Wednesday 22 November 2017

Portfolio of 25 luxury apartments guides for €7.7m in south Dublin

There are 18 penthouses and seven two-bed apartments spread across the Rockfield and Riversdale development
There are 18 penthouses and seven two-bed apartments spread across the Rockfield and Riversdale development
Ronald Quinlan

Ronald Quinlan

Agents Finnegan Menton are guiding a price of €7.7m for a multi-family unit investment portfolio of 25 apartments in Rockfield & Riversdale, Dundrum, Dublin 16.

The sale, which is being conducted on the instruction of Gannon Homes, includes 18 penthouses and seven two-bed apartments spread out over a number of blocks within the Rockfield and Riversdale development adjacent to the hugely-successful Dundrum Town shopping centre.

Built by Gannon Homes between 2001 and 2004, the apartments also immediately adjoin the Balally Luas stop and the VHI Swiftcare Clinic.

All of the penthouses and apartments are fully fitted and furnished and have balconies or terraces. The penthouses have barrel-vaulted ceilings and commanding views. Twenty-two of the 25 units are currently let (three show units vacant), generating a rent of €460,032 per annum, increasing to approximately €535,600 once the three show units are re-let. The apartments are in high demand, due to their excellent location and the strength of demand in the city's market, and in this area of south Dublin particularly.

The penthouses (with two bedrooms and study) are currently rented at €1,825 to €2,100 per month while rents for the two-bed apartments range from €1,050 to €1,500 per month.

Open market rents for the penthouse apartments are in the region of €2,250 per month and €1,750 per month for the two-bed apartments allowing scope for significant increase in rental income subject to new rent pressure zone rules.

The average rent across the development is €1,667 per month. Based on the guide price of €7.7m, the penthouses carry an average price per unit of €330,000 while the two-bedroom apartments carry an average price of €250,000 each.

At current rental levels, the investment generates a gross yield of 6.7pc (net of acquisition costs).

  • Finnegan Menton may be contacted on (01) 614 7900.

Sunday Independent

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