€4.5m west Dublin office investment offers 7pc yield – The Independent, May 13, 2021
Westland House, Dublin 12
Westland House, an office investment property on New Nangor Road, Dublin 12, is being offered for sale with a €4.5m guide price.
Let to Actavo Group Ltd at €350,000 per annum, its price equates to a net initial yield of 7pc.
The property extends to 23,336 sq ft over three floors and at its current passing rent this equates to €13.40 per sq ft.
The building also comes with 58 on-site car parking spaces.
It serves as the headquarters for Actavo Group Ltd which first took occupancy in July 2014 on a 15-year lease.
The vendor, a private Irish syndicate, completed a deed of variation from October 2020 to provide a new 10-year lease term, with a break option in September 2028, and a revised rent of €350,000 per annum.
Actavo is an international engineering solutions company operating in more than 100 locations and has a global workforce of more than 3,000 people.
Located just off the Naas Road and minutes from the M50 interchange at Junction 9, Westland House has relatively easy access to all arterial routes.
Kylemore Luas Stop is about a 20-minute walk from the property.
Patricia Ward, of sales agents TWM, says the area is well known for its commercial activities and its future has been enhanced by Dublin City Council’s Local Area Plan.