Agent Cushman & Wakefield is guiding a price of €2.3 million for 26 Westmoreland Street, a fully let mixed-use investment in the heart of Dublin’s south city centre.
The subject property briefly comprises a five-storey over-basement Georgian building, extending to 5,950sq ft (552sq m) and in use as an established restaurant and English language school, with both tenants secured on long-term leases. The restaurant operates from the building’s lower levels, while the language school occupies the upper floors.
The retail unit, which extends to 2,623sq ft (243sq m), is let to The Good World Chinese Restaurant on a 20-year lease from October 2019, expiring in 2039, at a passing rent of €100,000 per annum. The lease includes five-yearly open-market rent reviews, with no break options. The unit comprises a ground-floor restaurant with a fully fitted kitchen to the rear, extending to 1,001sq ft (93sq m). The basement, which contains a prep kitchen, cold rooms and storage with WCs, extends to 1,055sq ft (98sq m). A mezzanine dining area provides an additional 549sq ft (51sq m).
The building’s office accommodation extends to 3,326sq ft (309sq m) in total and is let to Englishour Language School. This part of the property benefits from own-door access, with the first floor comprising a large open-plan office, a reception area to the rear, male and female WCs and a classroom to the front, extending to 1,302sq ft (121sq m). The second to fourth floors each contain two large classrooms, one to the front and one to the rear, ranging in size from 549-657sq ft (51–61 sq m). The fifth floor includes a kitchenette, extending to 21sq ft (2sq m).
Englishour Language School occupies this accommodation on a 15-year lease from June 2019, expiring in 2034, at a passing rent of €90,000 per annum. The lease includes five-yearly open-market rent reviews, with no break options.
No 26 Westmoreland Street’s current rental income is €190,000 per annum, providing the purchaser with a weighted average unexpired lease term (WAULT) of 12.2 years to expiry and no break. Should a sale proceed at the €2.3 million guide, the purchaser would be in line for a 7.51 per cent net initial yield.
Peter Love of Cushman & Wakefield says: “This investment offers investors secure income from a mix of hospitality and education tenants under excellent lease terms, in a prominent location in the heart of the Dublin city centre, and at a very attractive price. We expect it to be of interest to private investors, family offices and funds seeking long-term income.”
