Dublin’s landmark luxury residential building, The Alliance, has been put up for sale with a guide price of €43 million.
The development, located in the Gasworks development at Ringsend, Dublin 4, is to be offered for sale on the international market because of the high level of enquiries from overseas property companies and wealthy investors.
The Irish Times reports that estate agents Savills are quoting a guide price of €43 million for all 210 apartments in the nine-storey glazed, cylindrical block which is currently producing an annual rent roll of €3.25 million. This equates to an income yield of 7.25%.
There has been any number of enquiries about the landmark block from as far away as the US and Russia as well as northern Europe and the UK since it was reported in June that the building would be going for sale.
Mark Reynolds of Savills said that he expected investors to move quickly and pitch for what was “a superb building with a fantastic rental profile”.
The 202 two-bedroom apartments in the building – there are also eight one-beds on the ground floor – are rented at an average of €1,300 a month- with staff from Google’s European headquarters in the adjoining office campus renting around 80% of the units.
Google’s decision earlier this year to acquire its two office buildings and the newly built Montevetro block on Barrow Street for around €200 million will provide additional comfort for those bidding for the Alliance Building. Not surprisingly it has a consistently high occupancy rate, which stood at 97% last week.
Fergus O’Farrell, director of investments at Savills, said it was extremely rare that an asset of this quality and scale was brought to the market.
“We expect interest will come from across the international investment sector.”
The €43 million guide price works out at an average value of €205,000 per apartment, including car parking space. Savills say that the two-bed units would now probably make €260,000 on the open market while one-beds should fetch €180,000 each. The 230 car-parking spaces on site were originally valued at €40,000 each.
The two-bedroom apartments have an average floor area of 63sq m (678sq ft) and have the main bedroom and living areas along the outer perimeter to allow people living on the upper floors to have clear views over much of the city and its suburbs.
Serious investors running a rule over The Alliance will take some satisfaction from the fact that the entire apartment complex is in single ownership.
