Private family office pays €2.5m for Dublin 8 apartments

Purchaser secures ownership of newly built boutique development following competitive bidding process

A private family office has paid €2.5 million (VAT inclusive) for a boutique apartment scheme and a ground-floor commercial unit in the Liberties area of Dublin. The purchaser is understood to have secured ownership of the property at 82-83 Cork Street following a competitive bidding process involving four other parties comprising a mix of private individuals, small funds and another private family office. The subject property, Saoirse House, had been offered to the market originally by agent Owen Reilly last September at a guide price of €2.2 million (VAT inclusive).

Saoirse House, designed by Crean Salley Architects, comprises a block of five A-rated apartments along with a ground-floor commercial unit extending to 96sq m (1,033sq ft). All five apartments in the development are south-facing with large terraces, and are designed and finished to a high standard with high-quality bathrooms and kitchens. The units comprise a mix of two one-beds (59.8sq m), a two-bedroom duplex (72.6sq m), a three-bedroom apartment (102.6sq m) and a two-bedroom penthouse (87.9sq m) and came for sale fully furnished. In terms of their potential income, the selling agent marketed them on the basis that they could expect to generate about €136,200 annually. The commercial unit has been let on a new 10-year lease at a rent of €20,000 annually.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times