Subscriber OnlyCommercial Property

South Dublin apartment portfolio guiding at €8.5m

20 newly-developed units on Carysfort Avenue in Blackrock have potential to generate €575,000 in annual rental income

The sale of a newly-completed scheme of 20 apartments in the south Dublin village of Blackrock should see interest from both individual and institutional investors involved in the provision of accommodation for the private rented sector.

Located at 27-33 Carysfort Avenue in a building which had served since the 1950s as the home of a succession of well-known pubs including The Nook, The Avoca, and the Ass & Cart, the development is being offered to the market by Sherry FitzGerald Commercial at a guide price of €8.5 million. The apartments have a B2 Ber rating in the main, are available for immediate occupation and offer the prospective purchaser the opportunity to generate gross annual income of about €575,000 according to the selling agent.

The apartments are within a five-minute walk of Blackrock village itself, and the recently redeveloped Frascati and Blackrock Village shopping centres. The subject property is well connected by public transport thanks to its proximity to the Dart station in Blackrock village and the numerous Dublin Bus routes that operate along the Frascati Road (N31).

The immediate and wider area, meanwhile, is home to the UCD Michael Smurfit Graduate Business School and UCD’s main Belfield campus. St Vincent’s public and private hospitals and the Blackrock Clinic are also located nearby.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times