Dublin’s Marker Residences on the market for €40m

Dublin-based real estate private equity firm Brehon Capital Partners and Midwest Holding have appointed Savills to market a high-profile residential and commercial complex min Dublin.

The Marker Residences, which is fully let, is being offered for sale at a guide price of €40 mln, reflecting a yield of 6.1%.

The prestigious residential development in the heart of the South Docklands comprises 84 luxury apartments in addition to six fully occupied commercial units at ground floor level with 113 car parking spaces at basement level.

Brehon and Midwest acquired the residences and retail units in 2011 as part of the mixed-use complex that includes the award-winning five-star Marker Hotel, which is not part of this sale.

The fully-let development contains 84 two-bedroom apartments laid out across nine building cores set over six storeys with two apartments per floor. Rental levels for the apartments currently range between €1,900 - €2,400 per month, producing a gross rental income of €2.1 mln.

The six commercial units extend to a total area exceeding 1,259 m2 and currently produce an income of €275,000 per annum with an unexpired lease term of 8.33 years.

Commenting on the sale Kevin McGillycuddy of Brehon Capital Partners said he was 'very optimistic' that there will be a high level of demand from both domestic and international investors looking to acquire the asset which, he claims, has significant growth potential.