International real estate advisor Savills, on behalf of a private Irish fund managed by Davy Property, have brought a mixed-use property in Dublin to the market on one of the city centre’s busiest thoroughfares. The asset, which is situated at 30-34 Westmoreland Street, is being marketed at a guide price of €4.2 million subject to contract, representing a net initial yield of 8.26% after purchaser costs.

The four-storey building comprises approximately 1,764 sq m (18,983 sq ft) including 253 sq m (2,724 sq ft) of ground floor retail accommodation and is located in a prime position with over 30 metres of frontage on Westmoreland Street close to O’Connell Bridge.  The bridge is the main link between Dublin city centre’s two main shopping destinations, Grafton Street and Henry Street, and benefits from 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 €362,000 per annum with an average weighted unexpired term of 7.2 years and future rental growth built into the leases.

Domhnaill O’Sullivan, investment director at Savills Ireland, says: “It is unusual in this cycle to offer a prime, market-rented property of this quality.  This prime building presents a rare investment opportunity and the recent leasing of the asset in 2011 will be attractive to various types of buyers, both domestic and international.”