Portfolio of 14 Artane apartments sells for almost €3.35m

The Michael Whelan-founded Maplewood Residential has purchased 14 apartments at Brookwood Abbey, Artane, Dublin 5, for close to €3.35 million.

The portfolio includes 11 two-bedroom apartments, one three-bed home, and two one-bedroom units, which, with five apartments currently vacant, produce a rent roll of €178,000.

According to Ellen Prenderville of QRE Real Estate Advisers, when fully let the block will bring in about €275,000 in total rents, reflecting a gross yield of 8.2 per cent.

QRE handled the fast- paced sale, which ensured that contracts were signed within 72 hours. This was in contrast to most private treaty sales, which can take a prolonged period to complete.