A potential hotel site on Dublin’s St Stephen’s Green has been sold by Aviva’s Irish Commercial Property Fund.
Three prime properties near Grafton Street which are not conjoined, were sold for approximately €10.5m, significantly less than the quoted price of €13.5m.
The properties were considered by Paddy McKillen Jr as offering potential for incorporation into a site for a hotel.
The purchaser, believed to be the Treacy Group, adds to its portfolio of shopping centers and retail parks, which includes properties in Kildare and Tipperary.
The St Stephen’s Green Collection comprises three separate buildings totaling 1,464 sqm, which includes a rental property with an annual income from English retailer Reiss and potential for developing 11 apartments as suggested by a feasibility study.
The properties, while not adjoining, may have future development opportunities as additional contiguous sites have recently been for sale, indicating possible expansion for commercial or residential projects in the area.
