Wednesday 21 February 2018

City centre apartments with €2.5m guide price

On the market: The 12 apartments at Spencer House have a combined asking price of €2.5m
On the market: The 12 apartments at Spencer House have a combined asking price of €2.5m
Peter Flanagan

Peter Flanagan

A number of apartments in the centre of Dublin’s financial district has been put on the market for €2.5m.

Douglas Newman Good has been retained to find a buyer for 12 apartments at Spencer House on Customs House Square in the IFSC.

The portfolio comprises of twelve apartments all currently let and generating a total passing rent of €166,000 per annum with an optimised rent of €184,000 a year.

The apartment three one bed apartments and nine two bed apartments. Each apartment is being sold with  a designated underground car parking space and many of the apartments overlook the internal manicured grounds of the development which is said to be “very well maintained”.

Custom House Square is a secure gated development in a central location within the IFSC opposite the National College of Art and Design with a Luas stop immediately outside the entrance to the development.

Connolly Station and Busaras plus Dublin’s City Centre are all within a short stroll or bike ride of Custom House Square. The Bord Gais Theatre, The O2, The Gate and numerous cinemas and comedy clubs are also located within walking distance of the IFSC.

“Located in the heart of the IFSC, Custom House Square is a superb development in the heart of Dublin’s thriving business district,” said DNG’s Eddie Moran, who is acting as agent over the property along with Gemma Lanigan.

“With so many amenities on its doorstep including the LUAS, numerous shops, cafes and restaurants, the IFSC is a desirable location to work and live and rental demand is therefore exceptionally strong in the area. An additional factor rendering the IFSC very popular is that there are so many major centres of employment and world renowned educational facilities within walking distance and it is therefore a very convenient base for professionals and students alike,” he added.

“This is an excellent opportunity for the astute investor to acquire a fully let portfolio in this popular city centre location where future capital appreciation in very likely. Due to the limited availability of rental accommodation in the area and the popularity of the location, the new owner of this portfolio is unlikely to have to worry about void periods,” Mr Moran claimed.

This is the latest in a number of apartment portfolios to have come on the market in the last year.

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