Aparthotel Development Opportunity on James Street, Dublin 8
149 unit Aparthotel with the benefit of FPP
Dublin, 16th January 2019 – CBRE has been instructed to offer a unique aparthotel development site of 0.2 hectares (0.5 acres) on James Street, Dublin 8 to the market, with a guide price of €5.75m.
The site which is zoned Z1 residential, is located on James’s Street adjacent to the new National Children’s Hospital and James’s Hospital. The Guinness store house, the museum of modern art and Kilmainham Hospital and other major tourist attractions are within walking distance of the site. This is a vibrant quarter in Dublin 8 which is subject to major redevelopments including the planned St. James Gate Quarter as well as the former John Player Factory site on the South Circular Road, which is earmarked for substantial residential development.
The site is ideally positioned in terms of transport links, with the James’s LUAS stop located less than 150 metres away, providing regular services to major employment hubs such as the IFSC, Grand Canal and City Centre. There are also several bus routes serving the area, providing access to Dublin City, major tourist attractions such as Grafton Street and Temple Bar as well as the surrounding suburbs.
The Dublin Hotel Market has been one of Europe’s best performing markets over the past 4 years with strong fundamentals under-pinning performance. With aparthotel bedrooms representing approximately 3% of the total hotel stock in Dublin, there is great potential for such extended stay accommodation businesses in the city centre.
The site extends to 0.5 acres and is accessed from James Street. The site currently lies vacant with a large warehouse unit to the rear of the site. There is pedestrian access to the side of the site, between James Street and Bow Lane. The site has the benefit of Full Planning Permission for a 9 storey aparthotel comprising 149 units, bicycle spaces as well as ancillary retail on the ground floor.
The site offers a developer the opportunity to acquire an ideally located site, with excellent transport links and connectivity to the city centre, with full planning to develop an extensive aparthotel development, with potential to develop a residential scheme subject to planning.
CBRE are guiding excess €5,750,000 for the site.
Click here to view full listing.
The site is ideally located within close proximity to a number of transport links as well as local amenities and provides the purchaser with the opportunity to develop a significant Aparthotel development or alternatively explore the possibility of providing a Co-Living scheme or BTR accommodation on site.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie