The address:65 New Market Square, New Row South, Christchurch, Dublin 8.
The agent:Lowe and Associates.
The property:two-bedroom, ground floor apartment with a price tag of €300,000.
The landscape:New Market Square is a scheme of 100-odd apartments on a quiet back road in Dublin 8 on the junction of New Row Street and Wards Hill.
Built around 10 years ago it has a great central location within 10 minutes' walk of St Stephen's Green, Grafton Street and Dame Street.
The features: accommodation is laid out over 59sq m (640sq ft) and includes an entrance hall, a decent lounge, a semi-separate kitchen, two double bedrooms and a bathroom. The apartment has been rented for some time and has just been refurbished.
How much for an investor to buy?At Bank of Ireland's investment mortgage rate of 5.4 per cent APR two years fixed, the monthly repayment will start out at €1,574 over 25 years, based on the maximum loan of 90 per cent of the asking price or €270,000. On an interest-only basis, the repayments will be €924 a month over 25 years, which is based on Bank of Ireland's investment tracker at a maximum loan of 75 per cent of the asking price, or €225,000. It is interest-only for seven years. After that repayments will be €1,573.
How much for a residential buyer?An owner-occupier opting for a 92 per cent loan would pay €1,610 a month over 25 years, based on Bank of Ireland's tracker mortgage. On a two-year fixed rate of 4.89 per cent owner-occupiers would pay €1,593 a month.
Potential:the rental market is very strong in the Christchurch area and rent in the region of €1,350 to €1,400 should be achieved by this property, says the selling agent. Service charges are €1,700 a year.
Verdict:not the most glamorous of properties, number 65 is reasonably priced and will rent very well.
Calculations by Bank of Ireland
