An Irish investor has bought a block of 18 apartments at Rathgar Road in Dublin 6, for about €2.4 million – the equivalent of €130,000 for each of the two-bedroom units.

Michele McGarry of Colliers International, who handled the sale for receiver Eoin Ryan, said the property attracted “immense interest” both in Ireland and overseas largely because of the good location and the fact that the new owner would have full control of the development.

The five-storey block had been renovated in 2011 to include a lift and gas-fired central heating.

All the apartments are two-bedroom units including the top floor which has two penthouses.

The facilities include a kitchen/living area, two double bedrooms and bathroom. They are all fully furnished.

Average rents

Rents vary from €900 to €1,400 per month and when fully let – only one unit is currently vacant – should be producing close to €215,000 per annum.

There are 23 car-parking spaces to the front and rear of the building.

Ms McGarry said a third reason for the high level of interest in the investment was the fact that there was a relatively low risk to the income stream compared to offices and retail units, especially as the block was in such a prime residential area.