Sunday 15 December 2019

City centre apartments go on the market for €1.95m

Chartered Assets are seeking €1.95m for the Moss Hall apartments on Dublin's Parnell Square
Chartered Assets are seeking €1.95m for the Moss Hall apartments on Dublin's Parnell Square

Peter Flanagan

Chartered Assets have been retained to sell a block of apartments in the centre of north Dublin for nearly €2m.

The firm are selling the Moss Hall Apartments on Parnell Square in Dublin 1.

The sale is on the instructions of receivers David Hughes and Luke Charleton of EY. The apartments were developed by Paschal Conroy in 2006. NAMA however called in the receivers over the property in February 2012.

Moss Hall is made up of 12 apartments. The block includes six one bedroom and six two bedroom units. It is expected these can be offered as vacant possession if required.

Accoding to Chartered Assets' Enda Hanrahan, who is acting as agent over the property, the units are "finished to a high standard".

The current market rental value is estimated at €170,000 per annum.

Mr Hanrahan said he expects to see "strong demand from investors seeking quality apartments in this prime city-centre location".

Despite their Georgian style appearance, the block was newly constructed in 2006. It has been let to an apart-hotel operator over the last few years years.

This is the latest apartment block in the north city centre to come on the market in recent months.

In July, Colliers were retained to sell a block of 19 apartments at St Nicholas House in Dublin 7 for around €1.8m. That means a yield of just over 9pc at present rates.

Then last week it emerged that a number of apartments neaby had changed hands for the remarkably low average price of a little more than €50,000 per unit.

The 13 apartments at Greencourt View in close to the Special Criminl Court on Green Street were not ostensibly on the market but popped up on the residential property price register in the last month.

Meanwhile Chartered Assets have also been retained to sell off a retail space and offices in Shankhill Village in south Dublin.

Mr Hanrahan is seeking €1m for the property, which contains a Tesco Express and two office units at "The Bridge" in Shankhill.

The sale is on the instructions of receiver Tom Kavanagh of Deloitte. The property was developed by Anthony Gannon and John Whelan. However Dunbar Assets Ireland, the former Zurich Bank, moved to have the receiver appointed over the asset in July last year.

The retail unit extends to 340 sq m (3,659 sq ft) and is let to Tesco Ireland at a rent of €59,750 per annum. There are 10 years remaining on the lease with no break clause.

The adjoining two office units are fully let, producing a combined €16,000 per annum.

The properties are likely to attract strong interest from investors seeking a solid commercial investment with an excellent tenant covenant, said Mr Hanrahan.

The Dublin suburban market has been somewhat slower to comeback than the city centre but there have been signs that the market is beginning to see movement over recent weeks.

Colliers is selling two retail units in Stillorgan with similar askign prices to what Chartered Assets is looking for in Shankhill.

There have been a numbe rof other suburban retail and office developments that have come on the market thsi year and comparable rates.

The Shankhill deal is likely to be closely watched as investors seek a floor for the market.

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