D2 apartment building has scope to expand

With student accommodation extremely difficult to find in Dublin city centre, agents CBRE are expecting strong interest in the well-located apartment building known as Alexander Court at Upper Pembroke Street, which is for sale at more than €6.5 million.

The five-storey over lower ground-floor building is fully occupied and producing a rental income of more than €700,000 from 100 bed spaces in 23 apartments. The block was originally developed by Irish Life and has an overall floor area of 1,938 sq m (20,856 sq ft) . There is scope to extend the roof space to accommodate some additional apartments. Whoever buys the block will also have the option of using an adjacent site, accessed from Stable Lane, for two mews houses, subject to planning permission.

The apartment block is located just off Fitzwilliam Square and within easy walking distance of the city centre. The agents will sell the two properties in one or two lots.

According to agents CBRE, the scarcity of student accommodation will bring “a strong level of investor interest in this asset, which is producing a strong rental income, and occupies a high-profile location in the centre of Georgian Dublin.”