Modern block in Dublin 8, with rent roll of €345,000, on sale for €4m
Receiver to dispose of 25 one- and two-bed apartments with courtyard and roof terrace
The Hanbury Mews block of one- and two-bed apartments, built in 2008, at Hanbury Lane, Dublin 8
The almost weekly sale of multi-family investment portfolios continues in Dublin city centre this week with the planned disposal of 25 apartments located between Christchurch Cathedral and the Guinness brewery.
Lisney is quoting €4 million for the mix of one- and two-bedroom apartments in Hanbury Mews at Hanbury Lane, Dublin 8, which were developed in 2008 and are being sold on the instructions of statutory receiver David Carson of Deloitte.
Based on the asking price, the value of the 25 apartments will work out at €160,000 each. The current rent roll of €252,120 will give an initial yield of 6.3 per cent. Two of the apartments are currently vacant to facilitate viewing during the marketing campaign, but when these are let, the overall rent will be about €345,000, giving the new owner a gross yield of 8.63 per cent.
The L-shaped development has 10 two-bedroom apartments and 15 one-bedroom units. Ground-floor apartments include the use of an enclosed courtyard, while other residents have a large south-facing roof terrace area at second-floor level. One of the penthouse apartments has its own private terrace. The block is served by a lift.
The apartments range in size from 40 sq m (440 sq ft) to 82 sq m ( 882 sq ft), are fully furnished and have modern kitchens and bathrooms.
Duncan Lyster of Lisney says Hanbury Mews offers investors the opportunity to buy a complete block in the city centre with the potential for immediate rental growth. The letting market continues to perform well in the city, he says, with rents up by 9.8 per cent year on year, according to the latest study.
Hanbury Lane is located off Meath Street, close to the National College of Art and Design, the Vicar Street venue and the Guinness Storehouse.