Plaza de­vel­op­ment in Tal­laght for sale for €15m

Com­plex com­pris­ing ho­tel, of­fice and re­tail units has va­cancy rate of more than 60% Nama prop­erty a six-storey over-dou­ble base­ment close to the Square town cen­tre

The Irish Times - Business - - COMMERCIAL PROPERTY - JACK FAGAN

A mixed-use de­vel­op­ment in Tal­laght, Dublin 24, goes on sale to­day on the in­struc­tions of Nama at an ask­ing price of €15 mil­lion.

Adrian True­ick of agent Knight Frank is han­dling the sale of the ho­tel, of­fice and re­tail fa­cil­i­ties, which have an un­usu­ally high va­cancy rate of more than 60 per cent.

De­clan Taite of re­ceivers Duff & Phelps is ad­vis­ing Nama on The Plaza, a six-storey over-dou­ble base­ment block com­pleted in 1999 with a 122-bed­room ho­tel, three floors of of­fices, and three ground-floor re­tail units.

The prop­erty has a gross in­ter­nal area of 18,652sq m (200,770sq ft) and more than 200 car-park­ing spa­ces in the dou­ble base­ment and at sur­face level. The ho­tel is cur­rently va­cant and in­cludes ban­quet­ing and meet­ing rooms as well as food and bev­er­age fa­cil­i­ties.

The of­fice ac­com­mo­da­tion is laid out over the first, fourth and fifth floors and ex­tends to 7,199sq m (77,490sq ft).

Two of the floors are let to the Of­fice of Pub­lic Works un­der long-term leases at a rent of €540,200. The fifth floor is va­cant and might well end up in res­i­den­tial use, sub­ject to plan­ning per­mis­sion.

Rents from two units oc­cu­pied by Low Price Su­per­mar­kets and Fitz­patrick Club brings the over­all rental in­come up to €652,350.

Ac­cord­ing to True­ick, if the avail­able of­fice space (2,198sq m/23,666 sq ft) is re­fur­bished it could be let at €15 to €18 per sq ft. There is also scope to up­grade the ho­tel fa­cil­i­ties, in­clud­ing recom­mis­sion­ing the night­club, restau­rant and func­tion room. He said that while a pre­vi­ous plan­ning ap­pli­ca­tion for an ad­di­tional 77 ho­tel

The Plaza in­cludes a 122-bed­room ho­tel, three floors of of­fices, and three ground-floor re­tail units.

be­d­rooms and 97 apart­ments was re­fused per­mis­sion, there may now be po­ten­tial for the same ex­ten­sion fol­low­ing the re­cent plan­ning changes deal­ing with height and den­sity close to key trans­port routes.

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