Portfolio of fully let apartments in Rathfarnham for €4.75m
Cloragh Mills’ 22 units producing rent roll of €346,000 annually, reflecting 7% return
Cloragh Mills, Rathfarnham: 22 of the 30 apartments are for sale
Building materials to emulate the old mill ruin were used where feasible in two blocks, giving a timeless look to the exteriors
One of the features of the booming property investment market has been the frequent sales of apartment blocks not yet built or others which have been completed and let.
Ross Harris of Cushman & Wakefield is guiding in excess of €4.75 million for the residential portfolio, which is fully let and producing a rental income of €346,000 per annum.
The agency estimates that an up-to- date market rent would be about €425,000, reflecting €1,300 per month for each of the five one-bedroom units; €1,650 for the two-bedroom apartments; and €2,000 for the three-bedroom homes.
The current rent roll will show a return of 7 per cent net of acquisition costs. There are ample car-parking spaces in a basement car park.
Building materials to emulate the old mill ruin were used where feasible in two blocks, giving the exteriors a timeless look. The three-storey apartment blocks are stone-fronted with timber windows frames in reconstituted brick and balconies supported on thick timbers.