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Published in Commercial Property on 31/08/2017

Smithfield Apartment Block on the Market for €9.25m

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CNI Editor reports

Smithfield Lofts – a well-located apartment block on North King Street, Dublin 7, has been brought to the market today by Savills Ireland. The asset will be offered for sale by private treaty with a guide price of €9,250,000, which equates to a gross income yield of 6.6% and an average breakup value of €185,000 per apartment. The scheme is being sold on the instruction of Statutory Receiver David Carson of Deloitte.

Built in 2000, the development comprises a 5-storey over basement building containing 57 apartments, 6 two storey town houses and commercial units. 44 apartments, 6 townhouses and 33 car spaces form part of this sale, with the other 13 apartments and commercial units in private ownership. There are 16 one-bedroom apartments ranging from 40-59 sq m; 28 two-bed units ranging from 54 -75 sq m and 6 two-bedroom townhouses ranging from 65-82 sq m. The units are located in an L-shaped block around a central courtyard and have lift services to all floors. The 33 car parking spaces are located in a secure underground gated car park.

The scheme is currently 98% occupied with gross rental income approximately €638,664 per annum. Rents currently range for one bed apartments from €835 to €1,300 per month, two bed apartments range from €860 to €1,500 per month and 2 bed townhouses range from €960 to €1,600 per month. The average rent across the scheme is €1,086 per month and if let at current market rents the average rent could increase to €1,710 per month.

Smithfield Lofts is well-positioned in the heart of Smithfield, in Dublin’s north city centre and in the centre of Dublin’s legal district. Within the immediate vicinity is Smithfield Square, which offers residential amenities such as restaurants, convenience retail and a cinema. The property is only 600 metres from DIT’s new Grangegorman campus where over 10,000 students will be located by 2019.

The area is well serviced by public transport facilities, the Four Court LUAS red line stop is located 360 metres away. There is also a number of bus routes and Dublin bikes nearby.

Leona Mullen at Selling Agent Savills, said “This is an excellent value-add opportunity, with increasing demand for rented accommodation, along with passing rents considerably below market rent and a very attractive average breakup value of €185,000 per unit Savills expect good interest in this asset.”