Tuesday 23 January 2018

Apartments at Abberley Square with €6m guide

Knight Frank is quoting €6m for this apartment blcok at Abberley Square in Dublin 24
Knight Frank is quoting €6m for this apartment blcok at Abberley Square in Dublin 24
Peter Flanagan

Peter Flanagan

Knight Frank are marketing a multi-family residential investment at Abberley Square, Tallaght, Dublin 24 on the instructions of Receiver Tom Kavanagh of Deloitte.

The 50 rented apartments are for sale by private treaty in one lot. The entire mixed use development includes 107 residential units over five floors designed around a central courtyard with an adjoining multi-storey car park to the rear. The ground floor commercial units known as Tallaght Retail Centre are occupied by Centra, Subway, Paddy Power bookmakers, Snap, Milano's and Kingsbury Furniture.

The fully fitted apartments are close to fully occupied and let on standard 12 month residential tenancy agreements with average rents ranging from €975 per month for a one bed apartment to €1,300 for a three bed apartment. The property is producing a total rent roll of €660,000 per annum.

Knight Frank believe the buyer could increase the rent roll to around €720,000 by active asset management and lettings.

The 50 apartments developed in 2006 include 15 one beds, 30 two beds and five three bed units. They are fully finished with tiled bathrooms, integrated kitchens, wood flooring and balconies with decking.

Damien McCaffrey of Knight Frank commented: "this reflects an average unit price of €120,000 per apartment and gross investment return on the passing rent of just less than 11pc.

"Tallaght is a strong residential rental location with good public transport infrastructure and amenities.

"The attractive yield and rent roll should appeal to both domestic investors and overseas investors seeking to scale up their holdings with an additional 50 units," he added.

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