Monday 16 September 2019

Shannon apartments generate more than €2.5m in two deals

Sale agreed: The exterior of the Shannon housing development, Co Clare
Sale agreed: The exterior of the Shannon housing development, Co Clare
Donal Buckley

Donal Buckley

More than €2.5m is being generated from the sale of 47 apartments at a Shannon housing development. BidX1 has gone sale agreed with 44 units after auction for €2.3m, which equates to more than €52,270 per unit.

Located in Brú na Sionna, Shannon Town, Co Clare, this tranche comprises 26 two-bedroom units, 17 three-bedroom units and a four-bedroom apartment. When offered for auction 43 of the units generated €357,000 in annual rent suggesting a gross initial yield of 15.52pc.

Last month a further three units at 31, 100 and 101 Brú na Sionna, sold at an REA online auction for a combined €211,000 or an average of €70,333. They consist of one two-bedroom and two three-bedroom 90 sqm units.

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