9.4 million euros for a portfolio of apartments at the entrance to the Millionaire Row of Malahide
A multi-family unit of 22 apartments plus a nursery has hit the market in the coastal town of Malahide in northern County Dublin, guiding € 9.4million through agent TWM.
Abington Wood, just off Swords Road, is located at the entrance to Abington, the upscale development of prominent single-family homes, which over the years has housed many prominent figures including Nicky Byrne of Westlife, author Cecilia Ahern and David Drumm, former managing director of Anglo Irish Bank.
Built in 2008, Abington Wood has 22 two-bedroom apartments spread over two three-storey basement blocks, a ground-floor nursery and 49 underground parking spaces.
The total gross annual income of the apartments and the crèche is 555,140 €, Links Creche & Montessori paying an annual rent of 110,000 € until the lease expires in May 2025. The average gross monthly rent for each of the apartments is € 1,686, with rent agent Boland Hyland reports strong rental demand, with vacant homes taking no more than about two weeks to re-let (aside from Covid-related lockdowns). The sale of the development at the guide price of 9.4 million euros would give its new owner a net initial return of 5.61% and a net operating return of 4.58%.
It might be possible, according to the seller, to increase the number of apartments by increasing the height of the existing building. In 2009, the Fingal County Council granted the planning of two two-bedroom penthouses of 148 m² each, with balconies of 77 m² and 80 m², respectively. However, this authorization has now expired.
The property last entered the market in 2014 for € 4.95 million. It was later acquired for 6.2 million euros by Israeli businessman Igal Ahouvi, whose investments in Ireland included a number of top supermarket properties, as well as the store building of Skechers shoes on Henry Street.