The exact date of the inn's construction remains unknown, but it was clearly a fixture of Dublin life for long enough to lend its name to the lane on which it stood.

The inn's location gained historical significance during the 1534 rebellion led by Silken Thomas, the 10th Earl of Kildare. After the inn had been demolished, Thomas's supporters strategically positioned their cannon on this very spot to besiege Dublin Castle. The rebellion, sparked by false rumours of his father's execution in London, saw Thomas and his forces attempt to challenge English authority in Ireland; though ultimately unsuccessful, it marked a pivotal moment in Irish history.

Today, no trace of Preston's Inn remains visible above ground. The site has been completely built over by centuries of urban development, leaving only historical records and maps to tell its story. The 1978 FMD map references the location as M17, providing researchers and history enthusiasts with a geographical anchor for this lost piece of Dublin's medieval landscape.