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 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 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.
CBRE 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.
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.
Source: www.businessworld.ie
