THE FORMER ZANZIBAR Hotel development on Dublin’s Lower Ormond Quay has reportedly been bought by aparthotel group Lockeliving.
In an interview with the Irish Times, Eric Jafari, managing director of development at Saco Property Group, which spearheaded Lockeliving’s launch in the UK, said the group would seek planning permission to build more than 100 rooms on the site as part of a €45 million investment.
The newspaper reported that the site was sold for €10 million to Lockeliving, more than double the guiding price quoted by CBRE property group. Jafari was unavailable for comment when contacted by Fora.
A person at Saco’s marketing department said she was unable to comment on the purchase and said that Saco was “nowhere near ready” to talk about its plans for the site.
However, Jafari was candid in his interview with the Times and said that he had permission to build 89 rooms on the site but would make an application to develop “a lot more”.
He said he would like to make the city centre site a hub for the local community and would “probably partner with a local food and beverage provider”.
Convenient location
Located near the Ha’penny Bridge, the Zanzibar Hotel has been vacant for a number of years and was once part of the ex-Capital Bars Group, which merged with the Mercantile Group last year.
When the site was put on the market in August last year, the hotels division of CBRE noted that the property was conveniently located near a number of tourist attractions including Trinity College, the GPO, Dublin Castle and the Guinness Storehouse.
It also noted that the site is near “a host of business generators” including the IFSC, Convention Centre Dublin and Croke Park.
CBRE said the planning permission provided for “the conversion of two protected structures and the provision of an 89-bedroom hotel”.
It also said there were “extensive food and beverage facilities” at the site and that planning permissions allowed for “the creation of a new walkway linking Ormond Quay to Great Strand Street”.
Part of the Saco group, the Lockeliving brand opened its first property in East London in October last year.
The London property, Leman Locke, is described as a “design-led” aparthotel for the “modern traveller”.
It consists of 168 apartments divided in to 105 studios and 63 one-room suits. It also has two meeting rooms, a gym, two bars and all-day dining.
When Leman Locke was launched, Saco said further properties were “due to be rolled out across the UK and Europe from 2017 onwards”.
A second property, located in Edinburgh’s city centre, is due to open early this year.
Written by Conor McMahon and posted on Fora.ie
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