The address: Apartment 9, Portobello Wharf, Windsor Terrace, Portobello, Dublin 8.
The agent: Sherry FitzGerald.
The property: two-bedroom second floor apartment for €650,000.
The look: modern block designed by de Blacam and Meagher, it was built over a car salesroom in 2002. The sleek cream-coloured granite facade is softened by the addition of untreated green oak timber-framed balconies.
The landscape: the development is at busy Harold's Cross Bridge but also overlooks the Grand Canal.
The features: ultra-modern 73sq m (785sq ft) apartment with long narrow kitchen screened off behind a sliding door. There are wide plank oak floors, a south-facing balcony and floor-to-ceiling windows. The main bedroom is en suite. Communal roof terrace and a designated car-parking space.
How much for an investor? At 80 per cent of the value at a 3.5 per cent investment tracker rate, the monthly payments over 20 years would be €3,389 and over 25 years would be €2,925. On an interest-only loan over 20 years, the repayments per month would be €1,512.
How much to buy? On a 92 per cent loan at a 3.5 per cent APR tracker rate over 20 years the repayments would be €3,465 per month, €2,990 per month over 25 years and €2,682 per month over 30 years.
Potential: the apartment would fetch a rent of €1,400-€1,500 per month. When the development was launched in 2002, two-bedroom apartments were priced from €395,000.
Verdict: a well designed block in a solid rental area which bodes well for capital appreciation. However, the price might scare off an investor looking for a rent that will go some way towards covering the mortgage.
Calculations by Bank of Ireland
