A six-storey building at One Westmoreland, Dublin 2 that has full planning permission for a 38-bedroom hotel has been sold by CBRE Ireland to a private buyer.
Market sources indicated the property was sold for about €5.5 million, which is down on the guide price of €6 million when the property was put on the market in 2022.
It’s understood a number of potential buyers were in advanced negotiations to buy the property over that three-year period, but pulled out for various reasons. Sources said that because the property was sold as part of a development agreement, it was more difficult to get it across the line.
The property is situated on one of the widest and busiest streets in Dublin city centre, and is situated opposite the five-star College Green Hotel.
Paul Collins, head of CBRE Hotels Ireland, said: “This superb opportunity was sold to a private investor who recognised the great potential that the prime property offers. There was significant interest in One Westmoreland Street due to the ability to create and operate a high-profile hotel in this stunning Temple Bar location.”
The proposed hotel forms part of Temple Bar and is slated to include a ground-floor reception area and a cafe space with a capacity for 40 covers. Irish financial services group Fexco currently operates a currency exchange at ground floor level in the building.
The immediate area is set to benefit from the future pedestrianisation of College Green, which is planned from the gates of Trinity College Dublin to the junction of Dame Street and South Great Georges Street.
Situated next to Bank of Ireland’s landmark College Green branch, the property is also well served by many public transport modes including Luas Green Line, travelling northbound. It passes immediately in front of One Westmoreland along O’Connell Street and the north suburbs of the city.
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