D14 apartment scheme at €2.6m has potential for rental growth
Ross Fogarty of agent Knight Frank is guiding a price in excess of €2.6m for the 100pc interest in Millrace Court, a standalone apartment block of six well-appointed units in Dublin 6.
The development is currently producing €160,200 in rental income per annum. Based on its guide price, the scheme is being offered for sale at a capital value of €554.49 per sq ft, leaving significant potential for capital growth with nearby residential properties seeking closer to €600 per sq. ft. Initial income returns are at approximately 6.2pc gross, according to the selling agent.
The Millrace complex briefly comprises a two-storey, over ground level purpose-built apartment development containing six own-door apartments and 14 basement car parking spaces.
There are two one-bedroom apartments averaging 612 sq ft, three two-bed units ranging in size from 765 sq ft to 770 sq ft, and one three-bed penthouse measuring 1,165 sq ft. There is an independent gated vehicular access from a side lane and that leads into a rear carpark. The rear underground parking area provides a 14 car parking spaces with additional space for bicycle parking and storage.
Located on Vergemount Road, Clonskeagh, the subject property overlooks the River Dodder and is within a short walking distance of Ranelagh, Donnybrook and Ballsbridge. Clonskeagh also affords easy access to the M50 and N11 and there are multiple public transport options nearby including the Luas (Green line), Dart and Dublin Bus.
Nearby amenities include the adjacent David Lloyd Riverview, Elm Park Golf Club, Milltown Golf Club, UCD Campus and Sport Centre, Fitzwilliam Lawn and Tennis Club, Donnybrook Tennis Club and Old Wesley and Bective Rugby clubs.