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Rathmines Square?

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  • 01-08-2011 11:13am
    #1
    CORMAN
    Closed Accounts Posts: 1 ✭


    I am moving to live in Dublin soon and am looking at 2-bed apartments and small houses. Was thinking of looking for an apt in the Rathmines Sq. complex. Haven't seen any on daft or myhome. Are they all for rent or are any privately owned? Any views on what they're like for people who like reasonable peace and quiet - not neurotic, just no loud parties (or music) into middle of the night frequently. Any advice from residents welcome .


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    #2
    Victor
    Registered Users Posts: 78,399 ✭✭✭✭Victor


    As far as I know, they are all still owned by the developer.

    I would be wary of living in one where the bedroom faces the clock tower.

    Otherwise, an excellent location, save the occassional student night in Tramco (much less busy than previously).


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    #3
    irishguy
    Registered Users Posts: 3,299 ✭✭✭irishguy


    CORMAN wrote: »
    I am moving to live in Dublin soon and am looking at 2-bed apartments and small houses. Was thinking of looking for an apt in the Rathmines Sq. complex. Haven't seen any on daft or myhome. Are they all for rent or are any privately owned? Any views on what they're like for people who like reasonable peace and quiet - not neurotic, just no loud parties (or music) into middle of the night frequently. Any advice from residents welcome .

    I believe they are all let out by the developer (as they couldn't sell them). The area is very nice. You could also broaden your search to neighboring areas Harolds cross or Ranelagh if you cant find something you like.


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    #4
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    Rathmines Square is a very peculiar case. I don't think I've ever seen an apartment there for rent, and certainly never one for sale (as Victor explained).

    Perhaps it's just an accident of timing and they've all been rented since the place opened, but I would have thought at least a few would come up from time to time, but no. Most odd.


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    #5
    lainey316
    Registered Users Posts: 902 ✭✭✭lainey316


    I rang the agent a few months back - basically the developer couldn't sell them so rented them all out. They rented out very quickly, and I haven't seen any come up since

    The agent is DNG lettings, might be worth giving them a call to see if there's any prospects coming up?


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    #6
    oflahero
    Registered Users Posts: 765 ✭✭✭oflahero


    I love this line of 'the developer couldn't sell them'. NAMA-tastic. Translation: the developer didn't price them correctly...


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    #7
    lainey316
    Registered Users Posts: 902 ✭✭✭lainey316


    oflahero wrote: »
    I love this line of 'the developer couldn't sell them'. NAMA-tastic. Translation: the developer didn't price them correctly...

    Well yes, obviously; they figured that they couldn't sell them at the price they wanted for them - they never actually went on the market at all, just straight to rental. I called a few times over about a year and was told each time 'oh we'll release prices in a couple of months' but then they just decided not to try selling. I got the impression at the time they thought they could ride it out and sell them later you see... oops!


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    #8
    Treehouse72
    Registered Users Posts: 1,003 ✭✭✭Treehouse72


    The question is whether the rental income can cover the interest on any loans, assuming that the developers still have equity on the principal (which surely they must). And of course none of those renters pay a management fee.

    I see there are 46 residential units in RS:

    http://www.dublincity.ie/YourCouncil/LocalAreaServices/SouthEastArea/Pages/RathminesSquare.aspx

    So at a grand a pop that would be €46,000 pm, less any affordable/social units there might be.

    That seems like a lot of income, even allowing that it needs to cover all the management fees. Although I have to say I have no clue how much the building would cost to maintain nor the likely interest repayments, so I could be way off.


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