Investors looking for the combination of a well-located asset and a strong and stable income will be interested in the sale of Sartini Court, a portfolio of 27 apartments and three commercial units in Dublin city centre. The investment, which is producing gross annual income of €515,000, is being offered to the market by agent Colliers at a guide price of €8.75 million.
The property, at the junction of Upper Dominick Street and Mountjoy Street, comprises 25 two-bedroom and two-one-bedroom apartments distributed across a mix of five- and six-storey buildings around an open-air courtyard and above a basement car park. Sartini Court sits just 200m from the Luas green line stop at Dominick Street and a short walk from O’Connell Street.
Developed in 2009, the apartments are finished to a high standard and have fully integrated kitchens with granite worktops, Italian-stone flooring and full-height, floor-to-ceiling windows in all units. The scheme’s three ground-floor commercial units, extending to 385sq m (4,150sq ft), are vacant, and could potentially be converted into additional residential accommodation, subject to planning permission.
The portfolio’s €515,000 annual rental income is expected by the selling agent to increase to €570,000 in June 2025 following the letting of the scheme’s two vacant apartments and the completion of some outstanding rent reviews.
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Stephen Conway of Colliers says: “The units remain significantly under-rented and offer an incoming purchaser a real opportunity to drive rental growth on acquisition, through a combination of rent reviews, asset management and increased efficiencies.”
