Tuesday, 30 October 2012

€9m For Dublin Apartment Scheme...

THE CHOICE of investment properties available to Irish and overseas buyers is steadily increasing with the launch today of a marketing campaign for an entire development of 62 apartments and penthouses next to the North Circular Road entrance to the Phoenix Park in Dublin 7.
David Browne of agent HT Meagher O’Reilly is seeking €9 million for the high quality scheme which was completed 12 years ago by Tony Gannon’s Unicorn Homes. The investment will show a net yield of 7.78 per cent.
The broad mix of apartments in Park Lodge are fully occupied and are producing a rent roll of €823,000 per annum. The location has proved extremely popular from the start – beside the Phoenix Park and five minutes walk from the Luas at Heuston Station which travels past the Four Courts to the city centre. The five-storey apartment block is also a few hundred yards from the newly-built Criminal Courts of Justice on Infirmary Road.
Park Lodge was developed on the site of the old Park Lodge Hotel, once a popular venue for cattle dealers attending nearby markets and later a regular haunt for staff in the adjoining Garda headquarters. The high-spec apartment block has helped to improve this part of the North Circular Road which had become somewhat dated in recent years.
The apartments have a mix of styles and attractive facades incorporating Victorian-style brickwork, cedar cladding and zinc cladding at penthouse level. The glazed balconies and stainless steel handrails add to the contemporary style along with cleverly positioned uplighters and downlighters.
All access points to the building are covered by an advanced CCTV system. Two lifts provide full access to the various levels from the basement where there are 58 car-parking spaces.
Apartments on the upper floors have clear views over a good part of the 1,752-acre Phoenix Park and much of the inner city.
The mix of apartments includes 16 one-bedroom units with an average floor area of 52sq m (555sq ft) which usually rent at between €750 and €1,100 per month. Most of the rental income comes from 36 two-bedroom homes with an average floor area of 78sq m (844sq ft) which are let at between €1,000 and €1,250 per month. There are also 10 three-bedroom penthouses averaging around 101sq m (1,087sq ft) which rent at between €1,450 and €1,600.
The €9 million valuation equates to around €115,000 for one-bedroom apartments, €145,000 for two-bedroom units and €195,000 for three-bedroom homes. These prices are about 20 per cent lower than if the apartments were offered for sale on an individual basis.
JOINT AGENTS GVA Donal O Buachalla and Sherry FitzGerald are seeking €2.5 million for a fully let apartment investment portfolio within a gated development close to Bray town centre.

Fourteen apartments, five of them penthouses in three blocks at Wilford Court, are producing total rents of €199,200 per annum and will show a gross yield of 7.96 per cent and a net yield of 7.6 per cent.

The penthouses with three double bedrooms have wrap-around balconies with views of Bray Head and the Sugar Loaf and are let at €1,500 per month.

Three-bedroom duplex units are rented at €1,200 per month while ground floor apartments are leased at €850 per month. The development was completed in 2007. 
Report by JACK FAGAN - Irish Times

Parknasilla Sells For Over 10 Million...

Parknasilla sells for over €10 million to overseas investor...

LESS THAN seven weeks after being offered for sale, the Parknasilla Resort Spa in Co Kerry has been taken off the market after a satisfactory offer was received by selling agent Savills.
An overseas buyer is understood to have offered in excess of the guide price of €10 million for the four-star resort which is being sold on behalf of Bank of Scotland (Ireland).
The Sneem hotel was bought six years ago by property developer Bernard McNamara for almost €40 million. He subsequently spent at least €30 million on enlarging and upgrading the resort and building 62 self-catering lodges and villas in the grounds.
Tom Barrett of Savills said the sale had attracted over 100 inquiries, most of them overseas hotel groups and investors.
Savills is also close to wrapping up the sale of the Cork International Airport Hotel, also owned by McNamara.
An overseas buyer is to pay over €5 million for the facility which was developed at a cost of around €35 million.
Report Irish Times.

Reality Yet To Hit...

Reality of the market has yet to hit property brochures...

It’s almost  the end of 2012  and let’s face it, the property market is all about reality these days…some would say grim reality so why haven’t some estate agents tempered the grandiose  language in their brochures to reflect the general mood, one wonders?  It’s supposed to be a new era of transparency following the introduction of the  Property Services Regulation Act 2011 so shouldn’t that involve a rethink on the adjective  count  in the average brochure?
Take for example the use, or misuse,  of the word “residence”  which seems to apply to  the  pokiest townhouse and  modest three-bed semi. While referring to a small house as a residence  isn’t wrong exactly, it is a tad misleading, or it would be if you couldn’t see the photos. Maybe the hope is if they use the word often enough it will subliminally trick the buyer into thinking  they are buying Downton Abbey .
There seems to be a brochure  template that some agents sleepwalk through whereby all cul-de-sacs are quiet , all patios are perfect for al fresco dining and all south and west  facing gardens are sunny even in the depths of winter.
Properties are  attributed  feelings, they enjoy all sorts of things including the benefit of being in a  good location, they can boast and, most alarmingly,  they can even exude.
If they’ve got any age at all , they are invariably referred to as “charming”  and “characterful”,  the locations of properties  are often  “second to none”. Although that kinda depends on who you ask, doesn’t it? Communal grounds are often manicured which  roughly translated  usually  means “not meadowland” . The spiel is often finished off with “viewing is highly recommended”…well they would say that wouldn’t they?
And on the subject of  adjective counts, an estate agent in Carlow describes a house “in the beautiful picturesque village of Ballymurphy Co Carlow”, “a superb residence  that affords views in every direction and offers the opportunity for country living in a vibrant and welcoming community. The property itself is situated on approximately half an acre and is bounded by a beautiful stream. Surrounding the property are the foothills of Mount Leinster, and the spectacular scenery that accompanies them.”
Phew…I’m exhausted thinking about all that beauty and splendour. Wouldn’t it be easier all around to let the photos speak for themselves with some supporting detail from the estate agent. The savvy potential buyers of today won’t be buying a place on the strength of fancy descriptions so why bother?

Report by EDEL MORGAN - Irish Times