It was announced today that Irish Residential Properties REIT plc ("I•RES" or the "Company") has entered into an agreement to acquire 89 apartments with 145 car parking spaces located at Coldcut Park on Coldcut Road, Clondalkin, Dublin 22 for a total purchase price of €18.3 million (including VAT, but excluding other transaction costs).
This will be subject to completion of the acquisition, which is expected to occur at the end of August 2016, after which I•RES will have 2,377 apartments under professional management in Ireland.
The 89 apartments at Coldcut Park are 99% occupied and currently have annualised passing rents of c. €1.4 million generating a gross yield of c. 7.7% based on the €18.3 million purchase price (including VAT, but excluding other transaction costs).
The 89 apartments comprise: 18 1-bed, 22 2-bed, 32 3-bed and 17 4-bed apartments including a number of 3 and 4 bed own door duplex units.
Clondalkin is a popular residential location due to its accessibility to and from Dublin, as well as the extensive local ameninties and leisure facilities, including the Liffey Valley Shopping Centre.
Furthermore, Park West and Cherry Orchard railway station are both 1.6 kilometres from the property with the Red Cow Park and Ride (Luas Red Line) located approximately 5.4 kilometres from the development.
Significant employers in the immediate area include Cherry Orchard Hospital, Applegreen, C&C Group plc and Diageo.
The Company's Chief Executive Officer, David Ehrlich commented, "The acquisition of the apartments at Coldcut Park is a nice addiition to our porfolio with an attractive yield. Coldcut Park is situated in close proximity to other properties in our portfolio, including Tyrone Court and Tallaght Cross West so that it fits well from a property management standpoint. On closing, this will bring our total number of apartments to 2,377."
Source: www.businessworld.ie
