An Irish hotel group has purchased a ready-to-go hotel site at the junction of New Street South and Upper Kevin Street in Dublin 8. The unnamed company has paid just over €8 million – €1.5 million above the guide price – for the site, which has planning permission for 137 bedrooms.

Agent JLL handled the sale of the former Myra Glass premises which extend to 0.14 of a hectare (0.36 of an acre) and have been lying vacant for a number of years.

The site is in the city centre close to both St Patrick’s Cathedral and another site currently being redeveloped as a new Dublin headquarters for the Garda.

The planning appeals board granted permission last November for the hotel which will include a basement car park with 23 spaces, a ground- floor entrance on New Street South and four upper floors with bedrooms. The Radisson Blu Royal Hotel on nearby Golden Lane is already trading exceptionally well with room rates starting at €249 per night.