Thursday 27 August 2015

Athlone - Entire block of houses & apartments for sale for €1.75m

REA Hynes are offering for sale 24 houses & apartments in one lot at a price of €1.75m. The portfolio at Shannon Weir, Athlone comprises of a mix of 1, 2 & 3 bedroom duplex homes and apartments.  Built in the late 90’s on the banks of the river Shannnon, an extensive refurbishment program has been indertaken by the owners and the portfolio is fully let.  The block will be largely of interest to investors with funds who will view the dramatic fall in values and rising rent returns as a good opportunity to invest.
The entire portfolio is producing a rent roll of €156,840 per annum with review potential to €172,765 according to the Healy Hynes of agents REA Hynes.  “A selling price of €1.75 million would provide a net return for a new owner of 8.9%”. stated Mr. Hynes.
The sale comes at a time when sentiment is improving and agents are reporting increased rents and limited new supply.  Healy Hynes says their research had shown that apartment values have increased with a rise of 26 per cent.  “Despite increases however, apartment values remain over 70% below their peak.  With rents rising we are at a turning point in the cycle.” He concluded.