International investors and hotel brands looking to invest in Dublin are likely to be interested in a hotel site, with full planning permission to develop a 100-room hotel, which has entered the market for € 7 million.
The Usher’s Quay hotel site in Dublin 8 enjoys a prime location overlooking the River Liffey and within walking distance of most of the city’s main attractions.
Once developed, the hotel will cover approximately 4,046 m², with a restaurant and bar of approximately 150 m².
While the site had been linked in the past with the UK-headquartered Whitbread Group as a potential Premier Inn, it is now being sold rather than developed by its owners, Warren Private and the Greenleaf Group.
Earlier this month, Premier Inn opened a new hotel on South Great George’s Street, its first downtown hotel, which was delivered by Warren Private and Greenleaf Group.
Warren Private and Greenleaf would have acquired the Usher’s Quay site for 3.3 million euros in 2019. The price paid represented a premium of 16.67% on the guide price of 2.75 million euros of the property.
The site offers potential buyers the opportunity to develop a hotel in a location with very few hotel options in an area experiencing considerable rejuvenation. The area was recently nominated by London’s Free time magazine as the 15th coolest neighborhood in the world.
Two notable development projects in the immediate vicinity are the regeneration of Newmarket Square and the Guinness Quarter at St James’s Gate. The two programs have a combined business value of over € 1 billion and are intended to support a range of independent retailers, digital and media start-ups and small businesses and to improve the tourism and hotel offerings.
Alexandra Sheeran, Senior Analyst at CBRE, said: “The Usher’s Quay hotel site is an exceptional development opportunity for parties wishing to develop a mid-range / upscale hotel located in the nearby South City Center. many local facilities. Dublin has recorded a total of five significant hotel transactions totaling over € 315 million in the year to date, demonstrating strong pent-up demand from international parties and brands looking to invest in the city.
Despite the impact of the pandemic, the new hotel market remains strong. with no less than 24 hotels, comprising 4,500 rooms, expected to be delivered to Dublin by the end of 2023. More recently, the Standard Group announced that it will open its first Irish hotel in the Ballymore’s Dublin Arch development in 2025. Whitbread, meanwhile, is targeting 2,500 Premier Inn rooms in Dublin.