Exceptional investment opportunity, Damastown Close, Mulhuddart, Dublin 1516 Sep 2020
We are instructed to offer for sale an exciting investment opportunity in Dublin 15, with guaranteed income stream until at least October 2029.
The property comprises quite a unique combination of two separate office and warehouse buildings, under one long lease to OPW, including 530 sq.m. of offices and 290 sq.m. of warehouse in a prime industrial area.
The property is highly accessible, close to the N3 & M50, while the accommodation is presented to an extremely high standard and the offices were extensively refurbished by the tenant in 2019.
The current rent payable by OPW is €119,087 p.a. and is due for “upward only” review in October 2021, while the quoted price is €1,650,000, equating to a yield of 6.6%, net of standard purchaser’s costs.
The agents are expecting keen interest from a variety of private investors; in particular PRSA pension investors, given the attractive yield and secure Government tenant as well as the quality of the accommodation and potential for sub-division.
There is also a company ownership structure in place and so this would appeal to a consortium of investors, with limited liability protection and the opportunity to purchase by share transfer.