43 apartments in Dublin for €5.57m
A multi-family residential investment with 43 apartments are to go on the market today in Dublin’s north inner city.
Damien McCaffrey of Knight Frank is guiding €5.75 million for Stafford House on Wolfe Tone Street which was developed in 1998 by Michael Murphy’s South Dublin Construction.
Knight Frank says that with an 84 per cent occupancy rate, the investment is producing a rental income of €464,000 which could be increased when tenants are found for five vacant two-bed apartments and two one-bedroom units.
The 43 apartments in the purpose-built Stafford House are arranged over five floors and surrounded by a large internal courtyard. There are also roof gardens.
The 34 two-bedroom apartments rent at an average of €1,078 per month while the eight one-beds generally attract a rent of around €788 per month. There is also one three-bedroom apartment rented at €1,200 per month.
The development includes 32 basement parking spaces accessed from Wolfe Tone Street which bring in additional income. McCaffrey said the location of the investment in such a prime rental location meant that the rent could be substantially increased through active management of the asset and some refurbishment. The current shortage of rental accommodation in the city should ensure strong interest in the investment, he said.
Wolfe Tone Street is located close to Parnell Street, Mary Street and Henry Street as well as the Jervis Centre.
