Block 3, Wyckham Point, D16
We acquired the asset in partially complete form in February 2014 as part of the Dorville loan portfolio purchase. We completed the fit out of all 213 apartments in July 2015, well ahead of schedule and within budget. All 213 units were let by the end of September 2015, producing a net annual rent of c. €3.7m (average 2 bed apartment rents of €1,700 per month). The project delivered a profit on cost in excess of 30% and an unleveraged IRR in excess of 25%.