Real estate investor Mel Sutcliffe of Quanta Capital has acquired No 10 St Stephen's Green for around €4 million. Located immediately adjacent to the historic Hibernian Club and dating from the 19th century, the high-profile Georgian building extends to 465 sq m (5,000 sq ft) over four floors and was formerly the home, in part, to the Il Posto Italian restaurant which ceased trading in 2018 after more than 20 years in business. Separately, the ground and upper floors had been operating as a licensed premises since 2014 but these were vacated prior to the sale.
The subject property was offered to the market last September by selling agent Bannon on behalf of Antoine Xavier's Xestra Asset Management. Xestra had, for its part, acquired the property in 2017 from developer Sean Mulryan's Markland Holdings for around €2.5 million albeit subject to its existing tenancies. David Carroll of Bannon brought the property for sale with full vacant possession and with the further benefit of a seven-day publican's licence.
Number 10 enjoys a prime location directly opposite St Stephen’s Green itself and just 100m east of Grafton Street.
News of Sutcliffe’s acquisition of the property comes just six weeks after The Irish Times reported on his company’s €40 million off-market purchase of the landmark Shelbourne House in Ballsbridge.
The Shelbourne House purchase is understood to have been supported with funding from Fairfield Real Estate Finance and its US-headquartered backers, Oaktree Capital Management.
Shelbourne House previously formed part of the portfolio of O'Malley Homes and Development, and has for years served as the location for its headquarters.