Dublin market bottoms as landmark development goes on sale

Savills has announced the sale of one of Dublin’s most best-known luxury residential developments, The Alliance, on behalf of its receivers Grant Thornton as the market in the Irish capital shows signs of bottoming.

The Alliance, which is located at The Gasworks, Dublin 4 comprises 210 apartments designed by award winning Irish architects O’Mahony Pike, and is constructed within the original frame of the 1885 gasometer. It is on the market for €43 million, reflecting a gross initial yield of 7.25% equating to a price per unit of €205,000. It has an occupancy rate of 97%.

This is the biggest residential sale of its kind in Ireland for some time. The nine-storey property was completed in 2006 and uses the circular shape of the original structure to ensure that all of the apartments have two sided views.

Source: OPP