An interesting multi-family investment of 30 apartments at Grove Court, Blanchardstown, Dublin 15 has been sold. Hooke & MacDonald handled the sale of the property on behalf of Receivers Duff & Phelps.
Grove Court is a very well located development directly adjacent to Blanchardstown Shopping Centre which is one of Ireland’s largest shopping centres with approximately 1.3 million square feet of retail space with over 180 stores and services located in the centre.
Grove Court is a mixed use development which was built in 2007 and comprises 79 apartments, Blanchardstown Primary Care Centre, multi storey car park and offices which are home to Fingal County Council Civic Offices.
The sale comprised 30 apartments, containing 4 one-bedroom apartments, 20 two-bedroom apartments and 6 three-bedroom apartments. They are finished to a good standard, each with a good sized balcony and one designated car parking space. It enjoys good transport links with fast access to the city centre and Dublin Airport. The property is strategically located beside the M50 Motorway.
The majority of the apartments are occupied on standard residential tenancies with the exception of 12 vacant apartments. Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum which will potentially increase to approximately €434,000 once the vacant units are re-let.
Hooke & MacDonald guided €7 million for the 30 apartments, which equates to €233,000 per apartment and a gross yield of 6.2%. The guide price was exceeded.
There is currently exceptionally strong demand from both Irish & International investors for well-located residential investments such as this which has the benefit of a convenient location and strong local rental demand.