Ires Reit takes delivery of Merrion Road apartments for €41.7m

The State’s largest private landlord has taken delivery of 69 apartments at the Tara View scheme in Merrion Road, Dublin 4, for €47.1 million.

On Monday, Ires Reit announced that it has completed the purchase of the residential units delivered by a subsidiary of Dalata Hotels Group as part of its redevelopment of the old Tara Towers Hotel site. The site is also home to Dalata’s new four-star Maldron Hotel, which opened this month.

First announced in 2018, Ires Reit said on Monday that the deal for Tara View — which includes 69 apartments, townhouses and car park spaces — closed at the original price settled upon when the forward purchase agreement was signed four years ago. It is expected to generate a gross yield on cost of 5.6 per cent.

The scheme is adjacent to the Elm Park development, also on Merrion Road, where Ires Reit owns 194 apartments, which it bought from US investor Starwood Capital Group and Irish developer Chartered Land for €59 million in 2016.

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‘Excellent location’

Margaret Sweeney, chief executive of Ires Reit, said the company is delighted to take delivery of the development, “an excellent addition” to the publicly listed company’s portfolio of 4,067 residential units.

“The property is in an excellent location close to a host of employment, amenity and transport routes with a short commute to Dublin city centre,” she said.

Ires Reit said last week that its revenues grew almost 7 per cent to €42.1 million over the first half of the year, with net rental income more than 4 per cent higher at €32.6 million. Occupancy levels were at 99.3 per cent, up from 98.6 per cent in the prior period.

But an increase in non-recurring costs meant profit declined to €22.9 million, from €27.4 million a year earlier.