A portfolio of 53 residential units located in the Dublin coastal suburb of Baldoyle has been placed on the market by Savills with a guide price of €13m.
The scheme is well located on the site of the former Baldoyle racecourse and is readily accessible from Clongriffin DART station and both The Coast and The Grange roads.
The assets will be sold by way of private treaty in one lot with a guide price of €13,000,000 and a current gross rent roll of €655,000 per annum, representing a huge reversionary potential due to a forced 77% occupancy rate.
The attractive level of retained vacancy offers an immediate asset management opportunity for an incoming investor to grow the current rent roll. With residential vacancy rates in the greater Dublin regions holding near record low levels, affordable residential accommodation that offers generous vacancy rates and scale are rare opportunities.
The Coast is a predominantly a low-rise development comprised of apartments, duplex and terraced units. The portfolio consists of a complementary mix of 18 one beds, 16 two beds, 12 three beds and 7 four bed units. The units are adjacent to the recent highly successful launch of Silverbanks, the latest phase of The Coast development offering newly constructed 1, 2 and 3 bedroom apartments.
Savills estimate the current market rent for the collection to be in excess of €1,000,000 representing a highly attractive reversionary yield in excess of 7.5%. The units for sale have an average unit size of 87 sq. m. (933 sq. ft.) and a price per sq. ft. of €149, which is significantly below replacement cost. The portfolio offers exceptional value to investors either attempting to gain a foothold in the Irish residential leasing market or expand an existing portfolio.
Suburban residential investment opportunities are currently the focus of a variety of investor types who are seeking to capitalise on the favourable sectoral conditions that are currently present according to Dessie Kilkenny, Savills. “The rates of growth being experienced in residential capital values coupled with strong rental growth provides a very attractive opportunity for a discerning investor to benefit from an attractive income stream and take advantage of the obvious reversionary potential.”
