Excellent Hotel and Mixed-Use Investment Opportunity for Sale Guiding €14million
Dublin 30th August 2017 – Property advisors CBRE are delighted to offer a prime Investment Opportunity to the market for Sale by Private Treaty on the instruction of Receiver, Declan Taite of Duff & Phelps.
The Plaza Complex, Tallaght is an impressive six storey over double basement mixed-use development which includes a 4-star hotel and nightclub, three floors of office accommodation and three ground floor retail units. The entire building is situated on an impressive site that extends to approximately 2.8 acres. Internally, the property extends to a total gross internal area of approximately 18,653 sq.m (including basement nightclub and storage). Additionally, there is over 480 car parking spaces laid out in the double basement and at surface level. The development is superbly situated in the commercial centre of Tallaght and prominently overlooks the N81 and Sean Walsh Memorial Park. The Square Tallaght, which is located just behind the property, boasts excellent annual footfall figures. The Plaza Complex also benefits from excellent connectivity with the Luas Red line located less than 250 meters from the property. The asset is currently producing an annual rental income of €1,302,350, and with 2,199 sq m. of vacant office space on the fifth floor there is potential for growth.
The Plaza Hotel is a purpose built 122-bedroom hotel and nightclub which is laid out over 6 floors from basement to third floor. The hotel boasts a number of amenities including banqueting and conferencing facilities, food and beverage offerings and good quality bedroom accommodation.
The office accommodation is laid out over three floors (first, fourth and fifth) and extends to approximately 6,876 sq.m GIA. The fifth floor is currently vacant and provides further leasing opportunity. The OPW are in occupation in the remainder of the office accommodation. The OPW have in excess of 7.6 years remaining on their term, with no breaks options.
There is additional strong rental income being generated from 2 ground floor retail units.
The agents are launching The Plaza to the market seeking offers in excess of €14 million which equates to a NIY of 8.91%.
This is an excellent opportunity to acquire a blend of secure government income with immediate asset management opportunities. This asset is likely to appeal to a mix of investor types’’.
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CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie