A block of six apartments in Dublin 6 is guiding more than €2.6 million – or an average of €433,000 per apartment – through Knight Frank.
The Millrace Court scheme on the Clonskeagh Road is producing a rent roll of €160,200, which would indicate a net initial yield of about 6.2 per cent.
It comprises two one-beds, three two-beds and one three-bed penthouse over 14 basement car-parking spaces.
Millrace Court overlooks the Dodder and is within walking distance of Ranelagh, Donnybrook and Ballsbridge. The nearby Luas offers regular services to the city centre.
Residential investments are now a large part of the commercial property landscape. They were the second-largest property investment class in 2018 – accounting for €1.1 billion of the total €3.6 billion investment spend.
The same agent has also just completed the sale of an office building rented by the Office of Public Works and occupied by the Register of Births, Deaths and Marriages on Lombard Street East in Dublin 2. It came on the market in September last year and was bought by a private Irish investor at its guide price of €8.5 million.
Known as Joyce House, the second-generation block was owned by an overseas investor and produces a rent roll of €481,710, which breaks back at just €30 per square foot and €3,000 for car-parking spaces. The building has about 1,479sq m (15,920sq ft).
