The address:Fitzwilliam Point, Fitzwilliam Quay, Ringsend, Dublin 4.
The agent:Hooke MacDonald.
The property:two-bedroom ground floor apartment with an asking price of €450,000.
The landscape:Fitzwilliam Point is one of the many new apartment schemes that have sprung up in Dublin's docklands area. Located on Fitzwilliam Quay overlooking the Dodder in Ringsend village, it is within walking distance of the city centre while Dart stops at Barrow Street and Lansdowne Road are just a few minutes away.
The features:the apartment is laid out over 70sq m (720sq ft). Recently completed, the unit has oak floors in the hall and livingroom, tiled kitchens with fitted appliances and fully kitted-out pod bathrooms.
How much for an investor to buy?Stamp duty for an investor would be €22,750. An investor could raise €360,000, representing 80 per cent of the purchase price.
On a full payment basis this would work out as €2,275 per month over 25 years and €1,737 per month on an interest-only basis. These figures are based on a five-year fixed rate of 5.79 per cent with IIB Bank.
How much for an owner-occupier buyer?A first-time buyer could go for a 90 per cent mortgage of €405,000 at a rate of 5.34 per cent - the standard variable rate with Bank of Scotland. Over 35 years this would mean repayments of €2,134 per month.
Potential:expect a rental income of between €1,700 and €1,750, according to the selling agent.
Maintenance fees are €1,800 a year.
A car-parking space can be purchased for an extra €25,000. This rent represents a yield of around 4.4 per cent.
Verdict:the fast-developing docklands area is proving popular with young professionals, many of whom now work for the legal and financial services firms that have moved to the area.
Rents are good but, that said, there is a lot of supply. Extras, such as car-parking and a good fit-out, will help.
Calculations by Simply Mortgages
