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Marlet Property Group Closes €22 million Purchase of Abbey Street Upper Site

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

A 0.87 acre development site on Abbey Street Upper, Dublin 1, which has remained vacant for decades, has been purchased by Marlet Property Group for 22 million Euros. A feasibility study by RKD Architects, which was commissioned by the vendors pre-sale, assessed the site's potential use as offices, hotel units and student accommodation.

The site sits in the heart of the city centre, in close proximity to key transport links and less than 15 minutes walk south across the River Liffey to Trinity College, Dublin - A highly regarded Higher Education institution home to ~17,000 students.

Marlet is already an active office developer, and has shown potential appetite in developing hotels through its acquisition last year of the Grand Canal Harbour site, which has planning permission for a large development that includes an aparthotel. Alongside this, recent reports in November of last year indicate Marlet's disposal of the "Dublin Living Portfolio to London-based Round Hill Capital remains on track. The transaction is expected to fall in the region of 450 million Euros.

Should Marlet consider student accommodation for the Abbey Street Upper site, it would sit alongside currently over 30 planning applications in play and due to come online over the course of the next 3-4 years in Dublin. The vast majority of these applications already have planning approval granted and in total, the pipeline exceeds over 9,000 new units of student accommodation.