Prime Dublin residential portfolio guiding €10m

Investors in Dublin’s fast-growing private rented sector (PRS) market will be interested in a prime portfolio of 27 apartments which has been brought to the market along with a substantial residence in Castleknock.

Joint agents Knight Frank and Citywide Auctioneers are guiding prices of €8.5 million and €1.5 million respectively for the Fawn Lodge portfolio and the adjoining Deerpark House. The properties are also available for sale in one lot at a guide price of €10 million.

The 27 apartments are made up of one entire block of 23 apartments and four additional units distributed across the second block within the wider 52-apartment Fawn Lodge scheme. The development provides residents with ample secure basement car parking and large communal lawned open spaces.

The neighbouring Deerpark House comprises a substantial detached residence of 483sq m (5,198sq ft) on a site of 0.3 acres. While the house is currently in use as a B&B, the prospective purchasers may look to exploit its development potential to provide for additional apartments.

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The four one-bedroom apartment units within the Fawn Lodge portfolio average 63sq m (678sq ft) while the 20 two-bedroom units average 80sq m (861sq ft). The portfolio’s three three-bedroom apartments average 179sq m (1,927 sq ft). The apartments are finished to a high standard and include solid panelled-oak doors, oak and walnut floors, granite worktops and fully fitted cherry wood kitchen units and white Villeroy & Boch bathroom suites throughout the scheme.

Income

The sale comprises three lots. Lot one consists of 27 apartments together with 32 basement car spaces with a current passing income of about €451,200 with significant reversionary potential. The rental income would be expected to grow to in excess of €565,000 once the three vacant units are let and current rents are reviewed in line with the 4 per cent rent pressure zone (RPZ) caps, representing a 6.65 per cent gross return and a capital value of approximately € 330 per sq ft.

Of the apartments, 23 are located in one complete standalone block, while the remaining four are dispersed throughout the remaining block. There is further opportunity to maximise the net operating income through optimising the independent management of the block held in 100 per cent ownership. Lot two comprises Deerpark House which is currently in use as a B&B but has the potential for additional apartments subject to planning permission. Lot three consists of the entire.

The property is situated immediately adjacent to the Castleknock gates of the Phoenix Park, and just 3km from Dublin city centre. In terms of amenities, Castleknock village is located within a short walk of the scheme, offering residents a range of cafes, shops and restaurants. The Castleknock area is also home to a number of excellent schools including Castleknock College and Castleknock Community College. Castleknock Golf Club and Luttrellstown Golf Club are both located nearby.

With limited opportunities available to acquire high-quality standing stock in Dublin’s PRS market, joint selling agents Knight Frank and Citywide Auctioneers expect to see strong interest in Fawn Lodge and Deerpark House from both domestic and international investors.