An attractive net initial yield of 7.1 per cent is on offer for the prospective purchaser of a fully-let pre-63 residential investment in the ever-popular rental location of Rathmines, Dublin 6.
Situated just off Leinster Road and within a short walk of Rathmines village, number 15 Leinster Square is being offered to the market by joint agents Cushman & Wakefield and Martin Property at a guide price of €1.95 million (exclusive of VAT).
The property comprises a three-storey over-basement terraced property with a two-storey over-basement return to the rear. The entire currently consists of 10 self-contained residential units. There are three studio units on the ground floor, two studios and a one-bedroom apartment on the first floor, and one studio and a one-bedroom apartment on the second floor.
The basement level underwent a full refurbishment in 2017 and now comprises two one-bedroom apartments. A number of the other units have also been refurbished recently with new floors, kitchens and bathrooms.
The building is fully occupied and producing an overall rental income of €144,720 per annum with what the selling agents describe as “limited management costs”.
Rathmines village meanwhile has long proven to be one of the capital’s most sought-after residential locations. Quite apart from its close proximity to Dublin city centre, the area itself has a strong commercial core with high-profile occupiers including Aldi, Lidl, and Tesco and the revamped Swan Shopping Centre along with the hugely-popular Stella Cinema and Stella Diner, which is owned and operated by Paddy McKillen’s Press Up Hospitality Group.
Peter Love of Cushman & Wakefield says: “This sale presents an opportunity to acquire a fully-occupied pre-63 investment which should suit both private investors along with parties seeking to add to their current portfolio. The majority of the units have the benefit of recent refurbishment and the property has performed well throughout the past year notwithstanding the impact of the Covid-19 pandemic. Indeed, one unit within the building has only recently been relet to maintain the property’s 100 per cent occupancy.”