Savills will bring Clancy Quay, Islandbridge, Dublin 8 to the market for sale by private treaty on the instructions of the Joint Receivers, Stephen Tennant and Paul McCann of Grant Thornton.
This impressive residential scheme will attract strong levels of interest from domestic and international investors looking for prime Irish investment opportunities of scale in single ownership, which is offered for sale with a guide price of €70 million subject to contract.
Clancy Quay is located in Dublin 8, approximately 3 kilometres from Dublin City Centre, 5 kilometres east of the M50 and only minutes from Heuston Station and the Luas Red line.
The entire scheme includes 420 apartments and approximately 3,408 sq. m. (36,683 sq. ft.)of commercial space in Phase 1 and an adjoining development site extending to approximately 3.42 hectares (8.46 acres) referred to as Phases 2 and 3.
Of the 420 apartments in total, 270 of the residential units are fully fitted out with 228 let and the remaining 42 in the process of being let. 138 units are furnished including white goods and require soft furnishings to bring to a lettable standard. The remaining 12 units are complete to a shell and core finish.
The 228 units produce a current rent roll of approximately €3.17 million.
Savills anticipate the gross income would reach approximately €6.8 million on full occupancy including the vacant commercial space. At a quoting price of €70 million (Subject to Contract), including the 8.46 acre site, this produces a gross yield of 9% post completion of fit out.
Completed in 2009, Phase 1 of the scheme consists of 420 deluxe units comprising 122 one bedroom, 206 two bedroom, 90 three bedroom and 2 four bedroom apartments together with approximately 3,408 sq. m. (36,683 sq. ft.) of commercial accommodation along with secure basement car parking. The blocks in Phase 1 vary between one and seven stories in height, the majority of which are newly constructed, with the exception of two of the blocks which are refurbished protected structures. The development has impressive courtyards and landscaped areas with pedestrian access from the South Circular Road.
The entire scheme occupies a site of approximately 5.6 hectares (13.83 acres) overlooking the River Liffey to the north and has 250 metre frontage to the South Circular Road. Heuston Station bounds the development to the east and the N4 Corridor runs along the southern boundary.
Phase 2 & 3 of Clancy Quay comprises of approximately 3.43 hectares (8.46 acres) of undeveloped land and buildings. This element of the property benefits from full planning permission for an additional 323 residential units, together with various other uses including a hotel, educational buildings and a crèche, as well as other ancillary commercial uses. There is also provision for an additional 482 car parking spaces.
On completion of Phases 2 & 3 it will be one of Dublin’s largest private residential developments.
Fergus O’Farrell of Selling Agent, Savills, comments: “Clancy Quay is the most significant multi-family block investment to come to the market in this cycle. As a purpose built residential scheme with a mix of 420 one, two, three and four bed apartments, it is ideally suited to an investor as a long term hold capitalising on the extremely strong rental market. It offers an exit opportunity either as a block multi-family investment, or a break-up into individual unit sales.
No unit in the scheme has been disposed of hence a purchaser will control the entire scheme. This is rare and adds to the overall offer. Multi-family investments offer a unique opportunity for investors to build residential platforms with income producing, unbroken blocks of a scale that has never traded in the Irish market. It is a market sector driven by strong growth expectations on the capital and rental side. This is one of the most exciting investments to come to the market due to the scale, control of the entire scheme, and opportunity to immediately increase income through asset management initiatives”.