Zanzibar Hotel Site on the Market
Dublin, August 2016 – CBRE Hotels have confirmed their instructions to offer a centrally located hotel development site to the market for sale by private treaty.
The Zanzibar hotel development site, located at 34/37 Ormond Quay, Dublin 1 has full planning permission for an 89 bedroom hotel together with extensive food and beverage facilities.
The 0.17ha (0.42 acres) site, on sale with freehold title and vacant possession, is centrally located in the heart of Dublin city centre overlooking the River Liffey and the Ha’penny Bridge. The site is immediately adjacent to Temple Bar and a host of tourist attractions including Trinity College, GPO, Dublin Castle and Guinness Storehouse. The Henry Street / Mary Street retail precinct is closeby while Grafton Street is a short stroll from the hotel.
The site is also convenient to a host of business generators including IFSC, CCD, 3 Arena, Croke Park, the Four Courts and the Central Business District.
The site is easily accessible to Dublin Airport and to both Heuston and Connolly mainline railway stations while LUAS (including the soon to open LUAS Cross City extension) is closeby.
The planning permission provides for the conversion of two protected structures and the provision of an 89 bedroom hotel totaling 7,077 sq m of which 5,494 sq m is new build and 1,583 sq m of retained protected structures. There are four floors of bedrooms the majority of which are in the new extension to the rear and they each extend to approximately 23 sq m. There are extensive food and beverage facilities. The permission also allows for the creation of a new walkway linking Ormond Quay to Great Strand Street.
According to John Ryan of CBRE Hotels the sale of the Zanzibar hotel development site represents a unique opportunity to acquire a centrally located hotel development site. With the current undersupply of hotel bedrooms coupled with the improved economic environment, the Dublin hotel market has been performing very strongly supported by a consistently high level of occupancy and growing room rates.
John Ryan anticipates strong buyer interest from a range of domestic and international property developers, hoteliers and investors especially given the high profile location of the hotel site and the full planning permission for an 89 bedroom hotel.Offers in excess of €5m are being sought for the site.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.