Cork City Council is planning to sell three buildings on Parnell Place to a Dublin investment firm who wish to turn the premises into a budget hotel and hostel.
According to eveningecho.ie, Cork City Council, who originally acquired the buildings from Nama for €1.1 million three years ago, stands to make double its money back by selling the three properties for more than €2 million. The unidentified company to whom the council is selling intends to redevelop the site for use as a budget hotel/hostel with a ground floor restaurant and bar.
The buildings back onto Deane Street and are adjacent to the city's Bus Eireann terminal. Their sale is still subject to consent from city councillors.
This proposal marks one of several planned hotel developments for the eastern edge of Cork city, with a major redevelopment of the Metropole Hotel already in the pipeline as well as a proposed floating hotel at Prenrose Quay, among others.
