A significant residential investment in Terenure, Dublin 6 is fresh to the market this week with DNG guiding €11.75 million.
The investment at Bessboro, Terenure Road West, is being sold on the instructions of receiver Jim Hamilton of BDO.
First developed in 2008, the 40 apartments at Bessboro are fully let and producing an annual rent roll of €635,000.
According to the DNG, this could rise to €750,000 given the investment’s prime letting location and the current shortage of rental accommodation in south Dublin.
Two blocks
The 40 apartments are in two blocks. One of them (Block A) is purpose-built and the other (Block B) incorporates a conversion and extension of the former period property at the centre of the development.
Bessboro also includes 64 basement car-parking spaces, which are accessed via secure electric gates.
There are six one-bedroom apartments, which have an average size of 55.3sq m (595sq ft); 32 two-beds with an average size of 74.6sq m (803sq ft); and two three-beds averaging 110sq m (1,184sq ft) of space.
€1,035 one-beds
One-beds at Bessboro currently rent at approximately €1,035 per month, while the two-beds are let for an average of €1,350 per month. The three-bed units rent for around €1,700 a month.
Terenure is a mature residential suburb about 6km from the city centre. It is well serviced by public transport, and Bessboro is a short walk from Terenure village with its shops, restaurants and cafes.
Best bids are being sought by September 30th.
