Woodville, 52/54 Botanic Avenue, Drumcondra, Dublin 9.
Finnegan Menton presents Woodville, 52/54 Botanic Avenue, Drumcondra to the market. This smart purpose built student accommodation investment is producing a gross income of €163,840 (2017) and is laid out as 5 student apartments and a separate 2 Bedroom Townhouse. All units are currently let to students from St. Patricks College with a total of 28/29 beds, off street parking for 2 cars, nice internal courtyard and lane access to the rear.
The property is currently fully let for the 2018 academic year in addition to being fully booked for short term Summer lettings to overseas students.
Woodville comprises five 2 bedroom apartments (23 / 24 bed spaces) at 52 Botanic Avenue and adjoining 2 bedroom house at 54 Botanic Avenue (currently 5 bed spaces).
The property is located on Botanic Avenue, Drumcondra. Botanic Avenue runs parallel to Griffith Park and the River Tolka and extends from Drumcondra Road Lower to Glasnevin Hill and St. Mobhi Road.
Botanic Avenue is convenient to a host of local amenities including Shops, Restaurants, Primary and Secondary schools, Third Level Colleges, Griffith Park and The Botanic Gardens.
Botanic Avenue and Drumcondra are well served by a regular bus service and within walking distance to Drumcondra Rail Station and convenient to the M50, M1 and Dublin Airport.
The property is located c.3km from Dublin City Centre. It is just 5 minutes walk from DCU's training college in Drumcondra (formerly St. Patrick's).
Accommodation Schedule: Overall Floor Area: c. 420.2sq.m. / c.4,523sq.ft.
- Purpose built Section 50 student accommodation complex around a secure internal garden
- 5 Student apartments and 2 Bedroom Townhouse.
- 28 Bed spaces in total.
- Income providing asset 100% occupancy.
- Gross yield of 8.4% (2017), expected to increase to 9.1% in 2018.
- Excellent location in Drumcondra.
- Property maintained to good standard.
- High Ceilings.
The property is divided into the following units:
52 Botanic Avenue has a total floor area of : 354.2sq.m.
Apartment 1: 4 Beds c.65sq.m. BER D1
Apartment 2: 6/7 Beds c.90sq.m. BER C2
Apartment 3: 5 Beds c.65sq.m. BER D1
Apartment 4: 4 Beds c.65sq.m. BER D2
Apartment 5: 4 Beds c.65sq.m. BER D1
54 Botanic Avenue
2 Bedroom House: 5 Beds c.70sq.m. BER F
Total: 28/29 Beds (100% occupancy)
Each student apartment unit comprises an Entrance Hall, Living Room, Kitchen, Bathroom, 2 Bedrooms and Ensuite Bathroom.
- Compact proven investment property
- Fully furnished - all contents included in sale
- Rear lane access to the property
- Fully let to end of 2017 / 2018 Academic Year
- Short term Summer rental potential
- Beside DCU St. Patrick's College
- Built in 2005 to a high quality
Services include TV point, mains water, electricity, telephone, gas fired central heating. Ample parking for 4 cars.
The units are rented at a total gross income of €163,840 for 2017 and expected to increase to €177,780 for 2018. Tenants currently pay €150 p.w. per bed space offering significant growth potential. Significant summer letting potential to overseas students.
There may also be some extra accommodation potential to add a bedroom onto apartment 1 and also build another apartment over apartment 4 subject to the necessary Planning Permission been granted. With the local authority. Please note this is only potential and planning has not been granted.
The property is currently managed by Harrington Property Management Ltd. This property has always been managed for 12 years since construction by a Professional Property Management Company.
By private appointment
Finnegan Menton Ltd
Telephone: 01 614 7900
Parking Space: Off street parking for 2 cars