Agents QRE are seeking €1.8m for a multi-family investment in the heart of Dublin 8. The property known as St. Catherine’s Church is located off Bridgefoot Street in The Liberties, an area undergoing significant urban generation at present.
The investment consists of 13 apartments made up of a mixture of 9 x 1 bedroom units and 4 x 2 bedroom units, ranging in size from 38 sq.m. to 68 sq.m. At present, occupancy is in excess of 90% with 12 of the apartments let on standard residential tenancies producing a total passing rent of €123,780.
Brian Kelly who is handling the sale along together with Bryan Garry of QRE comments “the majority of the units are under rented, assuming a market rental value €171,000 per annum, the investment offers investors a strong reversionary opportunity in the short to medium term”
“Supply remains tight in the housing market, which is continuing to put upward pressure on the Dublin rental sector. Recent reports suggest that Dublin apartment rents are 8.4% higher year on year and we expect this trend to continue for the medium term” say QRE.
The sale offers an excellent investment opportunity for a purchaser to acquire an attractive lot size in Dublin's city centre with a view to increasing the overall rent roll and enhance return by strategic asset management.
A sale at the guide will offer a reversionary yield of approximately 9.2%.
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