Property adviser Savills is to begin marketing a residential-led scheme overlooking the River Liffey in Dublin.
Property adviser Savills is to begin marketing a residential-led scheme overlooking the River Liffey in Dublin.
The property adviser has been instructed by receivers Grant Thornton to sell Clancy Quay in Dublin 8 on an off-market basis.
The guide price of €70 mln reflects a gross yield of 9% following completion.
The scheme occupies a 5.6 hectare site overlooking the River Liffey in Islandbridge, three kilometres from the centre of the Irish capital. It includes 420 deluxe apartments and 3,400 m2 of commercial space in Phase 1. An adjoining development site extends to 3.42 hectares of undeveloped land and buildings referred to as Phases 2 and 3.
Currently 270 of the residential units in Phase 1 are complete with 228 let and the remaining 42 in the process of being let. The 228 let units produce a current annual rent roll of approximately €3.17 mln with the anticipated gross income expected to reach approximately €6.8 mln on full occupancy including the vacant commercial space.
Fergus O’Farrell, investment director at Savills Ireland, said: 'Clancy Quay is the most significant multi-family block investment to come to the market in this cycle due to its scale and the opportunity to immediately increase income through asset management initiatives. As a purpose-built residential scheme with a mix of 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.'
