Fully-let Dublin 7 rental investment guiding at €1.4m
Phibsborough property offers gross yield of 8.8% and potential for further development
327 North Circular Road is producing a current annual rental income of €114,540.
Agent Hooke & MacDonald is guiding a price of €1.4 million for an investment property comprising seven self-contained residential units in a fully-renovated and modernised building in Phibsborough village in Dublin 7.
Number 327 North Circular Road is well-located opposite St Peter’s Catholic Church close to the junction of North Circular Road and Phibsborough Road, known locally as Doyle’s Corner.
The subject property sits just 250 metres from Phibsborough Luas station, providing a direct and frequent connection to Trinity College Dublin and St Stephen’s Green.
Phibsborough Shopping Centre and the Mater Hospital are located just 300 metres and 500 metres away respectively, while the new Technological University Dublin (formerly DIT) campus at Grangegorman is an 850-metre walk from the property.
The portfolio consists of six studio units and a one-bedroom apartment and is producing a current rental income of €114,540 per annum, averaging €1,300 per month per unit. The apartments are all occupied on standard residential tenancies. The property has off-street parking and a yard providing access.
A detached workshop/garage unit located to the rear of the property comes with its own separate access from the adjoining laneway which serves Dalymount Park.
The selling agent says this site offers “obvious development potential for a mews development subject to planning permission. A feasibility study prepared in advance of the sale suggests this portion of the subject property could accommodate four apartments.
The guide price of €1.4 million equates to a gross investment yield of 8.8 per cent, if attributing €100,000 to the potential mews site.