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REAL ESTATE

MORE than 80 luxury apartments and six commercial units are on the market for €40m in Dublin's South Docklands.

The Marker Residences, which generates a gross rental income of approximately €2.5m per annum, are integrated with the five-star Marker Hotel on Grand Canal Square.

Savills is selling the development to investors on behalf of the Dublin-based real estate private equity firm Brehon Capital Partners and Midwest Holding.

"We bought this extraordinary development at a time when there was little appetite to invest in Irish residential property and we've brought it to life and woven it into the fabric of the Docklands community," said Kevin McGillycuddy, of Brehon Capital Partners.

"Three years on we are very optimistic that there will be a high level of demand from both domestic and international investors looking to acquire a uniquely located asset with an attractive rental yield, high quality tenants and significant growth potential."

The development comprises 84 two-bedroomed quality apartments, six fully occupied commercial units and car parking.

Brehon and Midwest acquired the residences and retail in 2011 as part of the mixed-use complex that includes the award winning Marker Hotel.

They said rental levels for the apartments range from €1,900 to €2,400 per month, producing a gross rental income of approximately €2.1m.

The commercial units produce €275,000 per annum.


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