Thursday 29 September 2016

South Dublin apartments sale easily beats guide price

Published 27/03/2016 | 02:30

The Abbey Glen apartments at Johnston Road, Cabinteely in South County Dublin sold for €10.5m
The Abbey Glen apartments at Johnston Road, Cabinteely in South County Dublin sold for €10.5m

The Abbey Glen apartments in south Dublin have sold for €2m above their guide price. The development has changed hands for €10.5m.

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Abbey Glen fronts onto Johnstown Avenue with car access via Pottery Road. The development is close to the junction with the N11.

Knight Frank, which managed the sale, said Abbey Glen is a modern apartment development comprising 44 residential units in two apartment blocks with 55 secure underground parking spaces.

The apartments comprise a mix of one, two and three bedroom apartments and two bedroom duplex penthouses. There are 13 one bedroom units, 22 two bedroom units, 5 three bedroom apartments and 4 two bedroom duplex penthouses in the scheme.

The North Block consists of twenty apartments while the South block houses the remaining twenty four units. The property is render finished with charcoal grey aluminium windows, and balconies overlooking the attractive communal gardens to the rear or Johnstown Road to the front.

"The apartments, which were completed in 2008, are spacious, finished to a high specification and range in size from 55 sq m to 134 sq m with additional balcony and terrace areas," said the firm.

The investment is producing a rent roll of €442,000 with potential to increase this to €690,000 per annum when fully occupied. At present one bed apartment rents range from €875 to €1,050 per month, two bed apartment rents range from €930 to €1,300 with three bed apartment rents ranging from €1,450 to €1,700 per month.

Damien McCaffrey of Knight Frank noted "Abbey Glen attracted significant interest from a variety of both domestic and international investors. The demand for multi-family investments remains strong; we have a number of similar residential investments sale agreed including 50 units at Abberley Square Tallaght, 43 units at Stafford House and 41 units at Xavier Court both in Dublin."

Sunday Independent

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