Blocks in the city
There’s a current rental income of €208,000 pa and scope to bring that closer to €250,000 a year if currently unused commercial ground floor units are converted to apartments.
The properties are the wedge-shaped Unity House, with five apartments and retail unit, and the larger adjoining St Patrick’s House, with 13 apartments on Lower Glanmire Road, and they can be bought separately or together.
Savills director Catherine McAuliffe says the sales “are an excellent opportunity to acquire two very well maintained and easy to manage investment properties.” and expects strong demand for both.
Built to a high level in 2005 on the site of a former filing station bought for c €600,000 by Declan O’Mahony of Bride View Developments, Unity
House has five c 60 sq m dual aspect well-fitted apartments with a superb penthouse with west-facing balcony, plus two ground level commercial units, one a shop let, while the other is vacant.
Current income is €70,000 pa, which could be increased when the vacant unit is let. Apartment rents range from €700 pm to €975 pm. Its asking price of €750,000 reflects a gross initial yield of 9.33%.
Meanwhile, the adjacent larger St Patrick’s House has 13 apartments over three upper levels and a ground floor which is currently vacant but has planning permission to add three more residential units.
Apartments and duplexes range from 50 sq m to 104 sq m, in a mix of one-, two- and three-bedroomed units, with lift and roof gardens with seating areas.
The current rent at St Patrick’s House is €138,000 pa, and with the ground floor fitted and let as three residential units this could rise to €166,000 pa, says Ms McAuliffe.
Guide price is €1.7m, representing an initial gross yield of 8.21%.
“The blocks offer an annual gross current income of €208,000 and potential for a further €40,000pa with full occupancy,” states Ms McAuliffe.
* Details: Savills, 021-4271371
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