Developer Rick Larkin’s Twinlite and its joint-venture partner, Tristan Capital Partners, have engaged Hooke & MacDonald and Knight Frank as joint agents for the sale of 282 apartments at Clongriffin in north Dublin. Two Three North, as it is known, is being offered to the market at a guide price of €120 million. The price equates to an average of €425,531 per apartment.
Developed alongside the 376 apartments at One Three North, the 282 units in the Two Three North portfolio comprise a mix of 236 private rented sector (PRS) apartments and 46 apartments let to Dublin City Council on a 25-year lease (with more than 21 years remaining).
The PRS element of the portfolio is 13 per cent under-rented, offering significant reversionary potential once these units turn over. The potential for rental income growth has been improved further by recent changes to Ireland’s rent regulations, which came into effect on March 1st, 2026, allowing market rents to be applied to new tenancies.
Should a sale of the portfolio proceed at the €120 million guide price, the purchaser would be in line for a net initial yield of 4.83 per cent on the PRS element of the scheme and 4.5 per cent on the Dublin City Council income. This equates to a blended net initial yield of about 4.79 per cent and a reversionary yield of 5.47 per cent once the scheme is fully occupied with market rents applied to new tenancies.
The sale of Two Three North comes just over four years after Twinlite and Tristan Capital’s proposed disposal of the 376 apartments at One Three North. While that portfolio was readied for sale at a €200 million guide price and was the subject of strong interest from potential purchasers, the sale process was abandoned in the face of a series of interest rate increases by the ECB.