Savills are bringing to the market for sale a mixed use investment opportunity on one of Dublin’s busiest thoroughfares. Savills will be quoting a price of €4,200,000, subject to contract for the property situated at 30/34 Westmoreland Street, representing a net initial yield of 8.26% after purchaser costs.

30-34 Westmoreland Street occupies a prime position close to O’Connell Bridge which is the main link between Dublin City Centre’s two main shopping destinations, Grafton Street and Henry Street and as such enjoys considerable vehicular and pedestrian traffic.

The property is let to three tenants including Starbucks Coffee, College of Computer Training and Paul W. Tracey Solicitors producing a total rental income of approximately €350,000 per annum, with an average unexpired term of approximately 7.2 years, with future rental growth built into the leases. The property is currently rack rented, reducing risk on income for a potential purchaser.

The four storey over basement building extends to approximately 1,764.23 sq m (18,983 sq ft) including approximately 253 sq. m. (2,724 sq. ft.) of ground floor retail accommodation. The property benefits from over 30 metres of frontage to the busy Westmoreland Street.

The freehold property is being offered for sale by private treaty and presents a rare investment opportunity to acquire a recently let property at open market rental levels at below replacement cost. There is medium to long term development potential, given its strategic location. In addition, the Luas link up of the Red and Green lines will provide a northern bound stop on the east side of Westmoreland Street, which will completely reposition this side of street in the short to medium term.

Marguerite Boyle, Savills, the agent handling the sale, says: “We are delighted to be able to offer a prime retail investment to the market. It is rare in this cycle to offer a market-rented property of this quality, due to the recent leasing of the asset in 2011, which will be attractive to various types of investors.” The Property is being sold by a fund managed by Davy.