Malahide apartments for €4.9m

With a string of successful sales over the past year of multi-family apartment developments, DTZ Sherry FitzGerald is confident of finding an early buyer for a well-located apartment development in Malahide, Co Dublin, which is to be sold by private treaty.

Clive Roche of the agency is guiding €4,950,000 for the freehold property Abington Wood, a development of 22 apartments and a ground floor creche which will give a new owner a net return of 8.34 per cent after standard purchaser's costs of 4.46 per cent are taken into account.

The selling price equates to a valuation of about €184,000 per apartment.

Dating from 2008, the development consists of two three-storey over basement blocks with 22 two-bedroom apartments and a creche extending to 465.5 sq m (5,010 sq ft).

There is parking for 50 cars in a secure basement area.

The apartments range in size from 72 to 82 sq m (774 to 882 sq ft) and are currently producing €320,000 per annum.

There is also permision to develop two two-bedroom penthouses with floor areas of 148sq m (1,593sq ft).

The creche is let to Links Childcare on a 15-year lease from 2009 at an annual rent of €110,000, bringing the overall rent roll up to €431,000.

The property is being sold on the instructions of joint receivers Declan McDonald and Ken Tyrrell of PwC.