West Dublin office investment offers 8.52pc net initial yield

Westland House, Westland Business Park, Dublin 12

Donal Buckley

WESTLAND House, a multi-let office investment in Westland Business Park, Willow Road, Dublin 12, has been put up for sale with a €2.8m guide price.

The building is let to four tenants: Electroplus Group Ireland Ltd, Scope Ophthalmics Ltd, GVD Ltd and Total Care Pharmaceuticals Ltd.

Based on a contracted rent of €262,082 per annum, the sale price reflects a net initial yield of 8.52pc, allowing for standard purchaser’s costs of 9.96pc. According to Stephen Mellon of QRE Real Estate Advisers, who is handling the sale, the guide price reflects an attractive capital value of €129 per sq ft.

Westland House extends to about 21,689 sq ft and its modern specifications include raised access floors, suspended ceilings with a mix of fluorescent strip and LED lighting, VRV air conditioning, an eight-person passenger lift and a central feature stairwell.

The property provides a mixture of open plan and cellular office space together with kitchen facilities in each suite. A three-storey glazed atrium enhances its reception area. In addition, there are 63 surface car spaces.

Westland Business Park is a five-unit office park originally constructed by John Paul Construction. The scheme comprises about 111,000 sq ft of modern office accommodation with extensive surface car parking.

It is located about 1.5 km from Junction 9 on the M50, 1.5 km from Park West Train Station and about 1.5 km from the Kylemore Luas stop

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