Fairview Close is located on the east side of Richmond Avenue close to Fairview village, and is 1km east of Drumcondra, 1.1km northwest of EastPoint Business Campus, and 1.95km north of Dublin city centre.
Developed between 2007 and 2008, the Fairview Close scheme comprises a total of 128 residential properties. The subject portfolio comprises 3 one-bedroom apartments, 14 two-bedroom apartments and 7 three-bedroom apartments.
The 17 occupied apartments that are let are producing a current gross rental income of €251,490 per annum, which will potentially increase to approximately €375,000 on the assumption the vacant units are re-let at current market rents.
The portfolio was sold on behalf of receivers Duff & Phelps, which provided the purchaser with a gross initial yield of 5.77 per cent. The price equates to an average of €271,000 per apartment.
The sale was launched to the market at a guide price of €6.3 million and following competitive bidding process the property was sold €200,000 above the guide price.