Receiver sale of D8 apartment block for €1.2m

The block at 1-2 Pim Street, Dublin 8, near the Guinness Brewery
The block at 1-2 Pim Street, Dublin 8, near the Guinness Brewery

Thirteen apartments in a block near the Guinness Brewery in Dublin are to be offered for sale at a considerable discount.

Gavin Hanlon of estate agents Hooke and MacDonald is seeking €1.25 million for the modern block which is at numbers 1 and 2 Pim Street, Dublin 8, which will show a return of 9.3 per cent.

The building is being sold on the instructions of Grant Thornton, who were appointed receivers by Bank of Scotland Ireland.

The block has a potential rental income of €121,500 once two show apartments have been let.

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The remaining 11 units are fully occupied along with a ground-floor shop.

The five-storey building has 12 one-bedroom units as well as a two-bedroom home. The one-beds are making an average of €700 a month while the two-bed brings in €950.

A retail retail unit on the ground floor is let to an independent newsagent at a rent of €8,400 a year.

If the selling agents manage to achieve the asking price, the one-beds will work out at just under €90,000 each.

Hanlon said Pim Street was a good rental location beside St James’s Hospital where additional demand for accommodation would inevitably follow the planned opening of the nal Children’s Hospital on the same site.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times