French investor acquires office block for €4.9 million

FRENCH investor Iroko Zen has acquired a “high yielding, fully refurbished” three-storey office block at Westland Park in Dublin 12 for €4.9m.

The property is fully let to Virtual Access (Ireland) Ltd on an 18-year full repairing and insuring lease, which commenced last January.

The office block produces an annual rental income of €421,315, and the lease contains a tenant break option in the sixth year.

The property, which is Block A in the Westland House development, comprises a three-storey office block, extending to approximately 2,367 sq.m.

The office accommodation is laid out to provide a mix of open plan and cellular offices. It has been fully refurbished and boasts a B2 energy rating.

It benefits from 70 car parking spaces and provides easy access to the N7 Naas Road and the M50, and it is located in an area that is primarily commercial.

Michele McGarry, head of capital markets at Colliers real estate represented Iroko Zen, said: “We are delighted to have concluded the acquisition of Westland House (Block A), Westland Park on behalf of Iroko Zen.

“A high yielding, fully refurbished suburban office investment, with an excellent covenant and long unexpired term, just under six years.”.