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Dublin office investment at €2.25m offers 5.25% net initial yield

16 Fitzwilliam Street Upper is fully let until 2028 and producing annual rent of €130,000

16 Fitzwilliam Street Upper comprises a mid-terrace, four-storey over-basement period office building of 329sq m (3,540sq ft)

Agent Finnegan Menton is quoting a price of €2.25 million for a Georgian office investment at the heart of Dublin’s traditional central business district.

Number 16 Fitzwilliam Street Upper in Dublin 2 comes to the market fully let to TAI Consultants, trading as Tax Accounting Ireland, who are in the building under a 10-year full repairing and insuring lease from July 20th, 2018, with just under eight years unexpired.

The property is producing total net income of €130,000 per annum. At €2.25 million the investment offers the purchaser the opportunity to secure a net initial yield of 5.25 per cent after standard purchaser’s costs.

The subject property comprises a well-presented mid-terrace, four-storey over-basement period office building extending to 329sq m (3,540sq ft).

Located on the west side of Fitzwilliam Street Upper between the junction of Fitzwilliam Square and Lower Baggot Street, the building is surrounded by a number of well-established national and international companies, including the new headquarters of the ESB which are under construction close by on Lower Fitzwilliam Street.

Number 16 Fitzwilliam Street Upper was extensively refurnished in 2018 prior to being let to Tax Accounting Ireland. The refurbishment includes the upgrading of the kitchen and bathrooms, and the addition of shower facilities.

The property retains numerous original features such as decorative covings, fireplaces and sash windows.

The tenant, Tax Accounting Ireland, is a firm of chartered tax advisers and chartered certified accountants which provides a full management and consultancy service to business and start-up companies from company registration through to sourcing finance and providing turnkey office solutions for national and international clients.

Tax Accounting Ireland has a major presence in Dublin city centre, with a number of commercial operations in different locations.

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