A wide range of investors are expected to express interest in a fully refurbished block of 32 apartments which has come to the market near Dublin city centre.
Located on Emmet Road in the heart of Inchicore village, the portfolio is being offered for sale on behalf of the Martin Property Group by agent Cushman & Wakefield with the benefit of full vacant possession at a guide price of €10.5 million. Should a sale proceed at that level the purchaser would be in line for a gross initial yield of 8 per cent and a net yield of 6.16 per cent assuming standard purchaser’s costs of 4.46 per cent with a capital value of €328,125 per unit.
The portfolio comprises 32 two-bedroom apartments distributed across four storeys with eight apartments per floor all extending to a floor area of about 45sq m (484sq ft). Each apartment has been recently refurbished to a high standard resulting in each apartment achieving a B Ber rating. The incoming purchaser will be free to let the units for prevailing market rents owing to the length of time they have been vacant during refurbishment. The development comes with ample surface car parking.
Inchicore is a thriving Dublin 8 neighbourhood. The area is home to a variety of coffee shops and retailers, including a Tesco Express, Riggers D8, Unfiltered Coffee, Kari Indian Restaurant, Black Lion Pub, a post office, and a local college. St James’s Hospital, Ireland’s largest acute academic teaching and service provider hospital, and the new National Children’s Hospital are located nearby.
Inchicore is well connected by public transport with numerous Dublin Bus routes and the Luas red line offering easy access to Dublin city centre and beyond.
Peter Love of Cushman and Wakefield says: “We expect strong interest for this property which has been refurbished to an excellent standard and is ideally situated next to the Luas red line stop at Drimnagh.”
