Purpose-built residential scheme of 17 homes in Tallaght let to approved housing body until 2044
Private investors, family offices and developers are expected to be among the parties vying to secure ownership of a social housing investment now being offered to the market by agent NAI Hooke & MacDoanld Commercial at a guide price of €6.25 million.
Located on Greenhills Road in Tallaght, Dublin 24, Greenhills Court comprises a purpose-built residential scheme of 15 apartments and two townhouses, all of which are let on a 20-year lease from June 2024 to an approved housing body (AHB). The investment is generating total annual rental income of €318,720.
Should a sale of the investment proceed at the €6.25 million guide price, the incoming owner would stand to secure a net initial yield of about 4.88 per cent, assuming standard purchaser’s costs of 4.46 per cent and running costs of 7.6 per cent (based on 2025 figures). The yield is based on a breakdown of €5.8 million being paid for the investment’s 17 residential units and €450,000 being paid for its development site.
The leaseholder, Focus Housing Association CLG, is Ireland’s seventh-largest approved housing body and currently provides more than 1,200 affordable, sustainable homes for individuals and families across the country, with a presence in 11 counties.
The property comes for sale with full planning permission for the development of 10 additional apartments and a retail unit on an adjoining development site and above the existing basement car park.
The subject property is well located and sits adjacent to numerous local amenities including The Square Tallaght shopping centre, Tallaght University Hospital, and the Tallaght Luas Red Line stop. The planned Tallaght to Dublin city centre core Bus Connects corridor will pass directly to the rear of the property, along Old Greenhills Road.
Donald MacDonald of Hooke & MacDonald says: “Greenhills Court will attract strong demand from a range of investors, builders and developers who are looking for a well-located residential investment with secure long-term income. The property also offers a development opportunity in a sought-after residential area.”
For further information, contact:
Donald MacDonald, Donaldm@hmd.ie
Sebastian Judd, Sebastianj@hmd.ie