Plaza bought by Irish investment company for €15m

Plaza bought by Irish investment company for €15m

By Brendan Grehan 

THE PLAZA complex in Tallaght, which comprises a hotel, nightclub, offices and retail units, has been bought by an Irish investment company for a figure in the region of €15 million – almost €1 million over the guide price.

The property is producing a rental income of €1,302,250 and was sold on the instructions of receiver Declan Taite of Duff & Phelps. 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.

Plaza Hotel 1

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 sq ft) is located on the first, fourth and fifth floors. At the moment some 2,199 sq m (23,670 sq 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.

The overall retail space extends to 2,159 sq m (23,240 sq ft) of retail units.

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.

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