There are a total of 217 units to be sold as part of the ‘Orange Collection’ portfolio sale out of 850 units currently constructed. 132 of the units are located in various blocks throughout the development (Beacon South Quarter 1) whilst Block B2a comprises a complete block of 85 units which have recently been completed and let (Beacon South Quarter 2). Beacon South Quarter 1 comprises 132 x 1, 2 & 3 bedroom apartments while Beacon South Quarter 2 comprises 85 completed 1 & 2 bedroom apartments in a single block above the commercial units.
The collection benefits from effectively 100% occupancy with just 5 units remaining vacant for viewing purposes. The current total annual rent is approximately €3.37 million per annum with immediate growth prospects through active asset management. Once rents are brought in line with current values being achieved, the anticipated gross income for the units assuming 100% occupancy is approximately €4.2 million per annum.
In addition to the residential element, Block B2a also includes 5 commercial units which are to be sold as part of the
collection. Of these 4 units are currently vacant and a fourth is let to Bank of Ireland on a long term lease paying an abated annual rent of €99,000 per annum (contracted rent €198,000).
There is an extensive car park provision at Beacon South quarter which extends to -3 basement level under the footprint of the development. There is a total of 234 car parking spaces allocated to the residential units, which are included in this sale. There are currently 2 spaces allocated under license to Bank of Ireland with an additional 10 spaces plus set down area proposed for the incoming tenant of B2 R4-R8.