Dublin city apartment portfolio at €6.3m offers 5.96% gross initial yield

Agent Hooke & MacDonald is guiding €6.3 million for a portfolio of 24 apartments at the well-located Fairview Close scheme on Richmond Avenue in Dublin 3.

The portfolio, which is being offered for sale on behalf of receivers Duff & Phelps, offers the purchaser the opportunity to secure a gross initial yield of 5.96 per cent. The guide price equates to an average of €262,500 per apartment.

Developed between 2007 and 2008, the Fairview Close scheme comprises a total of 128 residential properties. The subject portfolio comprises seven one-bedroom apartments, 14 two-bedroom apartments and seven three-bedroom apartments.

The properties are finished to a good standard, and are complemented by spacious balconies and one designated car parking space each at basement level.

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The majority of the apartments are occupied on standard residential tenancies with the exception of the seven vacant units within the portfolio. The 17 apartments that are let are producing a current gross rental income of €251,490 per annum, which will potentially increase to approximately €375,000 on the assumption the vacant units are re-let at current market rents.

Fairview Close is on the east side of Richmond Avenue close to Fairview village, and is 1km east of Drumcondra, 1.1km northwest of EastPoint Business Campus, and 1.95km north of Dublin city centre.