Savills has announced the sale of one of Dublin’s most famous luxury residential developments, on behalf of receivers Grant Thornton.

Dublin’s luxury multi-storey apartment building, The Alliance, has been brought to the market at a guide price of €43 million, reflecting a gross initial yield of 7.25% equating to a price per unit of €205,000.  The sale marks the first of its kind in Ireland this year and represents a prime landmark asset with an occupancy rate of 97%.

The Alliance, which is located at The Gasworks, Dublin 4 comprises 210 apartments designed by award winning Irish architects O’Mahony Pike, constructed within the original frame of the 1885 gasometer.  The nine-storey property was completed in 2006 and uses the circular shape of the original structure to ensure that all of the apartments have two sided views. Predominately two bedrooms, with an additional eight one bed apartments on the ground floor, the entire property provides a gross annual income of approximately €3.25m. Two-bedroom apartments currently let for an average rent of €1,300 per month.

Fergus O’Farrell, Director of Savills Investment, says: “This is a unique opportunity for an investor to acquire complete control of a landmark city centre building with a fantastic rental profile. Not a single apartment in the Alliance has ever been sold off to the private market.”

The Gasworks is within close proximity to companies such as Google, Facebook and Linkedin.  It is also located close to the new Grand Canal Theatre and surrounding restaurants and cafes in the now thriving South Docks area, in addition to being within walking distance of the highlights of Dublin city centre, including St. Stephen’s Green, Grafton Street, the Aviva Stadium and Trinity College.