Prestigious Dublin Theatre to Attract Investor Appetite
Dublin, 04 July 2014 – In one of the most high profile property sales in 2014, property advisors CBRE have been instructed by Grant Thornton (statutory receivers Paul McCann & Stephen Tennant appointed by NAMA) to dispose of the Bord Gáis Energy Theatre. The selling agents are understood to be quoting in excess of €20,000 000 for this trophy asset.
The Bord Gáis Energy Theatre is the largest theatre in Ireland providing a 2,111 seating capacity which opened in 2010. Designed by the internationally renowned architect Daniel Libeskind and constructed by the leading Irish construction company Sisk. The Bord Gáis Energy Theatre is regarded as the jewel in the crown of the new urban quarter of Grand Canal Square. This premiere Theatre was finished to the highest of standards and is designed to host theatrical productions that were previously unable to travel to Ireland.
The building initially opened as the Grand Canal Theatre but was renamed in March 2012 as of part a naming rights agreement with Bord Gáis Energy which is in place until 2018.
The West End style theatre, which hosted its inaugural performance in March 2010, comprises of a six storey over basement building extending to approximately 10,882 sq. m (117,132 sq. ft.). This landmark building rests on a site extending to 0.32 HA (0.80 Acres) which has a frontage of 55 metres overlooking Grand Canal Square.
The Bord Gáis Energy Theatre was conceived and is operated by Live Nation. Live Nation is an international entertainment company, and the largest producer of live music concerts having hosted 23,000 events in 2013 worldwide. Live Nation operate / own 148 venues across eight countries, including ‘The O2, Dublin, Ireland’ – ‘Hollywood Palladium, Los Angeles, USA’ – ‘Ziggo Dome, Amsterdam, Holland’ – ‘Motorsport Arena, Sheffield, UK’ – ‘Theatre at Westbury, New York, USA’ – ‘Gibson Amphitheatre, Universal City, California, USA’ – ‘Palasport Olimpico, Turin, Italy’ – ‘Apollo Theatre, Manchester, UK’.
Since the opening of the Bord Gáis Energy Theatre, Live Nation has hosted 1,178 performances including some of the worlds most renowned productions which have included the Lion King, Wicked, War Horse and Swan Lake. In 2012 the Bord Gáis Energy Theatre produced a total revenue of €7,649,438 which subsequently increased by 6% in 2013 to €8,099,106. The total number of performances in 2014 is expected to rise, bringing the overall number of performances held to 1,500 by year end.
According to the selling agents CBRE “we anticipate a strong level of interest from local and international investors and theatre operators. The market throughout 2012 and 2013 was dominated by the sale of prime office buildings. Investors are now actively seeking to invest in alternative assets such as residential, retail and leisure. The Bord Gáis Energy Theatre is a trophy asset which affords investors and operators a unique opportunity to acquire a world class specialist asset offering considerable growth potential”.
CONTACT: Sean O’Brien– +353 (0)1 618 5724 / 087 8131634 or e-mail:firstname.lastname@example.org
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.eu
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 130 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni