Well-located apartment blocks are continuing to interest both overseas and Irish buyers because of the strong demand for rental properties and the high returns available.
For these reasons, agents Knight Frank are expecting keen bidding for a top of the range development of 52 apartments in the Silicon Docks area of Dublin’s south inner city which goes for sale from today. Adrian Trueick of the selling agents is quoting €18.5 million for the 52 apartments in Shelbourne Plaza on Ringsend Road which will show an investment return of 6.8 per cent.
The apartments come with 52 car parking spaces and are within easy walking distance of the Bord Gáis Energy Theatre, the Convention Centre and the Aviva Stadium. All of the residential units are to be sold with vacant possession, allowing the new owner to capitalise on the exceptionally strong occupier demand in this area of the city.
Shelbourne Plaza was developed in 2007 and is finished to a high standard, combining the latest energy-saving technology with contemporary external and internal designs. The lower energy consumption is reflected in the service charge – averaging less than €1,700 per annum – and cheaper heating/hot water costs for occupants.
The large, light-filled apartments are particularly well-finished with high-gloss, built-in kitchens, integrated appliances, laminate timber floors and fully tiled kitchens and bathrooms. The two- and three-bedroom apartments include en-suite master bedrooms.
Of the 52 apartments going for sale, there are six one-beds, 42 two-beds and four four-beds ranging in size from 50-88sq m (538-947 sq ft). All the apartments have an external balcony or terrace and the majority have floor to ceiling glazing in the livingrooms with views over the Aviva Stadium and the south inner city.
The Shelbourne Plaza apartments have been leased in the past to a company providing short-term serviced accommodation and, according to the selling agents, the new owner will have the option of continuing this arrangement. Rents for short-stay one-bed apartments in the area range from €850-€1,000 per week while two-bedroom units fetch from €1,000-€1,500 per week.
Alternatively, the apartments can be leased on standard residential tenancies. Two-bedroom apartments in the south docks area generally rent from €2,300 per month with much of the demand coming from adjoining businesses including Accenture, Facebook, Google and HSBC.
The €18.5 million being quoted by Knight Frank for Shelbourne Plaza reflects an average value of €349,000 per apartment.
This compares with prices of over €425,000 recently quoted for two-bed units in an adjoining scheme.
This opens up the possibility for a purchaser to sell on individual apartments to owner-occupiers as soon as the deal is wrapped up.
