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IrelandDublinDublin 15BlanchardstownGrove Court, Dublin 15, Blanchardstown

€7,000,000

Grove Court, Dublin 15, Blanchardstown

Refreshed on Sep 11, 2019
Hooke & MacDonald (Commercial)
Hooke & MacDonald (Commercial)
Tel: 01 631 8403
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Description

Multi-Family InvestmentLOCATION: The property is a very well located development directly adjacent to Blanchardstown Shopping Centre which is one of Ireland’s largest shopping centres with approximately 1.3 million square feet of retail space with over 180 stores and services located in the centre. The property is superbly situated within approximately 700 metres south of the N3 Motorway which conveniently connects the property to the M50 Motorway. Dublin City Centre is approximately 10 km to the south and easily accessible by an extensive bus service which makes commuting exceptionally accessible. There are numerous amenities in the immediate area that residents of Grove Court can avail of within walking distance providing a wide variety of shops, restaurants, bars and leisure facilities. DESCRITION: Grove Court is a mixed use development which was built in 2007 and comprises 79 apartments, Blanchardstown Primary Care Centre, multi storey car park and offices designed by Scott Tallan Walker which are home to Fingal County Council Civic Offices. The sale comprises of 30 apartments, containing 4 one-bedroom apartments, 20 two-bedroom apartments and 6 three-bedroom apartments. The apartments are finished to a good standard, each with a good sized balcony and one designated car parking space. INVESTMENT: The apartments are occupied on standard residential tenancies with the exception of the 12 vacant apartments. Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum which is averaging approximately €925 for the one-bedroom apartments, €1,300 for the two-bedroom apartments and €1,367 for the three-bedroom apartments which will potentially increase to approximately €434,000 once the vacant units are re-let. Given its proximity to Blanchardstown Shopping Centre, Castleknock & Dublin City Centre this is a strong letting location with significant potential for income growth. The current estimated rental value is €630,000 per annum which equates to €1,450 for one bedroom apartments, €1,750 pm. for the 2 bedroom apartments and €1,950 for the 3 bedroom apartments,

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BER No: Performance Indicator:

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Commercial Office