Sandford Lodge, Ranelagh - apartments for rent

Is the developer renting all these out, rather than trying to sell them?

The development website only talks about renting - sandfordlodge.com/

These daft entries may cover multiple apartments?
One-bed €1400 daft.ie/2504931
Two-bed €1800 daft.ie/2533482

These apartments have been around for a while, haven’t they?

I think that site is just for a short-term letting company who own a few there, could be wrong.

This one is with a different agency and is highly distinctive, I remember the photos. Don’t think it covers multiple properties. It’s been to let for a while now, possibly due to the level of distinctiveness!

daft.ie/searchrental.daft?id=504931

I know there are some new houses that were being built around the corner on Merton Drive that are going straight to short-term let rather than for sale

Cached link

This article from last December says:

news.myhome.ie/newspaper/propert … 81179.html

Interesting, didn’t realise that. Have seen them for rent on and off for the last while.

Fair enough, I thought maybe it was a new development that would be flooding the saturated market with new apartments for rent.

Nice looking apartments, I’m partial to the art deco 1920s feel.

To be honest, from living in the general area, I would say that the one place where the market consistently isn’t saturated is Ranelagh. Plenty of over-priced bedsits and family homes to rent in the area, but a real lack of modern 2 bed apartments.

I really like the area, but several times recently I have talked to colleagues who limited their search to Ranelagh, and then became despondent about the rental market due to the lack of accommodation there. I’ve pointed out that there are plenty of modern apartments in Donnybrook, Ballsbridge and Milltown, with asking rents decreasing considerably in those areas over the last 6 months.

Still, interesting that the developer decide to keep these apartments, didn’t hear much about it at the time. The interiors of the apartments look nice, though from the road the blocks appear to be very close to one another.

yeah it is saturated there but it’s a very convenient place so people tend to crowd in that area.

These places were up for rent in October 2006. At the time if I recall correctly the asking started at 1200 for a one bed. I was interested but needed something available immediately and if I recall these were a couple of weeks off being ready.

One-bed now €1275 daft.ie/2504931
(down 9%)

This is really, really weird.

Firstly, my maths suck balls…is this yield calculation correct on the 1-bed, solved for a 6% yield:

€1275 pm x 12 = €15,300
(€15,300/x) x 100 = 6%
x (sale price) = €255,000

Solved for a 5% yield, it’s around €300k

I think that’s right because before doing the calculation I thought these 1-beds should easily be affordable to a single solicitor or pharmacist on an €80k salary, which suggests to me a sale price range of €250k - €300k. And I think for these (fairly nice) apartments in a lovely area, this is the demographic they should be looking at.

Now, to me €250k - €300k for these 1-beds should be achievable even in these tough times. That is not a lot of mortgage for someone on an €80k salary, so I am wondering why these aren’t on the market at or around €300k? Are the developers holding out for more? Or do they not think they could shift them even at €300k?

Either way, it’s very weird…EITHER they expect the market to pick up again so they can charge €400k+ (otherwise why not just sell them now for c.€300k?) OR the market is so screwed that they can’t even shift nice apartments in a good area at €300k. The logical conclusion is that if these apartments can’t shift at €300k that absolutely SLASHES prospective sales prices of the thousands of far more mediocre apartments all over Dublin which are selling at c. €300k.

None of this really makes sense.

I know that the owners of these also devloped apatments beside the British Embassy nearly 10 years ago and never sold.I think they are holding onto these long tern as investments and never planned to sell.

Ah. That seems a bit unusual, but I guess makes sense. But it does seem like a very large capital outlay for a modest yield over a long time. Odd.

Two-beds now €1650 daft.ie/2533482

One beds now €1,195:

daft.ie/2820439

Two beds now €1,495:

www.daft.ie/2844402

Lived here myself before. Fine development in a great location. You wouldnt even know the development was there from the Ranelagh Road. Bit pricey still though.

Agree with poster who said there is a lack of quality accomodation in Ranelagh, unless you are prepared to pay big bucks. On daft though a lot of properties listed as Donnybrook are more or less Ranelagh anwyays.

1-beds now €1,095:

www.daft.ie/2820439

For the first time in a long time there are no apartments to let in Sandford Lodge listed on Daft. That I can see anyway. Might mean any number of things of course, but there it is.

Two bed now asking €1495:

daft.ie/2946190

Hi all,

Can anybody tell me what is the current rent for 1 bedroom apartment in this complex?

I am looking to renew my lease on new terms.

Thanks.

Here’s one that appears to have been let in July 2010 asking €1,095:

irishpropertywatch.com/viewR … &Site=daft

I’m not sure if it is the same place mentioned in my post at the top of this page also at €1,095 in June. That price appears to me to be the latest evidence, although these places may well have cleared closer to €1,000.

The stock of 1-beds in Ranelagh is shockingly bad for such a great area, making it hard to haggle rents down because landlords should know that the tenant’s alternatives are limited. So while €1,000 would make this among the most expensive 1-beds in Ranelagh, it’s also probably fair to say that it also is one of the nicest too. So it’s kinda tricky (speaking from experience!).

The best leverage in bargaining might be that €1,000 may get you a 2-bed in Northbrook or Oakley Road or that €1,200 might get you a house on Mt. Pleasant or Dexter Terrace. That might convince a landlord that €1,000 is too much for a 1-bed, even allowing that a canny landlord should know those places I mentioned are generally of a lower standard compared to SL. I think if you can clear at €900 that would be very good indeed, but I’m not sure it’s doable. Make sure to report back!