Dublin youth hostel primed for residential development at €5m

Feasibility study suggests 61 Mountjoy Street suitable for PRS, co-living or student beds

An aerial view of number 61 Mountjoy Street (outlined in red) shows its prime city centre location

An aerial view of number 61 Mountjoy Street (outlined in red) shows its prime city centre location

 

Having operated for many years as a youth hostel under the An Óige Irish Youth Hostel Association (IYHA), number 61 Mountjoy Street in Dublin city centre looks set to offer a very different kind of accommodation in the near future.

Located on redevelopment site of 0.267 hectares (0.66 acres), the property is being offered to the market at a guide price of €5 million. Selling agent GVA Donal O’Buachalla expects to see significant interest in the property given its potential for a range of residential uses.

A feasibility study prepared in advance of the sale by Ryan and Lamb Architects suggests three development options for the site, namely the delivery of 50 private rented sector (PRS) apartments, 124 student bed spaces, or 119 co-living residential units. The property also has potential for medical-related uses having regard to its proximity to the Mater hospital or possibly budget hotel use.

While the subject site is most likely to attract developers and investors involved in the residential sector, it sits within an area zoned “Z15 – Institutional and Community” under the Dublin City Development Plan 2016-2021. This specifies a range of development uses which are “permitted” and “open for consideration” including residential, medical, hotel, educational, community and institutional.

Significant redevelopment

The property includes a range of buildings ranging from single to part three-storey over-basement with a total floor area of 3,450sq m (37,135sq ft) together with an undeveloped site at the rear offering significant redevelopment potential. A number of the buildings included in the sale are protected structures. These have potential for conversion however to a variety of uses as part of an overall redevelopment of the site.

The property is located in Dublin’s north inner city and is positioned on a corner site at the junction of Mountjoy Street (45m frontage) and Wellington Street Upper and Wellington Place, close to Dorset Street Upper, the Mater hospital and the Technological University Dublin (TUD) campus at Grangegorman.

Mountjoy Street and the surrounding area is undergoing major regeneration and has become a vibrant residential location with a range of amenities. The subject property is located within a short walk of O’Connell Street.

Further details are available from Roger Keogh or Patrick Kirwan at GVA Donal O’Buachalla.