€16m for prime D2 hotel opportunity
Offers in excess of €16m are being sought for a major hotel development opportunity in what is arguably Dublin city's most-sought after area.
John Ryan of CBRE expects strong buyer interest from both Ireland and abroad for the former Loreto nuns' home at No 77 St Stephen's Green.
Located at the heart of the capital's Central Business District and directly opposite St Stephen's Green park, the property has full planning permission for an 81-bedroom hotel.
The planning permission provides for the conversion of the original building (a protected structure) to provide eight suites, graceful reception rooms, a high-quality restaurant and bar located in a former chapel and spa facilities. A bedroom block will be constructed to the rear to provide 73 guest bedrooms with an average room size of 22.5 sq m.
Once completed, it is envisaged the 81-bedroom hotel will operate in the four-star category.
John Ryan of CBRE's hotel division says the sale of No 77 represents a "unique opportunity to acquire a superbly located hotel development site and the opportunity to develop a unique boutique hotel comparable with the best in the world".
The property may also have alternative use potential subject to the necessary planning permission being obtained by the purchaser.
A recent feasibility study undertaken by the vendors indicates a possible office development with a gross internal area of 5,220 sq m (56,187 sq ft).