Hooke & MacDonald advised and handled the successful sale of 20 apartments in The Ice Rink development on Cork Street, Dublin 8. The development which was built in 2006, is a six storey building which incorporates 41 apartments. It occupies a prominent position just off the South Circular Road, adjacent to The Coombe Maternity Hospital and close to St. James’s Hospital and the Luas Red Line.
The portfolio consisted of 7 one-bedroom apartments, 12 two-bedroom apartments and 1 three bedroom apartment. The total current rent, and projected rent of the vacant apartments, is in the region of €295,000 per annum.
The price paid was above the €4.6 million guide when Hooke & MacDonald brought the investment to the market on behalf of Nama-appointed receiver Ken Fennell of Deloitte.
Hooke & MacDonald were guiding €4.6 million and achieved in the region of €4.7 million for the 20 apartments, which equates to €235,000 per unit and a gross yield of 6.3% based on the combined current and projected rents once fully let.
