Dublin city centre apartment portfolio for sale at €4.6m
20 units at Ice Rink scheme in Dolphin’s Barn have potential for rental income growth
The exterior of the Ice Rink apartment scheme in Dolphin’s Barn, Dublin 8
Agent Hooke & MacDonald is guiding a price of €4.6 million for a portfolio of 20 apartments in Dublin city centre.
Located at the Ice Rink development in Dolphin’s Barn, Dublin 8, the apartments comprise seven one-bedroom units 44-56sq m (473-602sq ft), 12 two-bedroom units, and one three-bedroom unit 94sq m (1,011sq ft). The apartments are finished to a good standard, each with a good-sized balcony and one designated car-parking space at basement level.
Fourteen of the apartments are let and are producing a current gross rental income of €188,772 per annum, averaging €898 per month for the one-bedroom apartments, €1,167 for the two-bedroom apartments and €1,632 for the three-bedroom unit.
The development’s proximity to the city centre makes it a strong letting location with significant potential for income growth. Hooke & MacDonald estimates the current rental value for the 20 apartments to be in the region of €417,600 per annum.
The subject portfolio’s guide price of €4.6 million equates to an average cost of €230,000 per apartment and a gross yield of 6.4 per cent based on the current rent assuming the six vacant units are let. The apartments are being sold on the instruction of Ken Fennell, statutory receiver in Deloitte on behalf of Nama.
Designed by BDP Architects and built in 2006, the Ice Rink scheme is a six-storey building which incorporates a total of 41 apartments. The development occupies a prominent position just off the South Circular Road, adjacent to the Coombe Maternity Hospital and within close proximity to St James’s Hospital and the Luas red line.
There is currently exceptionally-strong demand from both Irish and international investors for multi-unit residential investments located in or near to Dublin city centre.
In 2018, Hooke & MacDonald secured about €3.45 million from the sale of 16 apartments at the Earls Court development in Dolphin’s Barn to Alone, a charity which provides housing to the elderly.