South Dublin's Tara Towers Hotel and adjacent site to sell for close to €9m
Published 18/10/2015 | 02:30
Receiver Duff & Phelps has moved to sell the adjoining Tara Towers Hotel with the adjacent car park and Oak Lodge site. The property is on the market for €9m.
The 111 bedroom hotel with a combined site area of 1.46 acres is situated on the south eastern boundary of Elm Park Urban Campus.
Tara Towers Hotel, a landmark hotel, was developed in the 1970s and offers views over Dublin Bay. The hotel offers facilities including Ocras restaurant, PJ Branagan's bar and banqueting and conference facilities with a maximum capacity for 300 guests theatre style and 180 guests banquet style. While the majority of bedrooms in the hotel have been refurbished in recent years, the hotel would benefit from further investment, say the agents.
The hotel also benefits from additional revenue streams from a number of mobile phone masts and car park licence agreements. The adjacent car park, on a site of 0.36 acres, completes the lot. Currently providing over-flow car parking for the hotel, this site has Z1 residential zoning.
Oak Lodge, a derelict house occupying a site of 0.17 acres to the rear of the hotel, is also included in the sale. Both the hotel and Oak Lodge are zoned "Z6 Employment / Enterprise".
DTZ and Savills are handling the sale.