The Press Up hospitality group which includes Paddy McKillen Jnr is to acquire the 48K SF New Ireland buildings as Dawson Street consolidates a new cool image.

Press Up is paying €38M for the two 1960s office blocks, which now seem set for refurbishment and ground-level retail, The Irish Times reports.

The blocks had been expected to be acquired for office redevelopment. As recently as last week it appeared that plans for a 67K SF redevelopment might be scuppered by efforts to include the properties on the register of protected buildings thanks to its mid-century classic appeal.

Mid-century buildings — long regarded as obsolete by modern office standards — have been making a come-back in recent years as office occupiers seek properties with more character. In London and more recently in Manchester developers have begun to exploit the possibilities of refurbishment at 1960s blocks — and the trend could now be making an impression in Dublin.

The new cross-city Luas stop at Dawson Street has revived the appeal of what was a relatively unfavoured part of the city. It is now developing a reputation as a hotspot of the kind Press Up, who operated bars around the city including Temple Bar, have made their speciality.

The New Ireland buildings were sold by Bank of Ireland, advised by Savills.