The address:Apartment 45, Malton House, Custom House Square, IFSC, Dublin 1.
The agent:Lisney.
The property:two-bed third floor apartment with an asking price of €395,000.
The landscape:built around 10 years ago, Malton House has just over 600 units. It has a good docklands location beside the IFSC and is a stone's throw from the Dart and Luas at Connolly Station.
The features:the apartment has 55sq m (590sq ft) of space, comprising an entrance hall, two bedrooms and living area with kitchen. Service charges are €2,162 per annum. The apartment was previously rented out and comes to the market in decent condition.
How much for an investor to buy?Stamp duty will be €18,900. An investor could raise €316,000, which represents 80 per cent of the purchase price. On a full-payment basis this would work out as €1,933 per month over 30 years and €1,630 per month on an interest-only basis. These figures are based on a three-year fixed rate of 6.19 per cent with IIB Homeloans.
How much for an owner-occupier?A first-time buyer could go for a 92 per cent mortgage of €363,400 at a rate of 5.2 per cent (two years fixed) with AIB. Over 35 years this would mean a repayment of €1,882 per month.
Potential:the apartment includes a designated car-parking space - which is a bonus in the IFSC area - and it also comes with Section 23 relief of €185,000 with approximately two years to run. It should achieve a rent in the region of €1,500.
Verdict:when the apartment first came on the market in May it was priced at €425,000, now €30,000 has been shaved off the price. A rent of €1,500 per month would represent a yield of around 4.34 per cent.
Calculations by Simply Mortgages
Fiona Tyrrell
