Friday 20 April 2018

Dublin apartments available for €7.5m

Knight Frank is seeking €7.5m for this development at Robswall in Malahide, Co Dublin
Knight Frank is seeking €7.5m for this development at Robswall in Malahide, Co Dublin
Peter Flanagan

Peter Flanagan

Knight Frank has been retained as agents for 27 high end apartments at the Robswall development in Malahide in Dublin.

The property is on the market with a guide price of €7.5m.

At that price, the buyer would see a net initial yield of 6pc.

The properties, which are largely located in the Lighthouse, Spinnaker, Anchorage and Walk blocks, comprise a combination of large one, two and three bed penthouse units ranging in size from 56 - 122 sq meters. The apartments are fitted out to a very high standard with standard finishes including McNally kitchens, tiled bathrooms and timber flooring. The apartments in the Walk are own door ground and first floor units.

The majority of the properties are let on standard residential tenancies, producing a current rent of just under €400,000 per annum. The rents, which range from €1,000 - €1,800, per month offer considerable scope for growth. With rental growth now at over 9.20% in the north city and very strong tenant demand in this location the market rent when fully let will be in excess of €460,000 per annum.

At the guide price, the overall cost is €325 per sq ft, with the individual apartment priced at between €190,000 and €370,000. As the portfolio includes nine three bed penthouse units the investment value reflects a very significant discount on the levels achieved for individual apartment sales.

Robswall, which is located approximately 16 km from the city centre, is one of the most attractive residential schemes in the north suburbs. The development includes 363 completed houses and apartments on a 40-acre site with features including a gently curving Georgian-style terrace of substantial houses and an adjoining mature 90-acre public park.

Knight Frank's Adrian Trueick noted that with a combination of secure income and strong rental growth, the apartments "will be attractive to both institutional and private investors as the initial return offers a significant premium on standard annuity or deposit rates".

"The investment will also be attractive to buyers looking to sell on the apartments to individual owner occupiers given the discount for bulk," he added.

Last year the London-based Development Securities forked out some €30m for 85 properties and development land at Robswall. The site was originally developed by Gerry Gannon, who had planned to build as many as 1,300 homes on the site before the property crash.

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