CommericalDescription
Greenhills Court, Greenhills Road, Tallaght, Dublin 24
Greenhills Court comprises a modern purpose built residential development made up of 15 apartments and 2 townhouses let to Focus Housing Association and two adjoining development sites with full planning permission for an additional 10 apartments and a retail unit.
Highlights
17 existing apartments & townhouses let to Focus Housing Association on a 20 year lease from June 2024.
Current rental income of €318,720 p.a.
Existing investment element comprises, 2 two bedroom townhouses, 7 two bedroom apartments and 8 one bedroom apartments.
Full planning permission for 10 additional apartments (3 three bedroom, 4 two bedroom and 3 one bedroom apartments) and a retail unit.
Located off Tallaght Main Street, adjacent to Technical University (TU) Dublin Tallaght campus and close to the Square Shopping Centre.
Tenancy
The existing 17 residential units of the property are let on a lease dated 22nd January 2025 between Focus Housing Association CLG as Lessee and O’Mahony Holding SRL as Lessor for a term of 20-years commencing 1st June 2024 at an initial rent of €318,720 per annum. The lease includes the right for the use of 4 no. basement car parking spaces, as may be designated by the Lessor. The lease is subject to a rent review to the Harmonised Index of Consumer Price (HICP) every three years.
Development
In addition to the 17 existing residential investment apartments the Property also benefits from planning permission (Ref: SD25A/0025W) for the construction of 10 apartments and a retail unit of approximately 52.98 sq m across two new blocks (A & B) each three stories in height, within the confines of the existing site.
Location
Located approximately 9 km southwest of Dublin City centre, Tallaght is the fourth largest urban centre in Ireland after the main cities (Dublin, Cork, Galway & Limerick) and is growing rapidly with an increase of up to 11,000 additional homes and a population surge of c. 34,000 people projected.
The subject property is located in the heart of Tallaght Village adjacent to the junction of Greenhills Road and Main Street, and is within walking distance of numerous local amenities including TU Dublin Tallaght Campus, The Square Tallaght shopping centre, Sean Walsh Memorial Park, Tallaght Stadium, Tallaght University Hospital and Tallaght Luas stop (Red line).
The property benefits from excellent transport connections with numerous local bus services including Routes 27, 65, 82, 77A, S6 and S8, running from nearby and offering direct links to key locations such as Stephens Green, UCD, Dundrum, and Citywest. Tallaght Luas stop on the red line is within walking distance, and there is, excellent road connectivity via the N81 and M50.