Extending to approx. 6,152.6 sq m (66,225 sq ft.)
Weighted Average Unexpired Lease Term (WAULT) of approximately 7 years.
Occupiers including SuperValu, Paddy Power, Permanent TSB, Carry Out Off Licence & Hickey’s Pharmacy. Current Net Rental Income of €1,012,112 per annum. For sale by Private Treaty in a single lot. 50% of the income is secured against five leading national covenants. Significant potential for Increased Rental Income from effective asset management and/or letting of vacant units. Tenants not affected
Location: The Plaza Investment comprises the district centre of the established residential suburb of Tyrrelstown in northwest Dublin, located approximately 12 km northwest of Dublin City Centre. The surrounding area comprises a large, fast growing residential catchment area that is well connected via public transport and the surrounding roads infrastructure.
Additionally, the property is located within minutes’ drive of a number of business parks and industrial estates which play host to an array of leading global and Irish companies, providing significant commercial activity and a large daytime working population in the surrounding area. Adjacent to the property are the 4-star Carlton Hotel and a Lidl supermarket (which forms part of the development but is not included in the investment) while other notable facilities in the surrounding area include Blanchardstown Shopping Centre and the National Sports Campus including the National Aquatic Centre.
Established district centre (circa 2005) serving a large existing population. Tyrrelstown population estimated at over 6,000 persons. Wider population estimate of approximately 10,470 persons for the Ward electoral district of the north Blanchardstown area. Main commercial centre for the north Blanchardstown area between the N2 & N3 national primary roads. Large daytime working population in the numerous business parks and industrial estates in the surrounding area. Description: Tyrrelstown Plaza comprises a mixed-use commercial and apartment development that provides the commercial and town centre to the surrounding residential neighbourhood of Tyrrelstown.
Developed by Twinlite, Tyrrelstown comprises one of the largest residential-led developments in the history of the State, providing in excess of over 2,000 residential dwellings, approximately 90,000 sq ft of town-centre retail and commercial space (of which the subject investment accounts for approximately 66,225 sq ft), 4 schools, a 4-star hotel and a new sewage and road system.
Investment: The Investment that forms the subject of this sale, comprises the majority of the commercial units of The Plaza and plays host to a mixture of national and local occupiers including SuperValu, Hickey’s Pharmacy, Permanent TSB and Paddy Power. The Investment currently produces a net rental income of €1,012,112 per annum with a WAULT of approximately 7 years (to expiry) and potential for an increased rental income from the letting of the vacant units.
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