The Cosgrave family has secured about €4.7 million from the sale of a residential investment in the heart of Dublin 2. The portfolio comprising 14 apartments at 17 Hogan Place and 2A Hogan Avenue has been acquired by a private Irish investor. The new owner secured the properties in the face of competing bids from a number of other investors, according to Conor Steen, who handled the sale on behalf of Hooke & MacDonald. The portfolio was first offered to the market in one or more lots at a guide price of €4.6 million in June of last year.
Lot 1 is located at 17 Hogan Place and comprised six self-contained two-bedroom apartments, five of which are let at present. The rent for the recently vacated unit will be capped at its previous level once it is occupied, providing the buyer with an overall rental income of €131,376 annually. The guide price for this lot was €2 million.
Lot 2 is located at 2A Hogan Avenue and comprised eight self-contained apartments with a mix of three one-bedroom units and five two-bedroom units. Six of the apartments are occupied at present. Once again, the rents for the recently vacated units will be capped at their previous levels once they are occupied, providing the buyer with an overall rental income of €181,812 annually. There are six car-parking spaces at Hogan Avenue and the guide price was €2.6 million.
Lot 3 comprised all 14 apartments and six car-parking spaces and guided at an overall price of €4.6 million.
The investment occupies a prime location within a short walk of both the traditional business district centred around the Georgian core of Merrion Square, Fitzwilliam Square and St Stephen’s Green, and the city’s thriving south docklands.
