Marlet, a commercial property group backed by M&G, the investment arm of the Prudential, has emerged as the buyer of the former O’Dwyer brothers’ site near Jervis shopping centre in Dublin. The 0.352-hectare prime site on Upper Abbey Street sold for over €22m.
It is understood that Marlet plans to develop a hotel and an aparthotel on the lands. The O’Dwyer brothers, Liam and Des, secured planning for a €100m development on the lands, which included a bus interchange and a 10-storey hotel. This permit has since lapsed.
A more recent feasibility study, conducted by RKD Architects, said that the site could support 18.400 sq m of offices, a 399-bedroom hotel or a 420-bedroom student accommodation centre.
Marlet, headed by Pat Crean, has been one of the largest buyers of development sites since the property crash. Its sites are capable of providing an estimated 6,000 residential units and 111,000 sq m of office space. This would be its first hotel development.
The company is currently looking to negotiate the sale of Dublin Living, a portfolio of developments consisting of 1,200 units, to a UK property company.