Property agents QRE Real Estate Advisors have been appointed by U+I to sell a prime multi-family residential portfolio in Malahide, Co. Dublin.
The portfolio, which forms part of the prestigious Robswall development, is located on the Coast Road, Malahide, approximately 2km from Malahide village. The sale comprises 27 high quality units and includes 9 x three bed penthouses, 13 x two bedroom apartments, 4 x one bedroom apartments and 1 x two bedroom duplex house.
QRE is offering the portfolio in one or two lots and is guiding €6.5 million for the entire.
Robswall was developed by Gerry Gannon in the mid 2000’s and the entire development comprises 363 completed houses and apartments on a site extending to 40 acres. In July 2014 Development Securities (now U+I) purchased 85 homes and 9 acres of land from Gannon for a reported €36 million.
The 27 homes forming the portfolio are located primarily in the Light House, Spinnaker, Anchorage and Walk blocks within the development. Units range in size from 600 Sq. ft for one beds, 720 – 1000 Sq. ft for 2 beds and 1001 – 1,331 Sq. ft for the penthouse units. The homes are fitted to a high standard throughout including fully fitted kitchens, bathrooms and timber flooring. All have the benefit of natural gas heating.
Conor Whelan of QRE confirmed that the portfolio was now 80% let on standard lease agreements and was currently producing €330,000 per annum. He advised that there was significant scope to enhance rental income immediately via reletting the vacant units and enhancing rents on the longer tenancies within the portfolio. He further advised that the current estimated rental value of the 27 units is in the order of €490,000 per annum and that service charges and property taxes combined equated to approximately €50,000 per annum.
He commented: "with tenant demand now at an all-time high, we expect strong interest from both private and institutional investors for the portfolio when it comes to the market this week at €6.5 million, which equates to a very attractive €273 per Sq. ft on the overall portfolio and provides a net initial yield 6.55%, when fully let at ERV”.
Find out more about the portfolio here.
Read Jack Fagan's article on the portfolio in the Irish Times here.
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