The Acorn Collection - Residential Investment Opportunity
Dublin, 27 March 2019 – the Acorn Collection, Dublin has been launched to the market today with CBRE. The opportunity comprises an investment portfolio of 122 apartments located in Tallaght, Dublin 24. The collection is situated in two modern residential investment schemes; Abberley Square Apartments and Arena Centre Apartments.
Abberley Square; is a high quality residential led scheme completed in 2005. Situated on the Belgard Road and opposite the Square Shopping Centre, this multifamily investment opportunity provides a complementary mix of 59 apartments, including 20 x 1Bed, 34 x 2Bed and 5 x 3Bed units.
Arena Centre; completed in 2008 Arena Centre is a mixed-use scheme overlooking the Blessington Road and Tallaght Stadium. The Arena investment comprises 63 apartments including 20 x 1Bed, 35 x 2Bed and 8 x 3Bed units. Both apartment schemes are situated adjacent to The Square Shopping Centre and are within walking distance of the Luas red line, providing a direct rail link to Dublin City Centre.
Acorn Collection offers an opportunity to acquire a unique portfolio of residential investment with a stable income stream, effective full occupancy and professional management structure.
We expect considerable interest in this portfolio from both domestic and foreign capital looking to capture a rare investment opportunity located in one of the best rental suburbs in Dublin.
CBRE are quoting €29.8 million for the entire, to be sold in a single lot, representing a gross initial yield of 7.0%. The current gross passing rent is approximately €2.08 million per annum (incl. show apartments) with reversionary potential. The average rental level across the collection is currently €1,425 per month which is below average rents for this location.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie