Savills sells Dublinís landmark residential property
UK property giant Savills has sold The Alliance residential investment property in Dublin on behalf of receiver, Paul McCann of Grant Thornton who acted as Ulster Bank's appointed receiver, for Ä40 million, reflecting a net initial yield of 6.25%. US property investor Kennedy Wilson has acquired the 210 apartment asset located at The Gasworks, Dublin 4, which is one of the city's most high profile luxury residential developments.
The nine-storey apartment building has an occupancy rate of 97% with all of the apartments being held under the same ownership. The property, which was completed in 2006, was designed by award winning Irish architects O'Mahony Pike and constructed within the original frame of the 1885 gasometer. The two-bedroom apartments currently let for a monthly rent of circa Ä1, 400, reflecting the average rent for prime apartments in Dublin 2 and Dublin 4, and the entire property provides a gross annual income of approximately Ä3.25m.
The building was sold following a sales process that generated over 14 bids from investors in various international jurisdictions.
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