Savills has been appointed to bring ‘The Circle Collection’ to the market with a guide price of €46m, representing a gross initial yield of 7.2%. The collection comprises 213 residential units and 3 commercial units in 27 prestigious and fully complaint Pre ‘63 properties. All of the assets are located in prime rental locations adjacent to key employment and transport hubs across Dublin City. A selection of these key locations includes Clontarf, Rathmines, Rathgar, Phibsborough, North and South Circular Road.
The collection is currently generating a gross rent roll of €3.5m per annum. The current average rent per unit is approximately €1,346 per month, which represents a significant discount on rental level currently being achieved in Dublin City Centre.
The properties have recently benefitted from an extensive programme of refurbishment and are fully compliant for planning, fire regulations and Local Authority Housing Standards. Each of the units has been carefully designed to include a range of sustainable and low maintenance features throughout.
Dessie Kilkenny from Savills commented: “The Circle Collection sale is an excellent opportunity for an incoming investor to capitalise on the strong rental market conditions through this fully compliant residential investment. The average rent of €1,346 per month is significantly below the average quoted rent in Dublin City Centre and is being derived from an impressive professional tenant base”.
