Irish Life to sell five apartments

In one of the most unusual property transactions this year, Irish Life will offer five of its apartments in the Irish Life Centre in Dublin for auction later this month. Hooke & McDonald is handling the sale of the five apartments - two studio units and three one-bedroom apartments, all of which have vacant possession. There are approximately 69-apartments in the Irish Life Centre, divided between two blocks, Abbey Court, off Lower Abbey Street, and Talbot Hall, overlooking Talbot Street.

The sale is part of an initiative by Irish Life to offer residential tenants in the Centre the opportunity to buy their apartment. It has written to each resident offering them the choice of buying their unit at a discount to its market value, or to remain as tenants.

The April 28th auction expected to establish the market values of the apartments. Selling agent David Cantwell of Hooke & McDonald says that while it is difficult to estimate the values of the five units being offered, the two studios are estimated to fetch in the mid to late £50,000s while the one-bedroom units are guided at £78,000 to £95,000.

While only five units will be sold at this stage, it is thought there are a further 10 vacant units, which may be sold by auction or by private treaty once values have been established.

Irish Life spokesperson, Ray Gordon, stresses that the choice of whether to buy or remain as a tenant will be entirely up to each tenant. "The decision to offer tenants the option of buying their apartments arose after a similar request was made to the company by a group of tenants in Baggot Bridge Court, in Baggot Street. We agreed on that occasion to the sale of the properties and we are now extending the offer to the tenants in the Irish Life Centre."

He said that the sale is part of an overall long-term plan by Irish Life to cut back on its residential investments. They make up only a small fraction of its overall property portfolio. However, it is taking every step possible to ensure that the sales are not seen as a manoeuvre to get rid of tenants, to avoid any comparison with its disastrous sale of the Mespil Flats in 1993. The company is in discussions with several tenants at present, but says it is quite happy for tenants to continue renting.

Of the five apartments on offer, the best two are in the Abbey Court block, a modern four-storey over ground level building located at Northumberland Square, off Lower Abbey Street.

This block was built in the mid-1980s and, typically of the time, its apartments are larger than one would find in most new developments. Number 10, a third floor unit, has 630 sq ft of space and overlooks the large landscaped courtyard garden through high angled windows. There is a large living-room with access to a spacious balcony, a good double bedroom with fitted wardrobes, full bathroom and a sizeable kitchen. The second apartment is a smaller one-bed on the first floor, number three, that overlooks the entrance to the car-park and the fashionable Life Bar. It is a smaller apartment with around 484 sq ft.

The remaining three units are in Talbot Hall which is accessed from Talbot Street. This block was built in the 1978 and although the units here need some refurbishment they are in remarkably good condition for their age. The best one here is a tiny studio apartment on the second floor which has its own large balcony overlooking the courtyard garden. The second studio and the one-bedroom unit both overlook the street.

Service charges for all apartments will be in the region of £600, to include central heating.

The Irish Life Mall, underneath the apartments, is enjoying something of a revival with the opening of large shops like Iceland, and the arrival of several smart cafes and Hugh O'Regan's Life Bar. There is a large public car-park under the mall, but no parking spaces will be available as part of the apartment sales.