CENTRAL HOTEL - Cushman & Wakefield · EX CHE QUER STREET | DUBLIN 2 CENTRAL HOTEL EX CHE QUER STREET | DUBLIN 2 CENTRAL HOTEL EX CHE QUER STREET | DUBLIN 2 CENTRAL HOTEL EX CHE QUER

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





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

2

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





SITUATED IN THE HEART OF DUBLIN CITY






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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)





OlympiaTheatre

DublinCastle

JervisShopping Centre

ILACShopping Centre

Temple BarDebenhams CentralPlaza

MultiplexCinema

6

AERIAL

Trinity Street Car Park

GraftonStreet

O’ConnellStreet

LuasGreen Line

LuasRed Line

Pearse StreetTrain Station

CustomHouse

TrinityCollege


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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.





70Bedrooms

42FPP for additional

Bedrooms

5RetailUnits

€660kfrom retail units

per annum


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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 - - -


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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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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”


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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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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

Documents

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