Citywest apartments to make over €1.6m

One of the last remaining segments of the Citywest Hotel and convention centre in west Dublin goes on the market today when a buyer will be sought for a block of 32 apartments close to the entrance of the facility and the village of Saggart.

John Swarbrigg of Savills will not be quoting a guide price but, with the general run of out-of-town apartments still making at least €50,000 each, the complex is probably expected to fetch in excess of €1.6 million.

Savills is handling the sale of the decade-old complex on the instructions of William O'Riordan who was appointed receiver by AIB.

Meanwhile, the London-based businessman who bought the 789-bedroom hotel along with the vast convention centre and one of two golf courses on site for €29 million is due to complete legal contracts later this month.

The Round Garden apartments, another distressed property owned by the businessman Jim Mansfield, is currently producing a rent roll of €207,000 even though four of the units remain empty.

There are 30 two-bedroom apartments in the block and two three-bedroom units.

The two-beds range in size from 51 to 96.5sq m (550 to 1,039sq ft) and generally attract rents of €800 per month. The three-beds have a floor area of 109sq m (1,172sq ft) and bring in €1,000 to €1,100 per month.

There are car-parking spaces with each of the apartments at the front or rear of the crescent-shaped building.

Swarbrigg said that with new owners about to move into Citywest he believed the venue would again become a hive of activity. Citywest is about 18km from the city centre.

Another block of apartments at Citywest – possibly as many as 100 and known as the golf apartments –remain unused after being bought during the property boom by individuals investors availing of tax breaks.