Residential Investments: An apartment block built by P V Doyle with 28 rental units is for auction soon. Jack Fagan, Property Editor, reports

An usual investment opportunity will arise next month when a purpose-built block of apartments - Belgrave Court, at Mount Pleasant Avenue in Ranelagh, Dublin 6 - goes for sale by auction.

Joint agents Harper O'Grady and Douglas Newman Good are quoting in excess of €4.5 million - a price that would produce a yield of 5.5 per cent.

The apartment block was built by the late property developer and hotelier P V Doyle in the 1960s.

The three-storey complex has a total of 23 one-bedroom apartments, three two-bedroom units along with two semi-detached one-bedroom bungalows.

Neil Harper of Harper O'Grady says that the property will be sold in one lot and whoever buys it will have an immediate rent roll, the opportunity to redevelop the complex and the option of selling on individual units at a later stage.

He envisages that the apartment block will be of interest to both builders and investors because of its superb location near the junction of Belgrave Square and Mount Pleasant Avenue.

The residential units are currently producing around €265,000 per annum, a figure that could could rise if the homes were upgraded and improved.

The joint agents estimate that one-bedroom units are probably valued at around €230,000; two-bedroom homes at €280,000 and one-bedroom bungalows at €260,000.

The property is to be auctioned on November 19th.