The central Dublin site that includes the popular Unicorn restaurant is to be redeveloped by a business consortium, which purchased the restaurant as well as the adjoining retail units for €3.5 million.
The group has now spent over €5 million assembling the site, situated on Dublin's Merrion Row, including a separate purchase of the piano bar at the rear of the restaurant for €500,000 and the coffee shop on the block, according to the Irish Times.
The investors are led by Ray Cotter, who plans on building a a new four or five-storey building on the site, comprising retail units, restaurants and apartments. The plans are subject to permission and are still some way off coming to fruition.
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The Unicorn restaurant, which during the Celtic Tiger era was a popular spot for businessmen, politicians and the media, went into liquidation in the downturn and has been struggling since. The €3.5 million price tag represents a cut-price for Cotter, sold at the behest of receiver Tom Kavanagh of Deloitte.
It's reported that The Unicorn was among five properties held by Jeffrey Stokes and his wife Pia Bang Stokes, who along with their two sons, were being pursued by Commercial Court for €14.7 million judgment orders arising from various loans and guarantees.
After redevelopment the site will become a 30,000 square feet building of retail, restaurants and apartments, with the latter estimated to be worth between €750,000 and €1 million.