Friday 20 July 2018

Entire block of ten apartments for the price of one house in Dublin

 

The kitchen/dining space in the apartments
The kitchen/dining space in the apartments
Mark Keenan

Mark Keenan

What is it? Completed at Castle Street in Roscommon Town just as the Celtic Tiger died in 2007, this block of 10 apartments is 200 metres from the town centre. 

Tell me more about the place...  

There are eight two-bedroomed apartments and two three-bed units in this receiver sale. 

The good news? 

The kitchen/dining space in the apartments
The kitchen/dining space in the apartments

Unbelievably, you can pick up this entire block for the price of a single three-bedroom semi in parts of Dublin. At two and three bedrooms in size, they are quite substantial and centrally located. With current demand this block is likely to rent in the order of €75k per annum, offering a pretty good yield. Commuting distance to Athlone and Galway. 

And the bad news?  

Like so many regional market towns, Roscommon Town got whacked for six by the recession and the recovery has been painfully slow in coming. These will require fixing up, redecoration and the reinstallation/replacement of some features taken during vacancy. 

How much to buy it?  

The asking price is €450,000. 

And to fix it up?  

Estimated at €80,000 to €100,000 for the block. 

What will I end up with?  

What would appear to be a solid investment. Or you could sell your semi in Dublin, Galway or Cork City, do it up, live in the penthouse and live off the rent of the other apartments. 

Who do I talk to?  

P Bourke at (0906) 627200

Indo Property

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