Wallace hopes to raise €3.75m from sale of city mixed use block
WEXFORD TD and property developer Mick Wallace is hoping to raise €3.75m from the sale of an apartment block with three commercial units in Dublin city centre.
Completed in 2009 after the market had begun its tailspin, the development might have been worth around €10m if the units had been sold during the market peak.
Known as Sartini Court, Upper Dominick Street, Dublin 1, the block includes 27 apartments which are fully let and currently generating an annual rent of €348,000.
Last year ACCBank appointed Declan Taite of FGS as a receiver to a number of assets owned by Mr Wallace's family company, M&J Wallace Ltd. However these do not include the Sartini Court mixed use city cenre block and M &J Wallace is selling it voluntarily in co-operation with other banks.
Sartini's three commercial units range in size from 52sqm up to 220sqm and are currently vacant.
The 27 flats include two one-beds of 59-60sqm; four two-beds 65-67sqm and 21 two-beds of 78-85sqm.
On a monthly basis the one-bedroom flats achieve rents of around €1,000 per month and two-bedroom units €1,200.
Rising to six storeys it also has a basement car park with 20 car parking spaces in a secure basement accessed off Mountjoy Street. On the basis of the asking price the residential rent roll alone would generate a gross yield of 9pc.
The agents HT Meagher O'Reilly have had enquiries about locating a creche in the largest unit and believe that another unit would be suitable for letting as offices.
Andrew Long of HTMOR says that the whole block has potential to generate gross income of €388,000 once the commercial space is let.
He adds that residential rental demand is so strong that there is a waiting list of people wishing to rent there as soon as a flat becomes vacant.
This is partly due to the high quality of the fit out as well as its proximity to a number of major employers such as the Mater Hospital and it's within walking distance of O'Connell and Parnell Streets.
Mr Wallace included private balconies and a full Italian stone flooring and a large shared roof terrace providing views of the city's famous landmark buildings.
Its energy efficiency is reflected in a very high BER ratings and an air recycling system.
Mr Wallace underook a number of developments in Dublin and his best known one is the Italian Quarter, facing the Millennium Bridge on Dublin's north city quays near Temple Bar.