It has been reported that 293 rental apartments are to return to the rental market, three years after being shelved.
This comes after the apartments' owner, Hibernia Real Estate Group instructed agent CBRE to bring them back out to the market again, according to reports in the Irish Times.
The outlet have reported that this collection of apartments in Dundrum, are to be offered for sale as a single lot or separate lots, and priced around €130 million. The collection also includes 213 apartments in Block 3 at Wyckham Point and 80 apartments in Dundrum View.
The portfolio is located either side of Dundrum Town Centre and within walking distance of the Luas Green Line stop at Balally, making it an attractive place for a number of investors.
Reports have also suggested that Hibernia have received several offers in excess of €130 million for the Dundrum Collection, when they first put them up for sale in 2023. However, Hibernia quickly decided against the process at the time, despite receiving their offers from what were described as "credible" parties. (Quotes according to the Irish Times).
In 2014, Hibernia Rait, predecessor of Hibernia, had bought the 213 apartments at Wyckham Point in a partly completed state. This was part of a €67 million loan portfolio from Ulster Bank. A further €20 million was also spent to complete the remaining uncompleted apartments.
For Dundrum View, Hibernia Rait had spent €28.05 million in 2015, securing ownership of the 80 apartments there, including one, two, and three bedroom units arranged across the two buildings.
If the sale goes through at the rumoured price of €130 million according to market sources, this portfolio could show a major yield of almost 6% once it is fully let and stabilised at its fully estimated value. This would be one of the biggest residential investments to have come to the Dublin market in recent years.
A plan has been set out and started by Hibernia to capture the expected rental and capital value uplift from this investment, while a refurbishment programme has also been tested across a number of the portfolio's apartments.
This programme has seen gas boilers replaced with heat pumps, as well as new furniture packs being installed.
Each apartment has an A Ber and Hibernia has started to secure a four star Very Good BREEAM In-Use sustainability rating. This certification is expected to awadred before the end of this year.
