An investment property on the main street of Blanchardstown, Dublin 15, has come to the market this week with offers being sought in excess of €775,000, representing a Net Initial Yield (NIY) of 6.90%.
Warren House, which has been brought to the market by commercial agents Lambert Smith Hampton, is fully let to the Health Service Executive (HSE) and produces €58,000 per annum exclusive.
The property is situated on the Main Street close to its intersection with Church Avenue, c.10 km North West of Dublin city centre and near to the M3 / Navan Road which provides immediate access to the M50 and all main regional routes.
It comprises an extended end of terrace office building which is laid out over two levels and provides a number of cellular offices, meetings rooms, a dining room and canteen. Warren House is of traditional brick and masonry construction with a pitched slated roof. There is rear access from a laneway off Mary Brennan Park which provides 10 designated car spaces.
The HSE operate a local community based mental health service from Warren House and this will be unaffected by the sale. The lease provides rent reviews to open market at four year intervals and the tenant has an option to break from the lease at the end of Year 12 (2026) subject to a six month notice.
Commenting on the oppotunity, Director of agency at Lambert Smith Hampton, Nigel Kingston said, "Warren House represents a very neat investment package. The HSE is a state body which means that the payment of rent during the lease term is guaranteed. Through the combination of tenant strength, covenant and prime location, we anticipate that this property will generate strong interest. It is likely that it will be purchased by a private investor who will convert their ‘pension pot’ into an income generating asset."