IRES buys Elm Park apartments for €59 million

The apartment complex is located on Merrion Road.
Image by Lisa Jarvis on Wikimedia Commons.

It was announced last Friday that the residential properties firm IRES have purchased the Elm Park apartment complex on Merrion Road for €59 million.

The site contains 201 apartments and 203 underground parking spaces. This will bring the total number of apartments under professional management by the Irish Residential Properties Reit in Ireland to 2,288.

The site was developed in 2006 by Bernard McNamara, Jerry O’Reilly, and the late David Courtney and is adjacent to St. Vincent’s Hospital. It consists of 101 1-bed apartments, 96 2-bed and 4 4-bed duplex penthouses and according to IRES, it should generate a gross yield of 5.4%.

While IRES claims that the dwellings are of high quality, it has also issued a statement declaring that years spent in receivership has caused problems for the area. Examples include amnesties and landscaping being left incomplete due to lack of investment.

IRES has promised that the owners and vendors of the other major elements of the complex will undertake a program to address these issues, which will be of great benefit to the apartments. The 17-acre site is also home to four detached detached headquarter office buildings, retail and amenity accommodation.

David Ehrlich, IRES’ Chief Executive Officer, made this statement about the purchase and the firm’s future plans for the site::

“The acquisition of Elm Park adds significantly to the mix and overall quality of our portfolio. Elm Park is really a unique complex in terms of design, quality and location and represents a rare opportunity for IRES to add to its South Dublin portfolio.

We believe that the completion of the grounds and amenities and other improvements to
the complex will add significant long term value and Elm Park will be a cornerstone property for years to come.”

By Kevin Carney