Hotel chain corners disused site for €6.45m
The site was sold this week for a record €6.45 million.
The sale of the landmark Metropole Hotel on Mary Street clears the way for an ambitious redevelopment scheme which incorporates a 90-bedroom hotel in a neglected part of the city.
The record price-tag for the disused dance venue, which closed its doors in the mid-1990s at the height of its popularity, surprised many observers. The final price was €1.45m in excess of the €5m guide price, representing one of the largest property acquisitions in the city in recent times.
“We were delighted with the result, it’s good for Waterford and for confidence in the city,” selling agent John Rohan said.
“There was very strong interest from hoteliers and business people both locally and nationally who believed this to be a great investment,” he added.
It is understood a local developer acquired the site from well-known local businessman Michael Hanrahan.
Talks are already underway with a national hotel chain to occupy part of a proposed €30m redevelopment, which also includes 51 apartments and an office complex.
All developments on the site must be completed by 2006 to benefit from substantial tax breaks.
