An Irish real-estate asset manager is looking to capitalise on the opportunity presented by the five-star Morrison going on sale by bringing to market a development adjacent to the hotel.
Last week, UK private equity fund Zetland Capital/Centauro Holdings put the Morrison hotel on the market for between €90 million and €95 million.
Now Xestra Asset Management is seeking expressions of interest for a prominent adjoining site it has assembled in recent years.
It comprises 9 and 10 Ormond Quay Lower and 3-10 Strand Street Great, Dublin 1. It is guiding in excess of €12 million for the plot.
The investment firm said the site presented “a rare opportunity for value-add investors to acquire a high-profile city-centre property with substantial redevelopment potential”.
“The flexibility of the zoning and the site’s prime location position it as a landmark project within Dublin’s evolving cityscape,” the firm also said.
The property is located adjacent to the Morrison hotel and is 100m east of the recently pedestrianised Capel Street, which was in 2022 named as “one of the coolest streets in the world” by Time Out Magazine.
Numbers 9 and 10 Ormond Quay Lower front the Liffey and are said to offer excellent visibility in a high-footfall area.
Number 9 was most recently used as office accommodation, while number 10 functioned as a high-end private event venue.
In Strand Street Great, the site includes seven three-storey buildings (numbers 3-10), located at the intersection of Capel Street and Liffey Street Lower.
These structures serve a variety of uses and are said to offer significant redevelopment potential.
Extending to about 0.125 hectares (0.31 acres), the site benefits from Z5 City Centre Land Use Zoning under the Dublin City Development Plan 2022–2028.
This zoning permits a wide range of uses, including hotel, hostel (tourist), student accommodation, residential, office and education among others.
Planning precedents in the area suggest support for mixed-use and hospitality developments.
During summer, An Bord Pleanála overturned Dublin City Council’s decision to refuse plans by The July Hotel Group for an eight-storey hotel in nearby Capel Street.
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