A private investor has acquired a historic office building at 60 Northumberland Road, Dublin 4 for €2.7 million. Its price represents a net initial yield of 3.7 percent, rising to 5.95 percent as of January 2024 after factoring in standard buyer costs of 9.96 percent.
Spreading out at 4,144 square feet, the red brick semi-detached house has parking for 10 cars. It is fully leased to a single tenant, I3PT Certification Ltd, with a 20 year lease from January 2020. The rent is increased from €100,000 per year for the first five years to €176,000 for the fifth year.
Gerard McDonnell of agent Pembroke McDonnell handled the sale and TJ Kearns of Propertylocator.ie represented the buyer. The refurbished property has rear access from Lansdowne Park.
https://www.independent.ie/business/commercial-property/dublin-4-period-office-investment-achieves-27m-from-sale-41819740.html Dublin office investment in period 4 raises €2.7m from sale