Real estate advisory firm Savills has announced the sale of Clancy Quay, Islandbridge, Dublin 8 by private treaty on the instructions of the joint receivers, Stephen Tennant and Paul McCann of Grant Thornton.
The residential scheme has a guide price of €70m subject to contract and is located in an established residential location in Dublin 8, approximately 3 kilometres from Dublin city centre.
The entire scheme includes 420 apartments and approximately 3,408 sq m of commercial space in Phase 1 and an adjoining development site extending to approximately 3.42 hectares (8.46 acres) referred to as Phases 2 and 3.
According to Savills, of the 420 apartments in total, 270 of the residential units are fully fitted out with 228 let and the remaining 42 in the process of being let. Some 138 units are furnished including white goods and require soft furnishings to bring to a lettable standard. The remaining 12 units are complete to a shell and core finish.
The 228 units produce a current rent roll of approximately €3.17m, with Savills anticipating the gross income to reach approximately €6.8m on full occupancy including the vacant commercial space.
Fergus O’Farrell of selling agent, Savills, commented: “Clancy Quay is the most significant multi-family block investment to come to the market in this cycle. As a purpose built residential scheme with a mix of 420 one, two, three and four bed apartments, it is ideally suited to an investor as a long-term hold capitalising on the extremely strong rental market. It offers an exit opportunity either as a block multi-family investment, or a break-up into individual unit sales.”