Apartments for sale in cork city
The apartments are up for sale after receivers were brought in.
Some of the apartments in the Clancy Quay development
Image: William Murphy via Flickr/Creative Commons
A COMPLEX OF 420 apartments in Dublin city is up for sale with a guide price of €70 million after receivers were brought in.
Estate agent Savills says a landlord would receive around €6.8 million a year in rent if the apartments are fully occupied.
Just over half of the apartments at Clancy Quay in Islandbridge are currently rented out while Savills says another 42 are in the process of being let.
The remaining apartments have basic furnishings but
are not yet at a “lettable standard,” the estate agent said.
There is also a vacant commercial space included in the complex.
The development was put on the market on the instructions of receivers Stephen Tennant and Paul McCann of Grant Thornton. The receivers were appointed last August after the company behind the development ran into massive debt.
Fergus O’Farrell of Savills said the multi-block apartments were “ideally suited to an investor as a long term hold capitalising on the extremely strong rental market.”