€1.3m for Dublin city centre guest house with development potential
Agents Savills are guiding a price of €1.3m for the Marian Guest House at 21-22 Upper Gardiner Street in Dublin city centre.
The property comprises double-fronted, interconnected Georgian houses, offering the potential purchaser significant development potential.
The guest house's current layout consists of 22 bedrooms with nine ensuite bathrooms, as well as a dining room and lounge.
Parking is also available and there is rear access off Kelly's Row.
The development potential exists in the main building and large yard with access.
Quite apart from its value as a going concern, the Marian Guest House's potential for additional development presents the purchaser with an excellent opportunity to exploit the strength of Dublin's booming tourist and visitor markets.
The property is situated within a five-minute walk of Dublin city centre, and is conveniently located for many of the city's tourist attractions.
In 2016, around 27.9 million passengers used Dublin Airport while the number of foreign residents visiting Ireland reached 9.4 million, a 10.9pc increase on 2015.
This was driven by the addition of 22 new routes from Dublin Airport connecting over 180 worldwide destinations.
The Irish hotel sector has been one of the prime beneficiaries of this growth in overseas visitors.
The capital's hotel RevPAR was up 15pc in 2016 and is forecast to grow by 7pc in 2017.
Aaron Spring, associate director of Hotels & Leisure at Savills, says: "The property offers a purchaser an immediately profitable business as well as a number of other opportunities, namely the potential to expand the existing operation, look at alternative uses or other longer-term development potential given the current demand."