Dublin 2 office investment at €1.25m offers 7.1% yield

Investors and owner-occupiers looking to secure a foothold in Dublin’s core central business district may be interested in the opportunity presented by the sale of the upper floors of 1-2 Leeson Street Lower.

Located at the junction of Leeson Street Lower and Earlsfort Terrace, the subject property overlooks the entrance to St Stephen’s Green and is in office use currently. Access to the upper floors is via an own-door entrance off Earlsfort Terrace.

Agreement

The accommodation extends to 244.4sq m (2,415sq ft) and is let to several professional tenants by way of a direct licence agreement with the landlord. While the property is already producing a gross rental income of €88,800 per annum, there is potential to increase this through the letting of the property’s two vacant office suites.

Bryan Garry, of QRE Real Estate Adviser, says the estimated rental value of the building once fully let is in the region of €110,000 per annum. QRE is quoting a guide price in excess of €1.25 million for the building, which reflects a gross initial yield of approximately 7.1 per cent, with a potential reversionary yield in the region of 9 per cent.