€2.75m for apartment block in D6

ANOTHER BLOCK of apartments in Dublin’s south inner city is to be offered for sale in a single lot. Michele McGarry of Colliers International is seeking €2.75 million for all 18 apartments in Sycamore Court at 75 Rathgar Road, Dublin 6, which are to be sold on the instructions of receiver Eoin Ryan of BDO who is acting for the EBS.

If the asking price is achieved, the purchaser can bank on a rent roll of €215,000 per annum and a yield of 7.7 per cent.

The five-storey block dates from the 1980s but was substantially upgraded in 2001 and fitted with a lift.

Sixteen of the apartments are larger than usual two-bedroom units while the top floor is shared by two penthouses.

There is gas central heating throughout and 23 car-parking spaces to the front and rear of the building.

Only one of the 18 apartments is currently vacant and this unit will remain unoccupied for viewing purposes during the sales campaign.

The rents vary from €900 to €1,400 per month. The selling price works out at less than €153,000 per apartment.

Sycamore Court is easily managed, according to the selling agent, and has traditionally attracted full occupancy, helped by its convenient location midway between Rathmines and Rathgar.

It is within easy walking distance of a huge range of shops and restaurants and is served by direct bus service into the city.

Ms McGarry describes the sale of Sycamore Court as a “rare opportunity to acquire a modern uninterrupted residential investment”.

In recent months, according to Ms McGarry, residential blocks had been in demand with investors given the relatively low risk to the income stream as compared to offices and retail investments, especially in prime southside areas such as Rathgar.