€4.2m for former EBS headquarters in city centre

A prominent office and retail investment at the junction of Westmoreland Street and Fleet Street in Dublin 2 is to be offered for sale at €4.2 million.

The same building was sold by the EBS in October 2003 for €9.65 million before the building society relocated its headquarters to Burlington Road in Ballsbridge.

Marguerite Boyle of Savills is handling the sale of 30-34 Westmoreland Street for a fund managed by Davy. New owners will get a net initial yield of 7.73 per cent after purchase costs are taken into account.

Unexpired leases
The glazed building is let to three tenants, Starbucks Coffee, College of Computer Training and solicitor Paul W Tracey, at an overall rent roll of €339,311 per annum.

The average unexpired term of the leases works out at 7.2 years with future rental growth built into the lease agreements.

The four-storey over basement building extends to over 1,764sq m (18,983sq ft) including 253sq m (2,724sq ft) of space at street level.

It has more than 30m of frontage on to the busy Westmoreland Street where pedestrian traffic is set to increase substantially when the Luas Red and Green lines link up towards the end of 2016. There will be a key stop on Westmoreland Street.

The adjoining office and retail building with frontage on to Fleet Street and D'Olier Street and formerly owned by The Irish Times is expected to be offered for sale later this year.

Most of the new office accommodation is rented by the Irish Aviation Authority.