The combination of a net initial yield of 7 per cent and the immediate opportunity to increase the rent roll from a government-backed covenant should see strong interest from investors in the sale of Athlumney House in Navan, Co Meath. The property, which is better known as the headquarter offices of the Garda Human Resources Directorate, is being offered to the market by agent Colliers at a guide price of €5.7 million. The building is leased in its entirety to the Office Public Works (OPW) under a single, full repairing and insuring (FRI) 20-year lease from 2008 and is subject to an outstanding rent review from October 2022, which is on upwards-only terms.
Extending to a gross internal area of 29,500sq ft, Athlumney House comprises an original two-storey over-basement period property that interlinks with a modern office extension extending to 20,506sq ft over ground and first floor. The original period building comprises a converted former residential dwelling known as Athlumney House dating from the 1700s with the modern, purpose-built office building dating from the early 2000s. The property sits on a 4.23-acre site and has 112 car-parking spaces.
The Garda Human Resources Directorate is responsible for most of the administrative and transactional HR functions for all Garda members and civilian staff. Among the functions administered in Athlumney House are pay and pensions; sick leave and other leave schemes; records, data protection and file management; administration and statistics.
Stephen Conway, who is handling the sale on behalf of Colliers, says: “This is a fantastic opportunity to acquire a trophy asset comprising secure government income, with a good reversionary story in an outstanding headquarter-office building.”