Five student apartments and an adjoining two-bedroom townhouse accommodating 28 beds at Botanic Avenue in Drumcondra, Dublin 9, are to be offered for sale through agent Finnegan Menton for €1.95 million.
The investment showed a gross yield of 8.4 per cent in 2017, and is expected to rise to 9.1 per cent in the current year.
The purpose-built student accommodation known as Woodville at 52/54 Botanic Avenue had a rental income of €163,840 in 2017. This is due to rise to €177,780 in the current year. All the units are let to DCU students, who pay €150 per week.
DCU College on the former St Patrick’s College Campus in Drumcondra is less than a 10-minute walk from Woodville.
In addition to being fully let for the 2018 academic year, the portfolio is also fully booked for short-term summer lettings to overseas students. Each student apartment has an entrance hall, livingroom, kitchen, bathroom and two bedrooms with en suite bathrooms.
