Apartment complex for €2.2m

GVA Donal Ó Buachalla is guiding in excess of €2.2 million for a multi-family residential development at Richmond Road in Dublin 3, which will give a new owner a return of 8.58 per cent.

Waterfall Court includes 15 one- and two-bedroom apartments let to Dublin City Council under a residential accommodation scheme for 20 years from 2008.

One-bedroom apartments are mainly rented at about €900 a month while two-bedroom units average about €1,150, bringing the overall rent roll up to €197,000 per annum.

Most of the apartments have direct access to an internal courtyard.

The residential units also have the use of 20 spaces in a basement car park.

O Buachalla says that a new owner could benefit from the agreement with the city council until 2028 or alternatively, give one year’s notice of their intention to terminate the pre-emption agreement and secure vacant possession.