Entire block of homes put up for sale

AN ENTIRE block of duplex homes and apartments on the Northside, currently under the control of NAMA and in receivership, has gone up for sale.

The 28 units are currently leased by housing trust, Cluid, and are being rented out as social housing properties.

Valued at €4.2 million, the block is being marketed as an investment opportunity by selling agents, Colliers international, who say the  local homes currently return an annual rent of €258,048.

Cluid is almost three years into a 15-year lease agreement on the units off the Tolka Valley Road in Finglas.

However, if bought privately and rented on the open market when the lease expires, the block would yield a significantly higher return than the current estimate of over five per cent.

The block, known as The Griffith, is made up of 14 two-bed apartments and 14 three bed duplex units.

The homes are part of the Prospect Hill complex on Finglas Road that comprises almost 500 apartments, mostly privately owned.

An entire estate of 49 homes was sold in Finglas last December when housing trust, Thuath Housing, bought An Riasc on Farnham Drive between Erin’s Isle and Einn Eber Fort.

That estate was originally intended for a mix of public and private housing.