South Dublin residential rental investment guiding at €6.9m

Investors looking to take advantage of the demand for rental accommodation being generated by the ongoing growth of the Sandyford Business District will be interested in the sale of a newly-built apartment block comprising 18 units at Dún Gaoithe Hall.

The building, next to the entrance of Aiken’s Village and close to Stepaside and Sandyford, is due for completion in early 2022. It is being offered to the market by agent Kelly Walsh at a guide price of €6.9 million.

The 18 units, distributed over four storeys, will include four one-bedroom apartments and 14 two-bedroom apartments, together with 24 basement car parking spaces. The building will be self-contained and positioned to the front of Dún Gaoithe, a newly developed residential scheme of 35 detached and semi-detached three- and four-bedroom homes, all of which have been sold privately.

The selling agent estimates total market rent at about €444,000 per annum with an average monthly rent for the one-beds of €1,800-€2,050 for the two-beds with the benefit of car parking. Based on those estimates, the sale of the portfolio at the €6.9 million guide price would provide the purchaser with a gross yield of 6.15 per cent.

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Commenting on the sale, Jeremy Kelly of Kelly Walsh said: “This is an easily managed self-contained residential investment opportunity with premium quality accommodation in a proven rental location.”