CEANNT QUARTER GALWAY
TENDER. Premium Rental Bids by 12 noon 22 November 2017 EXECUTIVE SUMMARY
Strategically located Development Site in the heart of Galway City overlooking Eyre Square
Key location for sustainable development at Galway’s public transport hub
Ceannt Station Site will be Galway’s New Urban Quarter THE DOCKS and represents one of the largest landholdings in the City
Overall Opportunity comprises of an elevated site of 8.18 acre, zoned City Centre
Site has the capability to meet the pent-up demand for commercial accommodation in the City particularly for prime retail space GALWAY HARBOUR
Offered by way of 7 year building licence (agreement for lease) and a 300 year ground lease (subject to a premium rent)
Tender Date 22nd November 2017 ONE OF THE LARGEST LANDHOLDINGS IN CEANNT THE CITY TO EVER COME TO THE MARKET QUARTER GALWAY
NUI GALWAY
SHOP STREET
EYRE SQUARE
GALWAY CBD
BUS & TRAIN STATION
CEANNT QUARTER RADISSON BLU HOTEL
For illustrative purposes only
CEANNT QUARTER | GALWAY | 1 LOCATION
Galway is the largest city in the west of Ireland, the third Galway City largest city in the Republic of Ireland after Dublin and Population Cork and has a population of 79,504, a 5.3% growth in the last five years, with a combined population for Galway City and County of 258,982 (Census 2016). Galway has two major third level institutions; National 79,504 University of Ireland Galway (NUIG) and Galway Mayo Galway County Institute of Technology (GMIT), which, together in Population Galway city, have a total student population of approximately 25,000. This University City continues to 179,048 benefit from a highly-educated and creative workforce and has developed as a global centre of excellence for medical technology companies, IT services and the Marine with a vibrant and growing start-up infrastructure. Long-established multi-nationals have benefited from the dedication and creativity of Galway’s ambitious workforce. Newer companies are attracted by the talent pool, 5.3% accessibility and lifestyle. Growth in 5 Years
BELFAST To Castlebar To Roscommon
AY 219 km PROPOSED M6 MOTORW GALWAY DUBLIN
104 km PROPOSED M6
LIMERICK N17
Galway M5
Technology Park MOTORW CORK N6
R339 AY
M6 N18
To Athlone/Dublin N59 Galway Mayo National R866 R336 Institute of University R338 Technology (GMIT) of Ireland R446 Galway (NUIG) R338 Eyre Square R338 Shop Train L Street ine
N18 To Connemara SALTHILL CEANNT QUARTER
2 | Galway has excellent travel connections. It is well connected to all areas of the Country. Road access is provided via the M18 to Limerick, which is located 104km south of the city, and the M6 to Dublin, which is 219km to the east.
More specifically the subject lands are located at Ceannt Station train and bus terminal off Eyre Square which contribute annual footfall of over 2.3m.
Ceannt Quarter is bordered to the east by Lough Atalia with further access points to Eyre Square; Dock Road and Victoria Street/Queen Street. The site has extensive views over the Galway Harbour and Galway Bay.
DESTINATION
2016 proved to be a record year for tourism numbers; during the final quarter of 2016, the CSO recorded over 2.1 million overseas tourists to Ireland, bringing the total number
To Castlebar To Roscommon in the year to almost 9.6 million (and we are advised that of this, approximately 14% 1.344m 2.3m travelled to County Galway – approximately tourists visited footfall from bus AY 1.344m visitors. Galway and train station PROPOSED M6 MOTORW (Source: Tourism Ireland)
PROPOSED M6
N17
Galway M5
Technology Park MOTORW
N6
R339 AY
M6 N18
To Athlone/Dublin N59 Galway Mayo National R866 R336 Institute of University R338 Technology (GMIT) of Ireland R446 Galway (NUIG) R338 Eyre Square R338 Shop Train L Street ine
N18 To Connemara SALTHILL
CEANNT QUARTER | GALWAY | 3 DESCRIPTION
AN 8.18-ACRE SITE SITUATED IN THE HEART OF GALWAY CITY, THE CEANNT STATION SITE IS SITUATED JUST OFF EYRE SQUARE, GALWAY’S MOST FAMOUS LANDMARK. THIS CITY CENTRE SITE IS STEEPED IN THE HISTORY OF THIS MEDIEVAL CITY WITH THE STATION BEING BUILT IN 1851 TO COINCIDE WITH THE COMPLETION OF THE DUBLIN-GALWAY RAILWAY LINE.
STABLE BUILDING
4 | CEANNT QUARTER GALWAY The site comprises primarily an open yard area which was historically utilised by the train station for maintenance and uses associated with the station. In more recent years the majority of the site has been used for parking and storage. There are a number of structures incorporated into the site and this includes some beautiful cut-stone buildings which are protected structures.
NO. 16 EYRE SQUARE STORE BUILDINGS STABLE BUILDINGS Four storey Georgian Stone cut building Situated to the rear of the train townhouse with a situated to the rear of station, the stable buildings are at a limestone façade facing the train station lower level than the main part of the onto Eyre Square site with access onto Queen Street
Other structures currently on site include The site is irregular in shape with a drop-in levels from the an industrial unit and a single storey Northern/Eyre Square side of the site towards Dock Road on the building which houses the Galway City south-western side. Access points to the site are from Eyre Square; Innovation District Ltd. (GCID). Lough Atalia; Dock Road, Queen Street and Victoria Street.
NO. 16 ERYE SQUARE
STORE BUILDING
For illustrative purposes only
CEANNT QUARTER | GALWAY | 5 6 | PLANNING
Planning policy for the area is contained within the Galway City Development Plan 2017 - 2023. The property is located in an area zoned Objective CC – City Centre which is defined as “To provide for city centre activities and particularly those, which preserve the city centre as the dominant commercial area of the city”.
The Development Plan includes a specific development objective for the lands at Ceannt Station as follows “The Council will consider the development of these lands for mixed use commercial development, including for commercial offices, retail, residential (equivalent to 30% of the total proposed likely potential floor area)”
In the more recent past the site was the subject of a previous masterplan and scheme design prepared in 2008. This related to a larger site area and proposed development to include 46,000 sq m of retail; 23,000 sq m of office accommodation; 176 residential units and a 200-bed hotel.
Access from Eyre Square
CEANNT QUARTER | GALWAY | 7 MARKET SNAPSHOT - GALWAY
RETAIL MARKET OFFICE MARKET RESIDENTIAL MARKET
Galway is the largest urban The Galway office market continues to The population of County centre on the western suffer from a lack of supply with supply Galway was 179.504 in the seaboard with a province- levels in the city centre remaining 2016 Census, and 79,504 wide catchment, in particular extremely tight and insufficient to in Galway City, this is a for comparison shopping. meet demand, current net vacancy growth of 5.3% over the last rates in the city currently stand at five years. In terms of the Galway has an undersupply just 6.5% with a lot of that vacancy anticipated future demands of suitable sized units comprising older offices. Demand for Galway, based on census which equates to pent up remains robust in Galway, particularly calculations it is anticipated demand for the right floor from multi-nationals. A good number that the population will plate with a number of of the new entrants to the Galway continue to grow with national and international market have a preference for city projections of 263,300 retailers currently seeking centre locations due to their staff by 2021 and 272,300 representation within demographics. This trend is borne out by 2026. This growth in the City. There are by the most recent additions to the city population will require an currently close to 20 retail centre office occupiers which includes average of 2,100 houses requirements of 10,000 sq Metlife; Smartbear; Sitemider and The to be delivered yearly. The ft + who include Galway Mathworks. The lack of supply has seen Galway Residential market on their expansion strategy increased pressure on rents in the city has witnessed growth on with a far larger number of centre which have seen rents of up to house prices over the last smaller requirements also in €30 per sq ft being achieved for good 2-3 years. the market. quality accommodation.
8 | CEANNT QUARTER GALWAY
THE PROCESS
The site is being offered by way of a Development Agreement subject to an Annual Site Licence Fee followed by the higher of a Premium Rent or an income sharing agreement with the preferred bidder. This is in accordance with the CIE policy of deriving the maximum benefit possible from their property assets in order to fund public transport investment into the future.
This transaction is not deemed to be a public works contract or a public works concession contract as defined under Directive 2014/24/EU and as implemented in Ireland by the European Union (Award of Public Authority Contracts) Regulations 2016, nor is it deemed to be a concession contract as defined under Directive 2014/23/ EU on the award of concession contracts as implemented in Ireland by the European Union (Award of Concession Contracts) Regulations 2017 nor is it deemed to be a contract governed by Directive 2014/25/EU as implemented in Ireland by the European Communities (Award of Contracts by Utility Undertakings) Regulations 2016 and is therefore not being run under any procurement procedure governed by any of these rules. CIE reserves the right to update or alter any information contained in the Request for Proposals (RfP) documentation at any time
TENDER DATE 22nd November 2017
FURTHER INFORMATION
For further information contact [email protected] CEANNT QUARTER GALWAY
2 Dockgate | Dock Road | Galway www.cushwake.ie
CONTACT DETAILS
Patricia Staunton Aidan Gavin Sean Coyne [email protected] [email protected] [email protected]
Conditions to be noted: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property are to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail.
BER on application. Brochure design by