Knight Frank has been instructed by William O’Riordan and Declan McDonald of PWC to market one of Dublin’s most exclusive five star hotels and an adjoining bank branch which are let under long term leases to the Westin Hotel and Allied Irish Bank (AIB).
The properties are located on a key city centre site with frontage to Westmoreland Street, College Street and Fleet Street. The site is close to the main commercial districts including the International Financial Services Centre, St Stephen’s Green and the north and south docks.
The building was developed in 2001 and combines the elegance of the original period structures with the efficiency of modern floor-plates. The hotel is an eight story building providing 163 bedrooms. The ground and first floor level accommodate the majority of the public areas including the reception, foyer, restaurant, lounge, meeting rooms and conference/banqueting facilities. AIB Bank occupies the ground, basement, sub-basement and first floor at the corner of College Street and Westmoreland Street.
The quoting price for the investment is €60 million. At this level the investment will produce a very attractive return of over 7.70%. With long term secure income and guaranteed rental growth the investment will appeal to a rage of local and international investors as well as the specialist European Hotel investment funds.
For more information contact Adrian Trueick at 01 634 2466 or email@example.com