Abbey Glen CABINTEELY. Substantial Residential Investment Opportunity - Dublin 18

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Moris Hancock
5 years ago
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1 Abbey Glen CABINTEELY Substantial Residential Investment Opportunity - Dublin 18

2 Entire Development 44 Apartments and Penthouses Abbey Glen CABINTEELY

Cabinteely Park Location Abbey Glen is excellently positioned close to

The development fronts onto Johnstown however vehicular access is via Pottery.

are located within walking distance of the development.

Johnstown, services operating in the area are 7, 7A, 7B, 45A, 56C, 86 and 111.

Pottery ; Amgen is an internationally recognized pharmaceutical company

3 Cabinteely Park Location Abbey Glen is excellently positioned close to Cabinteely Village. The development fronts onto Johnstown however vehicular access is via Pottery. The development is close to the junction with the N11 and is approximately 400 metres from the Village. The surrounding area is predominantly residential with a mixture of housing and apartments. All local amenities which include schools, shops, bars and gourmet restaurants are located within walking distance of the development. Public transport in the area is provided by Dublin Bus on the N11 and Johnstown, services operating in the area are 7, 7A, 7B, 45A, 56C, 86 and 111. The development is situated close to the Amgen Therapeutics Ireland Plant on Pottery ; Amgen is an internationally recognized pharmaceutical company employing 17,000 people worldwide since Bank of Ireland Operations Centre in Cabinteely Village is also a major local employer. BD Medical and Lidl supermarket are also located on Pottery. Cabinteely Park is located on the opposite side of the N11 and provides significant public open space.

5 Description Abbey Glen is a modern apartment development comprising 44 residential units set out in two blocks. The apartments comprise a mix of one, two and three bedroom apartments and two bedroom duplex penthouses. There are 13 one bedroom units, 22 two bedroom units, 5 three bedroom apartments and 4 two bedroom duplex penthouses complete the scheme. The development has the benefit of a secure underground car park. The property is set out in two distinctive blocks. The North Block consists of twenty apartments while the South Block houses the remaining twenty four units. The property is render finished with charcoal grey aluminium windows, and balconies overlooking the communal gardens to the rear or Johnstown to the front. The buildings have been designed to enjoy maximum benefits from solar gain and many of the units are orientated south and west overlooking the landscaped gardens. Of the forty four units, eight remain incomplete requiring works to bring them to a rentable standard, the remaining thirty six are complete and virtually fully let. The development is currently producing a gross rent of 441,420. An estimated open market rent for all units fully complete would be in the region of 690,000. Actual view from penthouse level

Impressive residential complex finished to a high specification with landscaped communal gardens to the rear Full ownership of entire residential development 36 completed apartment units virtually

7 Investment Summary 44 apartments set out in 2 distinctive blocks with a secure basement car park 13 one bed apartments, 22 two bed apartments, 5 three bed apartments & 4 two bed duplex penthouses Impressive residential complex finished to a high specification with landscaped communal gardens to the rear Full ownership of entire residential development 36 completed apartment units virtually 100% occupied 8 incomplete apartments & penthouses Current gross rental income of 441,420 per annum with market rent of region 690,000 Opportunity to increase rent and enhance return by asset management and completion of unfinished units Tenants not affected 1. Blackrock 2. LIDL 3. IADT Dun Laoghaire 4. Monkstown 5. Pottery 6. National Rehabilitation Hospital 7. Amgen Therapeutics Ireland 8. MSL 9. Johnstown 10. Rochestown Avenue 11. Dun Laoghaire West Pier 12. Dun Laoghaire 13. Rochestown Lodge Hotel 14. Dun Laoghaire East Pier 15. Glasthule

External Features Landscaped communal gardens to the rear of the development Planted bedding throughout the scheme 55 underground car spaces and 2 surface Balconies or roof terraces to all apartments

9 External Features Landscaped communal gardens to the rear of the development Planted bedding throughout the scheme 55 underground car spaces and 2 surface Balconies or roof terraces to all apartments Lifts to all floors Secure entry system Adjacent to the highly sought after St. Gabriel s development Pedestrian access to Johnstown Internal Features Good sized apartments with attractive layouts Double glazed windows and doors Good quality fittings in apartments Excellent views from penthouse apartments Gas Fired Central Heating Potential to increase specification in apartments and communal areas Rented units fully furnished Rental Schedule Block Apartment Floor Level Beds Aspect Orientation Floor Total (sq.m.) North 1 Ground 2 Dual NE & NW North 2 Ground 1 Single NE North 3 Ground 1 Single NE North 4 Ground 1 Single NE North 5 1st 2 Dual NE & NW North 6 Garden 2 Dual SW North 7 1st 1 Single NE North 8 Garden 2 Single SW North 9 1st 1 Single NE North 10 1st 1 Single NE North 11 Garden 2 Single SW North 12 2nd 3 Tri NE & SW North 13 2nd 2 Single SW North 14 2nd 1 Single NE North 15 2nd 1 Single NE North 16 2nd 2 Single SW North 17 3rd 2 Single SW North 18 3rd 1 Single NE North 19 3rd & 4th 2 Duplex Dual NE & SW North 20 3rd 2 Single SW South 21 Ground 2 Single East South 22 Ground 1 Single East South 23 Ground 2 Single East South 24 Ground 2 Single East South 25 Garden 2 Single West South 26 1st 2 Single East South 27 1st 1 Single East South 28 Garden 2 Single West South 29 1st 2 Single East South 30 Garden 3 Single West South 31 1st 2 Tri E & W South 32 2nd 2 Single West South 33 2nd 2 Single East South 34 2nd 1 Single East South 35 2nd 2 Single West South 36 2nd 3 Single West South 37 2nd 3 Dual E & S South 38 3rd 2 Single West South 39 3rd & 4th 2 Duplex Dual E & W South 40 3rd & 4th 2 Duplex Dual E & W South 41 3rd 2 Single West South 42 3rd & 4th 2 Duplex Dual E & W South 43 3rd 3 Single West South 44 3rd 1 Dual E & S Current Income Unit Type No. of units No. Rented Rent Range Ave. Rent Total PCM Total PA No Unfinished 1 Bed Apartment , , , Bed Apartment ,300 1,135 21, , Bed Apartment 5 3 1,450-1,700 1,583 4,750 57, Bed Duplex Penthouse Totals , ,420 8 Potential Income post completion works based on 100% occupancy Unit Type No. of units ERV Total PCM Total PA 1 Bed Apartment 13 1,050 13, ,800 2 Bed Apartment 22 1,300 28, ,200 3 Bed Apartment 5 1,700 8, ,000 2 Bed Duplex Penthouse 4 1,700 6,800 81,600 Totals 44 57, ,600

10 Floor Plans Car Parking Entrance Lobby Entrance Lobby 4 Ground Floor South Block Bed Apartment 2 Bed Apartment 3 Bed Apartment 2 Bed Duplex Penthouse Ground Floor North Block

11 First Floor South Block First Floor North Block 1 Bed Apartment 2 Bed Apartment 3 Bed Apartment 2 Bed Duplex Penthouse

12 Second Floor South Block Bed Apartment 2 Bed Apartment 3 Bed Apartment 2 Bed Duplex Penthouse Second Floor North Block

13 Third Floor South Block Bed Apartment 2 Bed Apartment 3 Bed Apartment 2 Bed Duplex Penthouse Third Floor North Block

14 Fourth Floor South Block 19 1 Bed Apartment 2 Bed Apartment 3 Bed Apartment 2 Bed Duplex Penthouse Fourth Floor North Block

16 Professional Team Receiver Tom O Brien, Mazars, Block 3, Harcourt Centre, Harcourt, Dublin 2 Solicitors Mason Hayes & Curran, South Bank House, Barrow Street, Dublin 4 Contact Adrian Trueick Adrian.trueick@ie.knightfrank.com Damien McCaffrey Damien.mccaffrey@ie.knightfrank.com Lisa Rocca Lisa.Rocca@ie.knightfrank.com Luas Kilmacud Stillorgan Industrial Park Sandyford Sandyford Industrial Estate Beacon Hospital Luas Glencairn M50 Luas Sandyford Leopardstown Vodafone Ireland Luas Central Park CITY CENTRE N11 Torquay Leopardstown Racecourse Luas The Gallops Luas Leopardstown Valley Ballyogan Stepaside Stillorgan Luas Stillorgan Luas Ballyogan Wood The Park Carrickmines Newtown Park Avenue Stillorgan Foxrock Brighton Kill Lane Cornelscourt Shopping Centre Carrickmines Blackrock M50 Clonkeen Pottery Cabinteely Park Brennanstown Luas Carrickmines Monkstown Amgen Cabinteely Village Johnstown N11 Luas Laughanstown Dun Laoghaire Dart Sandycove & Glasthule Dun Laoghaire Institute of Art Design &Technology Glenageary MSL Rochestown Avenue Kilbogget Park Luas Cherrywood Cherrywood Friends Dell First Luas Brides Glen Tesco Church M11 Glasthule Dart Glenageary Killiney Sandycove Ballybrack Killiney Hill Park Dart Killiney Dart Dalkey Dalkey Dalkey Island Upper Pembroke Street, Dublin Important Note: The particulars contained in this document were prepared from preliminary plans and specifications and are intended only as a guide as final finishes may vary. The particular do not form part of any offer or contract and should not be relied upon as statements or representation of facts. Any areas, measurements or distances are approximate. Text, photographs, plans and site plans are for guideline only, are not necessarily comprehensive and may be subject to change. Knight Frank are not authorised to make or give any representations or warranties in relation to the property. It should not be assumed that the property has all necessary planning, building regulations or other consents. We have not made any investigation into the existence or otherwise of any issues concerning pollution of land, air or water contamination. The purchaser is responsible for making his own enquiries.

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