Strong interest expected in €20m Churchtown apartments – The Business Post

Rare opportunity to acquire a fully let residential investment in a prime suburban location, says agent TWM
Tina-Marie O’Neill
Hazelbrook in Churchtown in Dublin 14 is a prime suburban residential investment opportunity guiding €20 million. Picture: Peter Moloney

TWM has brought a block of apartments located at Hazelbrook, a mixed apartment/housing development in Churchtown, Dublin 14 to market for which it is guiding €20 million.

The apartments are located across three buildings, Ely Hall, Ardavon Hall and Newtown Hall, situated at the entrance to the development.

The development is ideally located close to a host of local amenities, including Nutgrove Retail Park and Shopping Centre and Dundrum Town Centre. There is a good choice of local schools in the vicinity, as well as multiple childcare facilities.

Transport links are excellent too, with numerous Dublin Bus routes operating nearby and the Luas Green Line easily accessible at Windy Arbour via a new pedestrian walkway at the rear of the development.

Local recreational facilities include Marlay Park and Rathfarnham Castle and there are numerous golf clubs in the area including Castle and Milltown golf clubs.

Built in the late 2000s, the five-storey terrace buildings contain 69 units, of which 54 are for sale in a single portfolio.

The portfolio comprises 23 one-bedroom and 28 two-and-three-bedroom apartments. The apartment sizes include one-bedroom units of about 48.2 square metres and two-bedroom units spanning some 73 square metres, while the average three-bedroom apartments extend to some 124 square metres.

Currently the rent roll is €1,066,920 per annum and rents are generally below market level.

TWM’s €20 million guide price reflects a gross yield of 5.11 per cent and a price per unit of €370,000.

The agent expects good interest in the property as it offers “a rare opportunity to acquire a fully let residential investment in a prime suburban location. It will provide an investor with an investment which is easy to manage and likely to provide steady gains in the near future”.