€9.4m for apartment portfolio at entrance to Malahide’s millionaires’ row

A multi-family unit of 22 apartments plus a crèche has come to the market in the coastal town of Malahide, north county Dublin, guiding €9.4 million through agent TWM.

Abington Wood, just off the Swords Road, is situated at the entrance to Abington, the up-market development of substantial detached homes, which has been home over the years to numerous high-profile figures including Westlife’s Nicky Byrne, author Cecilia Ahern and David Drumm, former chief executive at Anglo Irish Bank.

Built in 2008, Abington Wood comprises 22 two-bed apartments distribued across two three-storey over-basement blocks, a ground-floor crèche, and 49 underground car parking spaces.

The total annual gross income from both the apartments and crèche is €555,140, with Links Creche & Montessori paying an annual rent of €110,000 until lease expiry in May 2025. The average gross monthly rent for each of the apartments is €1,686, with rental agent Boland Hyland reporting strong rental demand, with vacancies taking no longer than about two weeks to re-let (outside of Covid-related lockdowns). The sale of the development at the guide price of €9.4 million would give its new owner a net initial yield of 5.61 per cent and a net operating income yield of 4.58 per cent.

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There may be potential, according to the selling agent to increase the number of apartments by raising the height of the existing building. In 2009, Fingal County Council granted planning for two two-bedroom penthouses of 148sq m each, with balconies of 77sq m and 80sq m, respectively. However this permission has now expired.

The property last came to market in 2014, seeking €4.95 million. It was subsequently acquired for €6.2 million by the Israeli businessman Igal Ahouvi, whose investments in Ireland have included a number of high-profile supermarket properties, as well as the Skechers shoe shop building on Henry Street.