Developer Gerry Gannon in €4.5m sale of Clontarf apartments

The combination of strong rental location and the prospect of a 5.93 per cent gross yield has helped secure the €4.5 million sale of a residential portfolio in Clontarf , Dublin 3.

Acquired by a private Irish investor, the investment comprises 18 apartments at Tudor House and Beechfield House, two adjoining period properties that have been redeveloped into 10 apartments. A further 10 apartments are distributed across a modern block built within the grounds of the scheme.

Two of the apartments were sold when the scheme was completed by its developer and vendor Gerry Gannon in 2005. Consequently, the investment comprises nine apartments within the redeveloped period buildings and nine apartments within the modern block. The portfolio consists of nine one-bedroom apartments and nine two-bedroom apartments.

While the investment is currently generating a gross annual rental income of approximately €243,000, this is expected to increase to €267,000 per annum once the vacant show unit is re-let at its estimated rental value of €2,000 per calendar month.

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Portfolio

The price achieved in the sale is in line with the €4.5 million agent Hooke & MacDonald had been guiding when it brought the portfolio to the market earlier this year. The figure equates to an average of €250,000 per unit and a gross yield of 5.93 per cent based on the combined current and projected rents once fully let.

The Tudor House and Beechfield House development is located on Oulton Road just off Clontarf Road, and approximately 500 metres west of Vernon Avenue in Clontarf, Dublin 3.

St Anne’s Park is located approximately 1km to the northeast, while Bull Island and its two golf clubs are accessible at the Wooden Bridge approximately 1.3km to the east, while Clontarf’s coastal walks and cycle ways are just 150 metres away. The area is easily accessible by private and public transport. Killester and Clontarf Dart stations are located 1.3km to the north and 1.7km to the southwest respectively.