Investors looking for a multi-family residential investment in south Dublin can be expected to take a close look at a top-class apartment development at Robin Hill on the Sandyford Road in Dundrum, Dublin 14, which goes for sale from today.
Joint agents Lisney and Hooke & MacDonald are guiding €14 million for 51 apartments which were developed nine years ago by Thomas McEvaddy on a site which cost him €12 million. They are now to be sold in one lot at the request of Grant Thornton who were appointed receivers by AIB. The crescent-shaped apartment building is conveniently located beside the Irish Management Institute and within easy walking distance of the Luas and Dundrum Town Centre.
The apartments are bright and spacious with an average floor area of 86sq m (932sq ft). Of the 51 units in the development, 47 have two bedrooms, another two have one bedroom each and a further two have three bedrooms. The purchaser will have to furnish 15 of the units before making them available for letting.
The selling agents say that the two one-bedroom apartments attract rents of €1,350 each; 41 of the two-bedroom units make €1,600 per month; another six two-bedroom penthouses rent at €1,750, while the three-bedroom homes bring in €2,050 per month.
The expected rent roll from the apartments when fully let will run close to €1 million – €994,800 to be precise.
The €14 million asking price equates to a valuation of around €200,000 for the one-bedroom apartments; €270,000 for the two-bedroom units; €305,000 for the two bedroom penthouses and €350,000 for the three-bedroom penthouses.