tenants not affected opportunity...
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T A L L A G H T , D U B L I N 2 4
EXCELLENT INVESTMENT
OPPORTUNITY
FOR
SALE
BY
PRI
VATE
TRE
ATY
TENA
NTS
NOT
AFF
ECTE
D
OPPORTUNITY AT A GLANCE
Modern mixed use
development extending
to approx. 18,319 sq m
(197,181 sq ft)
The OPW (The Office of
Public Works) is a key
tenant in the scheme
of the income is generated
from a Government
Tenant
Unexpired lease term in
excess of 7 years
Passing rent of
€1,302,350
per annum
Tenants unaffected by
the sale
41%
LOCATION
Tallaght is situated approximately 8 kilometres south-west
of Dublin City Centre and is one of the largest residential
and commercial areas in Dublin. Tallaght has a catchment
population in excess 1.35 million people and has undergone
extensive development over the last number of years.
The Plaza overlooks the Sean Walsh Memorial Park and
is situated close to the Tallaght Square development,
comprising part of the commercial Centre of Tallaght.
The immediate area is well served by numerous Dublin
Bus routes, while The LUAS red line connects Tallaght
to Dublin City Centre. Due to the excellent road and rail
infrastructure, Tallaght has developed into a desirable
location for many multinational companies including
Nestle, Oki, United Drug, UPS and Meridian.
TALLAGHT
DESCRIPTION
The property comprises a 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 extends to a
total area of 18,319 sq.m. (197,181 sq.ft.) and includes over
480 car parking spaces at basement and surface levels.
THE HOTEL
The Plaza Hotel is a purpose built 122-bedroom hotel and
nightclub which is laid out across 5 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
The office accommodation is spread across three floors
extending to 6,920 sq.m. (74,488 sq.ft.). Two of the three
floors are currently occupied by OPW on long term
leases. The office accommodation is finished to a modern
specification to include raised access flooring, suspended
ceilings and recessed lighting.
THE RETAIL UNIT
Two of the three retail units are occupied by Fitzpatricks
Club and Low Price Supermarkets Ltd. The overall retail
space extends to 2,159 sq.m. (23,240 sq.ft.) of retail units.
FLOOR AREA (SQ. M.) AREA (SQ. FT.)
RETAIL ACCOMMODATION
Retail Unit 1 (Costless) 1,620 17,440
Retail Unit 2 (Fitzpatrick’s Casino) 486 5,232
Retail Unit 3 (Vacant) 53 568
HOTEL ACCOMMODATION
Hotel Storage 317 3,413
Hotel Nightclub 957 10,303
“Hotel Ground Floor
(Lobby, Restaurant and Bar) “ 1,449 15,598
“Hotel First Floor
(Lobby, Conferencing Rooms) “ 1,534 16,509
“Hotel Second & Third Floor
Accommodation “ 4,982 53,630
Hotel Second & Third Floor 122 bedrooms 122 bedrooms
OFFICE ACCOMMODATION
First Floor Offices 2,100 22,607
Fourth Floor Offices 2,621 28,215
Fifth Floor Offices 2,199 23,666
TOTAL 18,319 197,181
Area listed in GIA as per the Malcolm Hollis Measurement Survey Retail units and office accomdation are listed in a GIA basis, net areas listed on the Measurement Survey.
accommodation schedule
floor plans
ground floor
THE PLAZA HOTEL McCLAFFERTY’S BARGINTHAIRESTAURANT
COSTLESS FOOD SHOP
VACANT RETAIL
FITZPATRICKS CASINO
TYPICAL FLOOR PLAN
TENANT USE LEASE TERM LEASE START LEASE END BREAK OUTSTANDING / CARS CONTRACTED (YEARS) DATE NEXT RENT REVIEW DATE RENT PA
Low Price Supermarket 25 01-Jan-11 31-Dec-35 - 01-Jan-17 33 €82,150
Supermarkets Ltd
Vacant Retail Unit - - - - - - -
The Fitzpatricks Club Casino 15 01-Mar-12 28-Feb-27 - 01-Mar-17 20 € 30,000
Tallaght Limited
Phelan Hotels Ltd Hotel & Nightclub 10 31-Jan-13 30-Jan-23 - 31-Jan-18 150 € 650,000
Commissioners of Office (Mezz) 25 23-Mar-01 22-Mar-26 01-Mar-25 01-Mar-20 25 € 232,000
Public Works Ireland
Commissioners of Office 25 01-Mar-00 28-Feb-25 - 01-Mar-20 36 €283,000
Public Works Ireland
Vacant Office - - - - 01-Mar-20 - -
Commissioners of Cars 5 01-Mar-15 01-Mar-20 - - 72 € 25,200
Public Works Ireland
Total 336 € 1,302,350
tenancy information
41% of the income is Government income from The OPW (The Office of Public Works).
49%41%
7%3%
OPW
Phelan Hotels LimitedGuarantor Ken Phelan
Low Price Supermarkets Ltd
Fitzpatricks Club
INCOME BY TENANTS
GINTHAI RESTAURANT - HOTEL
HOTEL CONFERENCE ROOM HOTEL ROOM
OFFICE ACCOMMODATION
HOTEL HOTEL NIGHTCLUB
Unemployment is continuing to
decline. Currently standing at 6.4%,
unemployment has reached its
lowest level since June 2008
For the third consecutive year,
Ireland has been the fastest growing
economy in the Eurozone
the investment market
The outlook for the Irish Real Estate investment
market remains positive with asset sales
reaching €4.5 billion in 2016, the second highest
on record behind 2014 (€4.6 billion). Asset sales
are expected to be approximately €2 billion in
2017. The dip in investment spend can primarily
be attributed to a lower volume of sizeable
assets being offered for sale.
unemployment population growth of the economy
Preliminary results from the 2016
Census show that the population
has increased by 3.7% since 2011,
to 4.76 million people, 1.8% higher
than expected
Hotel Room Occupancy Rates are
up by approximately 30% since
2009
Revenue per available room is up by
approximately 50% since 2009
Average Room Rate is up by
approximately 98% since 2009
occupancy rates room rate revenue per room
THE HOTEL MARKET
Thanks to the rising number of tourists, favourable currency
movements and a strong economy, Irish hotels have
attracted a considerable amount of demand from property
investors in recent years. According to CBRE, there were
record investment volumes recorded in 2016 (€800 million).
66 direct property transactions were recorded in 2016. To
put this in context, 2 transactions took place in 2009. The
vast bulk of the demand for hotel assets has been focused on
Dublin and future investment is likely to follow this trend.
6.4%
98%
DISCLAIMER: CBRE U.C [CBRE IRELAND]
These particulars are issued by CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 on the understanding that any negotiations relating to the property are conducted through them. While every care has been taken in preparing them, CBRE U.C., for themselves and for the vendor/lessor whose agents they are, give notice that: - (i) The particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract. (ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness. (iii) Neither CBRE U.C., nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. Brochure prepared August 2017.
PRICEOn Application
METHOD OF SALEFor Sale by Private Treaty
BER CERTIFICATES
BER 800139701 - 800146672
WEBSITEFurther information is available at
www.cbresales.ie/The_plaza_tallaght
SOLICITOR
Ivor Fitzpatrick & Company Solicitors
Patrick Fox
T: +353 1 6787000
contacts
COLM LUDDY
T: +353 1 618 5729
JOHN HUGHES
T: +353 1 618 5538
SANDRA WALSH
T: +353 1 618 5578
This sale is at the instruction of the
vendor, Declan Taite, Receiver.