Dublin site with planning permission for boutique hotel seeks €3m
Agent Cushman & Wakefield is guiding a price of €3 million for a brownfield site in the heart of Dublin 7 with full planning permission for the development of a 48-bedroom boutique hotel. The subject site occupies a strong location on St Michan’s Street, directly opposite the city’s Victorian fruit and vegetable market, which is currently undergoing a full refurbishment by Dublin City Council . The €44 million project, which is expected to take just over two years to complete, will see the restoration of the 6,000sq m (64,583sq ft) building followed by the installation of about 80 market stalls alongside a restaurant, food demonstration space and an outdoor farmers’ market. The hotel development site extends to 0.03 hectares (0.074 acres) and has full planning permission (Dublin City Council planning reference: 2293/26) for a 48-bedroom hotel extending to a total area of 2,076sq m (22,345sq ft) distributed across a part seven-storey and part eight-storey building. The guest accommodation will be complemented by a restaurant/bar, guest lounge, library and a rooftop terrace. A feasibility study prepared by HKR Architects in advance of the sale suggests the site has potential alternatively for a hostel-led scheme comprising up to 414 bed spaces, subject to planning permission. The subject site is well connected by public transport and is near the Luas red line stops at Four Courts and Smithfield, numerous Dublin Bus routes and Heuston Station. The property is also positioned within walking distance of Smithfield, Grangegorman, Temple Bar and Dublin city centre more generally. Ryan Murphy of Cushman & Wakefield says: “With development sites with full planning permission for hospitality use increasingly scarce in Dublin city centre, this offers buyers the opportunity to deliver a high-quality hotel scheme in a location benefiting from significant regeneration, excellent transport connectivity and strong tourism fundamentals. “Given the combination of planning certainty, city-centre positioning and the ongoing transformation of the markets district, we expect strong interest from developers, hotel operators and investors alike.”