Institutional and private investors looking for immediate income with strong reversionary potential will be interested in a fully let block of apartments which has come to the market in the Hazelbrook Square scheme at Churchtown in south Dublin.
Distributed across three buildings – namely Ely Hall, Ardavon Hall and Newtown Hall – the portfolio comprises 54 units and is being offered for sale by agent TWM at a guide price of €20 million. Located at the entrance to the development, the investment consists of 23 one-bedroom apartments, 28 two-bedroom apartments and three three-bedroom apartments ranging in size from 48.2sq m (519sq ft) to 124sq m (1,335sq ft). The subject units form part of a development of 97 apartments and 96 houses within the wider Hazelbrook Square development.
While the portfolio’s current overall rent roll of €1,066,920 per annum is 19 per cent higher than the €896,000 the investment had been generating when the current owner, an overseas investor, acquired it from Nama-appointed receivers Mazars for €18.25 million in 2019, the rents are once again generally below market level. The €20 million being sought for the portfolio reflects a gross yield of 5.11 per cent and a price per unit of €370,000.
Developed on the site of the former HB ice cream factory, Hazelbrook Square is well located in the south Dublin suburb of Churchtown and is close to a range of amenities including Nutgrove Retail Park, Nutgrove Shopping Centre, and Dundrum Town Centre. There are several schools in the vicinity including Loreto Beaufort, Gaelscoil na Fuinseoige, St Mary’s boys’ national school, and numerous childcare facilities.
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In terms of public transport the scheme is served by numerous Dublin Bus routes, while the Luas green line service is readily accessible at Windy Arbour via a new pedestrian walkway to the rear of the development. Recreational facilities include Marlay Park and Rathfarnham Castle, which are both a short distance away.
Sean O’Neill of TWM says he expects to see “good interest” in the sale of the Hazelbrook Square portfolio. “This is rare opportunity to acquire a fully let residential investment in a prime suburban location. It will provide the purchaser with an investment which is easy to manage and likely to provide steady gains in the near future.”
