€7 million transaction highlights strong investor demand for prime Dublin city centre assets with hotel potential.
News release
16 April 2026
JLL secures sale of landmark O'Connell Street property
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DUBLIN – Jones Lang LaSalle (JLL) is delighted to announce the successful disposal of 1-2 Upper O'Connell Street, 29 North Earl Street, and 10 Cathedral Street, Dublin 1. Acting as sole selling agent, JLL secured a sale price in the region of €7 million on behalf of their client, with Star Stone Property Group acquiring the landmark city centre asset.
Located in a prominent corner position overlooking the Spire on O'Connell Street, the c.23,000 sq.ft. six-storey over basement building was once occupied by the well-known “Kylemore Café”. Constructed in 1917 and designated as a protected structure, the property has dual frontage of approximately 36 meters onto O'Connell Street and North Earl Street.
Planning permission was granted in May 2023 for the development of a hotel which would deliver 38-bedrooms across the first to fifth floors, presenting significant value enhancement potential for the purchaser. The sale includes prime retail accommodation at ground floor and basement level, with portions of the asset currently generating investment income from a lease to Dunnes Stores.
Cian O’Sullivan, Surveyor at JLL, commented: "This transaction demonstrates the continued strength of investor appetite for strategically located Dublin assets with clear value-add opportunities. Interest in the asset was driven by its iconic location in a key retail and tourist destination, which is set to benefit from the revitalisation plan for the O’Connell Street area including a major upgrade of the GPO site opposite. The delivery of a 38-bedroom hotel will be a welcome addition to the area noting the currently constrained new hotel supply pipeline in Dublin where supply fell from approx. 2,000 keys in 2023 to just over 600 in 2025".
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
About Star Stone
Star Stone Property Group own a significant number of residential and mixed-use assets in the Dublin 1 and Dublin 7 area. Their purchase of this landmark building comes as the group have been expanding their hospitality portfolio as they have also recently been granted planning permission for a 180-bedroom hotel in Cork City centre as well as permission for an Apart Hotel on their High Street commercial development in Ashbourne Co Meath in January of this year. Patrick Mc Dermott, owner and group director of Star Stone, has also recently purchased Loftus Hall on 68 acres in Hook Head Wexford which is to be rebranded as Loftus Estate and which will be Irelands first Agri Based hotel brining a unique destination with a blend of austere luxury with immersive farm to table experiences outdoor activities and heritage tourism due to open in 2028.