Property Description

Summary:
Fully let office investment on Pembroke Road, Ballsbridge offering secure, proven income from excellent tenant covenants in one of Dublin’s best office locations.

Description:
The subject property is the hall and lower ground floors of a modern office / residential building. Each floor has independent access from Pembroke Road. The apartments overhead also have separate, independent access.

The two floors of offices were renovated ten years ago. Works included electrical, plumbing and fit-out at a cost of over €150,000.

The hall floor has recently been refurbished to exceptionally high standards.

There are two secure, designated car spaces to the rear.

In 2020 the owners funded a €500,000 refurbishment of the entire block to include new roof, windows, fireproofing, stairs upgrade, plumbing, mechanical and electrical etc.

The property presents an appealing investment opportunity with two floors of office accommodation in excellent condition with two high-quality tenant covenants.

Location:
Pembroke Road connects Baggot Street to Ballsbridge Village. Perfectly positioned, Pembroke Road ranks among Dublin’s most sought-after addresses. It is within easy walking distance of St. Stephen’s Green and the city’s primary business districts, including the Silicon Docks at Grand Canal, Ballsbridge, Fitzwilliam Square, Merrion Square and the city centre. The RDS and the Aviva Stadium are within a short stroll, while Dublin Airport is easily accessible via the Port Tunnel.

Herbert House is on the northern side of Pembroke Road between the junctions with Waterloo Road and Wellington Road. It adjoins the Eaton Corporation PLC headquarters.

Accommodation:
Hall Floor c. 201.9 sq.m.
Lower Ground c. 182.33 sq.m.

Tenure:
Long leaseholders

Tenancy Details:

Hall Floor-LHW Financial Planning
10 years from 1/1/26
Initial rent €60,000 per annum
Market rent review after five years
Tenant only break option after eight years

Lower Ground Floor- KMCA
10 years from 1/1/26
Initial rent €60,000 per annum
Market rent review after five years
Tenant only break option after eight years

Covenant:
KMCA- www.kmca.ie Keveny Monahan Chartered Accountants- based in Dublin 4 since the firm was
established in the early 1980’s. The firm has a wide range of clients in Dublin and nationwide.

LHW Financial Planning Ltd. www.lhw.ie is a highly regarded financial planning consultancy set up in
2002.

Proposal & Investment Considerations:
We are instructed to offer the property for sale for by private treaty at an asking price of €1.75m. At the asking price, the investment produces a Gross initial yield of 6.9% equating to a Net initial yield of 6.24% after purchaser’s standard costs of 9.96%
Weighted Average Unexpired Lease Term (WAULT) is 7.5 years

Further information available on www.stokesproperty.ie

BER Details

Energy Performance Indicator: 0.00 kWh/m2/yr

This property was last updated: 2 days ago