Buyer sought for D3 apartment complex

With the Dublin market now well established for multi-family residential investments, another apartment development is to be offered for sale from today in the north inner city.

Damien McCaffrey of agents Knight Frank is seeking offers in excess of €17 million for 91 apartments at Richmond Avenue, Dublin 3, which are producing a rental income of €1.2 million.

The yield for investors will work out at just over 7 per cent.

The Richmond Gardens apartments are located in four separate blocks which were completed about three years ago by developer Eugene O'Neill. Dunbar Asset Ireland, formerly known as Zurich Bank, recently appointed David Hughes of Ernst & Young as receiver to the company.

Higher rents

There is scope to increase the rent roll by another €76,000 following the granting of planning permission to convert an existing retail area of 491sq m (5,285sq ft) into seven further apartments. The cost of the conversion is likely to be about €500,000.

The apartment complex has 50 two-bedroom units in all, renting at an average of €1,083 per month; 22 three-beds bringing in €1,289 and 19 one-beds achieving average rents of €923.

Recent lettings have attracted higher rents and, according to the selling agent, there is scope to boost the overall rent roll through more active management.

The apartment blocks are located in a landscaped courtyard with a gated entrance about 2km from the city centre and even closer to East Point Business Park with its large skilled workforce.

The apartments are within easy walking distance of Clontarf Dart station, according to the selling agents.