Hotel operators and investors looking to profit from the post-pandemic resurgence in accommodation demand in Dublin city center will be interested in the sale of One Westmoreland.
Situated adjacent to the premises of the College Green branch of the Bank of Ireland and directly opposite the entrance to Trinity College Dublin, the property comprises a six-storey building with full planning permission for the development of a boutique hotel with 38 rooms. One Westmoreland is offered to the market by the agent CBRE at an indicative price of 6 million euros.
Apart from its accommodation, the proposed hotel will include a reception area on the ground floor and a coffee area with a capacity of 40 seats.
One Westmoreland occupies a prime position in the town center and is within walking distance of the shopping areas of Grafton Street and Henry Street. The property is at the Westmoreland Street entry point to Temple Bar, one of Dublin’s most popular tourist destinations due to its variety of retail outlets, cafes, pubs, restaurants and cultural offerings .
Westmoreland Street and surrounding areas are set to benefit from the future pedestrianization of College Green, which is planned from the gates of Trinity College Dublin to the junction of Dame Street and South Great George’s Street. This pedestrianization should be completed in 2024.
The proposed hotel will be well served by a range of public transport options, including the Luas Green Line. The tram’s northbound service runs immediately past One Westmoreland, along O’Connell Street and into the northern suburbs. The nearest southbound stop, meanwhile, is less than a two-minute walk away and accesses St Stephen’s Green, the traditional office heartland of Dublin 2, and then the city’s southern suburbs.
Alexandra Sheeran of CBRE’s Hospitality Division said: “One Westmoreland offers investors a superb opportunity to acquire a six-storey building with full planning permission for a 38-bedroom hotel in the heart of Dublin’s famous Temple Bar district.