Apartment blocks in Citywest and Finglas come on market
Round Garden scheme of 32 flats seeking €7.25m and 18-unit Fuel Yard for €4.25m
The Round Garden development in Citywest is for sale for €7.25 million
Shane Corby of Savills is guiding €7.25 million for 32 apartments in Citywest and €4.25 million for 18 units in Finglas. The two schemes are expected to show a net initial yield of about 5.6 per cent.
The Round Garden development has been trading alongside Citywest Hotel and Golf Club since 1999. The two-storey, stand-alone, crescent-shaped building has a mixture of 32 one-, two- and three-bedroom apartments, which produce an annual rent roll of about €560,000. One-bedroom apartments rent at about €1,400 per month, two-beds make €1,450 and three-beds can fetch up to €1,750.
The Fuel Yard in Finglas was built in 2005 alongside the main road running through the village centre. The five-storey block has 18 one-, two- and three-bedroom apartments producing an annual rent of €262,000. One-beds rent at about €1,100 per month, two-beds at €1,300 and three-beds at €1,350. Savills said the block includes two shell and core offices that could easily be converted into apartments.
According to Mr Corby, the current supply-demand imbalance has led to a strong performance in the multi-family sector. “Both schemes are high yielding and have a number of short-term value-added initiatives. So we expect good interest from a variety of investor types.”