Belfast Telegraph

Entire portfolio of 122 apartments in Dublin on the market for €29.8m

CBRE are quoting €29.8m for the entire portfolio to be sold in a single lot, representing a gross initial yield of 7%
CBRE are quoting €29.8m for the entire portfolio to be sold in a single lot, representing a gross initial yield of 7%

By Donal Buckley

An investment portfolio of 122 apartments in two separate complexes in Tallaght, Dublin 24, is being offered for sale as the Acorn Collection.

CBRE are quoting €29.8m for the entire portfolio to be sold in a single lot, representing a gross initial yield of 7%.

The current gross passing rent is around €2.08m per annum and that figure includes projected rents for six units that have been kept vacant in each of the developments for showing to prospective buyers. The quoted price suggests an average of €244,200 per unit.

Almost half of the units, comprising 59 apartments, are in the Abberley Square complex and these include 20 one-bedroom, 34 two-bedroom and five three-bedroom units. Situated on the Belgard Road and opposite the Square Shopping Centre, Abberley Square was completed in 2005 with a total of 106 units.

Since 2015 there have been two major sales in Abberley. In that year, eight units there were sold at an Allsop auction for €950,000. Ranging in size from one to three bedrooms, the average price was €118,750 before costs.

Last year, in a review of the market for bulk residential sales, agents Hooke and MacDonald reported that 50 apartments at Abberley Square sold for €5.8m in 2017, indicating an average of €116,000 per unit and a 10.89% yield.

Acorn's second tranche comprises 63 apartments at the Arena Centre overlooking Blessington Road and Tallaght Stadium, consisting of 20 one-bedroom units, 35 two-bedroom units and eight three-bedroom units. Completed in 2008, Arena Centre is a mixed-use scheme with a total of 230 residential units as well as some commercial units.

In 2017 Green Reit sold 63 apartments there for €9m, or an average of almost €142,857, to Sea Point Capital. Green Reit still owns the commercial units.

Shane Cahir of agent CBRE declined to comment on whether these apartments are in the Acorn Collection.

However, Mr Cahir did point out that since acquiring the units, his client devoted considerable time and capital towards improving the apartments.

Belfast Telegraph

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