Blanchardstown apartment portfolio at €7m offers purchaser 6.2% gross yield

Agent Hooke & MacDonald is guiding a price of €7 million for a portfolio of 30 apartments at the Grove Court scheme immediately adjacent to the Blanchardstown Centre in Dublin 15.

The price equates to an average of €233,000 per apartment and a gross yield of 6.2 per cent for the prospective purchaser of the investment, which is being sold on behalf of statutory receivers, Duff & Phelps.

The Grove Court portfolio comprises four one-bedroom apartments, 20 two-bedroom apartments and six three-bedroom apartments. All units are finished to a good standard, and each has a good-sized balcony and one designated car-parking space.

Rental income

Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum. Rents for the one-bedroom units are averaging approximately €925, €1,181 for the two-bedroom apartments and €1,367 for the three-bedroom apartments. The portfolio’s overall rental income has the potential to increase to about €434,000 once the 12 vacant units are re-let.

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Built in 2007, Grove Court is a mixed-use scheme comprising a total of 79 apartments, the Blanchardstown primary care centre, and a multi-storey car park and offices which are home to Fingal County Council Civic Offices.

The development is well-located next to Blanchardstown Centre which is one of Ireland’s largest shopping centres, with 120,774sq m (1.3 million sq ft) of retail space accommodating 180 retail units.