124 apartments in Dublin city for €33m
A portfolio of 124 apartments and a large commercial unit in Dublin's booming docklands have been brought to the market for a guide price of €33m by agents Hooke & MacDonald.
Built by Liam Carroll's Zoe Developments prior to the crash, North Bank has since undergone a major upgrade by statutory receiver, David Carson of Deloitte.
There are 31 one-bed, 64 two-bed and 29 three-bed apartments. The combined current rent from existing tenancies and estimated rental value (ERV) of the apartments currently in the course of being let amounts to approximately €2.325m per annum.
There are 85 car parking spaces included in the sale, with 25 of these held on a long-term licence at a fee of €107,700 per annum. A further 25 spaces are let to the residential tenants at an additional monthly fee, while the remaining 35 are available for use with the apartments and commercial unit. The licence fees and ERV for the car spaces is around €156,000 per annum.
There is a large ground-floor commercial unit of approximately 1,530 sq m, which would suit a variety of uses, or possible sub-division, subject to planning permission.
The unit, which is in 'shell & core' condition, is vacant and has a current ERV in the region of €150,000 per annum. The combined rent, licence fees and ERV of the entire investment when fully-let is in the region of €2.63m per annum, which will show a gross yield of approximately 7.09pc, based on the VAT inclusive quoting price.
North Bank is located 200 metres from the new Central Bank Headquarters and 550m from the IFSC.