British developer Summix Capital has bought Independent House in Dublin city centre from Primark/Penneys and plans to develop the building into a 280 bed student housing scheme.
The deal is understood to be worth about €9m.
Formerly home to the Independent Group of newspapers, and most recently owned by Primark, the property comprises several buildings extending to an overall floor area of about 10,600 square metres.
The building is located on a site area of about 0.29 hectares (0.72 acres) between Middle Abbey Street and Princes Street and is adjacent to O'Connell Street.
The building closed in the early 2000s and has been vacant for over two decades.
Niamh O'Connor, Executive Director with Summix Capital, said the company was very excited with the prospect of reinstating one of Dublin's landmark buildings and establishing a new community in the area.
"The next chapter for Independent House will seek to bring modern purpose-built student accommodation into the heart of the city and to an area already seeing significant change and regeneration," she said.
The sales process of Independent House to the urban development specialist was overseen by Savills.
Ebba Mowat of Savills said the deal represents a significant development for Dublin's North City Centre, aligning perfectly with plans to rejuvenate and make full use of historical sites.
