B
1
key performance indicators 2 investment summary 5 connected to the city and beyond 6 feel the beat of the city 8 an outstanding opportunity 11 a full house 17 building specification & architectural distinction 18 a state of the art mixed-use development 20 floorplans 22 docklands occupiers 26 the docklands development pipeline 28 a destination for institutional capital 30 the next investment of scale 32 the irish economy & investment market 34 dublin hotel market 36 further information 38 a great €4.65m dublin, 9.6m passing rent overseas visitors performance step onto In 2016, the number of visitors key performanceBase Rent €2.93m to Ireland grew by 10.9% from dublin's Turnover Rent €1.72m the stage indicators Base rent, accounting for 63% of the total, is subject to 5 superior 4 yearly upward only CPI linked rent reviews. star hotel close to the action €4.6bn overseas tourist revenue In 2016, overseas tourist 3Arena revenue grew by 6.9% 17.8 yrs 1 min largest unexpired lease term The Convention Centre 12 mins city centre hotel completed in this cycle (2010) The IFSC 16 mins 83% Dublin occupancy
Bord Gáis Energy Theatre 20 mins
Operated by Dalata an internationally renowned hotel operator Aviva Stadium 15% 25 mins 252 increase in Dublin RevPAR 2016 Croke Park en-suite rooms 35 mins
25 yrs 38 7,727 a transport hub Hotels Bedrooms Entire let under a 25 year lease from 28th Dalata operate 38 hotels and 7,727 bedrooms June 2010 in Ireland and the UK
1 2 2 5 12 minute walk minute walk minute walk minute walk minutes by car 4
5 investment summary
Dublin’s Showcase Hotel Investment Opportunity
• Exceptional 4-star hotel and one of Dublin’s largest with 252 en-suite bedrooms
• A landmark development designed by Scott Tallon Walker and completed in 2010 to the highest specification
• Located in Dublin’s Central Business District – adjacent to the Luas Red Line, Dublin Port Tunnel and 12 minutes by car to Dublin Airport
• The location is a destination for multinational corporate occupiers including Google, Facebook, JP Morgan, Citi, Central Bank
• Let to subsidiary of Dalata Hotel Group plc – Ireland’s largest hotel operator
• Lease structure incorporates a base rent which is subject to upward only CPI linked rent reviews and a variable turnover top-up
• Expected 2017 rent of €4.65m with an attractive unexpired lease term of 17.8 years
• The base rent is currently €2.93m per annum; the variable rent, linked to turnover, is forecast to be €1.72m in 2017
• Tenant not affected
The base rent, with its unexpired term of 17.8 years, upward only CPI linked rent reviews and exceptional covenant strength provides a rare and stable income play.
The turnover top-up allows investors to capitalise both on current favourable hotel market conditions and the future corporate and leisure demand drivers resulting from the significant development pipeline in the immediate area. NORTH CIRCULAR ROAD 6
CROKE PARK
RUSSELL STREET 7
BERKELEY STREET PORT NORTH DOCK NORTH CIRCULAR ROAD TUNNEL EASTPOINT STREET
WEST ROAD NORTH DOCK WEST ROAD
SUMMERHILL PARADE
PHIBSBOROUGH ROAD NORTH STRAND ROAD EASTPOINT STREET SEAVIEW AVENUE EAST
MOUNTJOY PORTLAND ROW connected to the city EASTPOINT STREET SQUARE PARK
EAST WALL ROAD MOUNTJOY SQUARE SOUTH SUMMERHILL GARDINER ROW NORTH STRAND ROAD BARGY ROAD
WEST ROAD and beyond DORSET STREET PROMENADE ROAD
RAVENSDALE ROAD GRANBY ROW PARNELL SQUARE EAST T ROYAL CANAL EE ROUTE TO PORT TUNNEL TR L S EL AND DUBLIN AIRPORT RN PA CONNOLLY DOMINICK STREET UPPER STATION
L SEAN MACDERMOTT STREET LOWER ST MARY’S ROAD L GATE I
H THEATRE
Walking Times N RAILWAY STREET O I
T GRANGEGORMAN LOWER U
T I CHURCH ROAD MERCHANT’S ROAD T
S
N SEVILLE PLACE TOLKA QUAY ROAD Point Square Luas Stop 1 min O EAST ROAD C
K FOLEY STREET SHERIFF STREET LOWER
H I N LOWER STREET GARDNER T G ’S R I NN O S N T ORIEL STREET UPPER EAST WALL ROAD Docklands Rail Station 12 mins R R T E HARBOURMASTER PLACE E E E DOCKLANDS ALEXANDRA ROAD P E T P R STATION T U S SHERIFF STREET LOWER T G E N E I K R TALBOT STREET T S SHERIFF STREET UPPER H
C AMIENS STREET R BRUNSWICK STREET NORTH U H C ALEXANDRA ROAD
MAYOR STREET LOWER PARNELL STREET
Point Square Luas Times GUILD STREET
BUSÁRAS PARK LANE H ABBEY NORT KING STREET HENRY STREET THEATRE
GPO UPPER STREET O’CONNELL Connolly Luas 6 mins DUBLIN PORT CHQ
CAPEL STREET CAPEL NCI
CUSTOM HOUSE EXCHANGE PLACE
COMMONS STREET
CHURCH STREET BERESFORD STREET STREET BERESFORD CUSTOM HOUSE QUAY QUEEN STREET CUSTOM HOUSE QUAY CONVENTION
PARK LANE Busáras Luas 6 mins CENTRE MARY STREET LITTLE EDEN QUAY NORTH WALL QUAY
EAST WALL ROAD
SMITHFIELD MAY’S LANE MARY’S LANE 3ARENA BOW STREET
NEW WAPPING STREET NORTH WALL QUAY GEORGE’S QUAY CASTLEFORBES ROAD BURGH QUAY CITY QUAY
TARA
SEAN O’CASEY BRIDGE
LIFFEY ST LOWER ST LIFFEY BACHELOR’S WALK D’OLIER STREET POOLBEG ST STREET RIVER LIFFEY STATION SIR JOHN ROGERSON’S QUAY HAMMOND LANE ASTON QUAY Drive Times SAMUEL BECKETT BRIDGE SIR JOHN ROGERSON’S QUAY Y TARA STREET
CAPEL STREET CAPEL UA
Q LUKE ST ARRAN QUAY ON MOSS STREET MPT CRA TOWNSEND STREET Dublin Port Tunnel 2 mins EAST ST ARRAN FLEET STREET TOWNSEND STREET TOM CLARKE BRIDGE CHURCH STREET
USHER’S QUAY LIME STREET LOMBARD STREET EAST
INNS QUAY ORMOND QUAY UPPER CHANCERY PLACE CHANCERY HANOVER STREET EAST CARDIFF LANE PEARSE STREET
FORBES STREET
BENSON STREET T ESSEX QUAY ASGARD ROAD
MARK STREET HANOVER STREET EAST S YORK ROAD Dublin Airport 12 MERCHANT’Smins QUAY E
T WOOD QUAY GREEN STREET E
G E
D E
I STREET ANGLESEA
R R
B T HANOVER QUAY
S
R UPPER ST FOWNES PARLIAMENT STREET PARLIAMENT
E N
R COLLEGE GREEN PIGEON HOUSE ROAD W E
O V DAME STREET
L A T PEARSE STREET TREET
D S E BON GRAND CANAL ER N SUFFOLK ST ERNE STREET LOWER OLIV I MACKEN STREET
BRIDGEFOOT STREET W LORD EDWARD STREET GRAND CANAL GRAND CANAL QUAY CAMBRIDGE ROAD PEARSE PEARSE STREET THEATRE TRINITY COLLEGE STREET HIGH STREET STATION EXCHEQUER ST W ICKL NASSAU STREET O T W GRAND CANAL BRIDGE HOM ST
AS BOYNE STREET DODDER RIVER STREET WESTLAND ROW
SHIP STREET GREAT RINGSEND ROAD RINGSEND
CUMBERLAND ST PARK SETANTA PLACE CLARE STREET FITWILLIAM QUAY
ERNE STREET UPPER
GRAFTON STREET Mainline Rail / Dart SOUTH DOCK STREET IR CLARENDON STREET I MOLESWORTH ST MERRION ST LWR S EARL STREET SOUTH SOUTH LOTTS RD H
GRAND CANAL QUAY T SOUTH WILLIAM STREET HOGAN PLACE O SHELBOURNE W MERRION SQUARE NORTH PARK N
R FRANCIS STREET FRANCIS STREET NICHOLAS O A D
MEATH STREET MEATH GOLDEN LANE LEINSTER Green Luas Line HOUSE GORDON STREET HOLLES STREET GAEITY BARROW STREET THEATRE MERRION ST PATRICK’S KILDARE STREET PARK MERRION SQUARE WEST SQUARE THE COOMBE MERCER ST LOWER GRAND Red Luas Line ST STEPHEN’S GREEN NORTH MERRION SQUARE SOUTH CANAL DOCK AUNGIER STREET PETER STREET YORK STREET STATION
ARDEE STREET ARDEE PATRICK STREET SHELBOURNE HOTEL
K EV ST LUKE’S AVENUE IN MERRION ROW S FITZWILLIAM LANE MERRION SQUARE EAST S TR STEPHEN’S PLACE T JOHN STREET SOUTH EE EP Luas Cross City Line T U HE PP MERRION STREET UPPER N ER BISHOP STREET ’S H LA T NE
U HUME ST MOUNT STREET UPPER
O S
MERCER ST UPPER ST MERCER BAGGOT STREET LOWER BATH AVENUE
T ST STEPHEN’S
NEW ROW S E
E GREEN KEVI CUFFE STREET R N STREET LOWER
T
Dublin Bikes S ELY PLACE CRANMER LANE
ST STEPHEN’S GREEN SOUTH MILL STREET W
E
N JAMES STREET E SHELBOURNE ROAD
ST STEPHEN’S GREEN EAST PERCY PLACE
FITZWILLIAM STREET LOWER NEW BRIDE STREET BRIDE NEW OSCAR SQUARE PEMBROKE ST LWR
Dublin Bus STREET WEXFORD MONTAGUE ST
CAMDEN ROW NORTHUMBERLAND ROAD BROWN STREET S HERBERT STREET E LONG LAN ST THOMAS ROAD HADDINGTON ROAD
BLACKPITTS
LEESON ST LOWER LANSDOWNE PARK R FITZWILLIAM E HERBERT PLACE W SQUARE FITZWILLIAM ST UPPER Proposed Pedestrian Bridges IVEAGH O PERCY PLACE L PLEASANTS STREET GARDENS AVIVA STADIUM T LAD LANE E EBENEZER TERRACE S T E PEMBROKE ROW R T EARLSFORT TERRACE I T P S K L C I S A S L A B R B N A L HATCH STREET UPPER
C GRANTHAM STREET CUMBERLAND ROAD HEYTESBURY STREET HEYTESBURY RUTLEDGE TERRACE BAGGOT LANE SHELBOURNE AVENUE WILTON TERRACE MESPIL ROAD
LAD LANE UPPER
MERTON AVENUE
RAYMOND STREET
ST ALBIAN’S ROAD CARLISLE STREET CARLISLE 8
9 feel the beat of the city
Ireland’s political, economic and cultural centre is a 1. Bord Gáis Energy Theatre lively and contemporary capital city brimming with 2 3 2. 3Arena personality and charm. 3. Croke Park With 1.9m people (greater area), Dublin has benefited 4. Gaiety Theatre from significant investment in recent years. Attracting the world’s top creative talent who aspire to work in 5. Convention Centre Dublin the “tech capital” of Europe, Dublin is a vibrant city 6. Trinity College with a sense of history, a diverse retail offering and multiple leisure activities. 7. Aviva Stadium
4 5 6
7
1 10
11 an outstanding opportunity
Opened in 2010, this 252 bedroom purpose-built hotel is extremely well located in the Dublin Docklands, adjacent to the 3Arena and in close proximity to Dublin’s key commercial and financial district.
The Gibson was designed by the renowned multi-award-winning architectural firm Scott Tallon Walker, which is responsible for many high profile projects such as the Aviva Stadium, The Spencer Hotel, Riverside One (McCann Fitzgerald Headquarters), RTE Studios and Dublin Civic Offices.
The hotel is a landmark building with an impressive curved atrium structure which incorporates panoramic glazed lifts and escalators which provide access to the concourse on the third floor.
Average Accommodation Room Type Number (m2)
Stylish, comfortable and tranquil, the hotel features Double Superior 160 28m2 252 en-suite bedrooms including 20 suites. Rooms
2 A number of guest bedrooms overlook landscaped Twin Superior Rooms 40 28m courtyard gardens, others have views of the Accessible Rooms 13 29m2 Docklands, while some offer south-facing river views.
2 Many suites feature separate living areas, private Triple Rooms 10 33m balconies with seating or a shared terrace. The Family Rooms 9 36m2 luxurious Gibson Suite, the largest of the 20 suites, features a private wrap-around balcony and terrace Sub Total 232 with spectacular views over the city and Dublin Mountains. Executive Suites 14 29m2
(All rooms are equipped with air conditioning, a workstation Junior Suites 5 38m2 and laptop safe, high-speed Wi-Fi connectivity, flat screen TV, tea/coffee making facilities, ironing facilities, power hair Gibson Suite 1 77m2 dryer and luxury Respa beds.)
Sub Total 20
Total 252 12
13
Standard Room Junior Suite Boardroom
Junior Suite Cordoba Theatre Executive Room 14
15
Conference and Banqueting
The market leading conference and banqueting facilities extend over two floors and are configured into three distinct areas capable of use in isolation or combined together. All suites offer Wi-Fi and modern AV technology. Guests can also avail of the amenities within the business centre adjacent to the Stratocaster Suite.
Stratocaster Suite This main suite can accommodate up to 300 delegates (290 in theatre style and 180 in banquet) and can be divided into three smaller rooms giving users the flexibility to configure it to their exact requirements. It has fantastic natural light and views due to its location on the third and fourth floors.
Category Area (m2) U Shape Theatre Class Room Board Room Banquet
Stratocaster A 90m2 30 100 50 28 60
Stratocaster B 90m2 30 100 50 28 60
Stratocaster C 90m2 30 90 50 28 60
Food & Beverage Total 270m2 90 290 150 84 180
Coda Eatery The Italian inspired Coda Eatery (120 covers) serves breakfast, lunch and dinner in a stylish setting with outdoor terrace Broadcaster and Alhambra Suites seating (30 covers). The private Broadcaster Suite is an impressive boardroom with superb views. Alhambra A & B can be combined offering theatre space for 60 delegates and banqueting for 36. Hemi Bar The Hemi Bar is located on the 3rd floor and accommodates 124 covers. It features a 10m bar that leads to a Category Area (m2) U Shape Theatre Class Room Board Room Banquet private courtyard (45 covers). Styled with contemporary Asian inspired landscaping, it is chic, earthy and intimate.
The Residents Bar is located near the hotel reception and offers a relaxed private location (60 covers). Alhambra A 34m2 16 30 15 16 16
Alhambra B 35m2 16 30 15 16 20
Broadcaster 28m2 0 0 0 10 10 Suite Ultimate Urban Relaxation Total 97m2 32 60 30 42 46 The Gibson offers the ultimate urban relaxation experience on a private, residents-only terrace on the top floor, with panoramic views of the distant Dublin Rickenbacker and Cordoba Suites & Wicklow Mountains. The private Rickenbacker Suite provides larger boardroom facilities for up to 16 people. Cordoba A & B can accommodate 60 delegates in theatre style. • Two Zen copper crafted baths located on a private terrace Category Area (m2) U Shape Theatre Class Room Board Room Banquet
• Sauna and steam rooms Rickenbacker 32m2 0 25 16 16 0 Suite • Gym with state-of-the-art equipment
Cordoba A 45m2 17 35 16 16 0 • Changing rooms
Cordoba B 35m2 16 25 16 16 0
Total 112m2 33 85 48 48 0 16
17 a full house
Tenant
The property is let to Galsay Limited, a Dalata Hotel Group plc operating company, incorporated in July 2014.
Tenancy
Lease Current Rent Tenancy Lease Term Commencement Rent Type Review Type Review Date Per Annum Date
CPI Linked Base Rent 27th June 2020 €2,933,029 (Upward Only) Galsay Limited 25 Years 28th June 2010 Turnover Rent N/A 31st December* €1,719,309**
Total €4,652,338
* Calculated annually ** 2017 forecast rent. Turnover rent was €1,605,232 in 2016. Refer to the rent folder contained in the data room for further details.
Tenure
Long leasehold (9,995 years).
Tenant Profile
The current tenant is Galsay Ltd, a subsidiary of Dalata Hotel Group plc, listed on ESM/AIM in March 2014, and Dublin and London main markets in July 2016.
Dalata purchased this leasehold interest in March 2016 and it is the only individually branded hotel in the Dalata Hotel Group portfolio (owned/leased), recognising its superior potential.
Dalata Hotel Group plc is Ireland’s largest hotel group with a market cap of approximately €895m and operates 38 hotels and 7,727 bedrooms in Ireland and the UK. Dalata Hotel Group plc has a strong Dun and Bradstreet rating (5A 2).
Dalata landlords include M&G and Deka. 18
19 building specification & architectural distinction
External
• Reinforced concrete frame structure with a combination of powder coated aluminium framed curtain wall glazing, stone and terracotta cladding panels
• Impressive curved glazed curtain wall atrium features glazed lifts and a vertical garden
• Steel frame brise soleil
• Insulated flat roof deck with a bitumen based roof covering which incorporates a rainwater harvesting drainage system
• Two external landscaped courtyard areas located within the building which act as light-wells for the internal bedrooms
Internal
• 7 no. customer lifts and 3 no. additional service lifts
• 4-pipe fan coil unit, VRF and DX air conditioning system
• Building management system
• Gas-fired low temperature hot water (LTHW) heating
• General supply and extract ventilation
• Fire alarm and detection system
• Security intruder alarm, CCTV and access control systems 20
21 a state of the art mixed-use development
The Gibson Hotel forms part of a mixed-use scheme called Point Square. Point Square takes its name from its location alongside Dublin’s largest theatre and events venue 3Arena, formally known as The Point Theatre.
Measuring over 100,000 sq. m., the seven-storey over triple basement development is one of the single largest mixed-use buildings ever constructed in Ireland, comprising the aforementioned hotel, a shopping centre with over 40 retail and 12 restaurant units, a six screen cinema, four levels of office accommodation and an 800 space car park all addressing a public square around the terminus of the Luas light rail line.
The Gibson Hotel
Retail/Cinema
For Illustrative Purposes Only Office 22
23 floorplans
Level 3 N Level 4 N
For Illustrative Purposes Only For Illustrative Purposes Only
Reception Hemi Bar Coda Eatery Conference & Public Areas Bedrooms Conference & Banqueting Suites & Back of House Residents Bar Bedrooms Banqueting Suites
Public Areas & Back of House 24
25
Level 5 N Level 6 N
For Illustrative Purposes Only For Illustrative Purposes Only
Public Areas Bedrooms Bedrooms Spa & Back of House
Public Areas Gym & Back of House NORTH CIRCULAR ROAD
CROKE PARK
RUSSELL STREET
BERKELEY STREET NORTH DOCK BELVEDERE PLACE NORTH CIRCULAR ROAD EASTPOINT STREET
WEST ROAD PORT TUNNEL NORTH DOCK WEST ROAD FITZGIBBON STREET SUMMERHILL PARADE
PHIBSBOROUGH ROAD NORTH STRAND ROAD EASTPOINT STREET SEAVIEW AVENUE EAST CHARLES STREET GREAT
MOUNTJOY PORTLAND ROW EASTPOINT STREET SQUARE PARK
MOUNTJOY SQUARE SOUTH SUMMERHILL NORTH STRAND ROAD GARDINER ROW
GARDINER STREET MIDDLE
DORSET STREET NORTH GREAT GEORGE’S STREETHILL STREET
PROMENADE ROAD D CALE O N RAVENSDALE ROAD RO A D GRANBY ROW
PARNELL SQUARE EAST ROYAL CANAL
T ROUTE TO PORT TUNNEL EE AND DUBLIN AIRPORT TR S CONNOLLY DOMINICK STREET UPPER LL E CALEDON ROAD RN STATION PROMENADE ROAD PA HAWTHORN AVENUE EAST ROAD RAILWAY STREET ST MARY’S ROAD SEAN MACDERMOTT STREET LOWER
L
L
I
H
N
O GRANGEGORMAN LOWER I
T
D
U A MERCHANT’S ROAD T CHURCH ROAD I
O
T
R S SEVILLE PLACE TOLKA QUAY ROAD N E
N O FOLEY STREET EAST ROAD C A
L
L I
K K SHERIFF STREET LOWER
IN G LOWER STREET GARDNER ’S
IN H N STREET JOYCE JAMES S T T R R docklands ORIEL STREET UPPER EAST WALL ROAD E O E N T HARBOURMASTER PLACE DOCKLANDS T ALEXANDRA ROAD
E E STATION R R E T P SHERIFF STREET LOWER S P G U IN T K E TALBOT STREET E R AMIENS STREET T occupiers S SHERIFF STREET UPPER H C BRUNSWICK STREET NORTH R U THE H 24 MAYOR STREET LOWER ALEXANDRA ROAD C SPIRE 26 27 PARNELL STREET
GUILD STREET 1 23 PARK LANE K RTH ING STREET NO CorporateHENRY Occupiers STREET Leisure Occupiers GPO 3 21 36 2 DUBLIN PORT O’CONNELL STREET UPPER STREET O’CONNELL 29
1. Yahoo 36. The Gibson Hotel 22 CAPEL STREET CAPEL MARY STREET 20 CUSTOM HOUSE EXCHANGE PLACE 28 2. Voxpro 37. 3Arena 25 31
COMMONS STREET CONVENTION
CHURCH STREET BERESFORD STREET STREET BERESFORD CUSTOM HOUSE QUAY 41 QUEEN STREET 40 CENTRE BLACKHALL STREET CUSTOM HOUSE QUAY
3. Bvlgari 38. Convention Centre Dublin 39 PARK LANE 30 MARY STREET LITTLE EDEN QUAY NORTH WALL QUAY 33 LIFFEY STREET UPPER STREET LIFFEY 34 4. Matheson 39. The Spencer Hotel 38 32 37 EAST WALL ROAD
NEW WAPPING STREET
SMITHFIELD MAY’S LANE MARY’S LANE STREET JERVIS CASTLEFORBES ROAD BOW STREET 5. State Street 40. Hilton Garden Inn HENDRICK STREET GEORGE’S QUAY NORTH WALL QUAY BURGH QUAY HAYMARKET 6. Airbnb 41. CHQ Building CITY QUAY
SEAN O’CASEY BRIDGE
7. Accenture 42. The Clayton Hotel TARA GREEK STREET GREEK
LIFFEY ST LOWER ST LIFFEY STREET BACHELOR’S WALK POOLBEG STREET RIVER LIFFEY D’OLIER STREET STATION MOSS STREET 19 CITY QUAY SAMUEL BECKETT BRIDGE 8. TripAdvisor 43. The Marker Hotel GLOUCESTER STREET SOUTH HAMMOND LANE ASTON QUAY ER 18 9.O W Logmein 44. Bord Gáis Energy Theatre SIR JOHN ROGERSON’S QUAY Y L TARA STREET A LUKE ST ND QU Y 17 ORMO UA ARRAN QUAY STREET CAPEL N Q 10. HSBC PTO 45. Maldron Hotel 14
RAM TOWNSEND STREET 15 ARRAN STREET EAST STREET ARRAN C FLEET STREET TOM CLARKE BRIDGE TOWNSEND STREET LIME STREET 16 9 8
CHURCH STREET 11. William Fry 46. Shelbourne Park CHANCERY PLACE CHANCERY 4 USHER’S QUAY ORMOND QUAY UPPER WELLINGTON QUAY LOMBARD STREET EAST 13 FORBES ST 5 INNS QUAY 12.TEMPLE Capita BAR 47. Aviva Stadium PEARSE STREET HANOVER STREET EAST 42 CARDIFF LANE
T
ESSEX QUAY 13. Facebook 48. Trinity College BENSON STREET E ASGARD ROAD E MERCHANT’S QUAY MARK STREET HANOVER STREET EAST YORK ROAD R 43 T WOOD QUAY COPE ST S GREEN STREET EAST 14. McCann Fitzgerald BORD GÁIS E
G STREET ANGLESEA T
D ENERGY THEATRE
I E FOWNES ST UPPER ST FOWNES
R E HANOVER QUAY 7 R 15. Beauchamps
B 6
T
R
S
E
PARLIAMENT STREET PARLIAMENT ERNE STREET LOWER
E COLLEGE GREEN 44 PIGEON HOUSE ROAD N N
I 11
W R
T 16. Three
E S O DAME STREET
L V U
G PEARSE STREET COOK STREET A TREET
ND S U T PEARSE
E BO A 17. Bloomberg
ER EET SUFFOLK STREET GRAND CANAL V N I T R L MACKEN STREET THORNCASTLE STREET
O I T TRINITY COLLEGE 48 STREET 45 12 S S BRIDGEFOOT STREET W LORD EDWARD STREET EW STATION 18. Morgan Stanley R GRAND CANAL QUAY CAMBRIDGE ROAD D
S N O 10 A
U
T 19.T Grant Thornton PEARSE STREET S
H
HIGH STREET G EXCHEQUER STREET R W I 20.E Societe Generale CK NASSAU STREET
DUBLIN CASTLE A L OW T T ST WESTLAND ROW
H R O G E
MA ET GRAND CANAL BRIDGE
RIVER DODDER RIVER S E BOYNE STREET
STREE
T 21.O Susquehanna Bank
R LEINSTER STREET SOUTH G
E LN ’ O P
S 22. Depfa Bank NC LAC I E
S L RINGSEND ROAD T RINGSEND CUMBERLAND STREET SOUTH
SHIP STREET GREAT R DUKE STREET ERNE STREET UPPER
E
HANBURY LANE E 23. Zurich PARK T SETANTA PLACE ROSS ROAD FITWILLIAM QUAY CLARE STREET 24. KPMG UP EET PER BRIDE ROAD TR 46 S GRAFTON STREET FREDERICK STREET SOUTH N 25. Citibank MERRION ST LWR E CLARENDON STREET SOUTH DOCK STREET EARL STREET SOUTH H ANNE STREET SOUTH MOLESWORTH ST P SOUTH LOTTS RD GRAND CANAL QUAY E SOUTH WILLIAM STREET HOGAN PLACE T SHELBOURNE S
BRIDE STREET BRIDE 26. JP Morgan
MERRION SQUARE NORTH PARK
NICHOLAS STREET NICHOLAS FRANCIS STREET FRANCIS MEATH PLACE 27. Rabobank
MEATH STREET MEATH LEINSTER BULL ALLEY STREET GOLDEN LANE HOLLES STREET CARMAN’S HALL HOUSE DERMOT O’HURLEY AVENUE 28. A&L Goodbody GORDON STREET GAEITY KILDARE STREET 29. BNY Mellon THEATRE 35 MERRION SQUARE WEST BARROW STREET ST PATRICK’S MERRION PARK 30. AIG SQUARE GRATTAN STREET GRAND BRAITHWAITE STREET THE COOMBE MERCER ST LOWER MERRION SQUARE SOUTH CANAL DOCK 31. Hubspot ST STEPHEN’S GREEN NORTH MOUNT STREET LOWER STATION
AUNGIER STREET PETER STREET YORK STREET PATRICK STREET ARDEE STREET ARDEE 32. PwC SHELBOURNE HOTEL V STEPHEN’S PLACEER 33. Central Bank of Ireland SC MERRION SQUARE EAST HO JOHN STREET SOUTH ST LUKE’S AVENUE MERRION ROW Y FITZWILLIAM LANE LE P BRIDE STREET ST LACE KE 34. NTMA E VI PH N S EN TR ’S EE BISHOP STREET L T UPPE ST STEPHEN’S A R 35. Google NE 47 LONDONBRIDGE ROAD GREEN HUME STREET
H MOUNT STREET UPPER
T U MERCER ST UPPER ST MERCER POWER’S CT BATH AVENUE O BAGGOT STREET LOWER LANSDOWNE HALL
NEW MARKET S
NEW ROW S HILL REDMOND’S T KE E VIN STREET LOWER CUFFE STREET E
R CRANMER LANE CHAMBER STREET T ELY PLACE S MILL STREET ST STEPHEN’S GREEN SOUTH
W E FITZWILLIAM STREET LOWER HAVELOCK TERRACE N JAMES STREET EAST HADDINGTON ROAD PERCY PLACE ST STEPHEN’S GREEN EAST
E C
A WEXFORD STREET WEXFORD
NEW BRIDE STREET BRIDE NEW R OSCAR SQUARE LANSDOWNE PARK R MONTAGUE ST E T D FITZWILLIAM SQ NORTH L CAMDEN ROW A W E PETTY LANE S
LONG LAN O
ST THOMAS ROAD
R
BLACKPITTS E
W
O L
FITZWILLIAM T NEWBRIDGE AVENUE E FITZWILLIAM SQ SOUTH HERBERT PLACE NORTHUMBERLAND ROAD SHELBOURNE ROAD E FITZWILLIAM SQ WEST SQUARE
R IVEAGH R PERCY PLACE SANDYMOUNT ROAD T AVIVA STADIUM
E PLEASANTS STREET S
GARDENS W FITZWILLIAM STREET UPPER
N LAD LANE
O E L
D PEMBROKE ROW S T LANSDOWNE
T E M LEESON ST LOWER T E I A ROAD STATION P R T C K S C L CLARENCE MANGAN ROAD A I L S EASTMORELAND LANE B S A EARLSFORT TERRACE LANSDOWNE ROAD R O’DONOVAN ROAD B N A ST MARY’S ROAD HERBERT ROAD K L AR C HATCH STREET UPPER P GRANTHAM STREET CUMBERLAND ROAD Y LE LOMBARD STREET W E VIL N EN R E WILTON PLACE RUTLEDGE TERRACE R A
G PEMBROKE GARDENS F ARNOTT STREET ARNOTT GILBERT ROAD
TRITONVILE ROAD HEYTESBURY STREET HEYTESBURY 10 xxx the docklands 4 development pipeline The Reflector 4 Developer/Owner: 4.19 million sq. ft. (NIA) of office accommodation and over 1,600 residential units Park Developments Group in pre-planning, planning or construction phase, providing a favourable outlook for 5 Description: future corporate and leisure demand drivers. 8 6 127,000 sq. ft. office development; 2 40 residential units 11 9 7 3 Status: 13 1 On site. Anticipated PC Q3 2018 12
14
1 2 3 11 10
City Block 9 City Block 3 The Exo Building 76 Sir John Rogerson’s Quay Developer/Owner: Developer/Owner: Developer/Owner: Developer/Owner: Deloitte (As Receiver) Deloitte (As Receiver) Grant Thornton (As Receiver) Targeted Investment Opportunity (TIO) Description: Description: Description: – Bennett Group / NAMA / Oaktree 413,211 sq. ft. – 350 residential units 463,548 sq. ft. – 360 residential units; 170,375 sq. ft. office development Description: Existing and CGI 253,278 sq. ft. commercial 95,308 sq. ft. commercial development; Status: Status: For Illustration Purposes Only Pre-planning Status: Planning Granted. Anticipated PC Q3 72 residential units Residential: Planning lodged 2019 Status: Commercial: Pre-planning Anticipated PC Q2 2019
4 5 6 7 8 9 12 13 14
Spencer Place Central Bank of Ireland The Point Campus Student Wintertide Dublin Landings Capital Dock 6 Hanover Quay 5 Hanover Quay Bolands Quay Developer/Owner: Headquarters Accommodation Developer/Owner: Developer/Owner: Developer/Owner: Developer/Owner: Developer/Owner: Developer/Owner: Ronan Group Developer/Owner: Developer/Owner: PwC (As Receiver) Ballymore, Oxley Kennedy Wilson / NAMA Cairn Homes Targeted Investment Opportunity (TIO) Savills (As Receiver) Description: Owner Occupied / Walls Contractor O’Flynn Capital Partners Description: Description: Description: Description: – Bennett Group / NAMA / Oaktree Description: Mixed-use development of Description: Description: 310,251 sq. ft. office development 548,409 sq. ft. office development, 339,248 sq. ft. office development; 64,000 sq. ft. – 120 residential units Description: Approx. 396,661 sq. ft. office 1,000,000 sq. ft.; 165 residential units 193,200 sq. ft. office development Student residence development with Status: 294 residential units 204 residential units; restaurant; leisure; Status: 162,924 sq. ft. office development development, 46 residential units, retail Status: Status: 966 beds, on site area of 0.96 hectares Planning Granted. Status: crèche; retail and cultural space On site. Anticipated PC Q2 2018 Status: and cultural space Pre-planning Construction completed Q1 2017 Status: Anticipated PC Q3 2019 Construction commenced Status: On site. Anticipated PC Q2 2018 Status: On site, PC anticipated Q2 2018 Anticipated PC Q1 2018 Anticipated PC Q1–Q4 2019 22 23 24 1 2 3 6 7 8
4 5
15
21 20 19 18 17 16 14 13 12 11 10 9
a destination DUBLIN DOCKLANDS INVESTMENTS €2.6BN €1.95BN Increased for institutional traded in this to institutional institutional cycle to date investors demand capital For Illustrative Purposes Only
1. 4-5 Grand Canal Square 6. One Dockland Central 5 Georges Dock 11. New Century House 16. The Anchorage 21. Hanover Reach Acquired by Union Investment Acquired by Hibernia REIT Acquired by New Ireland Acquired by Hibernia REIT Acquired by New Ireland Acquired by IPUT Assurance Assurance 2. Riverside 1 7. Georges Dock 12. Block R Spencer Dock 22. 8 Hanover Quay Acquired by IPUT 6 Georges Dock Acquired by Central Bank of 17. Riverside 2 Acquired by BNP Paribas REIM 1 Georges Dock Acquired by IPUT Ireland Acquired by IPUT 3. The Observatory Acquired by Catella 23. 1 Grand Canal Square Acquired by Hibernia REIT 8. Harbourmaster III 13. Kilmore House 18. The Bloodstone Building Acquired by IPUT 2 Georges Dock Acquired by Intesa Sanpaolo Acquired by Davy Acquired by Hibernia REIT 4. Georges Quay Plaza 24. 2 Grand Canal Square Acquired by Irish Life Acquired by Green REIT 14. One Spencer Dock 19. Central Quay Acquired by Irish Life 9. Harbourmaster II Acquired by AGC Acquired by Real IS 3 Georges Dock Acquired by Real IS 5. 25-28 North Wall Quay Acquired by Irish Life Acquired by IPUT 10. Harbourmaster I 15. 14-15 & 16 Sir John Rogerson’s 20. 78 Sir John Rogerson’s Quay
Acquired by Irish Life Quay & adjoining site Acquired by Kennedy Wilson Acquired by Kennedy Wilson the next investment of scale
€104m €70m+ €180m Block R, Spencer Dock The Spencer Hotel The Doubletree Hilton Hotel
NIY: 4.47% (Freehold VP) NIY: 4.8% WAULT: 9.8 Years Price/Room: €414,000+ WAULT: 25 Years The Gibson Purchaser: Central Bank of Ireland Purchaser: MHL Collection Purchaser: DEKA Hotel
Q4 2016 2017
Guide Price: In excess of €87m NIY: 5.12% WAULT: c. 17.8 Years Price per Room: €345,000
€242m €55m €126m One Spencer Dock The Temple Bar Hotel 13 – 18 City Quay
NIY: 4.66% (Freehold VP) NIY: 4.57% WAULT: 16.6 Years Price/Room: €405,000 WAULT: 13 Years Purchaser: AGC Purchaser: Ascott Purchaser: Irish Life xxxv
xxxvi
The Irish Investment Market the irish economy • Total turnover in 2016 was just short of €4.5bn • The retail sector overtook offices as the biggest investment sector by turnover in 2016, accounting • Offices remain firmly on many investors’ buy-list. for over 50% of total market spend & investment However, after very active trading in 2012-2015, fewer prime office investment opportunities came • Long-term institutional investors’ share of market to the market last year. Consequently offices turnover has risen to become the most dominant slipped from 48% of turnover in 2015 to 34% buyer group in the market, responsible for nine of market in 2016 the top ten deals in 2016 and two of the top three so far this year
The Irish Economy
• Ireland remains the EU’s fastest growing economy for the third Fig. 2 Investment Turnover by Sector straight year
100 • Output is expanding at a rate of 6.1% per annum (see Figure 1) Multi Family 90
• Consumer spending is rising by 3.0% 80 Mixed 70 • Economic growth is underpinned by robust performance of the labour Offices 60 market while annual jobs growth has accelerated to a very strong 3.5% % 50 Retail • There is continued improvement in the labour market – unemployment 40 Industrial fell to 6.2% in May 2017, with more than 232,000 new jobs created in 30 the last four years. Increasing average earnings coupled with tax cuts 20 Hotel and low inflation has led to a significant lift in real disposable incomes 10 Other 0 2013 2014 2015 2016 2017 Fig. 1 Q1 2017 GDP Growth Across EU Source: Savills Research
8
7 Fig. 3 Investment by Buyer Type 6
5 100 Private Individual 90 4 80 Private Syndicate
% Change y/y 3 70 Private Equity 2 60
Institutional 1 % 50 /REIT 40 0
Ireland Romania Slovenia Estonia Malta Poland Hungary Luxembourg Czech Republic Latvia Bulgaria Lithuania Finland Sweden Denmark Cyprus Netherlands Slovakia Spain Portugal Germany Croatia Austria Italy Belgium France UK Greece Other 30
20 Property Company 10
0 Unknown 2013 2014 2015 2016 2017 Confidential Source: Eurostat, CSO Source: Savills Research 36
dublin hotel xxxviii market
Overseas Trips to Ireland by Area of Residence
47% 2.4m +10.9% 10000 +14% Great Britain increase in visitors people 9000 +9% to Ireland since 2012 Other Europe The population of the Greater 8000 -12% +7% Dublin Area (GDA) is forecast +8% +0.2% 7000 -13% USA & Canada to grow from 1.9 million people 6000 to 2.4 million people by 2026 5000 Other Areas
4000
No. of trips (000s) No. 3000 29m 2000 1000 expected passengers 1200 0 through Dublin 2008 2009 2010 2011 2012 2013 2014 2015 2016 Airport in 2017 international companies European HQ for more Source: CSO Great Britain Other Europe USA and Canada Other Areas than 1,200 international companies europe’s Air Access Passenger numbers at Dublin Airport exceeded 27.5m in 2016, a 15% (3.3m) increase over 2015. By June 2017, silicon numbers were up by 5%. Dublin Airport now connects to over 180 worldwide destinations. Long haul passengers 10/10 have more than doubled since 2010, with the percentage of long haul passengers in Dublin increasing from 9% to valley Top “Born On The Internet” 13% in that time period. Companies Dublin Occupancy and Average Room Rate 9/10 STR reported very strong Dublin RevPAR growth of 15% in 2016. Further growth of 7% is forecast in 2017. Top Global ICT Companies 160 100 200% 83% 83% ARR 90 140 increase in long haul 80 Occupancy 67% €145 passenger numbers 120 64% in the last 6 years 70 100 €129 Forecast 9/10 60
Top Global Pharmaceutical 80 50 Companies ARR € €77 40 60 % Occupancy 30 40 20 20 RevPAR 19/25 10 Top Financial Services 0 0 almost doubled in the last 6 years Firms 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (f) (f) (f) (f) (f)
Source: STR further information
Sale Process VAT
For Sale by Private Treaty. VAT is applicable on this sale.
The Proposal BER
Guiding in excess of €87 million. Pricing at this level BER Number: 800579633 would reflect a net initial yield of 5.12% after standard Energy Performance Indicator: Irish purchaser’s costs of 4.46%. Further Information / Data Room Viewings Further information available in the dedicated data Viewings are strictly to be arranged through the sole room. To request data room access (subject to selling agent Savills. This is an investment sale and as Non Disclose Agreement), please go to: a result the tenant is not affected. THEGIBSONHOTELSALE.COM
Selling Agent Project Team
Savills Ireland Fergus O’Farrell Shane Corby 33 Molesworth St, Dublin Investment Dublin Investment Dublin 2, Ireland T: +353 1 618 1311 T: +353 1 618 1450 E: [email protected] E: [email protected] PSRA: 002233 www.savills.ie Tom Barrett Aaron Spring Dublin Hotels & Leisure Dublin Hotels & Leisure T: +353 1 618 1415 T: +353 1 618 1446 E: [email protected] E: [email protected]
Solicitor
Donal O’Raghallaigh T: +353 1 607 1268 Important Notice McCann Fitzgerald E: [email protected] Savills Ireland and the Vendors/Lessors give note that the particulars warranty (express or implied) in relation to the property, and neither Riverside One, and information contained in this brochure do not form any part of any Savills Ireland nor any of its employees nor the vendors or lessors shall Emily MacNicholas offer or contract and are for guidance only. The particulars, descriptions, be liable for any loss suffered by an intending purchaser/Lessees or any Sir John Rogerson’s Quay, dimensions, references to condition, permissions or licences for use or third party arising from the particulars or information contained in this T: +353 1 607 1749 occupation, access and any other details, such as prices, rents or any other brochure. Prices quoted are exclusive of VAT (unless otherwise stated) Dublin 2, Ireland E: [email protected] outgoings are for guidance only and are subject to change. Maps and plans and all negotiations are conducted on the basis that the purchasers/ are not to scale and measurements are approximate. Whilst care has been lessees shall be liable for any VAT arising on the transaction. This brochure taken in the preparation of this brochure, intending purchasers, Lessees or is issued by Savills Ireland on the understanding that any negotiations www.mccannfitzgerald.com any third party should not rely on particulars and information contained relating to the property are conducted through them. All maps produced in this brochure as statements of fact, but must satisfy themselves as to by permission of the Ordnance Survey Ireland Licence. the accuracy of details given to them. Neither Savills Ireland nor any of its employees have any authority to make or give any representation or No AU 001799 © Government of Ireland. On the instruction of WWW.THEGIBSONHOTELSALE.COM