Multi-family Investment of 160 Apartments,
14th September 2016
Lisney and Hooke & MacDonald are offering a multi-family investment of 160 apartments in St. Edmund’s in Dublin 20. St. Edmunds is a high quality residential development of 312 apartments and 32 houses, located in a very strong rental location, approximately 750 metres from Liffey Valley Shopping Centre.
The agents are quoting a guide price of €32.5m for the 160 apartments and 167 car parking spaces. The guide price represents a figure just in excess of €203,000 per apartment.
The apartments are located within three separate blocks at St Edmunds. 56 of the subject apartments are located in 2 blocks developed by Glenkerrin Homes in c.2008; the balance, 104 of the subject apartments are located in the third block which was completed in January 2015 by the Joint Receivers, Michael McAteer and Paul McCann of Grant Thornton.
The apartments have a high quality fit-out and furnishing package. The Receivers spent €1.2m fitting out the 104 new apartments last year. The apartments are large and bright with most apartments being dual-aspect. All of the apartments have balconies or terraces and there are attractive landscaped open spaces and courtyards in the scheme that the residents share.
The successful release of the new apartments onto the letting market in 2015 showed the scale of the demand for high quality accommodation in this location, with all lettings being secured within 10 weeks. The PRTB’s last published rental growth figures showed Dublin apartment rents grew by 8.1% in the 12 months to March 2016.
The passing rent is approximately €2,435,400 per annum which would give a gross initial yield of 7.5% (based on the guide price). The market rental value is €2,791,800 per annum which would show a gross yield of 8.6% once fully let at market rents.
St. Edmund’s has excellent transport links, located alongside the N4 and M50 motorway, and well-serviced by multiple Dublin Bus, regional bus and airport shuttle routes. The development is also within easy walking distance of Liffey Valley Shopping Centre, which hosts four anchor stores, 63 unit shops, four restaurants and the 14-screen 3,800-seat Vue cinema. Phase 2 of the shopping centre, which is under construction, will add a further 10,500 sq.m of retail & restaurant accommodation.