The offer includes two adjoining retail investments, as a second or associated lot, for €1.55m.
Noting that Dublin is one of Europe’s top performing hotel locations, agents CBRE are selling the centrally located, 101-bed Pearse Hotel, on Pearse Street, Dublin 2, by private treaty, for joint receivers of Citywide Leisure Ltd, David Hughes and Luke Charleton, EY.
It follows on the heels of a €35m sale, of the nearby, 195-bed Trinity Capital Plaza Hotel last year, to US-based John Moran, while the Westin, at Westmoreland Road, is expected to come to market also this year, for an even higher sum.
The Pearse Hotel has scope for the addition of two further floors to bring it to a 175-bed hotel. It is alongside Trinity College, close to Grafton Street and Temple Bar, and the rapidly developing south docks, Bord Gáis Theatre and sporting venues such as the O2 Arena and Aviva stadium. The 8,000-delegate Convention Centre is a five-minute walk across the Liffey.
The Central Bank is moving to a new location nearby, and other major employers in the vicinity include Facebook, Google, State Street, PWC, Morgan Stanley, HSBC, Commerzbank, Accenture, BYN Mellon and Pfizer.
“If the development of 70 further bedrooms were to be proceeded with, it would give the new owner a very substantial, high-quality hotel property in an extremely attractive Dublin City centre trading location,” says Dermot Curtin, of CBRE. It has 101 en-suite bedrooms, bar and restaurant, gym, conference and banqueting facilities, with five meeting rooms and 20 basement car parking spaces.
The retail investments: Nos 97 and 98 Pearse Street are let to Centra on a 25-year lease from 2005, at €60,000 pa; and No 95, Pearse Street is let to Boylesports at €42,500 pa, under a 25-year lease from 1997. There are two vacant offices over No 95.
Total income is €102,500 pa and price is €1.55m.
* Details: CBRE, 01-6185500