The ongoing strength of Dublin's private rented sector (PRS) market is expected to help drive the sale of Grove House in south Dublin, which has just come to the market seeking €11.25 million.
The development was recently built by the Durkan Group and comprises a five-storey over-basement residential block of 19 apartments with associated car parking facing on to Goatstown Road.
The development, which is fully let, has four one-bedroom apartments and 15 two-beds. The one-beds are currently renting for an average of €2,000 a month and two-beds for €2,500, delivering a combined monthly income of €43,440, and an estimated total market rent of about about €521,280 a year.
The development, which is being brought to the market by Kelly Walsh, also has 21 car-parking spaces at basement and surface level, with eight electric car charging points.
Maximising light
The apartments were designed to an A3 Ber rating by award-winning architects O’Mahony Pike, which focused on maximising light, space and volume by including high ceilings and full-length windows. Features include custom-designed fitted kitchens by Nolan Kitchens; composite timber decking to private terrace areas; quartz stone countertops with upstands and splash back; and built-in stepped shaker-style wardrobes.
The area is well connected by road, rail and bus to Dublin city centre and beyond with the green line Luas stopping at nearby Windy Arbour, connecting to St Stephen’s Green in about 15 minutes. The number 11 Dublin Bus route also runs to the city centre, while the M50 motorway is situated a short drive from The Grove.
The sale of Grove House comes against a background of strong growth in the private rented sector market. Latest figures show rents continue to rise in Dublin, amid a crunch in supply. Figures from Daft.ie suggest that rents in the capital rose by more than 4 per cent in just three months at the end of last year, to an average of €2,258 in the south of the county and €1,897 in the north.
