A portfolio of 25 high-end apartments in Dundrum is fresh to the investment market at €7.7 million through agent Finnegan Menton.
The penthouses and apartments, located in the Rockfield and Riversdale schemes beside Balally Luas stop in Dublin 16, may suit a cash-rich investor or even a syndicate of investors given their dispersed nature and the fact that the big overseas funds have a preference for buying up entire residential blocks for ease of management.
At the quoted price, the 18 penthouses would have an average unit price of €330,000 while the seven two-bedroom apartments would come in at about €250,000 each. "This would be a strong discount on the going market rate to reflect the fact that this is a portfolio sale," says agent Iain Finnegan.
The vendor, Gannon Homes, built the apartments between 2001 and 2004 but many of its loans came under the management of Nama after the bust and the developer has been selling off various assets in so-called “consensual” sales since.
Fully furnished
Located opposite Dundrum Town Centre, the Rockfield penthouses are fully fitted, furnished and have balconies or terraces. Their standout feature is barrel-vaulted ceilings and commanding views over south Dublin.
The penthouses are two-bedroom plus study units and are rented at €1,825 to €2,100 per month. Rents for the two-bedroom apartments range from €1,050 to €1,500 per month.
Currently, 22 of the 25 units are let – three show units are vacant – and generate a rent roll of €460,032 per annum which would increase to about €535,600 when fully let.
Given that some of the units may require refurbishment before being suitable for renting, it’s possible that a buyer could choose to sell on these units and focus on asset management opportunities on the most cast-generative homes.
At current rental levels the investment generates a gross yield of 6.7 per cent (net of acquisition costs).
