128 new apartments in north Dublin for €32m

Two blocks of newly built apartments at Hampton Wood Square in Dublin's northside suburb of Finglas are expected to appeal mainly to overseas investment groups when they go for sale from today.

Joint agents CBRE and Dillon Marshal Property Consultants are guiding €32 million for the standalone development of 128 one- and two-bedroom apartments, which when fully let are expected to show a gross yield of 7.25 per cent.

Current developer Dwyer Nolan, which has been building homes in Dublin since 1971, recently sold 138 newly completed apartments in Leopardstown to two London investment groups for €51 million.

The developer's latest apartment scheme is located on the Hampton Wood estate, which is within walking distance of the Ikea showrooms between junctions 4 and 5 of the M50. In recent years more than 1,000 houses and apartments have been developed on the site, which is within easy commuting distance of Dublin City University and Dublin Airport.

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Dwyer Nolan has furnished only 24 of the newly built apartments; the remainder have fitted floors and white goods in place. All the homes have energy efficient air-to-water heating systems with a building energy rating of A2 to A3.

The new homes come in two four- to six-storey blocks, with an extensive car park at basement level. A further 11 parking spaces are at surface level to ensure that all apartments have their own space.

Tim McMahon of CBRE advises that the 46 one-bedroom apartments can rent from €1,350 per month and two- beds can fetch €1,700. He estimates that the annual “projected gross income” will be around €2,435,000 when fully let.