Celbridge residential rental portfolio seeks €4.35m

Investors in the private rented sector market will be interested in a portfolio of 27 residential units in Celbridge, Co Kildare, which has been brought to the market at a guide price of €4.35 million.

The Primrose Gate investment comprises 15 two-bed apartments, 10 three-bed duplex units and two three-bed semi-detached houses.

Sixteen of the units are occupied currently, and are producing a combined annual rental income of €223,000. When fully-let, the development has the potential to deliver around €400,000 in gross rental income for the prospective purchaser, representing a gross return of 9.2 per cent at the €4.35 million guide.

The Primrose Gate scheme is well-located on the Skinkeen Road, and within a short walk of Celbridge town centre. The development is situated just 1.5km from the train station and Hazelhatch/Celbridge, offering regular and rapid access to Dublin city centre.

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The nearby town of Leixlip meanwhile is home to the Irish headquarters of Intel. The company currently employs over 4,500 people at its Kildare campus and has plans to expand and upgrade its Leixlip facility with an investment of €7 billion. The development is expected to create an additional 1,600 jobs, bringing the headcount there to 6,100. As part of its expansion plans, Intel intends to operate a new shuttle bus service to and from Celbridge town centre. Ross Fogarty and Donal Courtney of Knight Frank expect this development to further enhance the attractiveness of the Primrose Gate portfolio for investors.