Trinity Street Car Park & Commercial
Exceptionally Well Located Mixed Use Investment
Dublin, 25th October 2017 – Property advisors CBRE are delighted to offer the Trinity Street Car Park and associated retail and office units for sale by private treaty.
Developed in the early 1990’s on the site of the former Moira Hotel, the mixed use scheme, now known as Moira House, comprises the busy 171 space, multi-storey public car park, 3 retail units at ground level extending to a total floor area of approx. 5,275 sq ft and 4 self-contained upper floor office suites extending to approx. 2,060 sq ft overall.
The scheme is prominently located on Trinity Street with extensive return frontages to both St Andrew’s Lane and Dame Lane. The property enjoys easy access from nearby Dame Street and also from Exchequer Street via St Andrew’s Lane. This is a particularly vibrant and rapidly developing quarter of Dublin’s south inner city with numerous retail, food and beverage and hotel operators continuously seeking new opportunities in the area. A number of new hotel developments are in the planning process in the immediate area.
The entire is let under a single, 35 year lease which expires in 2029, at a current annual rent of approx. €920,000, which is apportioned as €636,000 p.a. for the car park and €284,000 for the retail and office elements. The principal tenant operates the busy public car park element themselves and has sub-let the various retail and office accommodation to third parties including the renowned Pichet restaurant and Excel Dry Cleaners. The public car park is exceptionally well positioned to serve both the Grafton Street environs and also Temple Bar. The popularity of the car park is demonstrated by the fact that it has traditionally commanded one of the highest hourly rates in Dublin city centre, with the rate currently standing at €4:00 per hour.
CBRE are seeking offers in excess of €17.3 million, which equates to a net initial yield of approx. 4.9% after deducting standard purchasers’ costs, including the recently announced 6% stamp duty rate
Moira House, incorporating the Trinity Street Car Park and associated retail and office space, provides a unique opportunity for investors to acquire a first class, mixed use investment in the very heart of Dublin 2’s vibrant and sought-after core area. Having regard to the in excess of 11 years unexpired lease term and the popularity of the car park, we envisage strong interest from both traditional investors and specialist car park related funds.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
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