Investors looking to secure a strongly performing private rented sector (PRS) investment in a prime location will be interested in the sale of Alexander Court on Dublin’s Upper Pembroke Street.
The property, a mid-terrace five-storey, over basement building comprises 23 apartments complemented by a range of on-site amenities. It is being offered to the market on behalf of its owner, a private investor by Knight Frank at a guide price of €15.5 million.
While the subject property had historically been in use as student accommodation, it was acquired by the current owner for about €6.3 million in late 2015 and redeveloped subsequently as 18 two-bedroom and five three-bedroom apartments, along with a residents’ lounge, a roof terrace, and secure bike storage.
The building began operating as a boutique “curated living” 51-bed residence under the Node Living brand in April 2018 but is now being marketed for sale as a portfolio of 23 individual apartments aimed towards the upper end of Dublin’s private rented sector market.
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Alexander Court occupies an excellent location in the heart of Dublin’s traditional central business district and sits in close proximity to the offices of numerous of the city’s biggest employers including technology giants Stripe, LinkedIn, and Google, and professional services firms such as EY and Arthur Cox.
The investment comes for sale with a low vacancy rate and an on-site management team in place, and will provide the prospective purchaser with immediate, gross rental income of €1,021,200 a year, according to the selling agent.
Sean Molony of Knight Frank says: “Alexander Court represents an excellent opportunity to acquire a prime multifamily investment that offers long-term stable returns in the heart of Dublin city centre.”
