominent position just off the South Circular Road, adjacent to The Coombe Maternity Hospital and close to St James's Hospital and the Luas Red Line.

It was designed by BDP Architects and built in 2006.

The 20 apartments up for sale consist of seven one bedroom units, 12 two bedroom units and one three bedroom apartment. Hooke & MacDonald say the apartments are "finished to a good standard, each with a good sized balcony and one designated car parking space at basement level".

The apartments are let and are producing a current gross rental income of €228,600 per annum, averaging €842 per month for the one bedroom apartments, €1,041 for the two bedroom apartments and €1,500 per month for the three bedroom unit.

Given its proximity to the two large hospitals and the city centre, this is a strong letting location and there is significant potential to increase income. The current estimated rental value is €321,600 per annum.

The guide price equates to €125,000 per apartment and a gross yield of 12.9pc based on the current estimated rental value.

The property at 46-47 Cork Street, Dublin 8 comprises a self-contained five storey apartment building with a ground floor retail unit and basement car-parking, which is located 400 metres north of the Ice Rink.

Some 16 of the 18 apartments, along with the retail unit are for sale as a single lot for €2.9m.

The apartments comprise four one bedroom apartments and 12 two bedroom apartments which are arranged in two blocks, either overlooking Cork Street or in mews block to the rear.

The retail unit provides 74 sq m at ground floor level, along with basement storage. It formerly traded as a launderette and if occupied could have an estimated rental value of €12,000 per annum.

The property at 31-35 Middle Gardiner Street, Dublin 1 meanwhile comprises 15 apartments above two ground floor retail units built in 2006.

All of the apartments in the building are being sold with a guide price of €2.7m. The block comprises 10 one bedroom apartments and five two bedroom apartments. They are all fully fitted to a good standard, with lift access to all floors and each apartment incorporates a balcony. The retail units do not form part of the sale.

The apartments are let and are producing a current gross rental income of €153,000 per annum, averaging €850 per month for the one bedroom apartments and €1,020 for the two bedroom apartments. Hooke & MacDonald believe there is "significant potential to increase rents in line with current market values". The current estimated rental value is €228,000 per annum, equating to a yield of 8.45pc.

Sunday Independent

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