Investors sought for city apartments
OVERSEAS BUYERS are having a straight run at the more expensive commercial property investments offered for sale in recent months. The sharks seem to be even more gratified where the properties are in Nama, as that frequently means that they can borrow 70 per cent of the funding from the State agency at a small premium.
Unlike Nama, Dublin agents Finnegan Menton will not be making funding available this weekend when they seek buyers for what looks like five relatively safe apartment investments in Dublin city centre and Dundrum.
The apartment portfolio is priced at €1,045,000 and with rental income running at €72,300, investors can expect an initial return of 6.9 per cent.
The highest valued apartment (€240,000) is a three-bedroom unit with two car parking spaces at Smithfield Market in Dublin 7, which is rented at €1,100 per month. There is a two-bed along with a single parking slot in the same development for €175,000. The rent in this case is €1,400 per month.
Another three-bed, at the Northumberlands on Upper Mount Street, is priced at €225,000 and rented at €1,275. Marginally cheaper, at €220,000, is an out-of-town two-bed at Rockfield in Dundrum, which is let at €1,050.
Back in town, a two-bedroom at College Gate on Townsend Street – popular with Trinity students – has a guide price of €185,000. It is rented at €1,200 per month.