Smithfield investment adds to US firm’s Dublin residential portfolio
Smithfield Lofts on North King Street sells for €750,000 above guide price
Smithfield Lofts in Dublin 7 is a five-storey, over-basement building containing 57 apartments, six two-storey townhouses and commercial units.
A mixed-use investment in Dublin 7 which attracted seven bidders has sold to US firm LRC for more than €10 million through Savills.
The sale price for Smithfield Lofts on North King Street was €750,000 above the guide price and reflects a gross yield of about 6.25 per cent. It was sold on behalf of receivers Deloitte.
Built in 2000 and located 600m from DIT’s new Grangegorman campus, Smithfield Lofts is a five-storey-over-basement building containing 57 apartments, six two-storey townhouses and commercial units. This sale included 44 of the apartments, six townhouses and 33 car-parking spaces – the other 13 apartments and commercial units are in private ownership.
Rents for one-bed apartments are from €835 to €1,300 per month, two-beds secure €860-€1,500 per month, while two-bed townhouses rent from €960 to €1,600 a month. The average rent across the scheme is €1,086 a month and if let at current market rents, according to the agent, the average rent could increase to €1,710 per month.
LRC was busy buying Dublin residential properties last year and now has a residential portfolio here of more than 500 units. It is contracted to acquire the 323-bed Custom House Dublin Hilton Hotel as part of its expansion into the leisure sector.
Francis McCabe, LRC’s head of operations and acquisitions in Ireland, sees “significant opportunities” in the Irish property market and says its investments here are “the start of a long-term commitment in Ireland”.
LRC has been active in the residential and commercial property space throughout Europe since 1995 and has more than €4.5 billion of assets under management across Europe.
Smithfield Lofts was one of the last multi-family apartment schemes completed by Liam Carroll’s Danninger Developments before the property crash. It came on the market in November 2016 through agent Hooke & McDonald guiding €9.5 million.