{"id":257507,"date":"2026-01-22T06:56:21","date_gmt":"2026-01-22T06:56:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/257507\/"},"modified":"2026-01-22T06:56:21","modified_gmt":"2026-01-22T06:56:21","slug":"well-known-hoteliers-pay-over-e12m-for-dublin-2-office-primed-for-redevelopment-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/257507\/","title":{"rendered":"Well-known hoteliers pay over \u20ac12m for Dublin 2 office primed for redevelopment \u2013 The Irish Times"},"content":{"rendered":"

The O\u2019Callaghan Collection, the boutique hotel group led Paul and Charles O\u2019Callaghan, has paid over \u20ac12 million for Montague Court, a 1970s office building primed for redevelopment in the heart of Dublin<\/a>\u2019s south city centre. The price paid represents a discount of about 9 per cent on the \u20ac13.2 million which had been guided for the property when it was brought to the market by agent HWBC last October. <\/p>\n

Located on Montague Street, just off Harcourt Street and within close proximity to St Stephen\u2019s Green, Montague Court was developed originally under the name of Bell House in 1973. While it was refurbished in 1999, the building\u2019s age is evident from the fact that it extends to just 2,500sq m (27,000sq ft) while occupying a site, which at 0.193 hectares (0.476 acres), would be capable of accommodating a development of up to 9,290sq m (100,000sq ft).<\/p>\n

The building is zoned \u201cZone Z5 \u2013 City Centre\u201d under the Dublin City Development Plan 2022-2028. This designation allows for a range of uses including office, hotel, student accommodation, medical and related consultants and tourist hostel. Feasibility studies prepared by RKD Architects before the sale suggest the site has potential for the development of a new eight-storey over-basement office building of about 9,600sq m (103,000sq ft) or alternatively a new 133-bedroom hotel or a purpose-built 154-unit student accommodation block, all subject to planning permission. RKD have also explored the options for refurbishing and extending the existing structure.<\/p>\n

Established with the opening of the Mont Clare Hotel in 1990, the O\u2019Callaghan Collection, as it is now known, owns and operates the Alex, Davenport, Green and Mont hotels in Dublin, along with the Eliott Hotel in Gibraltar. The company also owns S\u00f3 Living, a luxury apartment rental agency.<\/p>\n

While the O\u2019Callaghans have yet to formulate their plans for Montague Court, the property will provide them with the benefit of rental income while they assess the options for its redevelopment. <\/p>\n

The building is fully let until at least 2028 and is generating about \u20ac1.1245 million in annual rental income from a strong tenant line-up that includes the Department of Justice<\/a> and Romeril Forensic Engineers. In the case of the former, the lease has a further 4\u00bd years to expiry. <\/p>\n

The O\u2019Callaghan Collection was advised on its purchase of the property by Willie Dowling of Colliers while Joe Bohan of HWBC represented the vendor. <\/p>\n

Commenting on the transaction, Dowling said: \u201cThis acquisition represents an important strategic move for our client. The security of short\u2011term Government income, combined with the time and flexibility to evaluate future redevelopment options, made Montague Court a compelling opportunity. <\/p>\n

\u201cMajor nearby initiatives \u2013 such as Kennedy Wilson\u2019s proposed 300,000sq ft office redevelopment at Stokes Place and the proposed acquisition of Camden Yards by Dublin City Council \u2013 further enhance the commercial prospects of this location.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The O\u2019Callaghan Collection, the boutique hotel group led Paul and Charles O\u2019Callaghan, has paid over \u20ac12 million for…\n","protected":false},"author":2,"featured_media":257508,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,53959,128093,4507,128092,61,60,31544],"class_list":["post-257507","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-colliers","tag-development-site","tag-dublin-2","tag-hwbc","tag-ie","tag-ireland","tag-office-investment"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/257507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=257507"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/257507\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/257508"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=257507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=257507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=257507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}