Cork City Council is planning to sell three buildings on Parnell Place to a Dublin investment firm who wish to turn the premises into a budget hotel and hostel.
According to eveningecho.ie, Cork City Council, who originally acquired the buildings from Nama for €1.1 million three years ago, stands to make double its money back by selling the three properties for more than €2 million. The unidentified company to whom the council is selling intends to redevelop the site for use as a budget hotel/hostel with a ground floor restaurant and bar.
The buildings back onto Deane Street and are adjacent to the city's Bus Eireann terminal. Their sale is still subject to consent from city councillors.
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This proposal marks one of several planned hotel developments for the eastern edge of Cork city, with a major redevelopment of the Metropole Hotel already in the pipeline as well as a proposed floating hotel at Prenrose Quay, among others.