European investor pays about €3.1m for Clongriffin apartments

The sale of both large and smaller-scale private rented sector (PRS) investments in Dublin continues to see strong interest from both Irish and international investors.

One of the latest transactions to have been completed in the capital saw European property firm the LRC Group pay about €3.1 million, or an average of €193,750 per unit, for 16 apartments at the Station Point scheme in Clongriffin, Dublin 13. The sale of the portfolio was handled by agent Hooke & MacDonald on the instruction of receiver Paddy O’Connell of RSM Ireland. While Hooke & MacDonald declined to comment on either the pricing or the purchaser, it said the investment had attracted interest from a range of parties.

LRC’s return to the acquisitions trail is interesting, coming as it does just less than a year on from its instruction to Eastdil Secured to gauge interest among potential buyers for its entire Irish residential portfolio. As The Irish Times reported at the time, the company had been looking to secure up to €1 billion for the 1,700 rental properties it owns across Dublin, Cork and Galway.

Residential assets

LRC’s most significant transaction here took place in April 2019, and saw it pay about €150 million to acquire 600 mainly residential assets across the tree cities from Oaktree affiliate, Targeted Investment Opportunities (TIO).

Eastpoint Business Park office block at €12.5m offers 6.72% yield

---

Bray seafront site with full planning for 92 apartments guiding at €6.75m

---

Landmark Stillorgan pub with potential seeking €1.5m

---

Dublin 4 guesthouse offers post-pandemic opportunity at €5m

---

In the case of its latest purchase at Station Point, LRC has secured ownership of 16 residential units with open-plan living/dining rooms and private balconies/terraces. Sixteen designated car-parking spaces were included in the sale.

The Station Point scheme, completed in 2008, is on Main Street in Clongriffin. The develop is just 350m from Clongriffin Dart station, and near the Dublin Bus quality bus corridor on the Malahide Road, the M1 motorway and Dublin Airport.

Conor Steen, an associate director at Hooke & MacDonald, said: “We saw strong interest in this investment opportunity, which was sold via a competitive public tender process.”