French investor Iroko Zen has completed its sixth acquisition in the Irish investment market, paying €4,970,840 for Westland House (Block A) at Westland Park in Dublin 12. The property is fully let to Virtual Access (Ireland) Ltd on an 18-year full repairing and insuring (FRI) lease from January 2023 and is producing annual rental income of €421,315. The lease contains a tenant break option in year six.
Westland House comprises a three-storey office block extending to 2,367sq m (25,478sq ft), with 70 car-parking spaces. The office accommodation is a mix of open-plan and cellular offices. The property had been fully refurbished prior to its sale and has a B2 energy rating.
Westland Park is on the south side of New Nangor Road, about 7km southwest of Dublin city centre. The scheme is near the N7 (Naas Road), the M50 motorway and Dublin Airport. The immediate area is commercial in nature, with several notable occupiers including Actavo, Bio Pharma Engineering, Diageo, Toyota Ireland, and the Electrolux Group.
News of the transaction comes just two months after Iroko Zen’s €4.965 million purchase of units 5A and 6 at Galway Retail Park and three months on from its €18 million acquisition of South Quarter Airside near Swords in north Dublin from the Michael J Wright Group.
Commenting on the purchase of Westland House, Michele McGarry, head of capital markets at Colliers, said: “We are delighted to have concluded this acquisition on behalf of Iroko Zen. This is a high-yielding fully refurbished suburban office investment, with an excellent covenant and long unexpired term certain of just under six years.”
Patricia Ward of agent TWM acted on behalf of the vendor, a private Irish investor.
