Almost half of a multi-family residential development on sale from today near Liffey Valley Shopping Centre in west Dublin is expected to be of interest to Iris REIT as well as a number of overseas investment companies. Lisney and Hooke & Donald are guiding in excess of €32.5 million for 160 apartments and 167 car-parking spaces at St Edmund’s, which will work out at just over €203,000 a home.
The apartments form part of the popular St Edmund's development which has 312 apartments and 32 homes and was largely completed by Ray Grehan's Glenkerrin Homes before the property crash. The portfolio now going for sale extends to three blocks on site and includes 56 homes built in 2008. The balance of 104 units are in a third block which was completed in January 2015, by the joint receivers, Michael McAteer and Paul McCann of Grant Thornton.
The joint selling agents say the homes are bright and spacious and have had good quality fit-outs. All come with balconies or terraces and most of them have dual-aspect views over the development. Hooke & MacDonald say that when the apartments were released on to the rental market in 2015, there was a strong demand for them and all of them were let within 10 weeks.
The units for sale are currently producing a rent roll of €2,435,000 and a yield of 7.5 per cent based on the guide price. The selling agents estimate the full market rental value at €2,791,800, which would equate to a gross yield of 8.6 per cent. Dublin apartment rents grew by 8.1 per cent in the 12 months up to last March, according to the latest figures published by the Private Rental Tenancy Board.
St Edmund’s has excellent transport links located alongside the N4 and M50, according to the selling agents.
