Islandbridge apartment portfolio on market for €12.5m

Joint agents Sherry FitzGerald New Homes and Cushman & Wakefield are guiding a price in excess of €12.5 million for the Mill Works, a scheme of 29 private rented sector (PRS) apartments now under construction at Islandbridge in Dublin 8.

The portfolio is being offered for sale on behalf of Genius Builds by way of a forward-purchase agreement, with practical completion expected by the third quarter of this year. Should this target be achieved, the agents say it would provide the prospective purchaser with the opportunity to secure a stabilised rental income of about €720,000 per annum before year-end. Based on its guide price, the prospective purchaser could expect to secure a gross initial yield of 5.75 per cent.

Original mill

Upon completion, the Mill Works will comprise 29 apartments distributed across two restored mill buildings and one newly constructed apartment block. The original mill buildings will accommodate seven one-bedroom units and two two-bed duplex units. The new block adjacent to the Mill Race will accommodate 20 two-bedroom units.

The selling agents estimate a gross annual income of about €720,000 per annum with one-bedroom units expected to achieve rents of €1,700-€1,825 a month, and two-bedroom units in the order of €1,950-€2,200 a month.

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Islandbridge enjoys ready access to both Dublin city centre and the greater Dublin area owing to its close proximity to Heuston Station, the Luas red line, numerous bus routes and the local road networks linking the area to the M50 and wider motorway network.

The Mill Works itself is located within a short walk of a selection of shops, restaurants and cafes, while Phoenix Park, the War Memorial Gardens, Kilmainham Gaol, and The Irish Museum of Modern Art are all situated nearby.