Savills markets Irish resi development for receiver

Savills has announced the sale of one of Dublin's most famous luxury residential developments on behalf of receivers Grant Thornton.

The advisory firm will market Dublin's multi-storey apartment building, The Alliance, at a guide price of EUR 43 mln, reflecting a gross initial yield of 7.25%.

The Alliance comprises 210 apartments designed by award winning Irish architects O’Mahony Pike. The property was completed in 2006, has an occupancy rate of 97% and provides a gross annual income of EUR 3.25 mln.

'This is a unique opportunity for an investor to acquire complete control of a landmark city centre building with a fantastic rental profile,' said Fergus O’Farrell, director of Savills Investment.