A top-class development of 52 apartments at Shelbourne Plaza in Ringsend, Dublin 4, has been bought by a Davy fund for more than €23 million, well ahead of the original asking price of €18.5 million.
Knight Frank, which handled the sale, expects the strong market rents to show a return of about 5.5 per cent.
All the residential units were sold with vacant possession, allowing the new owners to capitalise on the occupier demand in this part of the city.
The units were leased in the past to a company providing short-term serviced accommodation. The new owner has the option of continuing with this arrangement.
Rents for short stay one-bed apartments in the area have ranged from €850 to €1,000 per week, while two-bedroom units fetched from €1,000 to €1,500 per week.
Shelbourne Plaza was developed in 2007 and finished to a high standard, combining the latest energy saving technology with contemporary external and internal designs.
Of the 52 apartments sold, six are one-beds, 42 are two-beds and four are four-beds.
All have an external balcony or terrace and the majority have floor-to-ceiling glazing in the livingrooms, with views over the Aviva Stadium and the south inner city.
