The address:Mews, rear of 151 Leinster Road, Rathmines, D6.
The agent:Gunne.
The property:two-bed coach-house for €1.05 million.
The landscape:in a secluded setting, this coach-house has a rustic feel and a great urban location. Access is from Leinster Square, off Rathmines Road, opposite the Swan Centre.
The features:this coach-house has 110sq m (1,184sq ft) over two floors with two reception rooms, kitchen, two bedrooms, shower room and garage. It is in use as a private gym. The agent, however, is pitching it at the residential market. It does have planning permission for a change of use to residential and little work would be required to turn it into a home. Permission is in place to enlarge the entrance and to allow for electric gates. There is lots of off-street car-parking.
How much for an investor to buy?Stamp duty is €65,750. On Bank of Ireland's new business three-year fixed rate of 5.25 per cent (5.5 APR) the repayments would be €4,708 a month on a 75 per cent loan (over 25 years).
On the bank's interest-only (for seven years) investment tracker the repayments would be €4,755 on a 75 per cent loan.
How much for a residential buyer?On Bank of Ireland's two-year fixed mortgage at a rate of 4.85 per cent (5.3 APR) the repayments will be €5,552 a month over 25 years (based on a 92 per cent mortgage). The bank's tracker mortgage will work out at €4,973 a month (on an 80 per cent mortgage).
Potential:the buyer will take over the remainder of a commercial lease which will expire in September 2010, with a rent of €32,000 per annum.
Verdict:while the rent of €32,000 a year will not come close to covering the mortgage repayments, the rent roll could be a handy short-term income for a buyer planning to revert the property to residential use.
Calculations by Bank of Ireland
