Clontarf apartment portfolio at €2.9m offers 5.21% return

Block with 10 apartments has potential yield of 6.7% subject to letting of two units

The 10 apartments within the portfolio are distributed across several blocks in the Seapark scheme.

The 10 apartments within the portfolio are distributed across several blocks in the Seapark scheme.

 

The prospect of a 5.21 per cent initial yield and potential reversionary yield in the region of 6.7 per cent should see strong interest in the sale of 10 apartments in Clontarf, Dublin 3.

Located within the Seapark development on Mount Prospect Avenue, the portfolio comprises 10 two-bed units and is being offered to the market in a single lot by agent Lisney at a guide price of €2.9 million. The price equates to an average of €290,000 for each apartment.

The current gross income for the entire is €157,800 per annum with two units held vacant for viewings. This opportunity offers immediate reversionary potential of €203,064 per annum through letting the two vacant units.

Seven of the apartments have undergone extensive refurbishment and upgrade with each extending to approximately 61.75sq m (665sq ft).

Seapark is an established and well-located residential scheme. The development benefits from excellent transport links and is situated 1.6km from Killester Dart station. There is a stop for Dublin Bus route 130 at the entrance to the scheme.

Thomas Byrne of Lisney’s investment division says he expects the sale to attract considerable interest from a number of investors due to its attractive returns and immediate reversionary potential.