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

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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

E: patrick.fox@ivorfitzpatrick.ie

contacts

COLM LUDDY

T: +353 1 618 5729

E: colm.luddy@cbre.com

JOHN HUGHES

T: +353 1 618 5538

E: john.hughes@cbrehotels.com

SANDRA WALSH

T: +353 1 618 5578

E: sandra.walsh@cbre.com

This sale is at the instruction of the

vendor, Declan Taite, Receiver.