Tallaght apartment block for €1.85m

An apartment block let to homeless charity Focus Ireland, in Tallaght, Dublin, is to be offered for sale as an investment at €1,850,000.

The 15 apartments and two townhouses at Greenhills Court, currently rented at €145,440 , will show a gross income return of more than 8.5 per cent.

Enda Moore of Hooke & MacDonald is handling the sale for Warren Private, which acquired the eight-year-old block a number of years ago and let it to Focus Ireland.

Though the lease has 9.5 years to run, the rent is reviewed every three years in line with the consumer price index.

The lease allows the rent to be set at 80 per cent of the open market value and, in return, the charity is responsible for the repair and maintenance of the homes.

Providing accommodation

Focus Ireland has been helping the homeless for the past 29 years and is currently providing accommodation for a

bout 8,000 people a year. It has an annual income of more than €18 million.

Greenhills Court is located in the centre of Tallaght village and includes eight one-bedroom apartments, nine two-bedroom units and two two-bedroom townhouses. A planning consent for an additional four residential units and two shops alongside the block has lapsed. Allowing €100,000 for the undeveloped units, the asking price will equate to an average of €103,000 for each of the homes.

The block is beside Tallaght Institute of Technology and The Square shopping centre.