Savills has been instructed by receivers Grant Thornton to sell the predominantly residential scheme, Clancy Quay in Dublin 8, by private treaty with a guide price of €70 million, reflecting a gross yield of 9% following completion. The scheme occupies a 5.6 hectare (13.83 acre) site overlooking the River Liffey in Islandbridge, three kilometers from Dublin City Centre. It includes 420 deluxe apartments and approximately 3,408 m² (36,683 ft²) of commercial space in Phase 1 and an adjoining development site extending to approximately 3.42 hectares (8.46 acres) of undeveloped land and buildings referred to as Phases two and three.
Completed in 2009, Phase one comprises 122 one-bedroom, 206 two-bedroom, 90 three-bedroom and two four-bedroom apartments as well as the commercial element and secure basement car parking. Currently 270 of the residential units 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 million with the anticipated gross income expected to reach approximately €6.8 million on full occupancy including the vacant commercial space.
Phases two and three of Clancy Quay have full planning permission for 323 residential units together with various other uses including a hotel, educational buildings, a crèche and further ancillary commercial uses. There is also provision for an additional 482 car parking spaces. On completion of Phases two and three it will be one of Dublin’s largest private residential developments.
Fergus O’Farrell, investment director at Savills Ireland, says: “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 capitalizing on the extremely strong rental market.
“The purchaser will have the rare opportunity to control the entire asset, which also offers an exit strategy either as a block multi-family investment or broken up into individual unit sales. We are expecting the scheme to attract strong levels of interest from domestic and international investors looking for prime Irish investment opportunities.”