Original rental yield: €0
Current rental yield: €46,800
This group of three 2 bed-room terraced houses is part of a larger portfolio and the developer is currently a client of NAMA. The houses had been derelict for many years with leaking roofs and damp having caused considerable damage. There were no heating systems in place, no showers, furniture, white goods or carpets. In addition, gardens were completely overgrown.
An analysis of the rental market in Clonskeagh was carried out and all properties inspected. A list of works and requirements for each, including electrical/plumbing, damp repairs/carpentry, re-decoration, carpet/white good replacement, furniture/fittings/accessories was drawn up and a quote for each was agreed with the landlord. Able Property Services managed all works and provided the refurbishment in-house which helped reduce overall costs. On completion viewings were arranged on the first property which was let immediately. This property served as a “show house” and the other houses were let shortly afterwards to long-term tenants, ensuring voids were minimized.