‘Flat-pack flats’ come without furniture at €1,500

IT COULD be the perfect home for fans of flat-pack furniture – but these unfurnished one-bed apartments in Finglas will cost you €1,550 a month.

A number of flats at the Hampton Wood apartment complex have gone on the rental market unfurnished from the country’s biggest private landlord, Irish Residential Properties Reit (Ires Reit).

The cost of renting the one-bed apartments in the complex is €1,550, while the cost of renting a two-bed apartment in the complex is €1,850, according to property website Daft.

In addition, Ires is requesting that tenants provide two-months rent and a one-month deposit up front, which means that a tenant in the one-bed apartment will have to hand over €4,650 before they have even bought a carton of milk... or a bed.

Parking at the complex also costs extra.

Conveniently, though, flatpack furniture giant Ikea is located just a five-minute drive from the complex.

The monthly rent of €1,550 for a one-bed is at the top end of the rental market in the Dublin 11 area, while two-bedroom apartments in the Dublin 11 area range in rental costs from €1,450€1,850 a month.

On Monday, Ires Reit announced that it had completed the acquisition of the apartment complex for a purchase price of €40m, funded from an existing credit facility.

The apartment block consists of 46 one-bed and 82 two-bed apartments.

Currently 24 of the 128 apartments, which each have a car parking space, have been leased by the vendor, with the remaining 104 available for immediate lease.

“We are pleased to have completed the acquisition,” Margaret Sweeney, chief executive of Ires Reit, said.

“Hampton Wood strengthens our presence on the north side of the city and brings our total number of apartments to 2,579.”

Last year, the average monthly rent secured by Ires across each of its housing units was €1,517, according to the group’s annual report published in March.

The most expensive apartments in its portfolio to rent are 84 properties at the Marker Hotel in Dublin’s docklands.

The average monthly rent on those properties was €2,697 last year.

The cheapest are its 103 apartments at Priorsgate in Tallaght, south Dublin, where average monthly rents are €1,167.