Danninger Smithfield apartment scheme for €9.5m

One of the last multi-family apartment schemes completed by Liam Carroll’s Danninger Developments before the property crash is to be offered for sale in a single lot.

Agents Hooke & McDonald are guiding €9.5 million for 44 apartments and six townhouses at Smithfield in Dublin 7 which will show a gross yield of 9.35 per cent. The guide price equates to €180,000 per apartment and €250,000 for townhouses.

The sale also includes 33 car parking spaces at basement level opening on to Bow Street but does not cover the entire development which has 63 residential units in all, along with commercial accommodation on the ground floor.

One of the main selling points for the Smithfield Lofts development is its close proximity to the new DIT Grangegorman campus which by September next will have the first 10,000 students in place. In the meantime, the Smithfield scheme is located only 450 metres from Bolton Street College of Technology and even less from the Four Courts from where the Luas red line runs to the IFSC and Connolly railway station.

The apartments and townhouses are located in an L-shaped block around a central courtyard and have lift services to all floors. The statutory receiver, David Carson of Deloitte, has overseen extensive remedial and upgrading works within the common areas. The 16 one-bedroom apartments range in size from 41-59sq m (441-635sq ft); 28 two-bed units have floor areas of 54 -75sq m (581-807sq ft) while the six two-bedroom townhouses extend from 65-82sq m (700-882sq ft).

All the residential accommodation is fully rented with the exception of one apartment which is available for viewing purposes. The 49 rented units are producing a gross rental income of €618,540, equating to €1,052 per home each month.

Hooke & McDonald estimates that with market rents now considerably stronger in the city centre the estimated rental value for Smithfield Lofts is €888,600 per annum. This would equate to an average of €1,550 per month for two-bedroom apartments and €1,300 for one-bedroom units.

Sale Traders

Agents Hooke & McDonald have specialised in the sale of apartments over the past 30 years and have also handled the disposal of most of the Dublin-based multi-family schemes sold since the property crash on the instructions of receivers or banks. It has agreed sale terms for 15 apartments at 31-35 Gardiner Street which had a guide price of €2.7million; 16 apartments at Cork Street with a guide of €2.9 million; 20 apartments at Ice Rink, Dolphin’s Barn with a guide of €2.5 m illion and 47 apartments at Maltings, Watling Street which had a guide of €7million. It has also sold 18 apartments in

Belmont

Court,

Middle

Gardiner Street, which had a guide of €3 million and 28 apartments at Ivy Hall,

Dunshaughlin

, with a guide of €2.1 million. Two further schemes are currently on the market: 160 apartments at St Edmund’s, St Loman’s Road, with a guide price of €32.5 million; and 28 apartments at Castleforbes Square on Castleforbes Road with an estimated sale price of €7.5 million.