Commercial real estate services firm CBRE has released its first bimonthly property market update report for 2019, revealing that it is currently observing strong volumes of international capital looking for Irish hotel opportunities, from both an occupier and investment perspective.
CBRE stated that this is encouraging and said that one transaction that is likely to attract considerable interest is an opportunity to develop a Cork city centre hotel at Sullivan’s Quay. The new 220-bedroom hotel will form part of a mixed-use development comprising 8,000 square metres of offices and a landmark 12-storey tower hotel.
CBRE's report also noted that activity in the Dublin pub market remains predominantly focussed on sites that have alternative use value. As evidence, it pointed to both the strength of demand witnessed for the 0.8 acre Uncle Tom’s Cabin site in Dundrum, Dublin 14, which was guiding €3.75 million and has now gone to best bids, and the Magic Carpet site in Cornelscourt, Dublin 18, which was recently offered for sale guiding €12 million.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.