Wednesday, September 12 10:24:55
Sandford Lodge, Sandford Close, Ranelagh, Dublin 6 is on the market comprising 119 flats with a total guide price tag of E26m, according to agents, Savills this morning.
The residential scheme which has a current rent roll of around E2.08 million per annum and will, Savills say, attract significant levels of interest from domestic and international investors looking for prime Irish investment opportunities.
Savills recently completed the sale of The Alliance, The Gasworks, Dublin 4 for a price of E40 million which produced a gross income yield of 7.8pc.
Sandford Lodge is set in Ranelagh, Dublin 6, widely regarded as one of Ireland's most desirable residential addresses, close to Dublin's city centre.
Completed in 2006, the scheme consists of 119 deluxe units comprising 60 one bedroom, 51 two bedroom and 4 three bedroom penthouse apartments together with four semi-detached coach houses, a mews building housing an on-site management suite and a two story period office building along with secure basement car parking.
The apartments are a mix of spacious one, two and three bedroom units. The three bedroom penthouse apartments range from approximately 915 sq. ft. to 1,055 sq. ft.; the two bedroom apartments range from approximately 689 sq. ft. to 1,076 sq. ft. and the one bedroom apartments range from approximately 495 sq. ft. to 721 sq. ft. The apartments are of a high specification internally.
Also included in the development is a basement car park with 130 spaces with additional visitor parking at surface level.
The apartments have a very high occupancy rate and are currently fully let.
The office space is let to National Adult Literacy Agency (NALA) (tenant not affected) on a 9 year 11 month lease from September 2007 at a rent of E125,040 per annum.
The combined gross annual income is approximately E2.08m.
One-bedroom apartments currently let for an average rent of E1,195 per month, two-bedroom apartments currently let for an average rent of E1,480 per month and three-bedroom apartments currently let for an average rent of E1,775 per month.
Coach houses currently let for an average rent of E2,070 per month.