122 apartments in Tallaght on market at €29.8 million
By Brendan Grehan
A PORTFOLIO of 122 apartments in Tallaght is on the market for €29.8 million.
The Acorn collection which comprises two developments is generating a rent roll of around €2 million.
The portfolio was acquired in 2016 and 2017 by Irish investment firms SeaPoint Capital and Chartered Assets.
The sale includes 63 apartments at the Arena Centre
The sale includes 63 apartments at the Arena Centre acquired in late 2017 from Green Reit for about €9.25 million.
Completed in 2008, the Arena Centre has a mixture of retail and offices as well as 230 apartments and a 119-bed hotel. The 63 Arena Centre apartments in this sale include 20 one-beds, 35 two-beds and eight three-beds. Each comes with a car parking space.
The other element in this sale is 59 apartments – 20 one-beds, 34 two-beds and five three-beds – at the 2005-built Abberley Square scheme on the Belgard Road.
They last came on the market early in 2016 at about €6 million on the instructions of receiver Tom Kavanagh of Deloitte.
In 2016, the apartments (which do not come with car parking) were renting for €975 a month for one-beds and €1,300 for three-beds.
In the current market, one-beds in the area are renting for €1,500 monthly, two-beds €1,850 a month and three-beds €2,100.
Abberley Square, like the Arena Centre, is within walking distance of the Square shopping centre and the Luas Red Line.
The M50 is a short drive away, and there are a lot of big public and private sector employers in the area.
Six of the apartments in the collection are being used as show units for this sale. Otherwise, the homes are fully let.
Given the sale price and rent roll of €2.08 million, an investor would secure a gross initial yield of 7 per cent.
Shane Cahir, Director, Residential Capital Markets, Dublin, with CBRE told The Echo: “We expect considerable interest in this portfolio from both domestic and foreign capital looking to capture a rare investment opportunity located in one of the best rental suburbs in Dublin.”
