Carysfort Castle buys 160 apartments in west Dublin for €36m
The price paid for St Edmund’s – in three blocks – works out at €225,000 per home
St Edmund’s: 56 apartments were built by Ray Grehan’s Glenkerrin Homes before the crash. The rest were completed in 2015 under receivers Michael McAteer and Paul McCann of Grant Thornton
Carysfort Castle, an Irish property investment company headed by Michael Looney, has outbid several overseas companies to buy an investment portfolio of 160 apartments near Liffey Valley Shopping Centre in west Dublin.
Carysfort was top bidder, at over €36 million, for the St Edmund’s homes – well above the €32.5 million guide price – and 167 parking spaces. The transaction works out at €225,000 per apartment.
Lisney and Hooke & McDonald were the joint selling agents for the homes which produce a rent of around €2,435,000, giving the new owner a gross initial yield of 6.75 per cent.
The apartments are in three separate blocks at St Edmund’s. A total of 56 of them were completed by Ray Grehan’s Glenkerrin Homes before the crash. The balance of 104 homes are in a third block which was completed early in 2015 under joint receivers Michael McAteer and Paul McCann of Grant Thornton. They spent €1.2 million on finishing off the homes. All the apartments have balconies or terraces and share open spaces and courtyards.