Andrews Lane Theatre in central-Dublin has been sold to a consortium of private investors led by Adrian Shanagher’s Firebreak Hospitality.

It is reported in The Irish Times that the group plans to seek planning permission to build a limited-service hotel with 115 pod-like rooms.

The compact hotel is planned to be seven storeys high and to feature high spec rooms sized between 10sq m and 12sq m. It is expected to offer limited food and drink options.

This would be the first hotel of this kind in Ireland - these operations can be highly profitable as guests offset frills against lower costs. Property advisor CBRE has described the location between Grafton St and Temple Bar as "pivotal."

The project's planning process is expected to take between nine and 12 months.

Its new owners hope to secure financing once the permission has been granted - this means that the project would be likely to be completed in 2018.

The property was listed in March with an original guide price of €3.1m.

Andrews Lane Theatre currently houses a nightclub and live music venue called Hangar and is expected to continue to operate as normal throughout the planning process.