Friday 23 August 2019

€4.5m sought for city centre site with permission for 39-bed hotel

City centre: the 0.1-acre site is at the Dame St/Eustace St junction
City centre: the 0.1-acre site is at the Dame St/Eustace St junction
Donal Buckley

Donal Buckley

A hotel development opportunity in Dublin city centre is being offered for sale with a €4.5m guide price. Known as Shamrock Chambers and the location for Mr Simms Olde Sweet Shoppe, the property currently comprises a five-storey-over-basement building of 1,746 sq m and stands on a site area of about 0.1 acres at the junction of Dame Street and Eustace Street.

It is being sold by US fund Grand Coast Capital with full planning permission for a 39-bedroom hotel, by way of the refurbishment and extension of the existing building to six-storeys-over-basement.

James Meagher of agents Knight Frank also points out that under the Dublin City Development Plan 2016-22, the site is zoned 'Objective Z5 - City Centre' which also makes it suitable for a wide range of alternative uses including offices, residential, student accommodation and retail subject to planning permission.

In 2016 it was offered for sale for more than €1.9m and at the time it had two rented shops at street level and four largely vacant upper floors.

Located on a corner site, the property also benefits from being on one of the access routes just 100 metres from the heart of Temple Bar. It is also within a short walking distance of busy tourist destinations including Trinity College, Grafton Street, St Stephen's Green and Dublin Castle amongst many others.

Furthermore, the property is within 100 metres of the new Central Plaza development on Dame Street, which is due for completion by the end of this year and is expected to accommodate more than 1,300 office workers as well as providing a significant offering of retail, restaurant and café facilities.

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