The property market is doing pretty decently considering the setback they have been having due to the pandemic. But Glenveagh Properties are making huge plans and they are coming through. Glenveagh Properties has sold a planned Premier Inn hotel site in Dublin to German investor Union Investment. Dublin-listed Glenveagh Properties has sold the planned 262-bedroom hotel site in Dublin’s docklands as part of a forward-funding arrangement that’s worth approximately €70 million and that will result in Union Investment taking ownership of the planning hotel.
The Company made a statement where they said that the planned Premier Inn hotel will be a “key component” of a larger mixed-use development, which will be called the Freight Buildings and also include 1,256 apartments and 12,545 square meters of office space, at Castleforbes in the capital’s docklands area. Glenveagh Properties CEO Stephen Garvey reportedly said that Glenveagh Properties is “delighted” to partner with “the hotel experts” of Union Investment on the development.
CEO Garvey Quoted that “This marks the start of delivery of a significant development in the docklands which will provide a sustainable mix of residential, hotel and office accommodation in this prime city center location.The project forms part of a wider master plan for our Dublin docklands sites and is testament to our commitment to keeping sustainable development at the heart of everything we do.”
The construction of the new hotel is been set to start in July but a date has not been confirmed. The opening of the hotel also has been set for the autumn of the year 2023 but again a date has not been specified due to the pandemic having people to postpone long awaited plans.
