Warren Private and Greenleaf Places Usher’s Quay Hotel Development on Market for €7m, Dublin
Location: Dublin 8, Ireland
Name: Usher’s Quay hotel site
Guide Price: €7m – land only
No. of Keys: 100 to be built
The Opportunity:
International investors and hotel brands looking to invest in Dublin will likely be interested in a hotel site, with full planning permission to develop a 100-bedroom hotel, which has come to the market seeking €7 million.
The Usher’s Quay hotel site in Dublin 8 enjoys a high-profile location overlooking the River Liffey, and within walking distance of many of the city’s main attractions.
Once developed, the hotel will extend to about 4,046 sqm, with restaurant and bar facilities of about 150 sqm.
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, it’s first city centre hotel, which was delivered by Warren Private and Greenleaf Group.
Warren Private and Greenleaf is reported to have acquired the Usher’s Quay site for €3.3 million in 2019. The price paid represented a premium of 16.67 per cent on the property’s €2.75 million guide price.
The site presents prospective purchasers with an opportunity to develop a hotel in a location with very few hotel options in an area which is witnessing considerable rejuvenation. The area was recently nominated by London’s Time Out magazine as the 15th coolest neighbourhood in the world.
Two notable development schemes in the immediate area are the regeneration of Newmarket Square and the Guinness Quarter at St James’s Gate. Both schemes have a combined commercial value of over €1 billion and are set to support a range of independent retailers, digital and media start-ups and small enterprises and also enhance the tourism and hospitality offering.
Alexandra Sheeran, a senior analyst with CBRE, said: “The Usher’s Quay hotel site is an exceptional development opportunity for parties to develop a midscale/upscale hotel located in the south inner city close to a host of local facilities. Dublin has seen a total of five significant hotel transactions totalling over €315 million in the year to date, demonstrating the strong pent-up demand from international parties and brands looking to invest in the city.”
Despite the impact of the pandemic, the market for new hotels remains strong. with as many as 24 hotels, comprising 4,500 rooms, expected to be delivered in Dublin by the end of 2023. Most recently, The Standard group said it will open its first Irish hotel at Ballymore’s Dublin Arch development in 2025. Whitbread, meanwhile, is targeting 2,500 Premier Inn rooms in Dublin.
Flag & Management: Free to new owner
Main Photo: The new hotel envisaged
Financials:
Tenure: Freehold
Agent: CBRE…. THPT would need to be retained by the interested buyer
Date Posted: November 2021
THPT Comment: Dublin is a tough market, as this post demonstrates, so a new 100 key hotel,k in this location is rare indeed…there will be much interest
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