Malahide residential investment going for €6.5m

A multi-family residential investment in the prosperous seaside suburb of Malahide in north Dublin will be of interest to both institutional and private investors when it goes on the market today through QRE Real Estate Advisers.

Conor Whelan of that agency is guiding €6.5 million for the 26 apartments and penthouses and a single duplex house in the popular Robswall development. The homes will be sold in one or two lots at an average yield of 6.55 per cent when all the units are let.

The investment is being sold on behalf of UK property group U+I (previously known as Development Securities) which bought it as part of a portfolio of 85 homes and nine acres of development land from the developer Gerry Gannon in July 2014 for a reported €36 million.

Like U+I many other companies which bought distressed properties in recent years will be expecting to show a profit when they put them back on the market in the coming months.

Knight Frank is also selling 27 apartments in the Robswall development for U+I. The new units coming on the market through QRE are located in four different blocks, the Light House, Spinnaker, Anchorage and Walk.

The portfolio includes nine three-bedroom penthouses ranging in size from 93 to 123sq m (1,001 to 1,331sq ft); 13 two-bedroom apartments with floor areas from 66.8 to 93sq m (720 to 1,000sq ft); four one-bedroom apartments with 55sq m (600sq ft) and a two-bedroom duplex house with 79sq m (850sq ft).

All the homes are fitted out to a high standard and include timber flooring and natural gas central heating.

All but five of the homes are rented and producing €330,000 per annum. Whelan estimates that the up to date rental value of the 27 homes is of the order of €490,000 per annum.

One-bed apartments are renting at an average of €1,250 per month; two-beds at €1,400; three-bed penthouses at €1,800; and the two-bed duplex unit at €1,550.