Trinity Street investment with full planning for 198-bed hostel seeks €4m

Having secured planning permission recently for the development of a 30-bedroom hostel with 198 bed spaces at 13 Trinity Street in Dublin city centre, US-headquartered real estate investor and private lending firm Grand Coast Capital (GCC) is seeking a buyer for the property. Number 13 is available for sale through agent Cushman & Wakefield at a guide price of €4 million.

Located at the junction of Andrew’s Lane and Trinity Street, the property comprises a part-two-storey, part-four-storey building extending to 776sq m (8,353sq ft) over basement level. While the well-known outdoor-clothing brand, Trespass, currently occupies part of the ground floor under the terms of a licence agreement generating €36,000 per annum plus 10 per cent of annual turnover, vacant possession is available at short notice.

Planning permission was granted by Dublin City Council last November for the development of a 30-bedroom hostel comprising 198 bed spaces. The permission allows for a refurbishment of the existing four-storey building with the addition of a new eight-storey over basement building to the rear of the site. The hostel’s bedroom sizes range between 10sq m and 50sq m (108sq ft and 540sq ft), with typical hostel facilities located at ground and basement level. The permission also provides for a standalone bar and restaurant area with seating for 63 customers. This element of the scheme could be operated by the hostel owner themselves or leased to a third party.

Number 13 Trinity Street occupies a prime location in Dublin’s south city centre. The subject property is situated within a short walk of several of the city’s most popular areas and visitor attractions including Grafton Street, Temple Bar, Trinity College and the Guinness Storehouse.

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Paul Nalty, who is handling the sale on behalf of Cushman & Wakefield, says: “Dublin notably lacks hostel offerings in comparison to other European destinations, so the arrival of these bed spaces will be welcome. With international visitor numbers now exceeding pre-pandemic levels, the requirement for tourist accommodation is at an all-time high. The increase in the Dublin hotel sector’s average daily rate (ADR) over recent years highlights the clear need for more budget-accommodation options in the city centre.”