Irish Residential Properties REIT (I-RES) has acquired 69 new residential homes at Tara View, Merrion Road, Dublin 4 (formerly known as Project Merrion).
I-RES entered into a contract for the forward purchase of the residential units from DHGL Limited (a subsidiary of the Dalata Hotel Group plc) in 2018, a transaction valued at €47.1 million (including VAT but excluding other transaction costs).
Tara View is a prime waterfront development located adjacent to the Elm Park development (where the Company owns 194 apartments) in Dublin 4, Ireland’s premier residential address. The scheme is surrounded by excellent infrastructure and amenity including direct public transport links to the City Centre, schools, hospitals, retail and leisure facilities.
The development is now fully completed with the acquisition of the 69 residential homes, townhouses and car park spaces closed at the original price, with no variation. These excellent homes, many with excellent views across Dublin Bay and the Dublin mountains, will appeal to a range of residents.
Based on the projected annualised market rents, the asset is expected to generate a gross yield on cost of 5.6%.
Margaret Sweeney, the Company’s Chief Executive Officer commented: “We are delighted to take delivery of the Tara View development which is an excellent addition to the I-RES portfolio at a time when there is a significant need for new accommodation in Dublin City. The property is in an excellent location close to a host of employment, amenity and transport routes with a short commute to Dublin city centre. The addition of Tara View, along with the acquisition earlier this year of Ashbrook and the delivery of our development at the School Yard, now brings our total portfolio size to in excess of 4,000 homes.”
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