Savills has announced the sale of one of Dublin's most famous luxury residential developments on behalf of receivers Grant Thornton.

The advisory firm will market Dublin's multi-storey apartment building, The Alliance, at a guide price of EUR 43 mln, reflecting a gross initial yield of 7.25%.

The Alliance comprises 210 apartments designed by award winning Irish architects O’Mahony Pike. The property was completed in 2006, has an occupancy rate of 97% and provides a gross annual income of EUR 3.25 mln.

'This is a unique opportunity for an investor to acquire complete control of a landmark city centre building with a fantastic rental profile,' said Fergus O’Farrell, director of Savills Investment.