Portfolio of apartments in Dublin 8 for €3.2m

Irish investors still looking for a property asset showing a good return are likely to take a look at a multi-family residential investment which has just come on the market at the junction of Cork Street and Reuben Street in Dublin 8.

Christopher Belton of Lisney is quoting €3.2 million for 21 apartments, 11 of them one-beds and 10 two-bedroom units, in the modern six-storey Ice Rink development. The apartments have an overall floor area of 1,213 sq m (13,060 sq ft) and are arranged around two of the four cores within the building that was designed by BDP Architects and constructed in 2006 by RJ Manufacturing.

The €3.2 million guide price works out at an average of €152,380 per unit.

The sale is not expected to involve a VAT payment. Even with one of the apartments currently vacant, the purchaser can bank of a rental income of €212,000.

Once all the units are occupied, the successful investor can expect a gross yield of about 7 per cent with scope to increase the return further in the coming months given the exceptionally strong letting market.

Parking

Each apartment has the benefit of a designated car-parking space at basement level.

The Ice Rink apartments are located at the southern end of Cork Street, close to South Circular Road and the Grand Canal.

They are within 100 metres of the Coombe Hospital.

The balance of the Ice Rink development consists of a further 20 apartments and a ground floor convenience store, both held in separate ownerships and not part of the Lisney sale.