Port­fo­lio of fully-let apart­ments for €4.75m

The Irish Times - Business - - COMMERCIAL PROPERTY -

One of the fea­tures of the boom­ing prop­erty in­vest­ment mar­ket has been the fre­quent sales of apart­ment blocks not yet built or oth­ers which have been com­pleted and let.

The lat­est sale to be launched from today will in­volve 22 of the 30 apart­ments in a decade-old apart­ment block on the site of Clor­agh Mills, off Ed­mond­stown Road in Rath­farn­ham, Dublin 6.

Ross Har­ris of Cush­man & Wake­field is guid­ing in ex­cess of €4.75 mil­lion for the res­i­den­tial port­fo­lio, which is fully let and pro­duc­ing a rental in­come of €346,000 per an­num.

Old mill

The agency es­ti­mates that an up-to­date mar­ket rent would be about €425,000, re­flect­ing €1,300 per month for each of the five one-bed­room units; €1,650 for the two-bed­room apart­ments; and €2,000 for the three-bed­room homes.

The cur­rent rent roll will show a re­turn of 7 per cent net of ac­qui­si­tion costs. There are am­ple car-park­ing spa­ces in a base­ment car park.

Build­ing ma­te­ri­als to em­u­late the old mill ruin were used where fea­si­ble in two blocks, giv­ing the ex­te­ri­ors a time­less look. The three-storey apart­ment blocks are stone-fronted with tim­ber win­dows frames in re­con­sti­tuted brick and bal­conies sup­ported on thick tim­bers.

Clor­agh Mills, Rath­farn­ham: 22 of the 30 apart­ments are for sale

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