The Royal Bank of Scotland has called time on another Ulster Bank loan, forcing the sale of a gated development of 54 apartments and townhouses at Dundrum, Dublin 14.
Sarah Dillon of Savills is quoting €8.5 million for Annaville, a multi-family investment, which is producing a rent roll of €706,000 and will show a gross income yield of 7.7 per cent.
The development is being sold on the instructions of Kieran Wallace and Eamonn Richardson of KPMG who were appointed receivers by the bank.
‘Quality asset’
Annaville was built in 2004 and is comprised of 26 one- bedroom apartments, eight two-bedroom units, and 16 two-bedroom duplex apartments, as well as four two-bedroom townhouses.
There are 62 car-parking spaces in the basement which is accessed by both a staircase and a lift.
Sarah Dillon said she expected a high level of interest in what was a “quality asset”, with an excellent income profile in a single ownership.
Annaville is convenient to Ireland’s largest shopping centre, Dundrum Town Centre, and the Luas line which provides easy access to St Stephen’s Green in about 10 minutes.
Several other apartment developments in Dublin have sold particularly well over the past year, most notably The Alliance Building at the Gasworks, Dublin 4, which is showing a return of 6.27 per cent for the new owners, and Sandford Lodge in Ranelagh which is yielding about 6.93 per cent.
