Tallaght’s Plaza including four-star hotel sells for about €15m
Complex with nightclub has scope to increase yield by letting vacant office space
The Plaza, Tallaght: combination of hotel, office space and retail units generates a rent roll of more than €1.3m
A mixed-use development with a hotel, nightclub, offices and retail units known as The Plaza in Tallaght, Dublin 24, has been bought by an Irish investment company for a figure believed to be about €15 million – almost €1 million above the guide price.
The investment was sold on the instructions of receiver Declan Taite of Duff & Phelps and is producing a rental income of €1,302,350, according to selling agent CBRE. The initial yield will be in the region of 8.5 per cent. There is scope to increase the rent roll by letting vacant office space in the complex.
The six-storey development over double basement includes a four star, 122 bedroom hotel and basement nightclub, three floors of offices and three ground floor retail units, one of them vacant.
The overall complex extends to 18,653 sq m (200,779 sq ft) on a site of 2.8 acres. There are also more than 480 car parking spaces at basement and surface level.
The office accommodation of 6,876 sq m (74,012 s q ft) is located on the first, fourth and fifth floors. At the moment some 2,199 sq m (23,670 s q ft) are vacant on the fifth floor. All the remaining office space is rented by the Office of Public Works which has over seven years left on its lease with no break options.