Significant Interest Registered For €5m Zanzibar Property In Dublin
The building that formerly housed popular Dublin night spot Zanzibar has had over 100 expressions of interest in the property after being put on the market by CBRE with a guide price in excess of €5 million.
The property, which is on 0.42 acres and houses four floors of bedrooms, many of which are in the new extension to the rear, and planning permission for an 89-bedroom hotel, has had 25 viewings from parties based in Ireland, UK and Europe. Despite the building being marketed as a centrally located hotel development site, the Irish Times reports that some interested parties are exploring the possibility of operating it as a hostel or for student accommodation, with first-round bids to be lodged with CBRE on 7 October.
Discussing the strong buyer interest in the property, Paul Collins of CBRE said: "It’s a reaction to the huge shortage of hotel rooms in the city. There has been a chronic undersupply of new rooms and we badly need more capacity."
Zanzibar, which had extensive food and beverage facilities, was able to accommodate up to 1,200 people in its prime but has not traded for a number of years. However, the planning permission has been extended to March 2019 and allows for the creation of a new walkway linking Ormond Quay to Great Strand Street.
Despite the strong interest in the property, it's understood that Dalata is not one of the parties, with the hotel operator currently planning to build a €250 million landmark international business campus at a site near Dublin Airport.