A portfolio of 17 apartments at the Longboat Quay development in Dublin’s south docklands is new to the market this week through Savills at €8.75 million – or about €515,000 per apartment.
Fifteen of the 17 homes are vacant, but when fully let could produce a rent roll of more than €545,000 a year, according to the agent, which would represent a gross initial yield of 6 per cent.
The strength of demand for property in this part of docklands was underlined last June when Cairn Homes agreed to sell its nearby Six Hanover Quay scheme to a special purpose company managed by Carysfort Capital for €101 million. The complex, which is nearing completion, includes 120 apartments, a 464sq m (5,000sq ft) restaurant and 130sq m (1,400 sq ft) cafe. The sale price represented an average gross price of €800,000 for each of the apartments.
Google has also recently agreed to purchase 46 apartments which form part of the Boland's Quay scheme it is buying for about €300 million at Grand Canal Dock.
The apartments for sale at Longboat Quay consist of two one-beds, four two-beds, 10 three-beds and a shell-and-core penthouse with a large rooftop terrace with views over the Liffey. Average unit size is 76sq m (822sq ft) while the portfolio comes with 23 designated surface and basement car-parking spaces and lift access to all floors.
Two blocks
Longboat Quay was completed in 2006, and comprises 299 residential units in two blocks along with retail and office space. It fronts the Liffey to one side and is within easy walking distance of Grand Canal Square, the Dart and the city centre.
Concerns over fire safety at the complex surfaced in February 2015. Dublin Fire Brigade subsequently issued a fire safety notice in October 2016 ordering that certain works – including the installation of a smoke ventilation system and fire-stopping materials – be complete.
Dublin City Council, which owned some common areas in the complex, had an interest in 37 apartments acquired under the affordable housing scheme. It eventually paid €1.85 million in December 2016 towards remedial work, while receivers to developer Bernard McNamara's building company, Gendsong, agreed to pay €1.25 million for repairs.
Development work in this part of the south docklands is nearing completion on the last few remaining sites in the area, which is already home to companies like Facebook, Airbnb, Accenture, State Street and HSBC banks.
