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Total of 293 homes next to Dundrum Town Centre to be offered in single lot at an average of €444,000 per unit
Total of 293 homes next to Dundrum Town Centre to be offered in single lot at an average of €444,000 per unitHaving pressed the pause button just over three years ago on the sale of the 293 rental apartments it owns in the south Co Dublin suburb of The Irish Times understands that the Dundrum Collection, which comprises 213 apartments in Block 3 at Wyckham Point and 80 apartments in Dundrum View, will be offered for sale as a single lot or separate lots, with pricing in the region of €130 million.
Both Hibernia and CBRE declined to comment on the matter. The proposed sale price equates to an average of €444,000 per apartment, which is well below both the break-up value of the portfolio and its replacement cost. Both blocks are unbroken and under the full ownership of Hibernia with no Part V units. There are 386 car parking spaces.
Green Line stop at Balally, is likely to see interest from a number of institutional investors. Indeed, Hibernia is understood to have received several offers in excess of €130 million for the Dundrum Collection when it put the portfolio up for sale originally in 2023. While the offers on that occasion were said by market sources to have come from “credible” parties, Hibernia decided against proceeding with the process.
South Dublin site with full planning permission for 75 apartments seeks €3.5m Hibernia’s predecessor, Hibernia Reit, acquired the 213 apartments it owns at Wyckham Point in a partly completed state in 2014, as part of its wider off-market purchase of a €67 million loan portfolio from Ulster Bank. It spent a further €20 million to complete the unfinished apartments at the scheme.
In the case of Dundrum View, Hibernia Reit paid €28.05 million in 2015 to secure ownership of the 80 apartments there. They comprise a mix of one-, two- and three-bedroom units arranged across two buildings. The Dundrum Collection will be one of most reversionary residential investments to have come to the market in Dublin over recent years.
Should a sale proceed at the €130 million price being mooted by market sources, the portfolio would be expected to show a reversionary yield of about 6 per cent once it is fully let and stabilised at its full estimated rental value. Hibernia has, to this end, set out and started the plan to capture the expected uplift in rental and capital value of the investment, with a refurbishment programme piloted across a number of the portfolio’s apartments.
This has included the replacement of gas boilers with heat pumps and the installation of new furniture packs. Each of the refurbished apartments now has an A Ber rating and Hibernia has begun a process to secure a four-star Very Good BREEAM In-Use sustainability rating. This certification is expected before the end of this year.
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