Portfolio with solid income

With Irish buyers once again bidding on Dublin property investments priced up to €5 million, Turley Property Advisors is today launching a portfolio of six properties producing rental income of €599,000 with potential to increase it to €640,000.

The asking price of €5.6 million would give a buyer an initial return of 10.24 per cent which should rise to 10.94 per cent. The investments will either be sold as a single portfolio or in six lots. The overall income is expected to rise to €640,000 when all the properties are occupied.

The highest value property, a four-storey retail and residential building at 23/25 Lower Rathmines Road, is €1.9 million and produces €183,300 per year. In addition to a Spar supermarket on the ground floor there are nine apartments overhead. Spar pays rent of €78,624, the apartments are producing €91,200 and there is €13,500 from a poster on the gable end of the building. Another mixed use modern building at 294 Harold’s Cross currently producing €127,360 has a price tag of €1,250,000. The four-storey building dating from 2008 has 185.8sq m (2,000sq ft) of retail space on the ground floor and six apartments overhead. There is also an annual income of €14,000 from phone masts on the roof.

A price of €1.2 million is being sought for a semi-detached mixed use building at 13/13a South Circular Road. It has a Spar shop and two overhead apartments with a rent roll €125,600. Here again there is a fee of €30,000 from Vodafone and Meteor for allowing masts on the roof.

Turley has set an asking price of €900,000 for a two-storey over basement house with nine residential units at 97 Upper Rathmines Road, Dublin 6. The rent roll is €89,400.

The only vacant property in the sale is an 1,022sq m |(11,000sq ft) warehouse at 13 and 13a Goldenbridge Industrial Estate in Inchicore which is priced at €300,000.

The sixth investment is a retail and residential block at 8 and 9 |Main Street, Gorey, Co Wexford, which has a guide price of €320,000. It is producing a rent roll of €45,552 from a Bookstation shop, five beds and one flat.