The address:13 Adelaide Square, White Friar Street, Dublin 8.
The agent:DNG.
The property:two-bedroom second floor apartment in well-presented scheme with an asking price of €595,000.
The landscape:Adelaide Square has a great city centre location being less than a 10-minute walk form St Stephen's Green and even close to South Great George's Street.
The features:Adelaide Square was one of the first developments in Dublin with a swanky 24-hour concierge service. Other features that set it apart are the in-house gym and swimming pool, as well as the laundry facility. The apartment is laid out over 73sq m(790sq ft) and has two double bedrooms, a living/dining room and decent galley kitchen. The apartment comes with an underground car-parking space and an adjacent underground storage compartment.
How much for an investor to buy?
On Bank of Ireland's variable rate of 5.8 per cent (5.9 APR) the repayments would be €2,813 a month on a 75 per cent loan (over 25 years).
On the bank's interest-only (for seven years) investment tracker the repayments would be €2,349 on a 75 per cent loan.
How much for a residential buyer?
Owner-occupiers buying the property could go for a variable rate of 5.45 per cent (5.6 APR) over 25 years. This would result in repayments of €2,902 a month on an 80 per cent loan.
Potential:the apartment will achieve between €1,800 and €2,000 a month, according to the selling agent. The car-parking space is currently earning €200 a month.
Verdict:Adelaide Square is a popular scheme that has matured well since it was first built in the late 1990s. It rents well, particularly to overseas students attending the Royal College of Surgeons. Going on the above figures, investors will not cover costs, so it will only suit a long-term investor or cash buyer.
Calculations by Bank of Ireland
