For Sale by Private Treaty Multi-Family Investment Opportunity Bloomfield Park DONNYBROOK, DUBLIN 4 Bloomfield Park 2 | 3 Investment Considerations Multi-family investment comprising nine luxury two- bed apartments in a primely located and exclusive development in Dublin 4. BLOOMFIELD PARK A portfolio of nine luxury two-bedroom apartments within the prestigious Bloomfield Park development Highly sought-after residential location in Dublin 4 Fully let with the exception of two show apartments Passing gross rent is €159,000 from the occupied units Highly reversionary with average gross rent per month of €1,893 in the occupied units Reversionary potential with average market rent achieving €2,400 per month in the local vicinity Strong individual re-sale values Average apartment size is 803 sq ft Nine car parking spaces Bloomfield Park 4 | 5 O’Connell Upper Connolly N Marlborough Busáras W E Location S George's Dock POINT O'CONNELL ST ST O'CONNELL Mayor Square VILLAGE Abbey Spencer Dock O’Connell Street Bloomfield Park is located in the Donnybrook is considered one of Dublin’s most prestigious GPO The Point DUBLIN residential locations and in more recent years, is transform- Jervis PORT Smithfield Tara Street prestigious suburb of Donnybrook, ing to appeal to some of the world’s largest commercial Four Courts RIVER LIFFEY occupiers. Situated within 1km of Dublin City Centre, Don- Westmoreland Dublin 4 and just 1.6km south of nybrook boasts a wealth of local amenities including Donny- TEMPLE Trinity BAR brook Lawn Tennis Club, Donnybrook Stadium and the 32- St. Stephen’s Green. 2.5KM acre Herbert Park. Cited as an idyllic place to both work and Trinity College Pearse GRAND CANAL ST LOWER RINGSEND live, residents further benefit from the wide range of nearby eateries, shops and cafes within the neighbourhood. GRAFTON ST Dawson Located on the edge of Dublin’s CBD, the area is home to Ringsend Park THE COOMBE multiple high-profile occupiers such as Amazon, Huawei and Merrion KILDARE ST Square Facebook’s new European HQ, making the area an increas- St.Stephen's 2KM Grand Canal Dock Green MOUNT ST LOWER ingly attractive location for the private rental market. St Stephen's Green BATH AVE BEACH RD NORTHUMBERLAND RD CLANBRASSIL ST LWR Fitzwilliam LOCAL LANDMARKS Iveagh Square Gardens BUS 1KM CAMDEN ST LOWER ST CAMDEN Lansdowne Road D HEYTESBURY ST HEYTESBURY R Harcourt E PEMBROKE RD L L BUS I DUBLIN BAY V N MESPIL RD O T S CIRCULAR RD I R T BUS SANDYMOUNT SHELBOURNE RD Charlemont BALLSBRIDGE GROVE RD BUS Dublin Port RANELAGH Central Bank CLYDE RD Grafton Street IFSC Trinity College Sandymount Merrion Square Grand Canal Dock Bloomfield St. Stephen’s Green Herbert Park Park Ranelagh APPIAN WAY BUS Amazon Aviva Stadium BUS RATHMINES RD LOWER SANDFORD RD CHARLESTON RD MERRION RD Clayton Hotel Amazon Ballsbridge Aviva Stadium HERBERT PARK Embassy of USA RATHMINES SHREWSBURY RD Fitzwilliam Lawn Beechwood BUS Sydney Parade Tennis Club BUS Embassy of Portugal DONNYBROOK AILESBURY RD RATHGAR RD Herbert Park EGLINTON RD Bloomfield Park TRANSPORT LINKS Bloomfield Park is located just off the exclusive Royal Hospital Donnybrook Milltown Morehampton Road, directly behind the Hamp- Cowper Park ton Hotel, equidistantBEAVER ROW from both Leeson Street Bridge and Donnybrook Village. The immediate Donnybrook The area benefits from excellent transport vicinity provides access to a host of public trans- port options with both the Cross City Luas and Elm Park Golf infrastructure and multiple well-connected DART located within 5 and 6-minutes respec- & Sports Club HIGHFIELD RD tively of Bloomfield Park, as well as several bus public transport links. routes directly on its doorstep. TERENURE RD CLONSKEAGH WOODBINE RD DARTRY Milltown MILLTOWN RD ST HELENS Bloomfield Park 6 | 7 Asset Bloomfield Park is an exclusive residential scheme constructed in 2005. Overall, the development comprises Overview of 188 residential units of which nine are being offered for sale in this multi-family investment opportunity. INCOME SUMMARY €1,893 €2,400 Average Passing Rent Average Market Rent €159,000 €100,200 Current Gross Rent Potential Rental Uplift Bloomfield Park 8 | 9 The portfolio comprises nine two-bedroom apart- ments at an average size of approximately 803 sq ft. Accommodation Each unit boasts a generous living/dining space that opens onto a spacious balcony along with a ful- Schedule ly-fitted kitchen. Bedrooms are bright and airy with the master bedroom having the additional benefit of an en-suite. Equipped with a utility room and extra The scheme is designed around spacious storage space, the units are designed for practical landscaped gardens with impressive water living in a lively suburban location. features throughout. The subject units are dispersed throughout the scheme across four blocks. Each block has lift ac- cess to every floor. Each unit also benefits from one The scheme further benefits from an on-site underground car parking space. There are current- ly two vacant units held for viewings with the re- creche, security and visitor car-parking facilities. maining seven occupied with the existing tenants remaining in situ. Annual Unit BER Bedrooms Size (Sq Ft) Occupancy Rent PM ERV Annual ERV Rent 64 B2 2-Bed 834 Vacant €€0 €€0 €€2,400 €€28,800 104 B3 2-Bed 845 Let €€1,600 €€19,200 €€2,400 €€28,800 152 B3 2-Bed 845 Let €€2,100 €€25,200 €€2,400 €28,800 165 B3 2-Bed 769 Let €€1,800 €€21,600 €€2,400 €28,800 166 B2 2-Bed 791 Let €€2,200 €€26,400 €€2,400 €28,800 169 B3 2-Bed 767 Let €€1,650 €€19,800 €€2,400 €28,800 171 B3 2-Bed 791 Let €€1,800 €€21,600 €€2,400 €28,800 172 B3 2-Bed 837 Vacant €€0 €0 €€2,400 €28,800 173 B3 2-Bed 750 Let €€2,100 €€25,200 €€2,400 €28,800 Total €€13,250 €€159,000 €€21,600 €259,200 All prospective purchasers are specifically advised to satisfy themselves as to the accuracy of any measurements, tenancy information, site areas referred to herein and undertake their own due diligence. Bloomfield Park 10 | 11 Multi-Family Market ECONOMIC OVERVIEW GDP grew by 3.4% in 2020 according to the CSO, a remarkable outcome given that the Irish economy was expected to contract by over 10% at the onset of the pandemic and also because it meant Ireland was the only economy to expand in Europe last year. Technology was one of the main drivers of the out-per- formance with Information and Communications Technology growing by 14.3% y/y. This is a positive for Dublin and Cork’s PRS markets given that both of these cities are heavily influenced by the performance of the tech sector. Looking ahead, the European Commission has forecasted continued positive economic growth of 3.4% and 3.5% in 2021 and 2022 respectively. RESIDENTIAL RENTAL MARKET RENTAL GROWTH In the early 2000s, approximately 12% of households in Savills estimates that Dublin requires at least 11,000 new units per Rent controls were first introduced in Dublin in December Rents continued to increase in 2020 despite the pandem- Dublin rented privately. During this period, private renting year based on conservative demographic and population projec- 2016. Generally, these limit rental growth to a maximum of 4% ic. The RTB reports that annual rental growth was 2.1% y/y was generally considered a secondary tenure that was tions. However, just over 6,000 units completed in Dublin in 2020, per annum. However, there are exemptions for properties that in Dublin, with the final quarter of the year seeing a bounce mainly for young people transitioning towards a longer-term a little over half of what was required. Furthermore, this undersup- have not been previously let within the last two years and in in rental growth after several quarters of deceleration. This goal of home ownership. ply is a persistent feature of the market and cannot be attributed the case of a substantial change in the nature of accommoda- bounce back gives an indication of what we may expect as we to the impact of Covid-19 with supply in Dublin over the last de- tion provided by a landlord. These legislative changes allow for move out of the pandemic. It is clear that there is no present More recently, however, strong house price inflation cade peaking in 2019 at just approximately 7,000 new units. the possibility of a divergence between average rental growth danger of an oversupply to the market. Indeed, we expect sup- and stricter mortgage lending have made home ownership rates and rental growth rates on newly let or new build prop- ply constraints will remain the driving factor in rental growth less affordable. Along with changing attitudes to renting, Demand in the PRS market is driven by population growth. With erties and appear to explain why rental growth in Dublin con- for the foreseeable future. these dynamics have led to the proportion of households Ireland’s high rate of natural population growth (births over tinues to exceed the regulated growth rate of 4% per annum. renting privately in Dublin rising to over 27%* approximate- deaths), this is one of the key factors that makes it attractive for ly pre Covid-19. PRS investment. Figure 1: Eurostat natural population growth, January 2020 Figure 2: Dublin Annual Rent Increases – RTB, Daft.ie 0.8 16.0 0.6 14.0 0.4 12.0 0.2 10.0 % - 8.0 -0.2 6.0 -0.4 % Change y/y 4.0 -0.6 2.0 -0.8 0.0 -2.0 UK Italy Malta Latvia Spain EU27 Ireland France Poland Austria -4.0 Iceland Cyprus Finland Croatia Estonia Greece Czechia Belgium Bulgaria Slovakia Sweden Portugal Hungary Slovenia Romania Lithuania Denmark Germany Netherlands Luxembourg 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2011 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 Source: Savills Research Source: RTB, Daft.ie and CSO * Covid-19 has resulted in challenges and subsequent changes to the methodology used to collect this data which the CSO have acknowledged.