Sunday 22 September 2019

Multi-family in Dublin 11 can be had for near €1.5m

DTZ Sherry Fitzgerald is quoting €1.5m for the apartments at Meakstown in Dublin 11.
DTZ Sherry Fitzgerald is quoting €1.5m for the apartments at Meakstown in Dublin 11.

Peter Flanagan

DTZ Sherry FitzGerald is seeking €1.5m for 11 apartment units located at Creston in Meakstown, Dublin 11.

The property is made up of a mixture of four one bedroom units, four two bedroom units, one two bedroom plus study unit and two three bedroom duplex units.

DTZ say all units are fully furnished. Seven of them are occupied under standard residential tenancy agreements with four units currently vacant offering "immediate potential to increase the annual rent roll".

"The investment opportunity is currently producing approx. €80,700 per annum. In total, the 11 units offer an estimated rental value of approx. €154,200 per annum assuming full occupancy," DTZ say.

"The sale offers an excellent investment opportunity for a purchaser to acquire an attractive lot size in one of Dublin's largest suburbs. The property is situated approx. 9 km from Dublin City Centre and is immediately adjacent to numerous transport links & amenities such as the M50 motorway, numerous bus routes and Charlestown Shopping Centre.," the agents said.

According to the latest PRTB/ESRI Quarterly Rental Index, apartment rents in Dublin have risen on average by 9.4pc. Demand within the rental market is very strong at present with one beds in the area currently achieving approximately €1,000 per month, two beds about €1,200 per month and three beds approx. €1,400 per month.

DTZ Sherry FitzGerald expects considerable interest in the sale and Ross Harris, Head of Residential Investments, commented "this is an excellent opportunity to acquire an attractive lot size within one of Dublin's largest suburbs".

"A sale at €1.5m will provide a return of approximately 9.8pc once fully let at current market rates"

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