Embed Size (px)
Citation preview
For Sale by Private Treaty
Multi-Family Investment Opportunity
BloomfieldPark
D O N N Y B R O O K , D U B L I N 4
Investment ConsiderationsMulti-family investment comprising of 8 high end two bed apartments within a primely located and exclusive development.
B L O O M F I E L D P A R K
Average apartment size is 75 sq m
8 car parking spaces
Highly reversionary average gross rent per month of €1,857 in the occupied units
Reversionary potential with average market rent achieving €2,750 per month in the local vicinity
Fully let with the exception of one show apartment
Passing gross rent is €156,000 from the occupied units
Strong individual re-sale values
A portfolio of eight luxury two-bedroom apartments within the prestigious Bloomfield Park development
Highly sought-after residential location in the prestigious Dublin 4
Bloomfield Park 2 | 3
L O C A L O C C U P I E R S
HERBERT PARK CHARLESTON RD
RAT
HM
INE
S R
D L
OW
ER
SANDFORD RD
RAT
HG
AR
RD
TERENURE RD
MILLTOWN RD
HIGHFIELD RD
APPIAN W
AY
CLYDE RD
MESPIL RD
KIL
DA
RE
ST
BATH AVE
MOUNT ST LOWER
PEMBROKE RD
SH
EL
BO
UR
NE
RD
NO
RTH
UM
BE
RLA
ND
RD
GRAND CANAL ST LOWER
BEACH RD
S CIRCULAR RD
GROVE RD
CL
AN
BR
AS
SIL
ST
LWR
HE
YTE
SB
UR
Y S
T
GR
AFT
ON
ST
CA
MD
EN
ST
LOW
ER
O'C
ON
NE
LL S
T
TR
ITO
NV
ILLE
RD
WOODBINE RD
MERRION RD
BEA
VER
ROW
EGLINTON RD
SH
RE
WS
BU
RY
RD
AILESBURY RD
St.Stephen'sGreen
O’ConnellGPO
Harcourt
Charlemont
Ranelagh
Beechwood
Cowper
Milltown
Dawson
Westmoreland
O’ConnellUpper
Marlborough
Trinity
SmithfieldFour Courts
Jervis
AbbeyStreet
George's DockMayor Square
Spencer DockThe Point
BusárasConnolly
Tara Street
Pearse
Grand Canal Dock
Lansdowne Road
Sandymount
Sydney Parade
TEMPLEBAR
SANDYMOUNT
RINGSEND
BALLSBRIDGE
CLONSKEAGH
ST HELENS
RATHMINES
DARTRY
RANELAGH
THE COOMBE
POINT VILLAGE
DUBLINPORT
RIVER LIFFEY
DUBLIN BAY
DONNYBROOK
2KM
2.5KM
1KM
BloomfieldPark
Trinity College
FitzwilliamSquare
MerrionSquare
Ringsend Park
Herbert Park
MilltownPark
Elm Park Golf & Sports Club
St Stephen's Green
IveaghGardens
N
S
EWLocationDonnybrook is considered a prime residential and commercial location with many foreign embassies and multinational headquarter buildings based within the immediate vicinity. Local commercial occupiers include high profile firms such as Amazon, Groupon, Morgan McKinley and Allied Irish Bank making it an attractive location for the private residential rental market.
Donnybrook offers a wide range of services and amenities including Donnybrook Lawn Tennis Club, Donnybrook Stadium, as well as a selection of shops, restaurants and cafes. Residents and tenants of the Bloomfield Park development benefit from its proximity to Dublin City Centre and all the amenities that it has to offer.
Royal Hospital Donnybrook
Embassy of Portugal
Donnybrook
Ballsbridge
Aviva Stadium
Dublin Port
Embassy of USA
Clayton Hotel
IFSC
Grand Canal Dock
Central BankTrinity College
Grafton Street
Merrion Square
Herbert Park
St. Stephen’s Green
Fitzwilliam LawnTennis Club
BloomfieldPark
Bloomfield Park is located within the prestigious suburb of Donnybrook, Dublin 4 and just 1.6km south of St. Stephen’s Green.
The area also has the benefit of excellent transport infrastructure and public transport links.
T R A N S P O R T L I N K S Bloomfield Park is located just off the exclusive Morehampton Road, directly behind the Hamptons Hotel, equidistant from both Leeson Street Bridge and Donnybrook Village. The immediate vicinity provides access to a depth of transport links with both the DART and Cross City Luas within walking distance.
Bloomfield Park 4 | 5
Asset Overview
Bloomfield Park is an exclusive residential scheme constructed in 2005. Overall, the development comprises of 188 residential units of which eight are being offered for sale in this multi-family investment opportunity.
I N C O M E S U M M A R Y
Average Passing Rent
€1,857
Current Gross Rent
€156,000
Average Market Rent
€2,750
Potential Rental Uplift
€108,000
Bloomfield Park 6 | 7
The portfolio comprises of eight two-bedroom apartments at an average size of approx. 810 sq ft.
The subject units are dispersed throughout the scheme with four blocks each having lift access to every floor and eight basement car parking spaces. There is currently one vacant unit held for viewings with the remaining seven currently let with the existing tenants remaining in situ. Each unit offers a spacious balcony overlooking impressive gardens.
The scheme is designed around landscaped gardens with impressive water features and the development benefits from an onsite creche.
Accommodation Schedule
All prospective purchasers are specifically advised to satisfy themselves as to the accuracy of any measurements, tenancy information, site areas referred to herein and undertake their own due diligence.
Unit BER Bedrooms Size (Sq Ft) Occupancy Rent Annual ERV Annual ERV
64 B2 2 834 Vacant €€0 €€0 €€2,750 €€33,000
104 C1 2 845 Rented €€1,600 €€19,200 €€2,750 €€33,000
152 D1 2 845 Rented €€2,100 €€25,200 €€2,750 €€33,000
165 D2 2 769 Rented €€1,800 €€21,600 €€2,750 €€33,000
166 D2 2 791 Rented €€2,200 €€26,400 €€2,750 €€33,000
169 D2 2 768 Rented €€1,650 €€19,800 €€2,750 €€33,000
171 D2 2 791 Rented €€1,800 €€21,600 €€2,750 €€33,000
172 D2 2 838 Rented €€1,850 €€22,200 €€2,750 €€33,000
Total €€13,000 €€156,000 €€22,000 €€264,000
Bloomfield Park 8 | 9
33 Molesworth StreetDublin 2
savills.ie
Dessie Kilkenny+353 1 618 [email protected] PSRA Licence: 002233-003108
John Earley+353 1 618 [email protected] Licence: 002233-007379
VAT P O S I T I O N O N S A L E
Please see project dataroom for VAT status.
V I E W I N G S
Viewings are strictly by appointment through the selling agent.
S O L I C I T O R
FurtherInformation
Multi-Family Market
bloomfieldparkdublin.comThe agents and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills nor any of their employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction.
In the early 2000s, approximately 12% of households in Dublin rented privately. During this period private renting was generally considered a secondary tenure that was mainly for young people transitioning towards a longer-term goal of home ownership.
More recently, however, strong house price inflation and stricter mortgage lending have made home ownership less affordable. Along with changing attitudes to renting, these dynamics have led to the proportion of households renting privately in Dublin rising to over 24%.
Despite an increase in the overall stock of properties in Dublin’s private rented sector (PRS), the number of units that are available to rent has fallen sharply since 2011 with vacancy now standing at just 1.31% (see Figure 1). This is significantly below the Natural Vacancy Rate (NVR) which we econometrically estimate to be 5.3% in the capital. Theory suggests that if the actual vacancy rate lies beneath the NVR the market is undersupplied and rents will be rising, and that’s exactly what is happening. Average residential rents in Dublin are currently rising by 7.8% per annum.
R E N T A L G R O W T H F O R E C A S T S
Rent controls were first introduced in Dublin in December 2016. Generally, these limit rental growth to a maximum of 4% per annum. However, there are exemptions for properties that have not been previously let within the last two years and in the case of a substantial change in the nature of accommodation provided by a landlord. These legislative changes allow for the possibility of a divergence between average rental growth rates and rental growth rates on newly let or new build properties and appear to explain why rental growth in Dublin continues to exceed the regulated growth rate of 4% per annum.
Savills has developed rental growth forecasts on unencumbered newly let units which extend out to Q1 2020, the results of which are summarised below;
Overall continued growth of 15.7% in Dublin residential rents is expected through the eight quarters Q2 2018 - Q1 2020.
Average rental growth of 7.8% per annum is expected on new lets over this period.
Annual growth of 7.2% in rents on new lets is forecast even at the furthest horizon of the forecast window in Q1 2020.
Figure 1: Vacancy Rate in Dublin’s Private Rented Sector Figure 2: Residential Rents Forecast - Dublin New Lets
Source: Savills Research Source: Savills Research
E C O N O M I C O V E R V I E W
Ireland continues to experience the fastest rate of economic growth in the EU with total output rising at an annual rate of 9.1%. Jobs growth remains the catalyst for this expansion. More than 62,000 net new jobs have been created in the last twelve months and total employment has now surpassed its boom-time peak on a seasonally adjusted basis.
R E S I D E N T I A L R E N T A L M A R K E T
10
2007
Q2
2008
Q2
2009
Q2
2010
Q2
2011
Q2
2012
Q2
2013
Q2
2014
Q2
2015
Q2
2016
Q2
2017
Q2
2017
Q4
2016
Q4
2015
Q4
2014
Q4
2013
Q4
2012
Q4
2011
Q4
2010
Q4
2009
Q4
2008
Q4
2007
Q4
9
8
7
6
5Dublin VR
4
3
2
1
%
Dublin NVR
150
140
130
120
110
100
90
80
70
2008
Q2
2009
Q2
2010
Q2
2011
Q2
2012
Q2
2013
Q2
2014
Q2
2015
Q2
2016
Q2
2017
Q2
2017
Q4
2018
Q2(
f)
2019
Q2(
f)20
19 Q
4(f)
2018
Q4(
f)
2016
Q4
2015
Q4
2014
Q4
2013
Q4
2012
Q4
2011
Q4
2010
Q4
2009
Q4
2008
Q4
2007
Q4
Index
: Q3
2007
= 10
0
new jobs created in the last twelve months
62,000
33 Sir John Rogersons QuayGrand Canal DockDublin 2
B E R D E TA I L S
BER Nos. available on request.Range of energy performance indicators:
S E L L I N G AG E N T S
Bloomfield Park 10 | 11
