Ireland: The Dublin Loft Company has bought a prime 0.5 acre development site on James Street, Dublin 8, where it is likely to develop an aparthotel.
The site, located at 180, 182, 183 and 184 James Street, was marketed for sale in January through the CBRE agency.
According to documents filed with the Companies Registration Office for James’s Street Hotel, a newly-incorporated subsidiary, the sale of the site completed last month for a sum believed to be more than €6.5 million.
This is the Dublin Loft Company’s second venture into the Dublin 8 market, having previously acquired a site at 98/99 Francis Street where it secured planning permission for an apartment scheme.
It is understood that a large number of parties expressed strong interest in acquiring the property due to its location and the attractive existing planning permission for a 149-unit aparthotel that was secured by the vendor, Mullins Investments, a company connected to Singapore-based Irish businessman Peter Mullins.
Selling agent Peter Garrigan of CBRE said: “We received traction from co-living developers looking to establish a presence here in Ireland. They see huge opportunities here based on our transient workforce and our dedicated co-living planning code.”
Garrigan added that “based on existing opportunities we will see a further push from European and US co-living developers and operators looking to enter the market in the next 12 months.” CBRE is in the process of selling other sites across the city to co-living developers and is aware of a number of other similar deals currently in progress with other agencies.</p
