Earls Court is situated in the heart of Dublins South City Centre and is adjacent to the Coombe Women & Infants University Hospital and within c.600 metres of St Jamess Hospital, one of the largest hospitals in Ireland which will be further expanded shortly with the construction of the new National Childrens Hospital.
The property is approximately 450 metres from the LUAS red line which connects the area with Heuston Station, Connolly Station & the IFSC. By the end of 2017 an interchange with the LUAS green line will be in operation. There are numerous bus routes running along Cork Street and to and from the city centre / south suburbs.
The Earls Court development comprises of a landmark 12 storey over basement development on a prominent corner position containing 70
apartments which was built in 2006 by John Paul Constriction. Of the 70 apartments, 53 are in private ownership and 17 apartments are
included in the sale.
The apartments are finished to a good standard with fitted kitchens, open plan living rooms and kitchen areas, balconies/terraces with all apartments. There are 6 underground car parking spaces included in the sale with an electronic security gate providing access from Reuben Street.
The apartments are all occupied on standard residential tenancies with the exception of 3 units which are currently vacant for viewing purposes.
The 14 rented units are producing a current gross rental income of €172,800 per annum, averaging €1,030 per unit per month. Given the undoubted strength of this letting location, there is potential to increase rents in line with current market values subject to carrying out alterations or upgrades which enhance the letting value of the apartments.
Current rent for apartments in the area average €1,600 for two bedroom apartments and €1,300 for one bedroom apartments.