A former hostel on Dublin’s Lower Gardiner Street is being brought to the market with a guide price of €2.975 million. Located at 5 Beresford Place and 55 Lower Gardiner Street, Dublin 1, Paddy’s Palace hostel is a substantial hospitality asset. The prime city centre property offers significant development potential for a variety of uses, including hostel, hotel, co-living, or student accommodation.The property occupies a high-profile corner position in Dublin’s north inner city, adjacent to Connolly Station, Busáras and Luas services. It extends to about 856sq m (9,214 sq ft), and comprises two interconnected period buildings, laid out over basement and four upper floors. It has 22 guest rooms, with a total capacity of 108 bed spaces. While three rooms are en suite, the remaining accommodation is supported by shared bathroom facilities. Additional amenities include a reception area, commercial kitchen and staff accommodation, offering a fully serviced operational layout suited to hospitality use. Selling agent Colliers says the property presents an “immediate opportunity” for repositioning or redevelopment, subject to planning permission.The property is a protected structure and retains its original period character, with brick facade and pitched slate roof. It is offered with vacant possession and held under a combination of freehold and long leasehold title, providing flexibility for owner-occupiers and investors alike.Abigail Holland, divisional director at Colliers, said the sale represents “an exceptionally rare opportunity” to acquire a substantial hospitality asset in a prime Dublin city centre location. “With strong transport connectivity, proximity to major tourist attractions and significant scale, the property offers a wide range of repositioning and redevelopment opportunities in a market where supply remains constrained,” she said.It’s the latest sale of a former guest house or hostel on this street. In February, 38-39 Gardiner Street was brought to market quoting €5.25 million. It had been run as a hostel until 2016, when it was redeveloped as a serviced apartment business.