A multi-family investment, totalling 47 apartments and one retail unit in Applewood, Swords, Co. Dublin has been sold. Hooke & MacDonald handled the sale of the property on behalf of Gannon Properties.
Applewood, which was developed by Gannon Properties c.15 years ago, is located approx. 1.8 km northwest of Swords Town Centre and Pavilions Shopping Centre. Airside Retail Park is located 2.8 km to the southeast, while Malahide Village is 5.5 km away.
The residential element of the investment comprises 6 no. one-bedroom apartments (average 50 sq.m.) and 41 no. two-bedroom apartments (average 80 sq.m.). The apartments are finished to a good standard, each with a good sized balcony and one car parking space each. The self-contained retail unit (85 sq.m.) is located within the busy Applewood Village commercial centre with ample customer car parking to both the front and rear.
The total current rent, and projected rent of the vacant apartments, is in the region of €724,000 per annum.
Given its close proximity to Swords Village, Pavilions Shopping Centre, Dublin Airport, M1 Motorway and the City Centre, this is a strong letting location. Residents in Applewood benefit from a host of local amenities in Applewood Village which are located on their doorstep which assists in further enhancing the development.
The guide price for the investment at Applewood was €7.5 million, which equates to €156,000 per unit and a gross yield of 9.67%, based on the combined current and projected rents once fully let. The guide price was exceeded.
Hooke & MacDonald are experiencing very strong demand from both Irish & International investors for residential investments for well located residential investments such as this which has the benefit of convenient city centre location.