Saturday 7 December 2019

Apartments built by Carroll for €7m

The New Maltings is on the block for €7m
The New Maltings is on the block for €7m

Peter Flanagan

Hooke and MacDonald is quoting €7m for 47 apartments at The New Maltings in Dublin 8 in central Dublin.

The property holds 47 apartments in an 'L'-shaped block, comprising 18 one-bedroom units, 27 two-bedroom units and two three bedroom units with basement car parking.

The apartments were developed by Liam Carroll.

The apartments are all occupied except for one show unit and are producing a current gross rental income of €539,700 per annum, averaging €856 per month for the one-bedroom units, €991 for the two-bedroom units and €1,083 for the three-bedroom units.

Hooke and MacDonald however believe that, given its convenient location, if let at current market levels the total income would be in the region of €640,800 per annum.

The guide price equates to €149,000 per apartment and a gross yield of 9.15pc based on the current estimated rental value.

The development occupies a strategic city centre location, just off the South Quays and adjacent to the Digital Hub Campus, The Guinness Brewery, the National College of Art & Design and only 450m from St. James's Hospital, one of the largest hospitals in Ireland.

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