Receiver sale of D8 apartment block for €1.2m

Thirteen apartments in a block near the Guinness Brewery in Dublin are to be offered for sale at a considerable discount.

Gavin Hanlon of estate agents Hooke and MacDonald is seeking €1.25 million for the modern block which is at numbers 1 and 2 Pim Street, Dublin 8, which will show a return of 9.3 per cent.

The building is being sold on the instructions of Grant Thornton, who were appointed receivers by Bank of Scotland Ireland.

The block has a potential rental income of €121,500 once two show apartments have been let.

The remaining 11 units are fully occupied along with a ground-floor shop.

The five-storey building has 12 one-bedroom units as well as a two-bedroom home. The one-beds are making an average of €700 a month while the two-bed brings in €950.

A retail retail unit on the ground floor is let to an independent newsagent at a rent of €8,400 a year.

If the selling agents manage to achieve the asking price, the one-beds will work out at just under €90,000 each.

Hanlon said Pim Street was a good rental location beside St James’s Hospital where additional demand for accommodation would inevitably follow the planned opening of the nal Children’s Hospital on the same site.