DNG is guiding €1.295 million for seven fully let apartments in Dublin 8, which would represent a gross investment yield of 8.5 per cent.
The apartments, at 142-143 James Street, include four two-beds and three three-beds which are being brought to the market in one lot on the instructions of Deloitte's Tom Kavanagh.
They are leased to Dublin City Council on a 10-year term from 2015 and produce a rent roll of €110,000. Under the terms of the lease, the council is responsible for the full repair and upkeep of the property, so a buyer would not be liable for any expenditure or management fees for the duration of the lease. The council is also obliged to hand the building back in good condition at the end of the lease.
Dating from 1999, the mixed-use block, which is opposite the entrance to St James’s Hospital, has retail units (not included in the sale) on the ground floor, with residential units overhead. The floor area of the apartments ranges from 69.6 sq m (750 sq ft) to 84 sq m (900 sq ft).
The city centre is within walking distance, as are the Luas and numerous bus routes, while the planned new national maternity and children’s hospital sites are nearby.
