Dublin 4 residential rental portfolio at €24m offers buyer 4.83% yield

Having paid sums ranging from €330,000 to €724,167 in 2020 to secure ownership of the 43 residential units at Woodbine House in Dublin 4, the owner, a private Irish investor, has instructed agent Cushman & Wakefield to offer them for sale.

The portfolio, which is being sold with the benefit of full vacant possession, is being brought to the market at a guide price of €24 million, offering the prospective purchaser an estimated net initial yield of 4.83 per cent.

Should Woodbine House be disposed of at that level, the current owner would stand to secure an approximate 8.6 per cent uplift on their original €21 million outlay, once standard residential investment purchaser’s costs of 4.46 per cent are factored in.

Woodbine House is located just off the Stillorgan Road, and sits immediately across the N11 from UCD’s main campus at Belfield, some 3.5km south of Dublin city centre. Given its location in one of the capital’s most sought-after residential areas, the selling agent expects the property to benefit from strong rental demand.

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Built in 2002, Woodbine House has 43 residential units comprising 35 apartments (two one-beds, 31 two-beds and two three-beds) distributed across five floors, with terraced garden areas and eight terraced townhouses (two two-beds and six three-beds). There is a shared basement car park with 57 spaces.

The surrounding area is well served by a wide variety of amenities, including Elm Park Golf and Sports Club, Energia Park in nearby Donnybrook village, Herbert Park and the RDS in Ballsbridge, and the Aviva Stadium. Sandymount Strand is only a short distance away.

Meta’s (Facebook) new European headquarters is located about 3km north of Woodbine House with a drive time of eight minutes, while RTÉ’s Montrose studios (1.2km) and St Vincent’s University Hospital (1.8km) are within a three-minute and six-minute drive respectively.

Christine McGowan, who is handling the sale on behalf of Cushman & Wakefield, says: “There is limited standing stock available to acquire in this market. Woodbine House is a fantastic opportunity located in one of Dublin’s most desirable residential areas, offering investors immediate reversionary potential through asset-management initiatives.”