Docklands’ Marker Residences up for sale

A mixed-use development in Dublin’s Docklands — currently producing an annual gross rental income of over €2m — has been put up for sale for €40m; with its sellers confident of attracting “unprecedented” demand.

The Marker Residences building is located in the South Docklands area, adjacent to the Bord Gáis Energy Theatre and the fashionable Marker Hotel.

The building comprises 84 luxury apartments — all of which are occupied — and six fully occupied commercial units on the ground floor. There is also car parking facilities for 113 vehicles in the building’s basement level.

The premises is being put up for sale by real estate-focused private equity firm, Brehon Capital Partners — which also owns Marker Hotel — and Midwest Holding, which jointly acquired it from Bank of Scotland (Ireland) three years ago.

Commenting on the proposed sale, Brehon Capital’s Kevin McGillycuddy said that the sellers are “very optimistic” that there will be a high level of demand from both domestic and international investors “looking to acquire a uniquely located asset, with an attractive rental yield, high quality tenants and significant growth potential”.

Rental levels for the apartments in the building range from €1,900 to €2,400 per month, producing an annual gross rental income of around €2.1m.

Fergus O’Farrell of Savills, which is handling the sale, added that it marks one of the most exciting ‘multifamily’ sales the company has ever brought to market in Ireland.

“The Marker Residences present an opportunity to become part of Grand Canal Square, Dublin’s most salubrious address,” he said.