CENTRAL HOTEL - Cushman & Wakefield · EX CHE QUER STREET | DUBLIN 2 CENTRAL HOTEL EX CHE QUER...
Transcript of CENTRAL HOTEL - Cushman & Wakefield · EX CHE QUER STREET | DUBLIN 2 CENTRAL HOTEL EX CHE QUER...
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
FOR SALE BY PUBLIC TENDER Exceptional opportunity to acquire a prime Dublin city centre hotel
AN EXCEPTIONAL OPPORTUNITY TO ACQUIRE A PRIME DUBLIN CITY CENTRE HOTEL
CENTRAL HOTEL | FOR SALE
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Available unencumbered without lease or management
agreement
Landmark building built in 1887
Profitable business
Remarkable visibility with dual frontage to both Georges Street and Exchequer Street
Multiple value-add opportunities including
renovation, planning permission for 42 additional rooms and management of
retail investments
5 ground floor retail units currently producing
€660,000 per annum
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
EXECUTIVE SUMMARY
ST STEPHEN’SGREEN
FITZWILLIAMSQUARE
LUAS
LUAS LUAS
LUAS
MERRION SQUARE
SOUTH DOCKSTREET PARK
R I V E R L I F F E Y
Ri ve r L if f e yR i ve r L if f e y
IVEAGHGARDENS
HERBERTPARK
TRINITY COLLEGE
BUSSTATION
CUSTOMHOUSE
CONNOLLYSTATION
TARA STREETSTATION
PEARSE STREETSTATION
GRAND CANALDOCK STATION
DUBLINESTATE
LANSDOWNE ROADSTATION
SANDYMOUNTSTATION
G R A N DC A N A L
R I V E R L I F F E Y
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MESPIL ROADWILTON TERRACE
HERBER
T PLA
CE
GRAND PARADE
CANAL RD
CHARLEMONT RD
GROVE RD
ADELAIDE RD
HADDINGTON ROAD
BATH AVENUE
TRITON
VILLE ROAD
SHELBO
URN
E ROAD
O'CO
NN
ELL STREET
LWR BAGGOT ST.
PEMBROKE ROAD
SUSSEX ROAD
CAMD
EN ST U
PR
HARCO
URT ST
HATCH ST
CAMD
EN ST LW
R
CUFFE ST
AUN
GIE
R ST
REET
SOU
TH G
REAT GEO
RGE’S STREET
LOWER MOUNT ST.
LOWER GRAND CANAL ST
HANOVER QUAY
BEN
SON
STR
EET
GRA
ND
CAN
AL Q
UAY
CITY QUAY
GEORGE'S QUAY
CUSTOM HOUSE QUAY
ASTON QUAY
BURGH QUAY
EDEN QUAY
BACHELORS WALK
PARNELL ST
WELLINGTON QUAY
ORMOND QUAY LOWER
WOOD QUAY ESSEX QUAY
MERCHANTS QUAY
INN'S QUAY
CLAN
BRAS
SIL
ST
PATR
ICK
STRE
ET
FRANCES STREET
SOUTH CIRCULAR ROAD
ST STEPHENS GREEN SOUTH
ST STEPHENS GREEN NORTH
PEARSE STREET
PEARSE STREET
PEARSE STREET
MAC
KEN
STR
EET
GU
ILD
STR
EET
SIR JOHN ROGERSON’S QUAYSIR JOHN ROGERSON’S QUAY
TOWNSEND STREET
ABBEY ST LOWER
ABBEY ST MIDDLE
ABBEY ST UPPER
CAPEL STREET
MARY STREET
HENRY STREET
AMIE
NS
STRE
ET
MERRION SQUARE S
MERRION SQUARE N
BAGGOT STREET
MER
RIO
N S
T UP
R
KILD
ARE
STRE
ET
DAW
SON
STR
EET
FENIAN ST
GRA
FTO
N S
TREE
T
DAME ST
T E M P L E B A R
MARLBO
ROU
GH
ST
GARDIN
ER ST LOW
ERTA
RA STREET
ST S
TEPH
ENS
GRE
EN E
AST
BARR
OW
STR
EET
EAST
WA
LL R
OA
D
LEESON STREET LOWER
ORMOND QUAY
AVIVASTADIUM
Shelbourne ParkGreyhound
Stadium
BORD GÁISTHEATRE
3Arena
D'OLIER ST
Bus Routes
TRANS-Luas Lines Train Dublin Bike Taxi Ranks
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The Central Hotel is a landmark building which has dual frontage onto the busy streets of Exchequer Street and George’s Street. The hotel is in close proximity to the iconic Temple Bar, Trinity College, Dublin Castle and Grafton Street. The hotel is situated in the heart of the ‘Creative Quarter’ which offers a hive of activity throughout the day and into the night.
Excellent infrastructure and transport are within close proximity and the green LUAS Line is located less than a kilometre from the hotel. Dublin Airport is located approximately 11.3km north of the hotel.
LOCATION
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
SITUATED IN THE HEART OF DUBLIN CITY
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTEL | FOR SALE
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DUBLINWith a population of 1,173,179 (Census 2016), Dublin is Ireland’s capital city, situated on Ireland’s east coast at the mouth of the River Liffey. Recently voted Europe’s fourth most popular city break destination, Dublin is one of the friendliest capital cities in the world. Dublin’s elegant Georgian architecture makes it one of Europe’s most attractive capitals.
Dublin is a relatively small and accessible city, small and safe enough to get around on foot, while the LUAS tram system and the suburban rail system, the DART, provide excellent transport links throughout the city.
The first nine months of 2018 saw over 6 million overseas visitors come to Ireland, an increase of over 8% for the same period last year (Tourism Ireland, SOAR, 2018). Dublin attracted over 4.9 million of these visitors. The recent Irish Tourism Industry Confederation report set a target of attracting 13.7 million overseas visitors to Ireland by 2025. In 2017 overseas visitor revenue was valued at €4.9 billion.
Dublin is a very accessible city with flights to almost 190 destinations in 43 countries, operated by 56 airlines. Almost 24.2 million passengers have travelled through Dublin Airport in the first nine months of 2018, a 6% increase when compared to the same period last year (Dublin Airport, 2018).
1.1millionDublin population
Train Dublin Bikes LUAS Dublin Bus Aircoach
4.9 millionDublin visitors(first 9 months of 2018)
€4.9 billionOverseas visitor revenue (2017)
24.2 millionDublin Airport passengers(first 9 months of 2018)
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
OlympiaTheatre
DublinCastle
JervisShopping Centre
ILACShopping Centre
Temple BarDebenhams CentralPlaza
MultiplexCinema
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AERIAL
Trinity Street Car Park
GraftonStreet
O’ConnellStreet
LuasGreen Line
LuasRed Line
Pearse StreetTrain Station
CustomHouse
TrinityCollege
CENTRAL HOTEL | FOR SALE
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CONVENIENTLY LOCATED IN THE HEART OF DUBLIN’S ‘CREATIVE QUARTER’
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THE PROPERTYThe Central Hotel is a landmark 70 bedroom hotel which first opened in 1887. The hotel was designed by Richard Millar & William Symens of Kildare Street, who also designed the House of Parliament, College Green (now Bank of Ireland). The hotel’s Library Bar remains one of Dublin’s most popular meeting places today.
The sale includes 5 ground floor retail units currently producing €660,000 per annum
The hotel has full planning permission granted to redevelop into a 112 bedroom hotel connecting all 5 retail units. The redevelopment will also include a basement level bar / restaurant, extension to the famous Library Bar and a feature central atrium.
The Central Hotel is a very profitable business and offers multiple opportunities for a purchaser to add value to the property.
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
70Bedrooms
42FPP for additional
Bedrooms
5RetailUnits
€660kfrom retail units
per annum
CENTRAL HOTEL | FOR SALE
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BEDROOMSThe Central Hotel features 70 guest bedrooms, all of which are beautifully furnished. The bedrooms are located on the second, third and fourth floors and are all served by lifts and stair wells. A configuration of rooms is detailed here:
THE LIBRARY BARThe Library Bar is one of Dublin’s hidden gems and popular meeting points. It offers the perfect respite from the hustle of the busy intersection of George’s and Exchequer Streets.
The Library Bar offers guests dining from the ‘Exchequer Gastropub’ which is located on the ground floor. The ‘Exchequer Dublin 2’ offers the best of Irish cuisine.
Single Room 10
Double/Twin Room 38
Triple Room 19
Family/Quad Room 3
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CONFERENCE & BANQUETING FACILITIESThe Central Hotel provides the ideal venue for any occasion. The hotel offers two function rooms which are located on the first floor and comprise of a fully stocked bar and a small dance floor. In addition to
the function rooms, the hotel offers five conference rooms; the McClelland, Huntley, Mullen, Exchequer Suite and Restaurant Annex. The table below provides a breakdown of function room capacity;
Function Room Theatre Style Classroom Style Boardroom Style U-Shape Style
Function Room 1 20 12 12 12
Function Room 2 70 32 30 30
Function Room 1 & 2 70 44 30 -
McClelland 70 40 30 30
Huntley 30 16 16 16
Mullen 30 16 16 16
Annex 40 16 24 20
Exchequer Suite - - 8 -
Library Extension 30pax Lounge Style - - -
CENTRAL HOTEL | FOR SALE
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RETAIL INVESTMENT UNITSThe Hotel has the benefit of 5 ground floor retail units which are currently producing a rental income of €660,000 per annum.
Unit Tenant(Trading as)
Rent Per Annum
Area (Sq M) Lease Terms
3-5 Exchequer Street Belltown Bars (The Exchequer Bar) €140,000 325 5 yrs 4 months from 01/01/2015
with no break option
16 South Great Georges Street Medipharm Ltd €100,000 210 10 yrs from 01/03/2012 with no break option
14 South Great Georges StreetWoodside Furniture
Limited (Pieces and Pieces)
€36,000 155 12 month licence with no rights of renewal from 1/10/2018
11 South Great Georges Street REM Globe Ltd(The Globe Bar) €300,000 417 3 yrs from 02/02/2017
12 Dame Court Blas Deas(Honest to Goodness) €70,000 243 35 yrs from 23/04/2012
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CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
DEVELOPMENT OPPORTUNITYPlanning permission in place to completely redevelop the property
into a 112 bedroom hotel with extensive ground floor facilities.
The proposed development is an innovative city project that comprises the following works to the buildings, all of which form part of the city block within which the Central Hotel occupies a significant part. True to the character of the building, the project is intended as a significant work of architecture and conservation carried out using cutting edge contemporary practice.
42 additional bedrooms
Extension and refurbishment of ground floor food
and beverage offering
Basement nightclub converted to
restaurant
Internal feature courtyard -
“The Green Lung in the City”
CENTRAL HOTEL | FOR SALE
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STR/PWC forecast growth of 7.4% in RevPAR for 2018,
outperforming London & Paris
Significant shortfall of hotel accommodation
in Dublin
Demand likely to increase further post-Brexit, with Dublin being
named by EY as one of the most favoured post-Brexit hubs
4.9 million visitors to Dublin in the period Jan - Jun 2018 (CSO) - 6.7% higher on an annual basis - European and North American
visitor numbers in particular rapidly expanding
Increase of more than 11 million passengers
(+61%) at Dublin Airport between 2010 and 2017
Second runway at Dublin Airport which is due to be completed
in 2022 will drive further growth in tourism
Robust growth in Irish economy, with CSO forecasting growth of 5.6% for 2018, following
growth of 7.2% in 2017
Growth currently being stimulated by strong domestic activity, particularly considerable expansion in both the labour market and
domestic demand
DUBLIN HOTEL MARKET
IRISH ECONOMY
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CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
CENTRAL HOTELEXCHEQUER STREET | DUBLIN 2
164 Shelbourne Road, Ballsbridge, Dublin 4
KIRSTY ROTHWELL Director, Head of Hotels Dublin
Tel: +353 (0) 1 6399386Email: [email protected]
ED FITCHPartner, EMEA Hospitality
Tel: +44 7760405978Email: [email protected]
ISOBEL HORANAssociate Director
Tel: +353 (0) 1 6399214Email: [email protected]
TENURECentral Hotel is held under a Freehold Title.
TUPEPurchaser will be required to comply
with relevant TUPE legislation.
LICENCE & REGISTRATION3 star Fáilte Ireland Registration
Publicans Licence (Ordinary) Hotel-1902 Act (Public Bar).
SERVICES All public services are available to the property.
DATA ROOM ACCESSInterested parties may be given access to
a data room with more detailed information upon signing a Non-Disclosure Agreement (NDA).
BASIS OF SALEFor Sale by Public Tender
Friday 30 November 12 noon (GMT).
GUIDE PRICE Available Upon Request.
VIEWING Strictly by appointment with
sole selling agent.
SOLICITORLeman Solicitors8-34 Percy Place
Dublin 4
John Hogan Tel: +353 1 639 3000
Email: [email protected]
AGENT
PSRA Registration Number: 002222
A full copy of our general brochure conditions can be viewed on our website at http://www.cushmanwakefield.ie/terms, or can be requested from your local Cushman & Wakefield office. We strongly recommend that you familiarise yourself with these general
conditions. While care has been taken to ensure that information contained in Cushman & Wakefield publications is correct at the time of publication, changes in circumstances after the time of publication may impact on the accuracy of this information.
BER Nos. available on request