Aviva Investors Buys Pre-Let Premier Inn Dublin Docklands
Main Photo: The new Premier Inn in Dublin
Date: June 2022
Name: Premier Inn Dublin South Docklands – opening end 2022/early 2023
Location: Gloucester Street/Princes Street South, Close to Trinity College, Dublin 2, Ireland
Number of Keys: 113
Seller: The site was a warehouse acquired by the developer – Red Rock Developments
Buyer: Aviva Investors for it’s European Real Estate Long Income Fund
Aviva Investors has snapped up a hotel in Dublin’s docks on behalf of it’s European Real Estate Long Income Fund.
The hotel, which has been prelet to Premier Inn, is at the junction of Gloucester Street and Princes Street South in the South Docklands business area in Dublin 2.
According to Aviva the area is “well served by public transport and from a leisure perspective, is located within walking distance of Trinity College, Temple Bar, O’Connell Street and most of the city’s main leisure attractions”.
The hotel is set to complete by the end of 2022 with Premier Inn signing a long-term lease. The scheme is being developed by Red Rock Developments.
“In line with the overall strategy of the fund, we expect this asset to provide investors with consistent long-term income which is underpinned by an investment-grade covenant and, importantly, linked to inflation,” Aviva European Real Estate Long Income Fund co-Manager Isabel Gossling said.
Aviva Investors was advised by Dan O’Connor and Brian Shields of JLL. Red Rock was advised by Fergus O’Farrell of Savills and Byrne Wallace Solicitors.
Price: Undisclosed
THPT Comment: Premier Inn moving ahear in Dublin with this, their fourth hotel….also in the pipeline being the Union Investment owned Premier Inn at Castleforbes.
First Seen: Bisnow
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market. For more information – Visit www.thpt.co.uk or email [email protected]
