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AN IRISH PRIVATE equity player is bringing a set of apartments and commercial units connected to The Marker hotel in Dublin’s docklands to market.
Brehon Capital Partners and Midwest Holding is looking for a guide price of around €40 million for the 84 apartments and six commercial units.
It is understood that the real estate player paid around €30 million for the apartments, commercial units and the hotel in 2011. They are thought to have put around another €20 million into finishing off the development.
BCP will hold on to The Marker hotel for the forseeable future.
Brehon Capital Partners principal Kevin McGillycuddy said that he is anticipating a much higher level of interest in the property than when he snapped it up three years ago.
We bought this extraordinary development at a time when there was little appetite to invest in Irish residential property…three years on we’re very optimistic that there will be a high level of demand from both domestic and international investors.
A source close to the process said that any cash raised through the sale will be plowed back into the Irish property market, most likely in the retail, hotel, commercial or apartment sector.
Brehon Capital Partners also invested in and operates the former Ritz-Carlton hotel in Powerscourt, County Wicklow, which went bust last year after NAMA sold off its stake in the hotel.
It is thought that the private equity player has no plans to sell its stake in this property in the immediate future.
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Does anyone else believe that property market expectations are being managed?
Davy stockbrokers are reporting that credit availability has declined. Factory gate prices are falling.
Yet the property market is booming again.
Bubble economics must be all the rage this season.
If there’s very little credit being given out, then a lot of property is being bought with cash reserves. It’s not a bubble like before. Yes, prices are rising, but not because of an abundance of credit.
Spent 30mil + 20mil on refurb and now guiding at 40mil… Loss making already… Have I missed something?
My apologies… The hotel is being retained. That being said it’s hardly offloading just yet.
*hardly worth offloading #bloodyiPhone
Ohh some of the vultures are getting windy ehh?
Even after NAMA funding them to the hilt and Noonan giving them capital gains tax breaks.
Lovely pictures of shoeboxes there.
Oh great the service charges are only €250 (per month)?
Where do I queue?
Can I have a 1 and a half bedroom with no parking, Ohh and with some pyrite please?
I viewed those apartments before and they were rubbish.
I think they’re trying to buy Mount Juliet – must be money in hotels still …
Probably Germans buying up property’s at cheap prices as a investment
It’s only their nature
I’d hate to live in an upper crust s̶h̶o̶w̶ ̶s̶a̶r̶d̶i̶n̶e̶-t̶i̶n̶ show house. Give me a shed with a chimney and a bit of land any day. Life in the pale would kill me :P My nieces in Newbridge are so cosmo and tightly scheduled they don’t get life in Clare at all. Didn’t bother reading the article. G’luck!
Source: Donal McCann" title="">
Source: Donal McCann" title="">
Source: Donal McCann" title="">
Source: Donal McCann" title="">
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