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Dublin 7 apartment building offers development prospects

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A small apartment block with development potential near the Phoenix Park in Dublin 7 has been earmarked for auction with a €1.45m guide price.

Known as 6-11 Villa Springs, Nephin Road, the two-storey block B extends to 279.60 sqm and comprises six one-bedroom apartments.

It is part of a small development with Block A comprising 1-5 Villa Springs at the entrance to the development not included in the sale.

Block B, which is for sale at the rear of the development, is owned by one owner and sits on its own site of about 0.15 acre.

Selling agent Olivia Needham Property, in partnership with IAM Sold Property Auctions, plan to auction it on December 16 unless it is sold prior to that date.

The agents say Block B will be sold with the benefit of vacant possession and estimate the market rent for the six apartments at €122,000 per annum giving a return of 8.4pc with further uplift possible. Five of the apartments have not been rented over the past two years and therefore market rent can be changed. The sixth apartment is currently rented at €20,400 per annum. A €7,300 annual management fee applies for the entire block.

It was constructed around 1995 and the agents believe it presents an opportunity for redevelopment, or extension to add additional apartments subject to planning permission.

It is also convenient to the city centre and the new Cabra train station as well as the recently announced new Luas line.

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