Marlet Property Group has paid well over the €14 million guide price for a 0.87 acre development site in central Dublin, paying more than €22 million for the site which has lain vacant for decades.

The company is already active in the office development space locally, but has shown an interest in developing hotels having acquired a site previously with planning permission for an aparthotel. The Abbey Street Upper site may well accommodate a significant number of traditional hotel rooms and aparthotel suites, and industry sources believe Marlet will pursue a development of that nature, especially in light of its close proximity to major transport links.

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