Both private and institutional investors with an interest in the private rented sector (PRS) market will be interested in the sale of a newly-developed residential scheme in the north Dublin town of Donabate.
Due for completion in the coming quarter, the 23-unit Dunrovin portfolio offers the prospective purchaser the opportunity to secure a net initial yield of 4.6 per cent based on the projected rental income of €630,000 per annum. The investment is being offered to the market by agent Cushman & Wakefield at a guide price of €11 million, which equates to an average of €478,000 per unit.
The 23 units in the Dunrovin portfolio comprise nine three-bed plus study terraced houses, nine two-bedroom apartments and five one-bedroom apartments. There are three additional one-bedroom apartments which do not form part of the sale and these will be allocated by the developer to fulfil the scheme’s Part V obligations to the local authority. There are 32 surface car-parking spaces for the benefit of the development.
Donabate itself is a long-established residential location with excellent connectivity to Dublin city centre via the M1 and by public transport. Donabate train station is situated within a short walk of the development affording residents a direct and frequent link to Connolly Station. Main Street in Donabate is within a two-minute walk of the scheme, and is well served by a number of amenities including a SuperValu, post office, pharmacy and food and beverage operators. Both Donabate and Portrane beaches are a short drive from the development.
Peter Love of Cushman & Wakefield says: “This is an opportunity to acquire an immediate income-generating multi-unit investment with a strong projected rental return in a strong residential location.”
