Lim­er­ick stu­dent apart­ments at €2.4m

Irish Independent - Business Week - - COMMERCIAL PROPERTY - Ronald Quin­lan

CUSH­MAN & Wake­field are guid­ing a price of €2.4m for 40 pur­pose-built, modern stu­dent apart­ments at Brook­field Hall Stu­dent Vil­lage in Castletroy, Co Lim­er­ick.

Block eight con­sists of 29 two-bed­room units, eight three-bed­room apart­ments and three four-bed­room apart­ments (to­talling 94 bed spa­ces) and is pro­duc­ing a net in­come af­ter all costs of €150,000 per an­num.

The build­ing has an oc­cu­pancy rate of close to 100pc and is well main­tained by the man­age­ment com­pany. The guide price of €2.4m re­flects an ini­tial yield of

6pc based on the net in­come af­ter stan­dard pur­chaser’s costs.

Brook­field Hall Stu­dent Vil­lage is a pur­pose-built com­plex com­pris­ing eight blocks with a to­tal of 234 stu­dent apart­ments.

Lo­cated at Groody Road in Castletroy, the scheme is a 10-minute walk from the Univer­sity of Lim­er­ick cam­pus.

Ciara McCarthy of Cush­man & Wake­field ex­pects sig­nif­i­cant in­vestor in­ter­est in Block 8 due to the guar­an­teed in­come of €150,000 and the un­der­sup­ply of pur­pose-built stu­dent ac­com­mo­da­tion in Lim­er­ick city.

No 12 North­brook Road has been mod­ernised through­out

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