Knight Frank is quoting €8.5 million for an apartment scheme in Cabinteely that is producing a rent roll of €441,420 per annum but has the potential to increase this once empty units are let.

The Abbey Glen scheme, which was completed in 2008, is close to Cabinteely village and fronts on to Johnstown Avenue with vehicular access via Pottery Road. The N11 is two minutes away by car, giving easy access to the M50, while there are plenty of bus routes in the locality.

Abbey Glen consists of 44 residential units in two apartment blocks with 55 secure underground car-parking spaces. There are 13 one-beds, 22 two- beds, five three-beds and four two-bed duplex penthouses. These range in size from 55sq m (592sq ft) to 179sq m (1,927sq ft) with additional balcony/terrace areas.

The development is render- finished with grey aluminium windows, while balconies overlook communal gardens to the rear or Johnstown Road to the front. Many of the apartments are orientated south and west, overlooking the landscaped gardens, in order to maximise solar gain, while the two-bed duplex penthouses are particularly large with great views of a landscaped river walk.

Eight apartments, including the four penthouses, are incomplete and need work to bring them up to a rentable standard. The remaining 36 high-spec apartment are nearly all let.

Abbey Glen rents typically range from €875-€1,050 a month for one-beds; from €930 to €1,300 a month for two-beds; and three-beds fetch between €1,450 and €1,700 a month.

According to the agent, when fully let the development would have a rent roll of about €690,000 per annum.