Ireland: The newly-completed 51-key Staycity Aparthotel on Chancery Lane, near Dublin city centre, is for sale with a guide price €12.3 million.
The property provides net initial yield of 4.5 per cent and unexpired lease term of 24 years. It is located in Dublin 8, south of the river Liffey, and just 850 metres from St Stephen’s Green.
The Dublin 8 area has undergone extensive redevelopment over recent years, with an influx of investment and regeneration. Major projects either under way or in the process of being planned include the national children’s hospital and St James’s Gate Quarter, the €1 billion mixed-use scheme Diageo is seeking to deliver on a just over five-hectare (12.6-acre) portion of its Dublin brewery complex.
Dave Murray, who is handling the sale on behalf of CBRE says: “This is an excellent hotel investment opportunity. Staycity provides a much sought-after hotel investment grade covenant with over 24 years unexpired.”
The property has full planning permission to extend the property by one floor to include seven extra units. Planning for the development is valid until April 2024.</p
