Ardstone Capital, the private investment manager, has completed the purchase of Annaville Residence, a luxury residential complex in South Dublin, for €8.85m. The acquisition was made on behalf of a separate account. This is Ardstone’s second purchase in Dublin for that client following an acquisition in March of an office building in the prestigious Ballsbridge sub-market of Dublin.
Annaville Residence is a privately gated and landscaped, residential complex. It is very well located, close to Dundrum Town Centre, and provides 54 highly specified apartment and townhouse units. It experiences very high levels of occupancy year round. Having experienced one of the worst property crashes in recent times, Dublin’s residential market is experiencing a rapid recovery, in both rental demand and capital values.
“This recent acquisition of Annaville Residence, provides a very durable cashflow and exposure to a recovery market which we believe in” commented Ardstone’s Donal Mulcahy.