Ires Reit pays double for last apartment in D3 complex

Purchase shows bulk-buying power of state’s biggest landlord, which controls a portfolio of homes worth €1.4 billion

15th August, 2021
Ires Reit pays double for last apartment in D3 complex
Richmond Gardens in Drumcondra, Dublin 3: final unit snapped up for €506,000, almost twice the going rate for a two-bed apartment in the capital. Picture: Fergal Phillips

Ires Reit, the biggest landlord in the state, has paid €506,000 to buy one 13-year-old apartment in Dublin 3, nearly double the median price for a two-bedroom apartment in the capital.

The purchase completes its acquisition of all homes in Richmond Gardens, a 99-unit residential development in Drumcondra.

In 2019, Ires Reit bought the other 98 apartments in the development for a total price of €34.5 million, which is an average of €352,000 per unit. The...

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