Lisney is set to market a multi-family investment opportunity at the junction of Cork Street and Reuben Street, Dublin 8. Lisney is quoting €3,200,000 for 21 apartments (11 x 1 Beds & 10 x 2 Beds) within the modern six storey Ice Rink development.
The units extend to 13,060 sq.ft. in total and are arranged around two of the four cores within the building that was designed by BDP Architects and constructed by RJ Manufacturing in circa 2006.
The quoting price of €3.2 million equates to an average price of just €152,380 per unit. VAT is understood not to be applicable on the sale. The current rental income is €212,000 per annum with just one vacancy at present; once let, the entire will offer investors a gross yield of approx. 7.00% with scope to increase this further in the coming months given the exceptionally strong letting market conditions. Each apartment has the benefit of one designated car parkingspace at basement level.
The property is situated at southern end of Cork Street, close to South Circular Road and the Grand Canal. The surrounding area consists of a mixture of modern, period, and social housing developments with intermittent retail units. The Coombe Women & Infants University Hospital is located just 100 metres away, whilst St. Stephen’s Green is 2.3 kilometres to the northeast of the property.
The balance of the Ice Rink Development consists of a further 20 apartments and a ground floor convenience store, both held in separate ownerships and not part of this sale.Selling agents Lisney consider the property will primarily be of interest to both domestic and foreign private investors.
For further information contact sole agents Lisney.