This week Worth the Investmentlooks at a property on Grand Canal Dock in Dublin 2

The address:210 Longboat Quay, Grand Canal Dock, D2.
The agent:Owen Reilly Property Consultants.
The property:one-bed third floor apartment for €399,000.

The landscape:Dublin's docklands are undergoing phenomenal redevelopment and the Grand Canal Dock area is seeing some of the most dramatic changes with the new public space at Grand Canal Square. Between the Liffey and Grand Canal Dock, Longboat Quay is in the heart of this new urban quarter. The scheme was built by Michael McNamara & Co about two years ago.

The features:number 210 is in excellent condition and the price includes all furniture (stylish and contemporary). The apartment has over 45sq m (484sq ft) with a long living/diningroom and adjoining cherry kitchen with granite worktop. The bedroom is a decent size but there is no car-parking space.

How much for an investor to buy?At Bank of Ireland's investment mortgage rate of 4.9 per cent (APR 5.4 per cent) two years fixed, the monthly repayments will start at €2,085 over 25 years, based on the maximum loan of 90 per cent of the asking price or €359,100. On an interest-only basis on a loan of 50 per cent of the asking price (€199,500), the monthly repayments will be €853 over 25 years (based on Bank of Ireland's investment tracker).

How much for a residential buyer?An owner-occupier opting for a 92 per cent loan (€367,080) would pay €2,068 a month over 25 years, based on Bank of Ireland's tracker mortgage. This is on a two-year fixed basis. On the bank's tracker mortgage owner-occupiers would pay €1,124 a month over 25 years.

Potential:rent around €1,500 should be achieved by this unit, says the agent. Service charges are €1,200 a year.

Verdict:financial and legal firms are relocating to the docklands, bringing with them young professionals looking for attractive and convenient rental accommodation.

" Calculations by Bank of Ireland