Three retail units and 27 apartments developed by the Wexford TD are to be sold in a single lot to pay back borrowings
A BLOCK OF apartments developed and leased in Dublin’s north inner city by Wexford TD Mick Wallace is to be offered for sale in a single lot by his company to meet borrowings from the Ulster Bank.
Separately, ACC Bank has secured summary judgment orders for more than €19 million against the independent TD and his company, MJ Wallace Ltd, which is in receivership.
David Browne of HT Meagher O’Reilly New Homes is to seek offers in the region of €3.75 million for the 27 apartments and three retail units in Sartini Court at Upper Dominick Street in Dublin.
The apartments are currently producing €348,000 per annum and when the shops are also leased the rent roll is expected to rise to €388,000. At that figure, an investor could bank on a return of more than 9 per cent per annum.
The three-year-old development has 25 two-bedroom apartments which are rented at €1,200 per month. Two one-bedroom units each make €1,000 per month. Virtually all the two-bed units are larger than usual, with floor areas of up to 85sq m (915sq ft).
If the asking price is obtained for the overall development, it will equate to an average valuation of about €125,000 per apartment. At the peak of the property market, the larger homes could have been sold for about €300,000 each.
Sartini Court, a six-storey block over basement car park, is prominently located at the junction of Mountjoy Street and Upper Dominick Street, and within easy walking distance of the Mater Hospital.
There are 20 enclosed parking spaces accessed off Mountjoy Street and three retail units in all, one 52sq m (560sq ft), another 113sq m (1,216sq ft) and the third 220sq m (2,368sq ft), which is currently the subject of negotiation with a interested tenant.
The selling agents say there is a waiting list of tenants wanting to lease apartments, not only because of their central location but also due to “the high degree of satisfaction” with the style and fit-out of the development.
Mr Browne said the scheme offered the highest possible BER ratings, an air recycling system, private balconies and access to a shared roof terrace with clear views over Dublin city centre.
He said the internal fittings and the overall standard of finish in the apartments was considerably better than in most expensive schemes in Dublin and included marble floors throughout, and solid timber kitchens with stone worktops.
Mr Wallace’s best-known Dublin development is the Italian Quarter on Ormond Quay. He owes €40 million to various banks. These are understood to include AIB and Bank of Scotland as well as the Ulster Bank and ACC.
