Developers and investors in both the hotel and private rented sector (PRS) markets are expected to express their interest in the sale of 72-74 Old Kilmainham Road in Dublin 8.
Located within close proximity to the existing St James’s Hospital and the new National Children’s Hospital which is under development currently on the adjoining site, Carrigan’s Pub has the potential, subject to rezoning, to accommodate a hotel of up to 80 bedrooms or a mid-sized apartment scheme.
Agent Robert Colleran is guiding a price of €2.5 million for the property. While the vendor has a preference to sell the property “as is”, they may also consider selling the property on a “subject to planning permission” basis at a higher sales price.
Carrigan’s pub is a three- storey building of 576sq m (6,200sq ft) that occupies a high-profile position on the corner of Brookfield Road and Old Kilmainham Road. The property is currently vacant and is zoned “Z6 ‘Employment/ Enterprise” under the Dublin City Development Plan 2016 – 2022. Selling agent Robert Colleran says he understands that the property is within an area of land earmarked for residential rezoning.
Positive planing history
Carrigan’s comes to the market with the benefit of a positive planning history. Dublin City Council gave its approval previously for a five-storey mixed-use development (planning ref: 4259/07/x1).
A feasibility study prepared in advance of the current sale by Kevin Hughes of Hughes Planning & Development Consultants suggests the site may be able to accommodate a larger development comprising a seven to eight-storey hotel comprising between 70 and 80 bedrooms or a residential scheme.
The Old Kilmainham Road sits within an area undergoing significant regeneration and development. The subject property is located close to the city centre, St James’s Hospital, the Royal Hospital Kilmainham, Kilmainham Gaol, the Guinness Storehouse, Dublin Zoo and Heuston South Quarter (HSQ). Both the Luas red line and Heuston train station are within walking distance of the site.
Robert Colleran says: “72 – 74 Old Kilmainham Road should be of particular interest to hotel operators or private rental sector (PRS) apartment developers due to its close proximity to St James’s Hospital, several very popular tourist attractions and a good public transport network.”