Architect’s impression of development at One Westmoreland Street which has planning permission for a 38-bed boutique hotel
A Dublin city centre property beside one of the city’s most historic buildings has been sold to a private buyer.
Number 1 Westmoreland Street, next door to the Bank of Ireland portico and entrance to the former premises of the 18th century Irish parliament, comes with planning permission for the development of a 38-bedroom boutique hotel.
While the sale price has not been disclosed, estate agents CBRE brought the six-storey building to the market more than two years ago with a €6m guide price. It is believed that the sale price was closer to €5.5m.
The sale does not include the separately-owned Fexco bureau de change on the ground floor of the five storey-over basement building.
Its planning permission includes an extra floor set back on top as well as ground-floor reception area and a cafe space.
The vendor is an Irish family and the purchaser is expected to avail of the planning permission.
There has been strong demand for hotel development sites in the city centre in recent years and they became more precious after Dublin City Council refused some hotel planning applications on the basis that it wanted some of those sites converted to residential uses. Among those purchasing hotel sites have been developers working with the British-based Whitbread brewery company which has been growing its chain of Premier Inn hotels in Dublin.
Also in growth mode has been MHL Hotels, backed by US billionaire John Malone, which owns the College Green Hotel, formerly the Westin, on the eastern side of Westmoreland Street.
The property also benefits from its strong tourist foot fall and its proximity to major tourist attractions such as Trinity College and Temple Bar.
One Westmoreland occupies a prime position in the city centre and is within a short walk of both the Grafton Street and Henry Street shopping areas.
For generations it had been a seed shop owned by the Rowan family. In the last quarter of the 20th century it was acquired by Bank of Ireland.
In 2000, the bank put it and adjoining numbers two and three on the market with a €2.75m guide price.
Under the terms of the sale, the bank continued to occupy 6,300 sq ft of office space on the four upper floors of all three buildings at a rent of £160,000 per annum as well as operate a bureau de change on the ground floor.
The bank subsequently closed its bureau operation and Fexco took it over.
