Savills has been appointed to sell a portfolio of 27 pre-1963 residential properties in Dublin for €46m (£39m), on behalf of a consortium of private Irish investors.
The portfolio, known as the Circle Collection, comprises 213 homes and three commercial units with a combined rent roll of €3.49m.
The sale, by private treaty with a guide price of €46m, reflects a gross initial yield of 7.2%.
The current average rent per unit is €1,346 per month, representing a significant discount on rental levels currently achieved in Dublin city centre.
All of the properties, which have been refurbished, are located in prime rental locations adjacent to key employment and transport hubs. These include Clontarf, Rathmines, Rathgar, Phibsborough, North and South Circular Road.
Dessie Kilkenny, director at Savills Ireland, said: “The Circle Collection sale is an excellent opportunity for an incoming investor to capitalise on the strong rental market conditions through this fully compliant residential investment.
“The average rent of €1,346 per month is significantly below the average quoted rent in Dublin city centre and is being derived from an impressive professional tenant base.”
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