You can get a world location provided you have the Parent transform (a transform in world space, like that of a RootComponent of an actor) and the Relative transform of the object in local space (relative to the Parent transform)
It is a two step process:
- Do a “Compose Transform” (that is what it is called in Blueprint) - note order of transforms matters
FTransform NewTransform = RelativeTransform * ParentTransform
- Get the location from the NewTransform
FVector NewLocation = NewTransform.GetLocation()
I should add: Check out CalcNewComponentToWorld function in SceneComponent.h which is designed to do Step 1 for you.