The prospect of a gross yield of 8 per cent and a reversionary yield of up to 12.66 per cent is expected to see strong interest from investors in the sale of a purpose-built student accommodation scheme in Drumcondra, Dublin 9.
Located at 52/54 Botanic Avenue, ‘Woodville’ extends to 420sq m (4,523sq ft) and is laid out as four two-bedroom apartments, one three-bedroom apartment and a separate two-bedroom house arranged around a secure central courtyard.
The investment, which is being offered for sale by QRE Real Estate Advisers at a guide price of €1.5 million, comprises a total of 28 bed spaces and is situated within a five-minute walk of Dublin City University’s (DCU) facility at the former St Patrick’s teacher training college in Drumcondra.
The average student apartment extends to 70sq m (762sq ft), and comprises an entrance hall, living room, kitchen, bathroom, two bedrooms and en suite bathroom. The property is furnished, and all the contents are included in the sale.
The scheme is being offered for sale with vacant possession of one apartment and the house (10 bed spaces). The annualised current gross rent equates to €120,000 and the agent estimates that gross rental income is about €190,000 when fully let for the year.
Based on the quoted price of €1.5 million, the prospective purchaser can expect to secure a gross yield of about 8 per cent and a reversionary gross yield in excess of 12.66 per cent.
Woodville’s location on Botanic Avenue makes it convenient to a range of amenities including restaurants, schools, colleges, Griffith Park and the Botanic Gardens. Drumcondra is well served by Dublin Bus and is within walking distance of Drumcondra rail station, and convenient to both the M50 and M1 motorways and Dublin Airport.