A combination of a healthy 6.5 per cent net initial yield and an attractive 9.5-year unexpired lease term should see strong interest from investors in the sale of Plantation House, a single-let office property at 29 Herbert Street in Dublin city centre. The property, in the heart of the city’s traditional central business district and Georgian quarter, is being offered to the market by agent Savills at a guide price of €7.6 million.
Number 29 Herbert Street comprises a stand-alone office building set over four floors. The property extends to an overall net internal area of 13,435sq ft (1,248sq m) and has six secure on-site, surface car parking spaces. The property comprises mainly open plan and cellular office accommodation, as well as recording and editing suites, all designed around the central building core. The building rests on site extending to about 0.26 acres. Number 29 is let in its entirety to Windmill Lane Limited. The company has occupied the building since 2008 and is paying an annual rent of €546,000.
Herbert Street is widely regarded as one of Dublin city centre’s most attractive business locations, evidenced by the presence of several multinational occupiers within the immediate vicinity, including LinkedIn, Blackstone, Amazon, BDO and Bank of Ireland.
Plantation House is within a short walk of public transport links including the Dart at Pearse Street and Grand Canal Dock stations, and the Luas green line stops at St Stephen’s Green, Harcourt Street and Charlemont Street.
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Fergus O’Farrell, director of investment at Savills, says: “Plantation House presents investors with the opportunity to acquire a single-let stand-alone office building, currently producing a rental income of €546,000 per annum. The €7.6 million guide price offers purchasers an attractive net initial yield of 6.5 per cent.”
