Real estate investor, developer, and asset manager Firethorn Trust has acquired a prime development site in central Dublin.
The acquisition, which was made in partnership with SW3 Capital, will see the creation of a purpose-built hostel (PBHA) in the heart of the Irish capital.
The site, located on Sackville Place, comes with planning permission for a 588-bed hostel, offering a mix of double, triple, and quadruple bunk dormitory rooms, as well as private double rooms across six floors. The ground floor and basement will feature modern communal spaces, including a public bar, café, and lounge, open to both guests and the wider community.
The hostel is strategically located, off O’Connell Street and within easy reach of Dublin's top attractions. Firethorn, in partnership with SW3 Capital, will oversee the hostel's operational management upon completion.
Marcus Weeks, director and head of Living at Firethorn Trust, said: ‘Not only is the site our first PBHA asset, but it also represents our first acquisition outside of the UK, reflecting the scale of our ambition and the strength of our team’s expertise. By offering a mix of dormitory and private rooms, along with amenities that can be enjoyed by guests and the public, we hope to create a vibrant and versatile space that will cater to visitor demands while making a positive contribution to the local area. This project enables us to capitalise on Dublin’s position as a prime tourist destination whilst addressing growing demand for high-quality, affordable accommodation in the city.’
Ned Truman, director and partner at SW3 Capital, added: ‘This new breed of hostel offers affordable accommodation alongside amazing experiences. SW3 will be operating Sackville Place through its new Hostel Operating Business “The Gofer”. SW3 has extensive experience in operating real estate assets through its residential asset management business, Occu, which is Ireland’s largest independent PRS platform with over 3,000 units and €1.5bn AUM. We are excited to bring our own operational twist to this emerging sector and grow the overall offering for investors and guests alike.’
Construction is scheduled to begin in March 2025, with completion anticipated in January 2027.
Dentons provided legal counsel, while JLL & Crowe advised on the acquisition.
The Dublin site joins Firethorn's expanding Living portfolio, which recently saw acquisitions of student accommodation sites in Edinburgh and London, the Malmaison York hotel, and One Bessborough Gardens in London.
