Chartered Land poised to buy Ballsbridge Hotel site

Property developer Chartered Land is poised to buy what was once the most expensive land plot sold in Ireland.

Chartered Land poised to buy Ballsbridge Hotel site

The company, founded by investor Joe O’Reilly, is leading the second round of bids for the site of the Ballsbridge Hotel, with backing from a Middle Eastern investor, said sources, who asked not to be named because the matter is private.

The site of almost seven acres in the Ballsbridge embassy district has drawn offers of about €155m, it has been reported.

Mr O’Reilly did not return a call seeking comment.

Pauline Dooley, a spokeswoman for Ulster Bank, which is leading the site’s sale, declined to comment.

Irish developer Seán Dunne, who was declared bankrupt in 2013, bought the site in Dublin’s embassy belt in Ballsbridge for about €380m in 2005.

At the time it was the highest price paid per acre in Ireland.

Lenders, including Ulster Bank, took control of the land in 2009 when the property market collapsed.

“It’s the Knightsbridge and Mayfair of Dublin,” said Tom Dunne, a property lecturer at the Dublin Institute of Technology.

“It’s really the best location in terms of where middle-class people live and where they want to be.”

The site has planning approval for 490 apartments, a 152- bedroom hotel as well as retail and leisure space, brokers Eastdil Secured and Savills said in April.

Bloomberg

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