With plans for the development of a new hotel in partnership with Irish property group Tetrarch Capital abandoned during the Covid-19 pandemic, the Royal Irish Automobile Club (RIAC) has instructed agent JLL to seek expressions of interest for its longstanding home at 33/34 Dawson Street in Dublin city centre. While a guide price has not been set for the property, offers are expected to be in the region of €10 million. The Irish Times understands that the RIAC is open to a range of deal structures including joint ventures.
Located directly across from the Mansion House on what is widely regarded as one of Dublin city centre’s foremost streets, the subject property comprises two five-storey over-basement Georgian buildings extending to a combined area of 1,846sq m (19,871sq ft). The overall site meanwhile extends to 0.45 acres (0.18 hectares) and is located within an Architectural Conservation Area, with both buildings listed on Dublin City Council’s Record of Protected Structures.
The site is zoned Z5 “City Centre” under the Dublin City Development Plan 2022-2028, a designation which allows for a wide range of uses, including hotel, office, residential and hostel. Two feasibility studies prepared in advance of the sale by McCauley Daye O’Connell Architects suggest the site offers scope for the development of either a five-storey over-basement, 54-bedroom hotel with two rental suites extending to 3,016sq m (32,500sq ft), or a five-storey office development of 2,542sq m (27,500sq ft).
The RIAC, which has owned the site since the 1920s, has confirmed vacant possession can be provided at short notice. Under any development scenario or potential deal structure, the RIAC will retain their existing or equivalent number of car parking spaces as this is a fundamental requirement for their members.
READ MORE
In 2019, planning permission (ref: 3656/18) was secured as part of the RIAC’s previous joint venture with Tetrarch Capital for the development of a new hotel.
The plan, first revealed in late 2017, involved the redevelopment of the neighbouring Dawson Hotel, which Tetrarch Capital then owned, and several properties to the rear. Had it gone ahead, it would have delivered a significant upgrade to facilities at the RIAC club at 33-34 Dawson Street, including a new members’ restaurant, bar, reading room, meeting rooms, offices for the RIAC and Motorsport Ireland, a new location for the club’s Guinness Seagrave Library, and a 61-space car park.
It would also have allowed Tetrarch, via an entity called Miro Hotel 2 Ltd, to develop a new 117-bedroom hotel on the site. The hotel was to have been operated by Tetrarch with the RIAC brand in its name.
While the development of that scheme did not proceed, JLL says its planning permission sets a strong planning precedent for future development.
Ollie Lyons and Dan O’Connor of JLL say: “This is a rare opportunity to acquire a prime city centre development opportunity in a prestigious location with minimal planning risk due to a previously set precedent and scope to develop a best-in-class hotel or office scheme.”
