SeaPoint Capital pays €4.7m for Dublin city apartments

UK-headquartered SeaPoint Capital has paid €4.7 million for 20 apartments at the Ice Rink development in Dublin city centre.

The price paid by SeaPoint is slightly more than the €4.6 million that agent Hooke & MacDonald had been guiding when it brought the investment to the market on behalf of Nama-appointed receiver Ken Fennell of Deloitte in June of last year.

The portfolio consists of seven one-bedroom units (44-56sq m), 12 two-bedroom units (60-74sq m) and one three-bedroom apartment (94sq m). Fourteen of the apartments are let and are producing a combined gross rental income of €190,000 per annum. With Hooke & MacDonald estimating the total current rent and projected rent of the vacant apartments to be in the region of €295,000 per annum, SeaPoint Capital can expect to secure a gross yield of 6.3 per cent based on the combined current and projected rents once fully let.

Last year Hooke & MacDonald sold 16 apartments in Earls Court which is adjacent to the Ice Rink for about €3.45 million to Alone, a charity who provide housing to the elderly.

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Designed by Architects and built in 2006, the Ice Rink development comprises a total of 41 apartments distributed across a six-storey building. The property occupies a high-profile position just off the South Circular Road adjacent to the Coombe Maternity Hospital and close to St James’s Hospital and the Luas red line.

The Ice Rink portfolio is SeaPoint’s second acquisition in the capital this year. Last January, the company paid €7.2 million for a portfolio of 30 apartments at the Grove Court development in Blanchardstown, Dublin 15.

The Blanchardstown deal meanwhile was preceded by SeaPoint’s purchase for €9.25 million in November 2017 of 63 apartments at the mixed-use Arena Centre at Tallaght, Co Dublin. The portfolio forms part of a wider scheme comprising a total of 230 apartments, retail and offices and a 119-bedroom hotel.