Agent Hooke & MacDonald is guiding an overall price of €4.6 million for a residential investment portfolio in the heart of Dublin 2.
Located at 17 Hogan Place and 2A Hogan Avenue, the portfolio is being sold on behalf of the Cosgrave family and comprises 14 apartments. The investment occupies a prime location within a short walk both of the traditional business district centred around the Georgian core of Merrion Square, Fitzwilliam Square and St Stephen’s Green, and the city’s thriving south docklands. The portfolio is being offered for sale either as two lots or collectively.
Lot 1 is located at 17 Hogan Place and comprises six self-contained two-bedroom apartments, five of which are let at present. The rent for the recently vacated unit will be capped at its previous level once it is occupied, providing the buyer with an overall rental income of €131,376 annually. The guide price for this lot is €2 million and should a sale proceed at this level, the new owner would be in line for a gross initial yield of 6.57 per cent
Lot 2 is located at 2A Hogan Avenue and comprises eight self-contained apartments with a mix of three one-bedroom units and five two-bedroom units. Six of the apartments are occupied at present. Once again, the rents for the recently vacated units will be capped at their previous levels once they are occupied, providing the buyer with an overall rental income of €181,812 annually. There are six car-parking spaces at Hogan Avenue and the guide price is €2.6 million. Should a sale proceed at this level, the buyer stands to secure a gross initial yield of 6.99 per cent.
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Lot 3 comprises all 14 apartments and six car-parking spaces and is guiding at an overall price of €4.6 million. Should a sale be achieved at this level, the buyer would secure a gross initial yield of 6.81 per cent based on the portfolio’s overall income of €313,188 annually.
Conor Steen of Hooke & MacDonald says: “The combination of high-quality apartments, secure parking, and close proximity to key amenities and major employers makes this a highly attractive investment”.
