Ireland: A European private investor has bought the Staycity St Augustine Street property in Dublin for €25 million.
The price for the 110 unit development is €3 million above the guide price. The investment will show a net initial yield of around five per cent and reflects an average valuation of more than €227,000 for each unit.
The asset at 42-76 St Augustine Street has been leased to Staycity since 2008 and is currently producing an annual rent roll of €1.3 million. The lease has another eight years to run without any rent reviews.
The St Augustine Street apartments are arranged in five blocks around a central courtyard, and were developed in 2008 by Zoe Developments.
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