A private Irish investor is set to secure a net initial yield of 6 per cent following their acquisition for €3.5 million of Bloomfield House just off Dublin’s South Circular Road.
Located on the western side of Bloomfield Avenue and just 750m from the Luas green line stop at Harcourt Street, the subject property comprises a distinctive two-storey redbrick office building dating from the 1930s. The property extends to 762sq m (8,203sq ft) with 12 car-parking spaces situated on a 0.10-hectare (0.26 acre) site.
Bloomfield House is fully let, producing €230,200 per annum across two tenancies.
The ground floor and mezzanine levels of the property are let on a 10-year lease from September 1st, 2014, to established marketing agency Boys + Girls, which has extensively modernised and refurbished its offices. The annual rent, which was reviewed in 2019, equates to €160,000 per annum. This letting includes eight car-parking spaces.
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The first floor of the property is let on a five-year lease from July 1st, 2021, to mechanical and electrical building services company Delap and Waller. The annual rent, which was agreed on a stepped level, averages out at €71,250 per annum over the five years and includes three car-parking spaces. The combined rent between the two tenancies equates to €230,200 per annum,
The vendor, another private Individual, had held the investment since late 1990s.
The immediate South Circular Road area is predominantly residential in nature including Bloomfield Avenue, Lennox Street and Victoria Street. In recent times the area has also seen an influx of quality eateries and boasts a host of amenities including Flyefit Gym Portobello, Locks Restaurant, the Little Bird Cafe, ALMA, I Monelli restaurant and recent Michelin-star awardee Bastible.
Fearghal Lynam of BNP Paribas Real said the sale of Bloomfield House had attracted a high level of interest as the property benefitted from an attractive and functional fit-out on the ground and mezzanine floors, while the first floor presented the potential for an asset-management opportunity. “The investment sale of Bloomfield House follows a trend where well-let office properties with strong covenants in central locations are being sought after by private investors,” he said.
