CENTRAL HOTEL. FOR SALE BY PUBLIC TENDER Exceptional opportunity to acquire a prime Dublin city centre hotel

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1 E XC H E Q U E R S T R E E T D U B L I N 2 E XC H E Q U E R S T R E E T D U B L I N 2 E XC H E Q U E R S T R E E T D U B L I N 2 E XC H E Q U E R S T R E E T D U B L I N 2 FOR SALE BY PUBLIC TENDER Exceptional opportunity to acquire a prime Dublin city centre hotel

2 AN EXCEPTIONAL OPPORTUNITY TO ACQUIRE A PRIME DUBLIN CITY CENTRE HOTEL

3 FOR SALE EXECUTIVE SUMMARY 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 3

4 SITUATED IN THE HEART OF DUBLIN CITY LOCATION The Central Hotel is a landmark building which has dual frontage EXCHEQUER onto the STREET busy streets DUBLIN of 2Exchequer 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. APEL STREET MARY STREET ABBEY ST UPPER ORMOND QUAY LOWER ABBEY ST MIDDLE BACHELORS WALK R I V E R L I F F E Y ASTON QUAY ABBEY D'OLIER ST EDEN QUAY BURGH QUAY TARA STREET TOWNSEND STREET CUSTOM HOUSE QUAY GEORGE'S QUAY TARA STREET STATION CITY QUAY R I V E R L I F F E Y WELLINGTON QUAY T E M P L E B A R AY DAME ST TRINITY COLLEGE PEARSE STREET PEARSE STREET DUBLIN ESTATE SOUTH GREAT GEORGE S STREET PEARSE STREET STATION AUNGIER STREET GRAFTON STREET DAWSON STREET ST STEPHENS GREEN NORTH KILDARE STREET MERRION ST UPR FENIAN ST MERRION SQUARE MERRION SQUARE S MERRION SQUARE N LUAS CUFFE ST ST STEPHEN ST STEPHEN S GREEN NS GREEN EAST BAGGOT STREET 4

5 FOR SALE DUBLIN With 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 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). 1.1million Dublin population 4.9 million Dublin visitors (first 9 months of 2018) 4.9 billion Overseas visitor revenue (2017) 24.2 million Dublin Airport passengers (first 9 months of 2018) Train Dublin Bikes LUAS Dublin Bus Aircoach 5

6 AERIAL Multiplex Cinema Jervis Shopping Centre ILAC Shopping Centre Debenhams Temple Bar Central Plaza Dublin Castle Olympia Theatre 6

7 FOR SALE CONVENIENTLY LOCATED IN THE HEART OF DUBLIN S CREATIVE QUARTER O Connell Street Luas Green Line Luas Red Line Trinity College Custom House Pearse Street Train Station Trinity Street Car Park Grafton Street 7

8 THE PROPERTY The Central Hotel is a landmark 70 bedroom hotel which first opened in 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. 70 Bedrooms 42 FPP for additional Bedrooms 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. 5 Retail Units 660k from retail units per annum 8

9 FOR SALE BEDROOMS The 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: Single Room 10 Double/Twin Room 38 Triple Room 19 Family/Quad Room 3 THE LIBRARY BAR The 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. 9

10 CONFERENCE & BANQUETING FACILITIES The 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 Function Room Function Room 1 & McClelland Huntley Mullen Annex Exchequer Suite Library Extension 30pax Lounge Style

11 FOR SALE RETAIL INVESTMENT UNITS The 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, South Great Georges Street Medipharm Ltd 100, South Great Georges Street 11 South Great Georges Street 12 Dame Court Woodside Furniture Limited (Pieces and Pieces) REM Globe Ltd (The Globe Bar) Blas Deas (Honest to Goodness) 36, yrs 4 months from 01/01/2015 with no break option 10 yrs from 01/03/2012 with no break option 12 month licence with no rights of renewal from 1/10/ , yrs from 02/02/ , yrs from 23/04/

12 DEVELOPMENT OPPORTUNITY Planning 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 Basement nightclub converted to restaurant Extension and refurbishment of ground floor food and beverage offering Internal feature courtyard - The Green Lung in the City 12

13 FOR SALE DUBLIN HOTEL MARKET 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 IRISH ECONOMY 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 13

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15 TENURE Central Hotel is held under a Freehold Title. TUPE Purchaser will be required to comply with relevant TUPE legislation. LICENCE & REGISTRATION 3 star Fáilte Ireland Registration Publicans Licence (Ordinary) Hotel-1902 Act (Public Bar). SERVICES All public services are available to the property. DATA ROOM ACCESS Interested parties may be given access to a data room with more detailed information upon signing a Non-Disclosure Agreement (NDA). BASIS OF SALE For Sale by Public Tender Friday 30 November 12 noon (GMT). GUIDE PRICE Available Upon Request. VIEWING Strictly by appointment with sole selling agent. SOLICITOR Leman Solicitors 8-34 Percy Place Dublin 4 John Hogan Tel: jhogan@leman.ie AGENT 164 Shelbourne Road, Ballsbridge, Dublin 4 KIRSTY ROTHWELL Director, Head of Hotels Dublin Tel: +353 (0) Kirsty.rothwell@cushwake.ie ED FITCH Partner, EMEA Hospitality Tel: ed.fitch@cushwake.com ISOBEL HORAN Associate Director Tel: +353 (0) Isobel.horan@cushwake.ie A full copy of our general brochure conditions can be viewed on our website at 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. PSRA Registration Number:

16 BER Nos. available on request