Ires Reit buys 23 apartments in Dublin city centre for €5.9m

Deal comprises 15 1-bed and 8 2-bed apartments, an office suite and car parking spaces

City Square, which was built in 2008 by G & T Crampton, is located on Gloucester Street, close to the Dart and Trinity College
City Square, which was built in 2008 by G & T Crampton, is located on Gloucester Street, close to the Dart and Trinity College

CHARLIE TAYLOR

Irish Residential Properties Reit (Ires Reit) is to acquire 23 apartments and an office suite in the centre of Dublin for €5.9 million.

Ires Reit, an Irish multi-unit residential property investment company that floated on the Irish Stock Exchange in 2014, said the transaction is expected to close later this month.

The deal comprises 15 1-bed and 8 2-bed apartments, an office suite extending to approximately 57 sq m (613 sq ft) and basement car parking spaces at City Square, on Gloucester Street, between City Quay and Townsend Street.

READ MORE

City Square, which was built in 2008 by G & T Crampton, currently has annualised passing residential and commercial rents of €500,000 at 96 per cent residential occupancy and full commercial occupancy, generating a gross yield of 8.5 per cent.

The development went on the market last year with a guide price of €5.8 million.

Ires Reit chief executive David Ehrlich described City Square as an attractive addition to the group’s portfolio.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist