SeaPoint Capital pays €7.2m for Dublin 15 apartments

Grove Court portfolio comprises 30 units at scheme adjacent to Blanchardstown Centre

UK-headquartered SeaPoint Capital, has paid €7.2 million for a portfolio of 30 apartments at the Grove Court development in Blanchardstown, Dublin 15.

The price paid is slightly more than the €7 million agent Hooke & MacDonald had been guiding when it brought the apartments to the market on behalf of receivers Duff & Phelps last September. SeaPoint can expect to secure a gross yield of 6 per cent.

The Blanchardstown deal represents the latest transaction to have been conducted in Ireland by the investment vehicle SeaPoint established to make specific investments in the private rented sector.

In November 2017, the company paid Green Reit €9.25 million for a portfolio of 63 apartments at the mixed-use Arena Centre in 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.


Latest deal

The 30 apartments SeaPoint has acquired in its latest deal meanwhile sit within a development of 79 units located directly adjacent to the landmark Blanchardstown Centre. As one of Ireland’s largest shopping centres, Blanchardstown has more than 180 stores distributed across 1.3 million square feet of retail space.

Developed in 2007, Grove Court is a mixed-use scheme comprising 79 apartments, Blanchardstown Primary Care Centre, a multi-storey car park and offices which are home to Fingal County Council Civic Offices.

The 30 apartments SeaPoint has acquired include four one-bedroom apartments, 20 two-bedroom apartments and six three-bedroom apartments.

The majority of the units are occupied on standard residential tenancies with the exception of 12 vacant apartments. Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum which is averaging approximately €925 for the one-bedroom apartments, €1,300 for the two-bedroom apartments and € 1,367 for the three-bedroom apartments. The overall rental income has the potential, according to agent Hooke & MacDonald, to increase to about €434,000 once the vacant units are relet. The tenants were not affected by the sale.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Acting Property Editor of The Irish Times