Wednesday, July 02 15:07:40
Sartini Court, a prime residential scheme comprising 27 apartments and three ground floor commercial units in Dublin city centre is for sale with a total guide price of E4.5m.
The sale is being handled by property consultants, Savills and the asking price reflects an average unit value of E162,000 and a gross yield of 7.96pc (after standard purchase costs are deducted).
It is being offered to the market in its entirety and the residential element is fully occupied generating a gross rental income of approximately E385,800 per annum.
Situated on the corner of Upper Dominick Street and Mount Joy Street, Dublin 1, Sartini Court is within 5 minutes of Dublin city centre and in close proximity to The Kings Inns Law School, Rotunda Hospital and the Dublin Institute of Technology. It is strategically positioned to the rear of the new urban quarter currently under construction at Grangegorman and is well served by public transport links and local amenities. The new Luas Cross City route from St Stephens Green to Broombridge is due to run directly past the development when completed in 2017.
Construction of the development was completed in 2009 and it is laid out over 6 floors. The basement car park is accessed via a secure gated entrance and incorporates 20 car spaces. Overall there are twenty five two bedroom apartments, and two one bedroom units. All are finished to a very high standard complete with private balconies, full Italian stone flooring and a large shared roof terrace providing views of the city's famous landmark buildings.
Average rents for the two bedroom units at the development currently stand at approximately E1,200 per month, however with the shortage of quality well located city centre accommodation rents in excess of this may be achievable on re-letting. There is also potential to let the vacant commercial space further adding to the attractiveness of this investment.