Investors involved in Dublin's thriving private rented sector (PRS) market will be interested in an apartment portfolio which has been brought to the market on behalf of the National Asset Management Agency (Nama) in Finglas, Dublin 11.
Guiding at a price of €14.5 million, the sale of 54 units at the aptly-named Prospect Hill scheme offers the prospective purchaser the opportunity to secure annual rental income of €1.092 million.
Built in 2005, Prospect Hill comprises a total of 479 apartments across nine blocks, ranging in height from three to eight storeys, above basement car parking.
Distributed across six blocks within the scheme, the 54 apartments in the subject portfolio consist of 49 two-beds, 30 of which are duplex, and five one-bed units.
All of the apartments have generous balconies, while each unit has at least one parking space at basement level. Eighteen of the apartments have the benefit of two parking spaces. The basement car park runs under the entire development, accessed via electric gates from the Tolka Valley Road.
The subject portfolio is currently under-rented with just 26 of the units fully-occupied at an average monthly rent of €1,200, which is relatively-low when compared to the rents being achieved across the capital at present.
The remaining 28 units are vacant and ready for occupancy, and 26 of these can be let at full-market rent, as they have not been let previously. Market rents are in the region of €1,700 a month for a two-bed and €1,500 for a one-bed. Colliers estimates the portfolio will have a market rental value of about €1.092 million once it is fully let.
Additional apartments
The sale includes an opportunity to provide eight additional apartments, as planning permission has been granted to convert six retail units and a medical unit into five two-bed apartments, two one-bed, and one three-bed. The retail and medical units are completed to shell-and-core finish.
Michele McGarry, who is handling the sale on behalf of Colliers, says strong interest from a range of buyers is expected.
“The quality of the units coupled with the convenient location just 5km from Dublin city centre will attract a wide pool of buyers. The lot size will also appeal to buyers looking to get scale in this much sought-after and desirable sector, where demand is strong and stock is scarce,” she said.
The properties are available in one or more lots, and Colliers is guiding €14.5 million for the entire, or €13.85 million for the 54 apartments, and €650,000 for the six retail units and medical centre, which may be converted to eight apartments, subject to planning.
