Saturday 25 November 2017

South Dublin apartment blocks on the market with an €8.5m list price

The Abbey Glen apartments are on the market for €8.5m
The Abbey Glen apartments are on the market for €8.5m
Peter Flanagan

Peter Flanagan

Knight Frank is seeking €8.5m for the Abbey Glen apartments in south Dublin.

The development fronts onto Johnstown Avenue with car access via Pottery Road. The development is close to the junction with the N11 and is 400 meters from the village.

Knight Frank say Abbey Glen is a modern apartment development comprising 44 residential units in two apartment blocks with 55 secure underground car parking spaces.

The apartments comprise a mix of one, two and three bedroom apartments and two bedroom duplex penthouses. There are 13 one bedroom units, 22 two bedroom units, 5 three bedroom apartments and 4 two bedroom duplex penthouses in the scheme.

The North Block consists of twenty apartments while the South block houses the remaining twenty four units. The property is render finished with charcoal grey aluminium windows, and balconies overlooking the attractive communal gardens to the rear or Johnstown Road to the front.

The buildings have been designed to "enjoy maximum benefits from solar gain and many of the units are orientated south and west overlooking the landscaped gardens".

"The apartments, which were completed in 2008, are spacious, finished to a high specification and range in size from 55 sq m to 134 sq m with additional balcony and terrace areas," said the firm.

The two bed duplex units are particularly large. Of the forty four units, seven apartments including penthouses with excellent views are incomplete requiring works to bring them to a rentable standard, with the remaining thirty seven complete and virtually fully occupied.

The development is currently producing a gross rent of €441,420 per annum. One bed apartment rents range from €875 to €1,050 per month, two bed apartment rents range from €930 to €1,300 per month with three bed apartment rents ranging from €1,450 to €1,700 per month.

An estimated open market rent for all units fully complete would be in the region of €656,000 per annum.

"The sale presents an attractive opportunity for investors to acquire 100pc ownership of the scheme with an asset management prospect to complete the fitout works for the remaining seven apartments and increase rents to market level to enhance return," the firm said.

"The opportunity should attract significant interest from both domestic and international investors, as the market is experiencing a short supply of prime South Dublin multi-family investments offering full ownership combined with good rental growth potential. At the guide price, this reflects a gross yield of 7.38pc and average breakup value of less than €200k,000 per unit," it added.

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