The combination of a 4.25 per cent net initial yield and government-backed long income is expected to help drive the sale of the apartments at Burnell Place at Northern Cross, in Dublin 17.
The 191-unit scheme, which was developed by ESR Europe and its local partner, Lugus Capital, is being offered to the market by agent Knight Frank at a guide price of €71.8 million. The price equates to an average of €375,916 per apartment, a level which the selling agent notes is significantly below replacement cost.
Completed in 2023 and to highly sustainable nZEB (Nearly Zero Energy Building) standards, Burnell Place comes for sale fully let to Tuath Housing Association, which is an approved housing body (AHB), on a 25-year lease from September 2023 with uncapped index-linked rent reviews and low operations costs due to the nature of the lease structure. Tuath’s obligations are fully underwritten making Burnell Place one of the most secure residential investments in the market.
ESR Europe, a wholly owned subsidiary of global real estate investor ESR Group, have an established track record in the area of social and affordable housing, having completed the sale of Airton Plaza, a scheme of 328 units to Clúid Housing in January 2025.
RM Block
Tim MacMahon, of Knight Frank, says: “The sale of this government-backed long-income social investment will deliver stable returns while enhancing investment funds’ ESG-aligned strategies.”
