An Irish investor has paid in excess of €4.5 million for the former EBS building at the junction of Westmoreland Street and Fleet Street, Dublin 2.

Marguerite Boyle of Savills had been quoting €4.2 million for the building which was previously sold towards the end of 2002 for slightly over €12 million. The new owner will get a net initial yield of 8 per cent after purchase costs are taken into account.

The glazed building, sold on the instructions of a fund managed by Davy, is let to three tenants, Starbucks Coffee, College of Computer Training and solicitor Paul W Tracey at an overall rent roll of €339,311.

Luas lines
The average unexpired term of the leases works out at 7.2 years with future rental growth built into the lease agreements.

The four-storey over basement building extends to more than 1,764 sq m (18,983 sq ft) including 253sq m (2,724 sq ft) of space at street level.

Pedestrian traffic in Westmoreland Street is set to increase significantly when the Luas Red and Green lines link up and operate a stop there.