The address: Apartment 25, Linnbhla, Santry Cross, Ballymun, Dublin 9.
The agent: Martin Shortt.
The property: one-bed third floor apartment for €260,000.
The look: utilitarian, zero-frills - a bit prison-like.
The landscape: among a host of new developments that have been built on the new-look Ballymun Road.
The features: this 56sq m (600sq ft) apartment has car-parking and a 20ft balcony with views looking out towards Ballymun shopping centre. It comprises a hallway, kitchen with integrated appliances, livingroom with semi solid flooring and bedroom with built-in wardrobes. The bathroom is fully tiled with a modern suite.
How much for an investor? A 90 per cent mortgage at an investment tracker of 4.6 per cent APR over 20 years would be €1,476.54 a month and, over 25 years, €1,296.36 per month. An 85 per cent interest-only mortgage at an ECB tracker rate of 4.6 per cent APR would be €826.54 a month for the first seven years.
How much for a residential buyer? A 92 per cent loan at a homeloan tracker rate of 4.3 per cent APR over 20 years would be €1,478.26 a month and, over 25 years, would be €1,294.07 a month. Over 30 years it would be 1,174.47 a month and, over 35 years, it would be €1.093.14 a month.
Potential: a one-bed in this location will fetch around €850 rent a month. According to the agent, a large number of apartments at Santrycross are owned by investors.
Verdict: while the building isn't very attractive, its relative proximity to the city centre makes it a good rental prospect. While still in the teething stages of regeneration, investors are hoping Ballymun will take off when the old flats are demolished and the shopping centre is redeveloped.
Calculations by Bank of Ireland
