Skip to main content

€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.
BRAY PORTFOLIO €2.5M FOR 14 APARTMENTS 
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

Popular posts from this blog

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu

Property Tycoon's Dolce Vita Ends...

Tycoon's dolce vita ends as art seized... THE Dublin city sheriff has seized an art collection and other valuables from the Ailesbury Road home of fallen property developer Bernard McNamara. The collection will be sold to help pay his debts. The sheriff, Brendan Walsh, is believed to have moved against the property developer within the past fortnight, calling to his salubrious Dublin 4 home acting on a court order to seize anything of value from his home to reimburse his creditors. The sheriff is believed to have taken paintings from the family home along with a small number of other items. The development marks a new low for Mr McNamara, once one of Ireland's richest men but who now owes €1.5bn . The property developer and former county councillor from Clare turned the building firm founded by his father Michael into one of the biggest in Ireland. He is the highest-profile former tycoon to date to be targeted by bailiffs, signalling just how far some of Ireland's billionai

I fear a very different kind of property crash

While 80% of people over 40 own their own home just a third of adults under 40 do. This is disastrous for social solidarity and cohesion Changing this system of policymaking requires a government to act in a way that may be uncomfortable for some. Governments have a horizon of no more than five years, and the housing issue requires long-term planning. The Department of Public Expenditure and Reform was intended to tackle some of these problems. According to its website its remit is to “drive the delivery of better public services, living standards and infrastructure for the people of Ireland by enhancing governance, building capacity and delivering effectively”. So how is the challenge of delivering homes for people in 2024 and beyond going to be met? The extent of the problem is visible in the move by companies, including Ryanair, to buy properties to house staff. Ryanair has, justifiably, defended its right to do so. IPAV has long articulated its views on how to improve supply an