€1.95m student accommodation investment beside Bertie's famous Drumcondra haunt
Agent Finnegan Menton is quoting a price of €1.95m for a purpose-built student accommodation (PBSA) investment at the heart of Drumcondra, Dublin 9.
Located at 52/54 Botanic Avenue, Woodville extends to 420 sq m (4,523 sq ft) and is laid out as five student apartments and a separate two-bedroom townhouse. The investment comprises a total of 28 bed spaces, all of which are let to students attending Dublin City University's (DCU) facility at the former St Patrick's teacher training college in Drumcondra.
The property is producing gross rental income of €163,840 (2017), is fully let for the 2018 academic year and fully booked for short-term summer lettings to overseas students. Tenants currently pay €150 per week per bed space offering significant growth potential. There may also be some extra accommodation potential.
Based on the quoted price of €1.95m, the prospective purchaser could expect to secure a gross yield of 8.4pc initially. With rental income expected to increase to €177,780 for 2018, however, that yield would increase to 9.1pc.
Woodville comprises five two-bedroom apartments (23 bed spaces) at 52 Botanic Avenue, and the adjoining two-bedroom house at 54 Botanic Avenue (currently five bed spaces).
The average student apartment extends to 70 sq m (762sq ft), and comprises an entrance hall, living room, kitchen, bathroom, two bedrooms and ensuite bathroom. The property is fully furnished and all the contents are included in sale.
Woodville's location on Botanic Avenue is convenient to a range of amenities including former Taoiseach Bertie Ahern's favourite pub, Fagan's, as well as restaurants, schools, colleges, Griffith Park and the Botanic Gardens. Drumcondra is well served by Dublin Bus and is within walking distance of Drumcondra rail station, and convenient to the M50 and M1 motorways and Dublin Airport.