Commercial Property

Ires Reit completes purchase of Phoenix Park units for €60m

Deal takes State’s largest private residential landlord’s portfolio total to 3,834 units

Ires Reit has paid the developer Flynn & O’Flaherty Construction an average of €410,958 per unit

Thu Jan 28 2021 - 07:20

The State's largest private residential landlord, Ires Reit, has completed the acquisition of at the Phoenix Park Racecourse in Dublin 15 for €60 million.

Ires Reit has paid the developer Flynn & O’Flaherty Construction an average of €410,958 per unit.

The deal includes a mix of apartments, duplex units and houses, including 20 one-bed and 113 two-bed units. Most of the residential units were built between 2002 and 2007, with 26 constructed this year in a block overlooking the Phoenix Park.

At present some 137 of the residential units are rented, with nine units available for immediate rent. Based on current annualised passing rents on the 137 residential units and the lease-up of the remaining nine, Ires Reit said that deal is expected to generate an initial gross yield of 5.3 per cent.

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"We are very pleased to have completed the acquisition of this well managed property, in a much sought-after residential location beside the Phoenix Park. The scheme is ideally located close to a host of employment, amenity and transport routes as well as being a short commute to the city centre," said Ires reit chief executive Margaret Sweeney.

“This acqusition takes the Ires portfolio to a total of 3,834 units.

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