Investors looking to secure a foothold in the capital’s thriving hotel sector may be interested in the opportunity presented by the sale by Burger King’s Irish franchise owner, the OKR Group, of a high-profile property located at the junction of O’Connell Street and North Earl Street in Dublin city centre.
Known for many years to visitors to the city as the home of the Kylemore cafe, number 1-2 O’Connell Street is being offered to the market along with the attached 29 North Earl Street and 10 Cathedral Street by agent JLL at a guide price of €9 million.
The subject property, which occupies a pivotal location overlooking the Spire monument and the GPO, briefly comprises a six-storey over-basement building with a retail unit at ground and basement level.
The building comes for sale with full planning permission for a boutique hotel. The permission allows for the reuse of the existing ground floor entrance at O’Connell Street, a reception/lounge area at first-floor level and 38 en suite bedrooms from first to fifth floors.
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Approval for the scheme was secured in May of last year by the building’s current owner, the OKR Group.
Developed originally in the immediate aftermath of the 1916 Easter Rising, 1-2 O’Connell Street and 29 North Earl Street is a protected structure with an Edwardian Baroque style typical of the early 20th century. The vacant retail unit at ground-floor level and basement extends to 4,254sq ft. and was formerly occupied by the Kylemore cafe and bakery.
10 Cathedral Street was constructed in 1820 with a red brick parapet wall facade along with a granite shopfront and cornicing. The building comprises a vacant ground-floor retail unit extending to 235 sq ft along with storage from basement to second-floor level extending to 10,011 sq ft which is currently occupied by Dunnes Stores who are overholding at a rent of €80,000 per annum.
In terms of its potential as a hotel, the subject property is well located on what has traditionally been considered as both Dublin’s and the nation’s most significant thoroughfare. Quite apart from its setting across from the historically important GPO, the building sits within walking distance of many of the city’s other most-popular visitor attractions.
It is also well connected by public transport with both the north and southbound Luas green-line services, the Luas red line and numerous Dublin Bus routes all within short walking distance.
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Commenting on the sale, Nicola Vance and Cian O’Sullivan of JLL say: “This is an opportunity for investors to own a piece of Dublin’s history in a prime location while benefiting from the growing demand in the hospitality and retail sector”.
