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July 18 2017 2:30 AM
Ireland's biggest private residential landlord, Ires Reit, is set to make a financial killing on its acquisition and investment in apartments in Sandyford, in south Co Dublin.
Yesterday, the company announced the completion of 68 new units at the Maple at Block B2B, at the Beacon South Quarter in Sandyford, bringing the overall strength of its Irish portfolio to 2,446 apartments.
While the cost of construction at the Maple came to €19.6m, Ires says it expects to secure in the region of €1.64m in rental income annually from the new units, which comprise 55 two-bedroom apartments, nine three-bedroom apartments and four one-bedroom apartments.
Given the ongoing severity of the housing crisis and the acute shortage of supply in Dublin particularly, the speed at which the apartments in the Maple were snapped up won't come as any surprise.
Having first offered the properties to the market in May - a full two months before their completion and at rates of up €2,750 per month for two-bedroom units - Ires said yesterday that it had secured tenants for all 68 apartments.