Looking for . . . a two-bedroom apartment in Dublin city under €215,000

Three centrally located apartments in popular locations and all new to the market

 

With risk-free options such as deposit accounts still offering paltry returns, investors are unsurprisingly still actively seeking high-yielding properties in Dublin, despite the seven-year CGT relief being no longer available in 2015. These are three centrally located apartments, all new to the market in popular rental locations, which may offer options for prospective property investors.

39 Crosbies Yard, Ossary Road, North Strand, Dublin 3

Price: €199,500 Agent: REA Ed Dempsey Size: 70sq m (753sq ft)

Crosbies Yard is a modern apartment development completed in 2007 that bears the name of its developer, Harry Crosbie. The scheme was designed by internationally renowned Scott Tallon Walker architects and comprises 200 apartments in total. Situated about 10 minutes from Connolly Station and about 15 minutes from the Mayor Street Luas stop in the heart of the IFSC, with its array of shops, restaurants and bars, the location is highly convenient. While the block itself is visually appealing, much of the surrounding streets are not particularly attractive, with scrubland and industrial units. However this is unlikely to deter investors given the central location and quality of apartment on offer.

The well-designed third-floor unit is in good condition throughout and benefits from a dual aspect, with one side overlooking the attractive inner courtyard. There is a good-sized, open-plan living/dining room with an entire wall of floor-to-ceiling windows and doors, leading out to a balcony. The kitchen has units on three walls, including integrated dishwashing machine and large fridge freezer, and is fitted with quality granite worktops.

Its layout, with two bedrooms and two bathrooms, lends itself to owner occupiers who wish to avail of rent-a-room allowances. One double room is available for €600 per month in the development at present and owners could receive this amount tax-free subject to basic conditions.

One similar two-bed is “let agreed”, having sought €1,350 per month, which would represent a gross yield of 8.12 per cent at the current asking price.

When originally launched off-plan in 2004, two-beds were offered from €345,000 (63sq m) to €405,000 (80sq m) with one parking space. The annual service charge is €1,700.

137 Ivy Exchange, Parnell Street, Dublin 1

Price: €215,000 Agent: Gunne (Glasnevin) Size: 67sq m (721sq ft)

Ivy Exchange is a Cosgraves-built development in the heart of Dublin’s north city centre. The mixed-used development was completed in 2006 and was so in demand the residential element of the scheme sold out by word of mouth. The location was one of the primary reasons for its success, with every amenity at your doorstop, from shopping facilities at the Ilac Centre and Henry Street to the nearby Abbey Street Luas stop. The Luas Cross City extension will bring the Luas even closer to Ivy Exchange, with new stops under construction on Parnell Street, Dominick Street Lower and O’Connell Street – all about three minutes from the development.

Number 137 is a second-floor apartment. There is an entrance hall with a large hot-press providing good storage. The apartment comprises a spacious open-plan livingroom cum kitchen, two good-sized bedrooms (both about equal in size) and one bathroom. The apartment benefits from large floor-to-ceiling windows, affording good light

A number of one- and two-bath apartments recently rented with advertised prices of €1,600-€1,700. As this apartment has only one bathroom it should achieve slightly less, and a monthly rent of €1,550 would equate to a gross yield of 8.65 per cent before purchase costs, if full asking price was paid.

In December 2012, two two-bed apartments sold for €178,000 and €198,000, though both were larger than number 137.

49 Joyce House East, Viking Harbour, Ushers Island, Dublin 8

Price: €195,000 Agent: Allen & Jacobs Size: 50sq m (538sq ft)

Initially launched in 1992, the Heritage Properties development of 135 units was instantly popular due to the attractive tax reliefs offered to both owner-occupiers and investors. Two-bedroom units with parking cost from £51,000 (€64,800) to £58,000 (€73,700), and number 49 was likely on the upper end of that range, being a second-floor unit with a southerly aspect overlooking the courtyard.

Viking Harbour is a five-minute walk from Smithfield Luas stop, a little further to Heuston Station and about 20 minutes from O’Connell Bridge. The apartment, like most of its 1990s section 23 counterparts, is rather small. There is a living cum diningroom, which opens out to a Juliet balcony, and an alcove kitchen with all original units. There are two bedrooms, a double and a single, with the single currently in use as an office, with a single pull-out sofa bed. In addition, there is one bathroom, featuring a bath with shower attachment. A recently rented two-bed apartment was seeking €1,300. As this did not include parking, the buyers of number 49 could expect to rent for a higher price. Even at €1,300, the gross yield at full asking price would be 8 per cent. In August 2006, a similar two-bed with parking was for sale for €350,000, while a one-bed sold for €285,000 a year later. The annual service charge is €1,300.

aidanmurphyproperty@gmail.com

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