ByThose parties looking to take advantage of the robust demand in Dublin's private rented sector market will be interested in a well-located residential portfolio being offered for sale by CBRE on behalf of Irish developer Cormac McNamara.
Located at 74-75 Ranelagh Road, the investment comprises 16 apartments within a Georgian period property, all of which have been refurbished to what the selling agent describes as an “exceptional standard”. The portfolio – a mix of four studios, 11 one-bedroom apartments and one three-bedroom apartment – is fully income-producing, with one unit retained vacant for show purposes. The projected stabilised gross rental income is approximately €337,000 per annum, assuming 100 per cent occupancy.
Number 74-75 Ranelagh Road has a prime location, approximately 350m from Ranelagh village and less that 1km from St Stephen’s Green. Transport connections include the Luas green line at Charlemont and Ranelagh providing occupiers with a direct rail link to Dublin’s city centre and southside suburbs. Numerous Dublin Bus routes are also available within close proximity to the subject property.
Will Heffernan of CBRE says: “The residential investment sector continues to perform very well with strong underlying rental growth, low vacancy rates and favourable supply/demand dynamics. There continues to be a strong depth of capital looking to deploy into the residential sector in Dublin, especially for assets which are income producing.
“Given these factors, we expect 74-75 Ranelagh Road to appeal to a wide range of domestic and international investors given the in-place income, exceptional standard of refurbishment and quality of the underlying location. CBRE are inviting offers in the region of €5.6 million, which represents a gross yield of 6 per cent on the projected stabilised gross rental income.”