Residential Investments: One of the most unusual investment properties to come on the market this year - a block of 39 apartments and houses in Clondalkin, west Dublin - is expected to attract a lot of attention in the run up to the Christmas break.
Manus Agnew of agent Quinn Agnew is handling the sale of the year-old Rowlagh Village which is owned by the original developer.
All the homes are three-bedroom units, rented at an average of €14,400 per unit, reflecting an overall rent roll of €486,000 per annum. They are to be sold by private treaty in four separate lots. When reviews have been completed, the rent roll should move to €520,000.
The properties should appeal especially to investors with rental income because of the valuable tax breaks that are available under the Section 23 scheme which is rapidly running out. New owners will be able to offset 87 per cent of the development costs against all rental income.
Quinn Agnew is seeking €1.7 million for four three-bed terraced homes which are producing rents of €57,600. The price equates to €425,000 per unit.
The next lot for sale is seven duplex homes at a price of over €2,650,000 - breaking back at €378,571 per home. The rent roll in this case is €89,000.
The third lot involves five apartments which are producing rents of €70,000 per annum. The asking price in this case is over €1,875,000 - or €375,000 per home.
The largest lot of 20 three-bed apartments and duplex units is for sale at €7.5 million - the equivalent of €375,000 each. The rent roll in this case is €270,000 per annum.
