Prime Dublin city apartment portfolio seeks €5m

Richmond Road investment is currently producing €230,604 in annual rental income

The 14 apartments in the Granary portfolio are housed within a converted mill building.

The 14 apartments in the Granary portfolio are housed within a converted mill building.

 

Agent Cushman & Wakefield is guiding €5 million for a prime residential rental portfolio within walking distance of Dublin city centre.

Located on Richmond Road in Dublin 3, The Granary portfolio comprises 14 apartments along with storage units on the ground floor. The investment breaks down into four one-bed apartments, nine two-bed apartments and one three-bed penthouse all housed in a converted five-storey mill building.

The portfolio is producing a total gross rental income of €230,604 per annum from 13 apartments. The three-bed penthouse, which is vacant at present, could be let as is, or potentially be split into three separate apartments subject to planning permission.

The guide price of €5 million (VAT exclusive) reflects a gross initial yield of 4.61 per cent and a net initial yield of 4.42 per cent.

Peter Love, who is handling the sale on behalf of Cushman & Wakefield, says: “This sale presents an opportunity to acquire a prime PRS asset located within walking distance of Dublin city centre. The units are in very good condition with only one vacant apartment. This substantial penthouse unit presents the buyer with an immediate opportunity to increase the rental income.”