Hotel operators and investors looking to expand or expand their existing presence in the Dublin market may be interested in the opportunity presented by a historic venue delivered by MKN Property Group at East Wall.
The hotel, which is being developed as part of East Wharf’s wider mixed-use scheme, will feature 183 rooms spread over 15 floors. Construction has begun on site and practical completion is expected in the last quarter of 2023. The hotel will be ready for development and begin operating in early 2024. Given this schedule, the CBRE agent is now seeking proposals from hoteliers for leases, management or purchase/term commitment proposals.
When completed, the hotel will be the centerpiece of the East Wharf scheme. Located at the junction of Alfie Byrne Road and East Wall Road, the development will also include 1,400m² (15,069 sq ft) of office space, 87 apartments to be built (BTR) and a cafe on underground parking. The site will also include a landscaped plaza, a riverside walkway, a playground and a drop-off area to service the hotel.
Real estate group MKN reportedly paid around €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 of its occupant from long-standing, 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 in the context of the feasibility study carried out by the sellers in 2019. According to this, the land offered possibilities for the construction of a development much larger 9,000 m² (96,875 sq ft) office space and 101 apartments rather than the 1,400 m² (15,069 sq ft) office space and 87 apartments that MKN has now decided to deliver. And while the 2019 study indicated a 178-room hotel could alternatively be housed on the site, it suggested it could replace apartments as opposed to offices.
In terms of accessibility, East Wharf is well positioned at the junction of East Wall Road and its approach to Dublin’s North Docklands. The program is located within walking distance of East Point Business Park and a short drive to IFSC, Croke Park and 3Arena. East Point Business Park is home to over 50 businesses with over 6,000 employees. Notable occupants 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 desirable areas. The property is currently under construction and offers the successful hotelier the opportunity to work with the developer to create an incredible hotel.