Agent Sherry FitzGerald Commercial is guiding a price of €1.8 million for a portfolio of eight rental apartments in the south Dublin suburb of Rathgar.
The units, which are in need of some refurbishment and are under-rented at present, form part of Newtown House at Eaton Brae. Eaton Brae is a quiet cul-de-sac situated just off Orwell Road.
The eight units comprise two one-bedroom apartments and six two-bedroom apartments with 10 designated car-parking spaces. The property was built in 1969 and sits on a site of 0.1 hectares (0.25 acres). The building is set back from the road with a paved forecourt providing parking. There is a storage shed and bin store located to the side of this space, with a private garden bordered by mature trees to the rear.
Internally the block is in need of refurbishment. Five of the eight apartments are currently leased and producing a gross annual passing rent of just €18,540, which equates to an average of €309 per unit per month. Three of the apartments are currently vacant.
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Newtown House is well located and offers easy access to a host of local amenities. Rathgar village is just 1.5km away from the subject property. The area is well served by public transport, with Dublin Bus services running along Orwell Road while the Luas green line stop at Windy Arbour is about 1.3km away, providing easy access to Dublin city centre and the south Dublin suburbs.
Elizabeth O’Hara of Sherry FitzGerald Commercial says: “This is an exceptional opportunity for investors and developers seeking to capitalise on the strong demand in the south Dublin residential rental market.”
