Published Date: 19/04/2023

 

The prospect of the the former YMCA Cricket Club grounds on Sandymount's Claremont Road being used for the development of housing is now firmly off the agenda, following its acquisition for €7 million by Lansdowne Football Club for use as a rugby training and playing facility.  However, the sale of an adjacent residential rental portfolio should see heightened interest from investors.

Developed on the grounds of the former YMCA complex in 2006, Block A, The Willows, comprises 21 large apartments in a mix of three two-bed plus study penthouses (1,440 - 1,500 sq.ft.), 15 two-bed apartments (840 - 1,120sq.ft.) and three one-bed apartments (645sq.ft.).

The investment, distributed over four floors with under ground car parking and individual lock-up stores, is one of two self contained blocks within the Willows scheme and is being offered to the market by agent Finnegan Menton at guide price of €10 million.

The figure being sought breaks down at an average asking price per unit of about €450,000 for the two-bed units, €330,000 for the one-bed units and €750,000 for the penthouses, which is at a considerable discount to similar units within the immediate and wider Dublin 4 area.

The gross annual income is €601,013.76, which includes the two show apartments that are currently vacant for viewing purposes.  The tenants are not affected by the sale.

The Willows has a prime location within a short walk of Sandymount village, the Aviva Stadium and Meta's newly developed EMEA headquarter campus in Ballsbridge.

Iain Finnegan of Finnegan Menton said: "This is a rare opportunity to acquire a detached block of 21 apartments within an exclusive development in the heart of Dublin 4.  I believe this investment will prove attractive to a wide number of purchasers including private investors and family offices, institutional investors and potentially to corporate entities looking to house their employees."