Disposal of sycamore Court, Dublin 23.05.2012Colliers International has been instructed to dispose of an attractive modern apartment block, Sycamore Court, 75 Rathgar Road, Dublin 6 on the instructions of Eoin Ryan, Receiver, BDO. The 5 storey property comprises of a block of 18 apartments – all two beds with two top floor penthouses. Additionally, there is parking for 23 cars to the front and rear of the block. Of a good quality and modern standard, fully renovated in 2001 to include a lift, the apartments provide kitchen/living area, 2 double bedrooms, bathroom and all are fully furnished. Heating in the entire is by GFCH. Sycamore Court is excellently located on Rathgar Road, midway between the villages of Rathgar and Rathmines. Neighbourhood facilities abound with shops, cafes, restaurants, schools and leisure facilities available nearby. Public transport is excellent with numerous buses linking Rathgar Road to the city centre. The entire block (save for one unit, recently vacated) is fully let. Current rents vary from €900 to €1,400 per month and the entire produces an annual rent roll of approx €202,000 per annum. Once the vacant unit (being left vacant for the purposes of the sales campaign) is let, the entire income should come close to €215,000 per annum. Easily managed and in good condition Sycamore Court has traditionally enjoyed full occupancy. Given the lot size and location there is no doubt it will appeal to both domestic and international investors. “Rathgar has always been a prime letting location and Sycamore Court is a rare opportunity to acquire a modern uninterrupted residential investment in Dublin 6”, says Michele McGarry Associate Director of Selling Agents Colliers International……”moreover and more of late, residential blocks are in demand with investors given the relatively low risk to the income stream (as compared to say offices and retail), especially in prime areas such as this”. Colliers International are seeking offers in the order of €2.75m which would represent a yield of 7.7% to an investor; or on individual terms an extremely competitive price of under €153,000 per unit.