Commercial Property

Tallaght’s Plaza on sale through receivers for €14m

Complex extends to more than 18,000sq m, including a hotel, offices and nightclub

The Plaza: The combination of hotel, office space and retail units generates a rent roll of more than €1.3m

Justin Comiskey
Wed Aug 30 2017 - 05:58

The mixed-use Plaza complex in Tallaght is on the market for €14 million through agent CBRE, reflecting a net initial yield of 8.91 per cent.

The Plaza, which is being sold on the instructions of receiver Declan Taite of Duff & Phelps, generates a rent roll of €1,302,350.

This could increase when vacant office space in the scheme is let.

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.

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It extends to 18,653sq m (200,779sq ft) on a site of 2.8 acres.

There are also more than 480 car-parking spaces at basement and surface level.

This location, overlooking the N81 and Sean Walsh Memorial Park, is in the commercial heart of Tallaght and close to The Square shopping centre. The Luas Red line is about 250m away.

The office accommodation of 6,876sq m (74,012sq ft) is located on the first, fourth and fifth floors.

On the fifth floor, some 2,199sq m (23,670sq ft) is vacant, offering an obvious opportunity to increase the rent roll.

All the remaining office space is occupied by the OPW, which has more than 7.6 years left on its lease with no break options.

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