A private Irish investor has bought a relatively new development of 44 apartments at Johnston Road, Cabinteely, Co Dublin, for

€10.5 million – €2 million above the guide price.

The Abbey Glen scheme, completed in 2008, is producing a rental income of €442,000 with potential to increase that to €690,000 when eight of the units, including four penthouses, are fitted out for letting. The homes are located in two separate blocks close to Cabinteely village with 55 secure car-parking spaces.

There are 13 one-bedroom apartments, 22 two-bedroom units, five three-bedroom homes and four two-bedroom duplex penthouses. The homes range in size from 55sq m (592sq ft) to 179sq m (1,927sq ft) with particularly large balconies available with the penthouses.

Currently, one-bed units are renting from €875 to €1,050 per month, two-beds are making from €930 to €1,300 while three-bed units are ranging from €1,450 to €1,700.

Damien McCaffrey of Knight Frank said the sale attracted significant interest from a variety of domestic and international investors helped by the fact that it offered 100 per cent ownership with good potential for rental growth. The demand for multi-family investments remained strong as his agency had a number of similar investments agreed including 50 apartments at Abberley Square in Tallaght, 43 units at Stafford House and 41 units at Xavier Court, both in Dublin city centre.