Limerick student apartments at €2.4m
Cushman & Wakefield are guiding a price of €2.4m for 40 purpose-built, modern student apartments at Brookfield Hall Student Village in Castletroy, Co Limerick.
Block eight consists of 29 two-bedroom units, eight three-bedroom apartments and three four-bedroom apartments (totalling 94 bed spaces) and is producing a net income after all costs of €150,000 per annum.
The building has an occupancy rate of close to 100pc and is well maintained by the management company. The guide price of €2.4m reflects an initial yield of 6pc based on the net income after standard purchaser's costs.
Brookfield Hall Student Village is a purpose-built complex comprising eight blocks with a total of 234 student apartments.
Located at Groody Road in Castletroy, the scheme is a 10-minute walk from the University of Limerick campus.
Ciara McCarthy of Cushman & Wakefield expects significant investor interest in Block 8 due to the guaranteed income of €150,000 and the undersupply of purpose-built student accommodation in Limerick city.