Both private and institutional investors will be interested in the sale of a residential rental portfolio which is being offered for sale by online auction specialist, BidX1.
The portfolio, which comprises 58 of the 60 apartments at the Farnham Court scheme in Cavan, is guiding at a price of €4.5 million or an average of €77,586 per unit.
Distributed across the development’s two blocks, the portfolio is fully occupied (with one apartment kept vacant in order to facilitate viewings during the sale process), and is generating €458,400 in rental income per annum. The guide price reflects a gross yield of 10.2 per cent.
Farnham Court occupies a landscaped site of almost 1 hectare (2.5 acres) amid mature woodland. The scheme is situated just 1km from Cavan town centre and 600m from Cavan General Hospital.
The two blocks each contain 30 apartments, comprising a mixture of one- and two-bedroom units which range in size from 45sq m (495sq ft) to 82sq m (882sq ft). Each unit has a balcony and a designated surface car-parking space, along with additional visitor car parking.
Johnny O’Connor, head of investments at BidX1, said: “This is an excellent opportunity to acquire a modern, well-maintained multi-family residential investment, with full occupancy, in a strong regional town.”
Sallins car park
In Kildare meanwhile, BidX1 is handling the sale of the Waterways car park in the town of Sallins.
The subject property comprises a 202-space basement car park which is leased to CIÉ and its subsidiary, Iarnród Éireann, on a 10-year lease from May 2021 at an annual rent of €121,200. The rent review in year five is CPI-linked and there is an option to renew the lease for a further five years on expiry. BidX1 is guiding €1.25 million for the property, reflecting a net initial yield of 8.8 per cent (after standard purchaser’s costs).
Located in the Waterways development adjoining Sallins train station, the car park is expected to be open and operational in the coming weeks.
Sallins station is the main station serving Naas town and was added to the “short hop zone” in June 2017, which reduced the fare to/from Dublin by as much as 50 per cent, a decision which has increased passenger traffic through this station.
O’Connor said: “We are anticipating significant interest from investors drawn to the underlying strength of the tenant and the secure income stream, coupled with the strategic location of the asset, which will address commuter demand for park and ride facilities.”
