€4.5m for 52 homes

Part of the six-year-old apartment development at Marrsfield, Clongriffin, on the northern fringe of Dublin city, is to be offered for sale as an investment through Knight Frank. Receiver Grant Thornton is overseeing the sale.

The agent is seeking offers in excess of €4.5 million for 52 two and three-bed apartments which are producing a rent roll of €540,000 per annum. The deal will give new owners a gross return of 12 per cent.

The apartments are part of a larger development of 140 units built during the boom in 2006 and 2007 by Pearse Construction, which is in receivership. The 52 homes for sale have been fitted out and furnished to a high standard and come with underground car parking. The units have floor areas of 75-99sq m (807-1,066sq ft).

The asking price equates to an average valuation of €86,500 per unit – a long way from the 2007 launch prices of €225,000 for one-beds; €275,000 for two-beds and €300,000 for three-beds. Even last year, a number of apartments in the scheme changed hands at €160,000 each. Two-bed units are attracting rents of €800 per month while three-beds are making from €900 to €1,000.

Clongriffin's appeal as a residential area stems from the high quality of the residential, commercial and leisure facilities in the area as well as a Dart station and a regular bus service to the city centre. Work is to start this year on an Islamic Cultural Centre beside a park in Clongriffin.