The Dublin Citi Hotel in Temple Bar, Dublin’s world-renowned entertainment district, has been brought to the market amid major redevelopment plans in the local area.
Dublin Citi Hotel, which is located on a high-profile corner site overlooking Dame Street the entrance to Temple Bar, consists of two that were originally built as offices, until 1996 when the property was converted to a hotel and bar.
There are currently plans to develop Dame Street and Temple Bar area and pedestrianise a section of Dame Street adjacent the Dublin Citi Hotel.
Real estate advisor Savills is seeking investors for the boutique 27-bedroom hotel and bar at a guiding price of €10.7m (£9.4m). The property will benefit from a new 25-year lease with a rent of €660k per annum.
The new “Central Plaza” development, which is currently underway next door to the property, when completed in 2020 will add 12,000sqm of office and retail space with a signature 300-seat panoramic roof top restaurant, bar and viewing deck. Savills expects this will further enhance the ‘already exceptional footfall’ on the hotel’s doorstep.
Aaron Spring, associate director of hotels and leisure at Savills, commented: “Investors are capturing strong rental income underpinned by experienced operators, and the opportunity to own a strategic piece of Dublin’s streetscape.”