A 1,170-flat PRS portfolio in Dublin is being put up for sale with a price tag of €425m (£372m).
The Dublin Living portfolio is spread across four schemes owned by Marlet Property Group and backers M&G Investments.
It is the first large-scale portfolio of its kind to be offered for sale. M&G built up the portfolio when the Irish market was reeling from the global financial crisis of 2008.
The sites – in Mount Argus and St Clare’s in Harold’s Cross, Carriglea in Bluebell, and Cabra Road – are due to complete between the second half of 2018 and 2020.
The estimated net rental value of the portfolio is in the region of €20.5m – a gross yield of 4.8%.
The four schemes will deliver a mixture of flats, 750 of which are two beds, 255 one bed and 165 three beds. Amenities include residents’ lounges, business centres, meeting rooms, concierge facilities and gyms.
Savills expects the portfolio to attract significant levels of interest from domestic and overseas investors looking to establish a foothold in Dublin’s PRS market.
Director of research at Savills John McCartney said the number of households renting privately in Dublin had grown by 42,400 since 2012, while housing construction had failed to keep up with increasing rental demand.
Savills predicts residential rents in Dublin to rise by an average of 7.3% per annum.
The sites
Mount Argus
- Under construction
- 4.5-acre site
- 180 apartments in eight blocks
- Estimated net rental value: €3.3m per annum.
St Clare’s
- Under construction
- 4.2-acre site
- 220 apartments in seven blocks
- Estimated net rental value: €4m per annum.
Carriglea
- Under construction
- 6.5-acre site
- 362 apartments in 10 blocks
- Estimated net rental value: €5.9m per annum.
Cabra
- Under construction
- 408 units
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