Apart­ment blocks in Ci­ty­west, Fin­glas come on mar­ket

Round Gar­den of 32 units seek­ing €7.25m and Fuel Yard with 18 units €4.25m Rent rolls of €560,000 and €262,000 re­spec­tively as mar­ket gains mo­men­tum

The Irish Times - Business - - COMMERCIAL PROPERTY -

The rel­a­tively new mar­ket in Dublin for full apart­ment blocks con­tin­ues to gain mo­men­tum with this week’s planned sale of res­i­den­tial de­vel­op­ments in both Ci­ty­west and Fin­glas.

Shane Corby of Sav­ills is guid­ing €7.25 mil­lion for 32 apart­ments in Ci­ty­west and €4.25 mil­lion for 18 units in Fin­glas.

The two schemes are ex­pected to show a net ini­tial yield of about 5.6 per cent.

The Round Gar­den de­vel­op­ment has been trad­ing along­side Ci­ty­west Ho­tel and Golf Club since 1999.

The two-storey, stand-alone, cres­cent-shaped build­ing has a mix­ture of 32 one-, two- and three-bed­room apart­ments, which pro­duce an an­nual rent

The net ini­tial yield that the two schemes are ex­pected to show

roll of about €560,000. One-bed­room apart­ments rent at about €1,400 per month, two-beds make €1,450 and three-beds can fetch up to €1,750.

The Fuel Yard in Fin­glas was built in 2005 along­side the main road run­ning through the vil­lage cen­tre.

An­nual rent

The five-storey block has 18 one-, two- and three-bed­room apart­ments pro­duc­ing an an­nual rent of €262,000.

One-beds rent at about €1,100 per month, two-beds at €1,300 and three-beds at €1,350. Sav­ills said the block in­cludes two shell and core of­fices that could eas­ily be con­verted into apart­ments.

Ac­cord­ing to Mr Corby, the cur­rent sup­ply-de­mand im­bal­ance has led to a strong per­for­mance in the multi-fam­ily sec­tor.

The Round Gar­den de­vel­op­ment in Ci­ty­west (left) and The Fuel Yard in Fin­glas have both come on the mar­ket

“Both schemes are high yield­ing and have a num­ber of short-term value-added ini­tia­tives. So we ex­pect good in­ter­est from a va­ri­ety of in­vestor types.”

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.