THE GEMINI PORTFOLIO • IRELAND

Multifamily Investment Opportunity

Sale Agreed

The Gemini Portfolio comprises 640 modern apartments, approximately 18,720 sq. m. (201,500 sq. ft.) of commercial accommodation and a 48 bedroom hotel within three mixed-use schemes:

• Tallaght Cross East, Tallaght, Dublin 24
• Orchard Gardens, Dennehy's Cross, Cork
• Island Key, East Road, Dublin 3

The portfolio has a current gross passing rent of approximately €5.5 million per annum.  As a percentage of the gross passing rent, the Portfolio has an 80% residential and 11% commercial weighting.

 

Negotiator

Domhnaill O'Sullivan

Domhnaill O'Sullivan

 
 

Tenants not affected

Tallaght Cross East, Tallaght Dublin 24

  • 345 contemporary and fully fitted apartments of which 140 are 1 bedroom, 190 are 2 bedroom and 15 are 3 bedroom
  • 48 bed fully fitted hotel completed with impressive bar / lounge and restaurant facilities
  • 16,224 sq. m. (174,633 sq. ft.) of modern commercial space of which 5,269 sq. m. is let to Marks and Spencer on a 20 year lease from 2007 at a rent of €430,628 per annum
  • Currently producing approximately €3,715,140 per annum
  • Based on 97% overall occupancy (excluding the Hotel), gross rental income would reach approximately €4,507,964 per annum

 

Orchard Gardens, Dennehy's Cross, Cork

  • 142 modern apartments of which 32 are 1 bedroom, 78 are 2 bedroom and 32 are 3 bedroom
  • 1,372 sq. m. (14,768 sq. ft.) of commercial space of which 467 sq. m. is let to Tesco (Ireland) Ltd on a 25 year lease from 1st July 2009 at a rent of €133,056 per annum
  • Opportunity to let the 81 apartments which are in the course of being fitted out and the remaining 905 sq. m. (9,741 sq. ft.) of commercial space which is currently vacant
  • Currently producing approximately €642,376 per annum
  • Based on 97% overall occupancy, gross rental income would reach approximately €1,756,738 per annum
     

Island Key, East Road, Dublin 3

  • 153 modern apartments of which 39 are 1 bedroom, 67 are 2 bedroom and 47 are 3 bedroom
  • Opportunity to complete Block 1 which comprises 53 apartments currently part built and let 1,124 sq. m. (112,099 sq. ft.) of modern commercial space which is currently vacant
  • Currently producing approximately €1,205,400 per annum
  • Based on 97% overall occupancy, gross rental income would reach approximately €1,892,403 per annum

 

Assets are available individually or collectively.  To be considered, any offer submitted for more than one asset must provide a breakdown of the offer for each constituent element.

 
Project Data Site: www.savills.com/geminiportfolio