€6.5m for Trinity Lodge guesthouse in heart of tourist district

Three beautifully maintained Georgian houses with 26 guest bedrooms close to Trinity College on Dublin's South Frederick Street are to be offered for sale through agent JLL at over €6.5 million.

The portfolio known as Trinity Lodge has been owned for some years by a little known family and is for sale by private treaty on the instructions of Deloitte, the professional services firm.

Two of the houses, 29 and 30, are on the east side of South Frederick Street close to the Dunne & Crescenzi Italian restaurant, while number 12 is on the opposite side of the road. All three are in immaculate condition with an established trading history. The business can generate over €1 million in rental income per annum, with each of the bedrooms being let at over €150 per night. Each bedroom is air-conditioned, has its own ensuite bathroom and can accommodate up to three people.

Hotel rooms in the city centre have attracted premium rates in recent years due to a scarcity of accommodation. Number 29 also includes a restaurant which closed about three years ago but could be re-let at an estimated rent of at least €50,000 per annum.

Dan O'Connor of JLL Hotels & Hospitality says the Trinity Lodge properties were expected to attract strong buyer interest from existing hoteliers and property investors, both domestically and internationally. He said the Dublin city centre hotel market was one of the fastest growing in Europe, posting an impressive growth in revenue of 22 per cent in the year up to July. "Already a highly profitable business, the Trinity Lodge affords a prospective purchaser the opportunity to invest in a coveted trading location, right next to the world famous Trinity College."

James Wood, also of JLL Hotels & Hospitality, said the three houses dating from the 1730s were "brimming" with potential. Possible developments included an expansion of the existing food and beverage facilities, a guestroom upgrade and a conversion of the basement level, which had good natural light.