€11m Dublin residential investment offers the buyer a net initial yield of 4.6%

Private and institutional investors interested in the Private Rental Sector (PRS) market will be interested in selling a newly developed residential project in the town of Donabate, North Dublin.

Due to be completed in the next quarter, Dunrovin’s 23-unit portfolio offers the potential buyer the opportunity to earn a net initial yield of 4.6% based on an expected rental income of €630,000 per year. The investment is offered to the market by the agent Cushman & Wakefield at an indicative price of 11 million euros, which equates to an average of 478,000 euros per unit.

The 23 units in Dunrovin’s portfolio include nine three-bedroom townhouses plus an office, nine two-bedroom apartments and five one-bedroom apartments. There are three additional one bedroom apartments which are not part of the sale and these will be allocated by the developer to fulfill the Part V obligations of the scheme to the local authority. There are 32 surface parking spaces for the benefit of the development.

Donabate itself is a long established residential area with excellent connectivity to Dublin city center via the M1 and public transport. Donabate station is located a short walk from the development, providing residents with a direct and frequent link to Connolly station. Main Street in Donabate is less than a two minute walk from the scheme and is well served by a number of amenities including a SuperValu, post office, pharmacy and food and beverage operators. Donabate and Portrane beaches are a short drive from the development.

Peter Love of Cushman & Wakefield said: “This is an opportunity to acquire an immediate income generating multi-unit investment with a strong expected rental yield in a solid residential location.”

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