Citywest apartments to make over €1.6m

The Round Garden apartments is producing a rent roll of €207,000

The Round Garden apartment block in Citywest: there are car-parking spaces with each of the apartments in the crescent-shaped building.
The Round Garden apartment block in Citywest: there are car-parking spaces with each of the apartments in the crescent-shaped building.

One of the last remaining segments of the Citywest Hotel and convention centre in west Dublin goes on the market today when a buyer will be sought for a block of 32 apartments close to the entrance of the facility and the village of Saggart.

John Swarbrigg of Savills will not be quoting a guide price but, with the general run of out-of-town apartments still making at least €50,000 each, the complex is probably expected to fetch in excess of €1.6 million.

Savills is handling the sale of the decade-old complex on the instructions of William O'Riordan who was appointed receiver by AIB.

Meanwhile, the London-based businessman who bought the 789-bedroom hotel along with the vast convention centre and one of two golf courses on site for €29 million is due to complete legal contracts later this month.

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The Round Garden apartments, another distressed property owned by the businessman Jim Mansfield, is currently producing a rent roll of €207,000 even though four of the units remain empty.

There are 30 two-bedroom apartments in the block and two three-bedroom units.

The two-beds range in size from 51 to 96.5sq m (550 to 1,039sq ft) and generally attract rents of €800 per month. The three-beds have a floor area of 109sq m (1,172sq ft) and bring in €1,000 to €1,100 per month.

There are car-parking spaces with each of the apartments at the front or rear of the crescent-shaped building.

Swarbrigg said that with new owners about to move into Citywest he believed the venue would again become a hive of activity. Citywest is about 18km from the city centre.

Another block of apartments at Citywest – possibly as many as 100 and known as the golf apartments –remain unused after being bought during the property boom by individuals investors availing of tax breaks.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times