The Metro Hotel & Apartments at Santry Cross, Dublin 9 are for sale at a guide price of €5.5m. Savills Hotels and Leisure are handling the sale on behalf of David Hughes & Luke Charleton, Joint Receivers, EY.
According to Savills, the landmark 15 storey Metro Hotel and Apartments represents an exceptional mixed use of leisure, residential and retail. It includes a 3 Star Hotel, 30 two bed apartments and a retail unit.
The hotel and apartments are being offered for sale in three lots. Lot one, which includes the entire hotel and apartments, is available at a guide price of €5.5m. Lot two, comprising of just the hotel, is guided at €2.5m. Lot three, the apartments, are available at a guide price of €3m.
The Metro Hotel & Apartments is located just 5km from Dublin Airport and 7km from Dublin City Centre. According to Savills, the hotel itself is well positioned to attract both leisure and corporate guests with easy access to the M50 and M1 motorways. Amenities in the area include; Dublin City University, which has over 11,000 students, IKEA and a concentration of Dublin’s important Business Parks including Furry Park Industrial Estate and Santry Avenue Industrial Park.
The hotel is consistently profitable and comprises of 88 spacious bedrooms (including 16 suites), bar, restaurant and conferencing facilities over 5 floors. Overhead, the Metro Hotel Apartments include 30 two bedroom apartments located on the top ten floors of the building.
According to Tom Barrett of Savills “The Metro Hotel & Apartments offers an excellent opportunity to acquire a unique mixed use property poised to benefit from continued strong recovery in the Dublin hotel sector and a thriving residential rental market.’’
The apartments are currently let on short term residential tenancies and produce a rental income of approximately €384,000 per annum. Located within walking distance of Dublin City University, the Metro Apartments are popular with professionals. The ground floor retail unit is occupied by the Tanning Cove Solarium under a three year license agreement from 2013. The property has approximately 160 car parking spaces.
The hotel sector in Ireland enjoyed much improved trading conditions last year, with continuing improvement in trading conditions and good growth levels expected across all the major cities for 2014. The Dublin hotel market is the strongest performer in the Irish hotel sector and one of the best performing capital cities in Europe. Market analysts STR Global reported RevPAR growth of 11% to €71 per room in 2013.
Similarly, with strong residential rental levels being achieved throughout Dublin, and with the ESRI reporting that the cost of renting in Dublin rose by 7.6% in Q4 2013 compared to the same period in 2012, there continues to be a firm demand for multi – family residential investments.