Allsops is quoting €3.75 million for a scheme of 10 townhouses to the rear of Leonard’s Corner in Dublin 8.

The development, at 10-19 Wesley Place off Clanbrassil Street, is set within a private courtyard with each property benefitting from a back garden. There are eight three-bedroom mid-terrace townhouses and two two-bedroom end-of-terrace units. In addition to the back gardens, the three-beds also have roof gardens. Sizes range from 90sq m (969sq ft) to 120sq m (1,292sq ft). This a contemporary development with an attractive full-brick facade.

Nine of the townhouses are currently rented and produce an aggregate rent roll of €204,000. Once let, the vacant unit would bring in about €21,600 a year bringing the rent roll up to €225,600.

However, Allsops says that once fully let and rents are brought in line with market levels, the development will generate a rent roll in the region of €250,000 per annum.

“Based on the asking price of €3.75m, this equates to a net initial yield of 6.4 per cent, taking account of purchaser’s costs,” says Ian Lyons of Allsops.

Wesley Place is to the north of the Grand Canal close to the junction of Clanbrassil Street and South Circular Road.

It is about 2km from St Stephen’s Green and close to a number of good transport links.