Hotel operators and investors looking to secure a foothold in or increase their existing presence in the Dublin market may be interested in the opportunity presented by a landmark venue being delivered by the MKN Property Group in East Wall.
The hotel, which is being developed as part of the wider East Wharf mixed-use scheme will comprise 183 bedrooms distributed across 15 floors. Construction has commenced on site with practical completion expected in the final quarter of 2023. The hotel will be ready for fit-out and to begin operating in early 2024. Given that timing, agent CBRE is seeking proposals now from hoteliers for lease, management agreements or forward-purchase/commitment proposals.
Upon completion, the hotel will form the centrepiece of the East Wharf scheme. Located at the junction of Alfie Byrne Road and East Wall Road, the development will also include 1,400sq m (15,069sq ft) of office accommodation, 87 build-to-rent (BTR) apartments, and a cafe over a basement car park. The site will also feature a landscaped plaza, a riverside walkway, a play area, and a drop-off area to serve the hotel.
The MKN Property Group is understood to have paid about €6 million to secure ownership of the East Wharf site in 2019. The sale of the 0.38-hectare (0.85 acre) holding followed the move by its long-standing occupier, Canavan Ford and Seat, to a new car showroom on the North Circular Road.
MKN’s decision to pursue the development of a hotel on the site is interesting when viewed within the context of the feasibility study carried out by the vendors in 2019. According to it, the land offered scope for the construction of a much larger office development of 9,000sq m (96,875sq ft) and 101 apartments rather than the 1,400sq m (15,069sq ft) of office space and 87 apartments that MKN has now decided to deliver. And while the 2019 study said that a 178-bedroom hotel could alternatively be accommodated on the site, it suggested that this might replace the apartments as opposed to the offices.
In terms of its accessibility, East Wharf is well positioned at the junction of East Wall Road and its approach to Dublin’s north docklands. The scheme is situated within walking distance of East Point Business Park and within a short drive of the IFSC, Croke Park and the 3Arena. East Point Business Park is home to more than 50 companies with more than 6,000 employees. Notable occupiers include British Airways, Cisco, Oracle, Fineos, Deutsche Bank, Top Oil, Verizon and Enterprise Ireland. The city’s north and south docklands, meanwhile, are home to a range of global tech giants including Google, Meta, Salesforce and TikTok.
Julie Gauthey of CBRE said: “The East Wharf hotel is a superb opportunity for operators to secure a turnkey hotel in one of Dublin’s most prominent areas. The property is now under construction and provides the successful hotelier with the opportunity to work with the developer in delivering an amazing hotel.”
