A PROMINENT Dublin car park on the site of the former Moira Hotel is on the market for over €17 million.
The Trinity Street Car Park and associated retail and office units is now for sale by private treaty. Developed in the early 1990’s on the site of the former Moira Hotel, the mixed use scheme, now known as Moira House, comprises the busy 171 space multi-storey public car park, three retail units at ground level extending to a total floor area of approx. 5,275 sq ft and four self-contained upper floor office suites extending to approximately 2,060 sq ft overall.
The entire is let under a single, 35 year lease which expires in 2029, at a current annual rent of approx. €920,000, which is apportioned as €636,000 per annum for the car park and €284,000 for the retail and office elements.
Property agents CBRE are seeking offers in excess of €17.3 million, which equates to a net initial yield of approximately 4.9 per cent after deducting standard purchasers’ costs, including the recently announced 6 per cent stamp.
Executive director at CBRE Dublin, Willie Norse said:
“Moira House, incorporating the Trinity Street Car Park and associated retail and office space, provides a unique opportunity for investors to acquire a first class, mixed use investment in the very heart of Dublin 2’s vibrant and sought-after core area. Having regard to the in excess of 11 years unexpired lease term and the popularity of the car park, we envisage strong interest from both traditional investors and specialist car park related funds.”
