Tuesday 17 October 2017

Nine multi-unit complexes sell for a combined €74m

Donal Buckley

Another complex of mixed- use units has been sold this year bringing to nine the number of blocks either sold or sales agreed since the start of the year and these had combined values of around €74m.

The latest deal is for the Ivy Leaf apartment and retail development in Rathdrum, Co Wicklow. Receivers BDO sold the five ground-floor retail units and 29 apartments in one lot for which the agents Colliers had been guiding €750,000.

Colliers' Marcus Magnier declined to disclose the price but says it was close to the guide price. This suggests an average of less than €22,000 per unit but, in addition, VAT was charged at 13.5pc. The flats comprise 21 two-bedroom apartments and eight one-bedroom units which range in size between 55sqm and 78sqm.

Some of the flats have views over the river and five have been completed to showroom finish.

In total the retail space measures 530sqm and is completed to a shell-and-core finish for the units.

The overall development is 95pc complete although some snagging and minor completions are required.

Deals have also been agreed for the sale of a number of other recent multi-unit developments including an 83-unit apartment scheme at Milner Square, Santry, Dublin 9, for approximately €8.5m and a 96-unit apartment scheme at the Crowne Plaza development in Blanchardstown, Dublin 15, for approximately €14m. The Comer brothers are reputed to have bought both sets.

Mick Wallace's mix-use scheme at Upper Dominick St, Dublin 1, has also gone sale agreed. Agents HT Meagher O'Reilly had been asking €3.75m for the 27 apartment and retail units or about €139,000 per unit.

The same agent has agreed a deal to sell an uncompleted complex of 31 apartments at Auburn Lodge, off Church View Road in Killiney, Co Dublin, which had a €3m guide price.

Liam Carroll's Alliance residential building in the Gasworks complex, Dublin 4, is under offer to Kennedy Wilson for €40m, reflecting a yield of approximately 7.25pc.

The agents Savills also sold a block of 20 apartments in need of refurbishment at Errigal House, Eglinton Road, Donnybrook, Dublin 4 for a price believed to be around €2.9m.

In March the Allsopspace auction saw two multi-use blocks sell including 22-23 Upper Ormonde Quay, Dublin 7, a block of eight flats and one commercial unit for €1.02m, or an average of €113,333 per unit. The second at 276-278 Harold's Cross Road, Dublin 6, a block of six apartments and two shells of shops, sold for €835,000 or €104,375 per unit.

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