Brochure - Project Trinity Project Trinity

U N R I V A L L E D
H O T E L
&
P R I M E
R E S I D E N T I A L
D E V E L O P M E N T
O P P O R T U N I T Y
P EM B RO KE,
L AN SDOWNE
&
BAL LSB RID G E,
SHELBOUR NE
D UBLIN
4
R OA D S
S I T E
T H E
P R E V I O U S LY
T R I N I T Y
C O L L EG E
K N OW N
AS
B OTA N I C
GA R D E N S
U N R I V A L L E D
P R I M E D E V E L O P M E N T
O P P O R T U N I T Y
P E M B R O K E ,
L A N S D OW N E
&
BA L LS B R I D G E ,
S H E L B O U R N E
D U B L I N
4
R OA D S
EXECUTIVE
SUMMARY
A prime freehold site of approx. 2.78 hectares (6.8 acres)
A 10 year grant of planning permission to construct a 1.5 million
sq. ft urban quarter comprising 490 luxurious apartments,
152 bedroom hotel and associated retail /commercial space
The existing hotels, the Ballsbridge Hotel (400 bedrooms)
and Clyde Court Hotel (185 bedrooms) currently let to Tulane
Business Management Limited (a subsidiary of Dalata Hotel
Group Plc.) under short term leases offer a unique opportunity
for purchasers to:
• Operate 585 profitable hotel bedrooms
• Refurbish, rebrand and extend the existing hotels
with hundreds of new bedrooms
• Maximise site usage with infill premium
residential apartments
• Operate a single complex of this size in a prime Dublin
location with unrivalled economies of scale
Project Trinity arguably represents the best residentially-led
development opportunity in Ireland in the last 10 years
A truly contemporary designed apartment scheme that offers
the highest level of residential living with a very high standard of
amenity for future home owners
The scheme will become a showcase of high end luxury residential
living not yet witnessed in Dublin
Due to the site’s location, the uniqueness of the planning permission
and its overall design, this project will be a flagship for future
high-end residential development in Dublin for years to come
The pent up demand from domestic and international buyers
for quality apartments in prime locations in Dublin 4, coupled
with the backdrop of limited competing supply, will ensure a
successful sales campaign for the scheme when completed
This is a once-in-a-generation opportunity to be part of a
truly transformative development story for anyone who is
serious about urban development in Europe
FOR SALE BY PRIVATE TREATY
CONTENTS
pg.
AERIAL VIEW
AREA MAP
DUBLIN CITY CENTRE / BALLSBRIDGE
IRELAND & DUBLIN
ECONOMIC AND DESTINATION OVERVIEW
BALLSBRIDGE, DUBLIN 4
ENVIABLE LOCATION
THE DEVELOPMENT
OPPORTUNITY
SCHEME OVERVIEW
DUBLIN RESIDENTIAL
MARKET OVERVIEW
ARCHITECTURAL VISION
FLOOR PLANS
THE HOTEL ASSETS
CURRENT STATUS AND OPPORTUNITY
CONTACT DETAILS
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AERIAL VIEW
CENTRAL BANK
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BALLSBRIDGE IS THE
PRE-EMINENT RESIDENTIAL
DISTRICT IN DUBLIN
6
BALLSBRIDGE
US EMBASSY
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P R O J E C T
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IRELAND
&
DUBLIN
ECONOMIC
AND
DESTINATION
OVERVIEW
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I R E L A N D
ECONOMIC
COMMENTARY
I
D U B L I N
DUBLIN:
domestic wage growth has led
to more internal tourist activity
with 5.7 million domestic
trips taken by Irish residents
in the first three quarters of
2014 – a 2.7% increase on the
same period in 2013. This has
fed through to a big increase
in the demand for hotel beds,
especially in Dublin.
Ibec is predicting that just
over 40,000 new jobs will be
added this year and next, which
will see the unemployment rate
fall below 9% in 2015, for the
first time since January 2009, and
further to just over 8% in 2016.
Further wage rises are likely as
the labour market tightens.
International factors are
also favourable for the Irish
economy. Since the ECB
announced its plans for a
major quantitative easing (QE)
programme on 22nd January
2015 the Euro has weakened
against the Dollar and Sterling.
This is further contributing to
in domestic demand for seven
years and is leading to a more
balanced and broadly based
recovery. At a sectoral level
growth is now permeating
into all sectors of the economy
including agriculture (10.1%),
construction (6.9%) and
services (3.4%).
The tourism sector has been
a big winner in the recovery
accounting for 18% of all new
jobs since the Q1 2012 trough.
Strong GDP growth in our
main tourist markets (2.4% in
the US and 2.8% in the UK in
2014), a significant decline in
the value of the Euro (-21.6%
vs the Dollar and -13% vs
Sterling in the year to March
2015) and the reduced VAT rate
on tourism (13.5% to 9% in
July 2011) have all contributed
to increased numbers of foreign
visitors. Over 7.5 million
non-residents visited Ireland
in 2014, the highest number
since 2008. At the same time,
reland was Europe’s
fastest growing economy
in 2014 with GDP
expanding by 4.8% in
the year - the fastest rate
of increase since 2007. Initially,
the recovery was driven by
foreign direct investment,
improved productivity, and
growth in net exports. In
turn this has led to a strong
improvement in the labour
market - since Q1 2012 a net
114,000 new jobs have been
generated and, in the last year
alone, nearly 43,000 people
have left the live register.
With more people at work,
household disposable incomes
have risen by nearly 3% in the
last two years and real wages
grew by 2.6% in 2014.
This has benefitted the
consumer economy with
sentiment, VAT receipts and
retail sales all now rising
strongly. Ultimately this is
reflected in the first increases
&
the competitiveness of Irish
exports, including tourism
services. In addition to driving
net exports, QE should ensure
that interest rates remain low
for the foreseeable future,
and this will help drive the
investment component of
GDP. In terms of real estate
markets, low interest rates
should drive further investment
into bricks and mortar and
should also assist in improving
the affordability of residential
property for owner occupiers.
Taken together, these factors
will lead to another strong year
for the Irish economy in 2015
with with Ibec expecting GDP
to grow by 5.4%. In saying
this, a stronger than anticipated
recovery in the European
economy, a pre-election fiscal
boost and a decisive outcome
in the UK general election
could contribute to the Irish
economy outperforming this
central forecast.
A GREAT PLACE
TO WORK AND LIVE
Dublin is Ireland’s political,
economic and cultural centre,
a lively and contemporary
capital brimming with style
and personality
O
ne of the world’s
most-loved
capital cities,
Dublin offers
an excellent
standard of living with its
numerous beaches, golf courses,
parks and an abundance of
sporting and healthy lifestyle
activitites all within easy reach
of the city centre. The city also
has an outstanding offering
of restaurants and bars. With
its thousand-year history and
Georgian elegance, Dublin
attracts tourists from all corners
of the globe and is a city which
has something for everyone.
REAL GDP GROWTH
8
6
% Change Y/Y
4
2
0
-2
Source: CSO
1.
Ireland
2014Q4
2014Q3
2014Q2
2014Q1
2013Q4
2013Q3
2013Q2
2013Q1
2012Q4
2012Q3
2012Q2
2012Q1
2011Q4
2011Q3
2011Q2
2011Q1
2010Q4
2010Q3
2010Q2
2010Q1
-4
EU 28
Excludes Luxembourg and Cyprus – 2014 data were unavailable as of March 12th 2015.
Grafton Street
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I R E L A N D
&
D U B L I N
Grand Canal Dock
Internationally, Dublin is seen as a highly attractive
investment location and is the EMEA headquarters
of many of the world’s major companies.
Ireland’s capital is lauded for its welcoming
and pro-business culture, its young, educated
workforce, and its ability to attract global talent in
areas such as IT, financial services, digital media and
pharmaceuticals.
Within a two-hour flight of most major European
cities, Dublin benefits from an outstanding location in
Europe and is seen as the gateway to the continent.
Dublin International Airport connects Ireland
to 175 worldwide destinations with direct links to
every country in the EU and same-day connections
to the US and Asia. The purpose-built United States
Customs and Border Protection (USCBP) facility at
Terminal 2 in Dublin International Airport allows
US-bound passengers to undertake all immigration
and customs inspections prior to departure.
Dublin is a talent hotspot at the heart of the east
region which is home to five universities and four
institutes of technologies, producing approximately
26,800 graduates each year.
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DUBLIN HOSTS:
EUROPEAN HEADQUARTERS FOR MORE
THAN 1,150 INTERNATIONAL COMPANIES
MORE THAN 50% OF THE WORLD’S
LEADING FINANCIAL SERVICES FIRMS
9 OUT OF THE TOP 10 GLOBAL ICT
COMPANIES.
9 OUT OF THE TOP 10 GLOBAL
PHARMACEUTICAL COMPANIES.
ALL OF THE TOP 10 “BORN ON THE
INTERNET” COMPANIES.
DUBLIN: INTERNET CAPITAL OF EUROPE
Known as Europe’s Silicon
Valley, Dublin is the internet
capital of Europe and many
of the world’s top online
multinational companies
including Google, Facebook,
Twitter, PayPal and LinkedIn
have based their EMEA
headquarters in the city.
Dublin is also Europe’s
fastest growing city for
data centre operators with
investments from leading
technology firms such as
Microsoft and Amazon.
Ireland’s favourable 12.5%
corporation tax rate has
reinforced the appeal of Dublin
as an ideal hub location for
these companies.
Ireland also ranked 13th
out of 189 countries for ease
of doing business in the World
Bank’s Doing Business 2015
report – a climb of four places
on last year’s position.
This Foreign Direct
Investment (FDI) into Ireland
has helped to fuel economic
growth and has led to
significant job creation.
Over one third of the jobs
created in Ireland over the past
two years have been located in
Dublin with ICT, in particular,
accounting for nearly 17% of
these positions.
The tech boom and the
high-income jobs it has created
have contributed to increased
demand for both commercial
space and housing in the city
centre leading to strong rental
and capital price growth.
DUBLIN
IS CONSIDERED
‘EUROPE’S
SILICON VALLEY’
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BALLSBRIDGE,
DUBLIN 4
LOCATION
Ballsbridge is recognised as
Dublin’s premier residential business
and embassy district and has always
been considered the pre-eminent
residential address.
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B A L L S B R I D G E ,
D U B L I N
4
PERFECT
LOCATION
The property is less than 2km south
east of Dublin City Centre in a prime
central location, at the heart of Ballsbridge,
one of Dublin’s most sought after addresses.
Just a short walk from the city centre,
Ballsbridge is in the centre of the Embassy
belt with over 30 International agencies
represented.
It’s also home to the Royal Dublin
Society (RDS), and one of Europe’s top
rugby teams, Leinster, while the Aviva
Stadium hosts Ireland’s international
rugby and soccer matches.
The surrounding area is alive with
restaurants, pubs and coffee shops and
is well serviced by rapid rail (DART)
and bus public transport options.
ET
The Aviva Stadium
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I R E L A N D
&
D U B L I N
PRIME
RESIDENTIAL
QUARTER
Roly’s Bistro
The location is unrivalled in
the heart of Dublin’s prime
residential quarter.
This area of Dublin
City commands the highest
residential sales values. The area
is synonymous for exclusive
high-end apartments, but supply
has been limited due to the lack
of appropriate development sites.
The current mix of uses and
architectural styles in the area
reflect the vibrancy and vitality
of Ballsbridge. The surrounding
streets of Pembroke Road,
Wellington Road, Elgin Road
and Lansdowne Road comprise
some of the city’s best examples
of Victorian red brick villa
and terrace housing, bounded
by a mix of contemporary
commercial buildings, set among
wide tree-lined streets.
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Royal Dublin Society (RDS)
Ballsbridge has a diversity of life, pace
and perspectives indelibly reflected in its
built form, from the buzz of Ballsbridge
village on Saturday afternoon to the quiet
calm of Herbert Park.
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T R I N I T Y | D U B L I N 4
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THE
DEVELOPMENT
OPPORTUNITY
SCHEME
OVERVIEW
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THE VISION
T H E
D E V E L O P M E N T
O P P O R T U N I T Y
A VIBRANT EXCLUSIVE
NEW URBAN QUARTER
ONE OF THE MOST IMPORTANT
URBAN DEVELOPMENT PROJECTS
IN IRELAND AND THE UK
O
nce in a generation,
an opportunity
arises to be part of a
truly transformative
development story in
one of Dublin’s most affluent areas.
Project Trinity is a prime
residential and hotel opportunity
unlike any other in the country.
The single land holding
represents one of the largest
predominantly residential
development opportunities in
Dublin 4 and with the benefit of
a FULL 10 YEAR GRANT OF
PLANNING PERMISSION for a
high-quality architectural scheme,
designed by O’Mahony Pike
Architects, one of Ireland’s leading
architectural practices.
No other opportunity of this
scale is likely to be presented
again in Dublin. Project Trinity
combines remarkable location with
EXCEPTIONAL POTENTIAL.
In the right hands this site will
become a showcase of high-end
luxury residential living not seen
before in Dublin as well as having
the development potential to
deliver a new four to five star hotel
for the Dublin City Centre market.
The proposed development
specifically provides for a
predominately HIGH END
RESIDENTIAL scheme
complimented by the highest
quality hotel and ancillary
retail and commercial uses
within a new urban landscape
of new pedestrian streets and a
public plaza.
The scheme is laid out in
12 No. distinct pavillions with
a large emphasis ensuring the
24
design follows the urban
gestures of the surrounding
Victorian and contemporary
commercial buildings.
The scheme will secure a
very HIGH STANDARD OF
AMENITY for future occupants.
There is a range of unit types and
quality private and public open
spaces provided.
The proposed scheme, close to
quality public transport, features a
highly permeable design, offering
new pedestrian streets and plazas
with active frontages together with
high quality open spaces such as
the feature courtyard gardens.
Its potential owners have the
opportunity to deliver a new
generation of apartment living
to Dublin, similar to that seen in
schemes in London’s West End or
Central Park South in New York.
For anyone serious about
urban development in Europe
IT DOESN’T GET BETTER
THAN THIS.
Project Trinity is one of the
most important urban projects in
Western Europe.
The location and the benefit of the
existing planning permission will
make Project Trinity the primary
location for the future development
of high-end residential development
in Dublin over the next 10 years.
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T H E
D E V E L O P M E N T
O P P O R T U N I T Y
STYLE IN
THE HEART
OF DUBLIN 4
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T H E
THE FACTS
D E V E L O P M E N T
O P P O R T U N I T Y
KEY STATISTICS
Plot ratio 3.15:1
Site coverage 45.2 %
Height ranging
from 8 to 12 storeys
OVERALL SCHEME
The overall property extends to an area of approximately 2.78 ha (6.8 acres) and is located in
an area zoned Objective Z1, which is “to protect, provide and improve residential amenity”
within the Dublin City Development Plan 2011 - 2017. The property benefits from the grant
of a very valuable 10 year planning permission (DCC Reg Ref 4015/09 ABP Ref PL29S. 237454)
for a mixed-use development, as follows:
PROPOSED DEVELOPMENT SUMMARY
Sq. m
(Gross)
Sq. ft
(Gross)
Rounded
%
Residential (Blocks 1-11)
74,696
804,000
85%
Retail / Commerical uses
4,024
43,300
5%
Restaurant / Cafes / Bars
1,561
16,800
2%
Community Facilities (Crèche / Heathcare)
1,671
18,000
2%
Hotel (Block 12) - 152 Rooms
5,603
60,300
6%
Total Development Floorspace Above Ground
87,554
942,500
Total Development Floorspace Below Ground
51,715
556,700
139,269
1,499,100
Description
Total Gross Development
The permission was granted on
15th September 2011 and is valid until
December 2021.
The proposed development is primarily
residential in nature, but includes other
compatible uses such as hotel, retail, restaurant/
bar and healthcare/childcare facilities. The
proposed development is laid out in 12 No.
distinct blocks and will reinvigorate the built
environment of this area, enhance pedestrian
permeability, and provide new local services
appropriate to the underlying attraction of
Ballsbridge as a residential location.
The scheme is based around new
standalone pavilion-style residential blocks
and gardens fronting but slightly set back from
Lansdowne and Pembroke Roads. In addition,
there are new residential terraced buildings
that form around new landscaped courtyards
gardens, located over the commercial retail
space and a hotel building fronting a new
plaza onto Pembroke Road. The scheme has
significant public space and new streets which
will add permeability and accessibility of the
entire urban quarter, including a new sheltered
arcade street extending from New Pembroke
Street through to Lansdowne Road.
The building form echoes the existing villas
and terrace forms of the existing streets and
square but with a modern contemporary twist.
PARKING AND ACCESS
The scheme allows for
920 no. car park spaces and
899 bicycles spaces over a part
three level basement. Vehicle
access to the basement is via
three separate entrances from
Shelbourne Road, Lansdowne
Road and Pembroke Road.
The subject site has natural
advantages in terms of accessibility,
enjoying approximately 516 metres
of road frontage to Pembroke
Road, Lansdowne Road and
Shelbourne Road. The site also
links with No 1 Ballsbridge (the
former Veterinary College) and
through to Shelbourne Road.
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BASEMENT CAR PARKING ALLOCATION
Spaces
Basement -1:
Residential Parking Spaces
260
Retail / Café, Creche, Healthcare & Visitors
82
Reserved Staff Spaces
18
Basement -2:
Residential Parking Spaces
Hotel Private Spaces
270
44
Basement -3
Residential Parking Spaces
Total
246
920
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4
T H E
D E V E L O P M E N T
O P P O R T U N I T Y
SITE PLAN
ENTRANCE POINT
CAR PARK
LANSDOWNE RD
MB
RO
KE
W
N
S
E
THE PAVILLIONS
RD
BLOCK
BLOCK
BLOCK
BLOCK
BLOCK
1
2
3
4
5
8 storeys
8 storeys
8 storeys
8 storeys
8 storeys
CIVIC
PLAZA
BLOCK
11
BLOCK
6
9 storeys
9 storeys
E
LA
BLOCK
PE
M
BR
OK
10
PEMBROKE RD
BLOCK
Under Podium Garden
12
Hotel
10
storeys
8
ANCHOR
RETAIL
8 storeys
BLOCK
BLOCK
8 storeys
with
part 12
storey
9
6
storeys
EXISTING
SHELBOURNE HOUSE
ENTRANCE POINT
CAR PARK
EXISTING
DEPARMENT OF JUSTICE
8 storeys
7
NE
NE
BLOCK
RD
PE
SH
EL
B
OU
R
ENTRANCE POINT
CAR PARK
Nº1 BALLSBRDIGE
CR
AM
PT
ON
AV
E
.
30
31
P R O J E C T
T R I N I T Y
–
D U B L I N
4
T H E
RESIDENTIAL COMPONENT
D E V E L O P M E N T
O P P O R T U N I T Y
The proposed residential buildings range in height from 7 storeys
stepping up to a general 9 storey penthouse level, as follows:
PROPOSED RESIDENTIAL DEVELOPMENT SUMMARY
A FURTHER BREAKDOWN OF THE RESIDENTIAL COMPONENT
OF THE EXISTING PERMISSION IS AS FOLLOWS:
Apartments
No. of Units
Avg. Net Unit
Area Sq.m
Avg. Net Unit
Area Sq.ft
1-Bed
58
66
715
2-Bed
286
116
1,248
2-Bed + Study
74
148
1,596
3-Bed
52
170
1,832
4-Bed
20
195
2,095
Grand Total
490
The permitted scheme comprises apartments which are
significantly greater both in terms of size and quality than what
has been provided in Dublin to date. The proposed scheme reflects
the sites unique location and opportunity to provide premium
residential accommodation in close proximity to the city centre.
The residential units are designed to meet future residents
long term requirements by providing a range of unit types with
generous living accommodation and associated storage together
with private / semi private open space provisions in the form of
balconies / winter gardens and roof terraces.
1 Bed
2 Bed
2 Bed +
Study
3 Bed
4 Bed
Sub-Total
(Units)
Total Area
(Sq.m) (Gross)
Total Area
(Sq.ft) (Gross)
Block 1
-
7
5
7
-
19
3,051
32,800
Block 2
-
7
5
7
3
22
3,802
40,900
Block 3
-
7
5
7
2
21
3,608
38,800
Block 4
-
7
5
7
3
22
3,802
40,900
Block 5
-
8
5
6
-
19
3,114
33,500
Block 6
25
42
30
4
11
112
18,911
203,600
Block 7
5
15
-
-
-
20
2,939
31,600
Block 8
15
39
15
1
1
71
8,475
91,200
Block 9
-
40
2
-
-
42
5,870
63,200
Block 10
7
29
-
4
-
40
7,464
80,300
Block 11
6
85
2
9
-
102
13,660
147,000
58
286
74
52
20
490
74,696
804,000
Description
Total
32
33
P R O J E C T
34
T R I N I T Y
–
D U B L I N
4
T H E
D E V E L O P M E N T
O P P O R T U N I T Y
35
P R O J E C T
T R I N I T Y
–
D U B L I N
4
T H E
D E V E L O P M E N T
O P P O R T U N I T Y
COMMERCIAL
COMPONENTS
NEW HOTEL 152 BEDROOMS
The current planning permission includes the development of a 152
bedroom hotel at the prominent south western end of the site, with
significant frontage onto Pembroke Road.
THE PLANNING PROVIDES FOR A FULL SERVICE
FOUR STAR HOTEL WITH;
136 Executive
Bedrooms
(c. 25 sq.m)
16 Junior
Suites
(c. 33/34 sq.m)
Ground floor reception, bar/café and 9th floor
bar/restaurant with full outdoor dining terrace
Spa, Swimming Pool and Meetings
and Events at Basement Level -1
Back of house and services
at Basement Level -2
PROPOSED HOTEL DEVELOPMENT
Description
Sq.m
(Gross)
Sq. ft
(Rounded)
Hotel - Café
131
1,400
Hotel - Public Areas
209
2,200
4,757
51,200
506
5,400
5,603
60,300
Hotel Plant
605
6,500
Hotel Services
434
4,700
Hotel Leisure/Spa
922
9,900
Hotel Meetings and Events
621
6,700
Sub Total
2,582
27,800
Hotel Total
8,185
88,100
Sq.m
(Gross)
Sq. ft
(Rounded)
834
9,000
Residential Storage
1,582
17,000
Retail Services Area
4,478
48,200
Plant
2,981
32,100
Basement Car Parking Area/ Circulation
39,259
422,600
Total
51,715
556,700
Hotel - Bedrooms
Hotel - Restaurant / Skybar
Sub Total
BASEMENT
Basement (Plant & Ancillary)
Waste Management Enclosures
36
37
P R O J E C T
T R I N I T Y
–
D U B L I N
4
T H E
RESTAURANTS / CAFÉS / BARS
RETAIL
The proposal is for a ground floor anchor retail unit comprising some
2,857 sq m of gross retail floor area, together with 9 No. retail / nonretail services units to accommodate. The permission also allows for
a maximum net trading floor area for the anchor store of 2,000 sq.m.
Use Class 1 and 2 uses such as retail, professional/financial and
non-retail services etc are permitted.
These units are provided at ground floor level to Pembroke Plaza,
New Pembroke Street, and the arcade foyer from Lansdowne Road to
the adjoining Nº1 Ballsbridge.
Sq.m
(Gross)
Sq. ft
(Rounded)
2,857
30,800
Retail/Commercial Unit 2
83
900
Retail/Commercial Unit 3
213
2,300
Retail/Commercial Unit 4
213
2,300
Retail/Commercial Unit 5
77
800
Retail/Commercial Unit 6
108
1,200
Retail/Commercial Unit 7
105
1,100
Retail/Commercial Unit 8
108
1,200
Retail/Commercial Unit 9
77
800
Retail/Commercial Unit 10
66
700
Service Corridor (Level 00)
117
1,300
4,024
43,300
Description
Anchor Retail Unit 1
O P P O R T U N I T Y
PROPOSED RESTAURANT / CAFÉ / BARS
PROPOSED RETAIL DEVELOPMENT
Total
38
D E V E L O P M E N T
Licensed restaurants, cafés and bars are provided at ground floor level
and comprise a total area of 1,561 sq m.
Restaurants/Cafés Unit A is on Pembroke Plaza adjacent to
the anchor store entrance the other side of which is Restaurants/
Cafés Unit B; Cafés/Bars Unit C on the corner of Pembroke Plaza and
New Pembroke Street; and Cafés/Restauranst Units D and E at the
termination of New Pembroke Street with Nº1 Ballsbridge.
Sq.m
(Gross)
Sq. ft
(Rounded)
Restaurant/Café Unit A
417
4,500
Restaurant/Café Unit B
100
1,100
Restaurant/Café Unit C
420
4,500
Bar/Restaurant Unit D
280
3,000
Bar/Restaurant Unit E
190
2,000
Bar/Restaurant Unit F
154
1,700
1,561
16,800
Sq.m
(Gross)
Sq. ft
(Rounded)
471
5,100
Healthcare Facility
1,200
12,900
Total
1,671
18,000
Description
Total
CHILDCARE &
HEALTHCARE
FACILITY
A new childcare facility is proposed at
ground floor level in Block 5 at the junction of
Lansdowne Road with Shelbourne Road (470.5
sq m) and will cater for 82 No. child places. A
healthcare facility of 1,200 sq m is provided at
ground floor level of Blocks 6/7.
Description
Creche
39
P R O J E C T
T R I N I T Y
–
D U B L I N
4
T H E
D E V E L O P M E N T
O P P O R T U N I T Y
The existing planning permission
represents an immediate opportunity to
provide a high-end apartment project into
an under-supplied, resurgent residential
market, in one of Europe’s leading cities.
40
41
P R O J E C T
T R I N I T Y
–
D U B L I N
4
DUBLIN
RESIDENTIAL
MARKET
OVERVIEW
Clancy Barracks
42
43
P R O J E C T
T R I N I T Y
–
D U B L I N
4
D U B L I N
R E S I D E N T I A L
M A R K E T
O V E R V I E W
HOUSING
MARKET
OVERVIEW
DEMAND AND
SUPPLY DYNAMICS
Latest estimates indicate that
Dublin’s population stands at just
under 1.3 million people – more
than one quarter of Ireland’s
total headcount and a rise of
11.3% over the last ten years.
In addition, average
household sizes have fallen by
7.5%, meaning that the number
of housing units required to
accommodate this increasing
population is rising faster still.
These factors, along with
a requirement to replace the
properties which become
obsolete each year, necessitate the
building of approximately 7,000
new residential units per annum
in Dublin.
However, this target has
not been met since 2008. As
shown on page 46, the average
number of housing completions
in Dublin over the last six years
has been under 3,000, and just
3,259 residential units were
constructed last year. This deficit
has been particularly acute in the
Dublin City Council area where
Ballsbridge is located.
In this area, completions per
thousand of population were the
fifth lowest of any area in Ireland
in 2014 and were the lowest in
the Greater Dublin area.
These twin dynamics of
strong demand and tight supply
have impacted on values and
apartment prices in some parts of
Dublin have risen by nearly 30%
since Q1 2013.
APARTMENT PRICES DUBLIN
140
127.4
130
Index = 100 in 2005
120
110
123.4
110.5
101.7
100
93.2
90
80
72.2
71.7
70
63.2
58
60
48.7
50
52.5
FEB 15
FEB 14
FEB 13
FEB 12
FEB 11
FEB 10
FEB 09
FEB 08
FEB 07
FEB 06
FEB 05
40
Source: CSO RPPI
44
45
P R O J E C T
T R I N I T Y
–
D U B L I N
4
D U B L I N
R E S I D E N T I A L
M A R K E T
O V E R V I E W
RESIDENTIAL PRICE OUTLOOK
Looking ahead, the fundamental demand for residential property in Dublin is likely to remain strong
with the Central Statistics Office forecasting population growth of 7.7% by 2021. In addition,
expected economic growth should lead to a further recovery in confidence and the improving jobs
market will see a continuation of recent earnings increases which will support housing demand in the
medium term.
At the same time although construction activity is slowly beginning to re-emerge, an analysis of
planning permissions and commencement notices suggests that the pipeline of housing supply will
continue to significantly undershoot demand for the foreseeable future (see graph below).
Given this forecast of continuing strong demand and subdued construction, the outlook for Irish
residential property prices is positive. Savills house view is that prices will rise by 8-12% in 2015.
Thereafter, overall residential price inflation is expected to moderate to around 5% per annum. This
will reflect a natural slowdown in the growth rate as the post-crisis undervaluation unwinds and the
pricing base increases. In saying that, some parts of the market could see faster growth in capital
values. This is especially true for high quality dwellings in Dublin’s best locations, such as Ballsbridge,
which, by their nature, will always command a premium. Likewise, if the macro-economy was to
surpass current growth forecasts then stronger residential price growth is likely.
HOUSE PRICE GROWTH FORECASTS - IRELAND
HOUSING COMPLETIONS AND DEMAND IN DUBLIN
20,000
140
18,000
130
120
14,000
Index: Jan 2005 = 100
No. of Completions
16,000
12,000
10,000
8,000
6,000
4,000
110
100
90
80
2,000
70
2020(f)
Savills Forecast
Source: CSO, ESRI, Savills
NOV 20(f)
MAY 20(f)
NOV 19(f)
MAY 19(f)
NOV 18(f)
MAY 18(f)
NOV 17(f)
MAY 17(f)
NOV 16(f)
MAY 16(f)
NOV 15(f)
MAY 15(f)
NOV 14
MAY 14
NOV 13
MAY 13
NOV 12
MAY 12
NOV 11
MAY 11
NOV 10
MAY 10
NOV 09
MAY 09
NOV 08
MAY 08
NOV 07
MAY 07
Forecast
NOV 06
NOV 05
2019(f)
2018(f)
2017(f)
2016(f)
60
MAY 06
Demand for Housing
2015(f)
2013
2014
2011
2012
2010
2009
2007
Housing Completions
2008
2005
2006
2004
2003
2001
2002
1999
2000
1997
Source: D/ECLG, Savills
1998
1996
1995
1994
0
ESRI Forecast
Alliance Building
PRIVATE RENTED MARKET
The percentage of Irish households in rented accommodation increased from 19% in 2006 to 32%
in 2011. The demand for rented accommodation continues to be driven by illiquidity in the supply of
properties to buy, tighter mortgage lending rules and debt resolution processes. The restricted supply
of new housing – either for owner occupation or the buy-to-let market – has driven up rents by around
10% in Dublin during 2014. As with the owner occupier market, rental values will continue to be
supported by tight supply for the foreseeable future.
PERCENTAGE CHANGE IN RESIDENTIAL RENTS
15
10
% Change Y/Y
5
0
-5
-10
-15
Source: PRTB and ESRI
46
Dublin
National
2014 Q4
2014 Q3
2014 Q2
2014 Q1
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
2012 Q1
2011 Q4
2011 Q3
2011 Q2
2011 Q1
2010 Q4
2010 Q3
2010 Q2
2010 Q1
2009 Q4
2009 Q3
2009 Q2
2009 Q1
2008 Q4
-20
Outside Dublin
47
P R O J E C T
T R I N I T Y
–
D U B L I N
4
D U B L I N
RECENT RESIDENTIAL SALES
IN DUBLIN 4 & DUBLIN 2
1
2
4
3
Occupying a privileged position in the most prime section of
Dublin 4, this site represents an alluring prospect for highvalue residential development. Due to its strategic location,
underpinned by its excellent pre-existing infrastructure, an
existing grant of planning permission will make it Dublin’s
largest and most anticipated new residential project of the
coming decade in Dublin’s CBD.
The proposed scheme will deliver large, modern, sophisticated
and high specification apartments alongside hotel and retail
opportunities. Facilities currently available in the immediate
1 31 – 33 MERRION ROAD, DUBLIN 4
2 SHREWSBURY SQUARE, DUBLIN 4
50 luxury apartments in Dublin’s most exclusive and upmarket
suburb. The apartments range in size from 95 sq m (1,021 sq ft) to
156 sq m (1,684 sq ft). 38 no. apts are currently for sale individually
through Savills. Prices in excess of €7,535 per sq m (€700 per sq ft)
are being achieved. Significant international interest, specifically from
the UK, which has led to an extensive waiting list for the next release
of further units.
A modern purpose-built development of 80 apts including spacious
3-Bed penthouses. A large penthouse of 167 sq m (1,800 sq ft) sold in
2014 or excess €1,350,000 equating to €8,080 per sq m (€750 per sq
ft). A 2-Bed apt sold for a price equivalent to €7,535 per sq m (€700
per sq ft) in 2014. There are currently 5 apts for sale; 4 no. 2-Bed
apts ranging in size of between 76-80 sq m (818 - 860 sq ft) asking
€750,000 equivalent to €9,375 per sq m - €9,870 per sq m (€870
- €915 per sq ft) and a 3-Bed apt of 130 sq m (1,400 sq ft) seeking
€1,350,000 equating to €10,400 per sq m (€965 per sq ft).*
18 Lower Baggot Street is a development of 25 spacious and
elegant apartments. The apartments were sold individually by
Savills over a number of weeks in 2014. Prices of up to 7,535 per sq m
(€700 per sq ft) were achieved with buyers being a combination
or UK and Irish-based.
area include Herbert Park, the Herbert Park Hotel, the RDS
and the Aviva Stadium.
The proposed scheme has unique features and a multitude
of amenities that can meet all future home owners’ needs.
Whether buyers are searching for a luxury one bed apartment
or a large 4 bed to accommodate a larger family, these luxury
apartments will be in high demand.
The scheme is situated in the most desirable areas in
Dublin, close to great schools, restaurants, cultural spots,
shopping and transportation.
RESIDENTIAL BUYER PROFILE
1
5 18 LOWER BAGGOT STREET, DUBLIN 2
O V E R V I E W
Given the scale of the development, buyers will come from a
variety of sectors. Savills’ current experience of selling high
value apartments in Dublin 4, would show the following sectors
as being most active;
5
Rexdon Court is a modern, boutique development located beside the
Intercontinental Hotel, RDS and Herbert Park. A number of sales
transacted throughout 2014 with sales prices in excess of €800,000
being achieved. No. 5, sold for €830,000 (113 sq m /1,216 sq ft)
which equates to €7,345 per sq m (€683 per sq ft).
M A R K E T
PROJECT TRINITY - THE SCHEME
6
3 REXDON COURT, DUBLIN 4
R E S I D E N T I A L
4 THE OAKS, HERBERT PARK, DUBLIN 4
A modern apartment development by OMP architects of 297 no.
apartments together with a 154-Bed Hotel located on the banks of
the Dodder River adjoining Herbert Park. The Herbert Park apartments
regularly achieve prices in the region of €7,535 per sq m (€700 per sq ft).
6 THE MARKER RESIDENCES, DUBLIN 2
The Marker Residences adjacent to the five-star Marker Hotel in Grand
Canal Dock consisting of 84 no. 2 bedroom apartments. Irish Residential
Properties Real Estate Investment Trust (Ires Reit) acquired the block
for €50.1 million representing an initial yield of 3.93%.
TRADE DOWN
BUYERS
This sector is currently
accounting for the majority of
transactions. With the lack of
new construction since 2007,
there is a severe shortage of
large, high quality apartments in
the Dublin 4 area.
The majority of buyers are
trading down from larger period
properties in the Ballsbridge
area, who ultimately want to stay
in the area but are not willing
to sacrifice on quality or unit
size. There is a growing appetite
from trade down buyers who see
value in the market currently
due to expected future price
growth and will purchase now,
rent in the short term with a
view to ultimately occupying the
property on retirement. These
premium buyers have very high
expectations and have experience
of living in large apartments
on the continent. High on their
list of essential requirements
include underground storage,
parking, large lateral floor plates
and security, all of which will be
catered for at this development.
2
INVESTORS / MULTI
FAMILY OWNERS
The majority of investors are
international and we are witnessing
foreign buyers coming from as
far afield as Australia, Malaysia
and the US. The greatest appetite,
however, is coming from UK buyers,
specifically ex-pats from the
Greater London area. The strength
of Sterling against the Euro has
created a increased value proposition
in Irish property.
High net worth domestic
investors will also be attracted
by expected price growth and the
potential ability to purchase from
plans prior to construction.
In addition, since 2011 Ireland
has seen the emergence of multi
family investors. We have seen
buyers purchasing stock in Ireland,
particularly Dublin, from all over the
world with over 4,250 units traded in
Dublin alone since 2011.
As noted the outlook for 2015 is
positive and we envisage continued
strong demand from this sector
of the market. The only barrier is
a lack of multi-family investment
opportunities. An element of this
scheme will ultimately help meet
that demand.
3
FAMILIES & YOUNG
PROFESSIONALS
Given the generous size of the
apartments and the exclusive
nature of the development, we
believe that professional couples
with children will see this as a
unique opportunity to acquire a
family home in Dublin 4 and as
an alternative to trying to secure
older Victorian housing.
A high-quality new apartment
set in an excellent and central
location will offer buyers an
alternative to the traditional
older homes in the location. On
site facilities such as a concierge,
gym, cafes and restaurants will
further enhance the attraction to
the scheme.
*Prices correct as of April 2015.
48
49
NORTHUMBERLAND
ROAD
LANSDOWNE RD
A V I VA S TA D I U M
PROJECT
TRINITY
LANSDOWNE
ROAD DART
SHELBOURNE HOUSE
LA
NS
DO
WN
E R
D
RD
PEMBROKE RD
E X I S T I N G D E PA R M E N T
OF JUSTICE
SH
EL
BO
U
RN
E
Nº1 BALLSBRIDGE
US EMBASSY
W
N
S
E
ARCHITECTURAL
VISION
FLOOR PLANS
50
51
P R O J E C T
T R I N I T Y
–
D U B L I N
4
A R C H I T E C T U R A L
APARTMENT - TYPE 1A
W
APARTMENT - TYPE 2A
N
S
RESIDENTIAL FLOOR PLANS
E
BEDROOM
RESIDENTIAL FLOOR PLANS
BALCONY
LIVING
N
E
W
N
W
S
S
E
COMMUNAL HALLWAY
W
N
S
E
BEDROOM
BALCONY
BEDROOM
BALCONY
BATHROOM
STORE
BATHROOM
V I S I O N
KITCHEN
N
E
W
S
COMMUNAL HALLWAY
LIVING
LIVING
STORE
DINING
BATHROOM
STORE
KITCHEN
BATHROOM
BATHROOM
BATHROOM
KITCHEN
STORE
BEDROOM
LIVING
B7
DINING
STORE
B5
B6
B4
BALCONY
BEDROOM
B3
B8
BATHROOM
BATHROOM
DINING
LIVING
B7
B7
B11
B2
STORE
KITCHEN
B5
B5
B1
B10
B4
B12
BALCONY
B6
B4
B8
B6
STORE
STORE
B8
B3
B3
B2
KITCHEN
B9
B11
B2
B9
B11
B9
DINING
DINING
BEDROOM
BALCONY
B1
B1
B10
B12
B10
B12
DESCRIPTION
STORE
STORE
DESCRIPTION
BEDROOM
Bedroom
Area
Aspect
Quantum
52
1 Bed
66.1 sq m / 710 sq ft
Single
53
Bedroom
Area
Aspect
Quantum
2 Bed
112 sq m / 1,210 sq ft
BEDROOM
BALCONY
BALCONY
Dual
78
53
P R O J E C T
T R I N I T Y
–
D U B L I N
4
A R C H I T E C T U R A L
APARTMENT - TYPE 2B
RESIDENTIAL BEDROOM
FLOOR PLANS
E
S
N
W
APARTMENT - TYPE 2F
RESIDENTIAL FLOOR PLANS
BEDROOM
W
N
S
E
BEDROOM
BALCONY
BEDROOM
V I S I O N
E
S
N
W
BEDROOM
W
N
S
E
BEDROOM
BALCONY
DINING
STORE
DINING
BATHROOM
BATHROOM
STORE
BATHROOM
BATHROOM
STORE
STORE
KITCHEN
BATHROOM
KITCHEN
BATHROOM
STORE
STORE
STORE
KITCHEN
STORE
DINING
KITCHEN
BATHROOM
LIVING
BATHROOM
B7
B7
LIVING
DINING
LIVING
B5
B4
B5
B6
B4
B8
B6
B8
BEDROOM
B3
B2
TERRACE
B3
B11
B1
LIVING
B10
B12
B9
B2
B7
B11
BEDROOM
B9
B1
B5
B10
B12
B6
B4
B8
B3
BALCONY
B11
B2
TERRACE
DESCRIPTION
DESCRIPTION
BALCONY
B1
Bedroom
Area
Aspect
Quantum
54
B9
2 Bed B10
103.7 sq m / 1,120 sq ftB12
Dual
32
Bedroom
Area
Aspect
Quantum
2 Bed
116.6 sq m / 1,260 sq ft
Dual
15
55
P R O J E C T
T R I N I T Y
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D U B L I N
4
A R C H I T E C T U R A L
BEDROOM
V I S I O N
BEDROOM
APARTMENT - TYPE 2SB
BATHROOM
BATHROOM
STORE
RESIDENTIAL FLOOR PLANS
B7
B5
N
E
W
S
B6
B4
B8
DINING
B3
KITCHEN
B11
BALCONY B2
BALCONY
LIVING
B9
B1
B10
B12
STORE
DINING
KITCHEN
BALCONY
BALCONY
BEDROOM
BEDROOM
LIVING
STORE
BATHROOM
STORE
BATHROOM
BEDROOM
BEDROOM
BATHROOM
STORE
BATHROOM
B7
B5
B4
N
E
W
S
B6
B8
B3
B7
B2
B11
B9
B5
B1
B10
B12
DESCRIPTION
Bedroom
Area
Aspect
Quantum
56
B4
B6
B8
B3
2 Bed + Study
B2
B11
B9
134 sq m / 1,440 sq ft
Dual
25
B1
B10
B12
57
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A R C H I T E C T U R A L
V I S I O N
APARTMENT - TYPE 2SE
B7
RESIDENTIAL FLOOR PLANS
B5
B6
B4
N
E
W
S
B7
B8
B5
B3
B11
B2
B4
BATHROOM
B9
B6
N
E
W
S
B8
B3
B1
B10
B12
B9
B1
BEDROOM
B10
B12
STORE
STORE
STORE
BATHROOM
BEDROOM
STORE
STUDY
B11
B2
STORE
BATHROOM
BALCONY
BATHROOM
BALCONY
STORE
STUDY
BALCONY
STORE
DINING
STORE
LIVING
KITCHEN
KITC
LIVING
B7
B5
B4
DESCRIPTION
Bedroom
Area
Aspect
Quantum
58
B6
N
E
W
S
B8
B3
2 Bed + Study
B2
B11
172.2 sq m / 1,850 sq ft
Dual
22
B9
B1
B10
B12
59
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A R C H I T E C T U R A L
V I S I O N
B7
APARTMENT - TYPE 3B
B5
RESIDENTIAL FLOOR PLANS
B4
B6
N
E
W
S
B8
B3
KITCHEN
B2
B11
B9
B1
B10
B12
BEDROOM
BEDROOM
BEDROOM
DINING
BATHROOM
LIVING
BATHROOM
BALCONY
BATHROOM
E
S
W
STORE
N
STORE
B7
B9
BALCONY
STORE
N
B10
B12
B11
B8
B6
B7
B5
DESCRIPTION
Aspect
Quantum
60
3 Bed
Dual
25
B8
B11
B9
B1
B2
W
B6
B3
B2
B3
152.4 sq m / 1,640 sq ft
B4
Area
B5
Bedroom
B4
B1
B10
B12
61
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A R C H I T E C T U R A L
V I S I O N
BATHROOM
APARTMENT - TYPE 3C
BEDROOM
RESIDENTIAL FLOOR PLANS
B7
B5
LIVING
BEDROOM
B6
B4
N
E
W
S
B8
KITCHEN
B3
B11
B2
DINING
B9
B1
BATHROOM
B10
B12
BEDROOM
LIVING
BATHROOM
KITCHEN
BALCONY
DINING
BATHROOM
BEDROOM
BEDROOM
BATHROOM
BALCONY
B7
B5
BATHROOM
BEDROOM
B4
B6
N
E
W
S
B8
B3
BEDROOM
B2
B11
B9
B1
BATHROOM
B10
B12
B7
B5
BEDROOM
B4
Area
Aspect
Quantum
62
E
W
S
B8
B3
DESCRIPTION
Bedroom
B6
N
B2
3 Bed
B11
B9
179.6 sq m / 1,930 sq ft
Dual
2
BATHROOM
B1
B10
B12
63
P R O J E C T
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A R C H I T E C T U R A L
V I S I O N
APARTMENT - TYPE 4B
BATHROOM
RESIDENTIAL FLOOR PLANS
BATHROOM
B7
B5
BEDROOM
BEDROOM
B4
BALCONY
STORE
B6
N
E
W
S
B8
B3
BATHROOM
BATHROOM
B2
B11
BEDROOM
B1
BEDROOM
BALCONY
STORE
STORE
B5
B10
B12
BEDROOM
STORE
B7
B9
B4
B6
B8
B3
BATHROOM
B2
B11
BEDROOM
B1
B10
B12
STORE
STORE
BATHROOM
DINING
KITCHEN
B7
B5
B6
B4
N
E
W
S
DINING
B8
B3
B2
KITCHEN
B11
BEDROOM
B9
B1
LIVING
B10
B12
BATHROOM
DESCRIPTION
Bedroom
Area
Aspect
Quantum
64
BEDROOM
4 Bed Duplex
LIVING
223.4 sq m / 2,400 sq ft
Dual
4
BATHROOM
65
P R O J E C T
T R I N I T Y
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D U B L I N
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A R C H I T E C T U R A L
V I S I O N
APARTMENT - TYPE 4C
RESIDENTIAL FLOOR PLANS
B7
STORE
B5
BATHROOM
B4
STORE
BATHROOM
B6
B8
B2
W
S B7
B6
B4
KITCHEN
E
B5
B3
BEDROOM
N
B11
B9
N
E
W
S
B8
B3
B1
BEDROOM
B10
B12
KITCHEN
B2
B11
B9
B1
B10
B12
DINING
STORE
DINING
STORE
STORE
BATHROOM
STORE
STORE
BATHROOM
STORE
LIVING
BEDROOM
B7
LIVING
B5
B4
B6
N
E
W
S
BEDROOM
BEDROOM
B8
B3
BEDROOM
B2
B11
BEDROOM
B9
B1
B10
B12
BEDROOM
DESCRIPTION
Bedroom
Area
Aspect
Quantum
66
4 Bed (Tower)
278.1 sq m / 2,990 sq ft
Dual
1
67
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A R C H I T E C T U R A L
V I S I O N
HOTEL - GROUND FLOOR
HOTEL FLOOR PLANS
PEMBROKE ROAD
PARKING ENTRANCE
S
W
E
N
HOTEL OUTLINE OVER
RETAIL COMMERCIAL
UNIT 2
ENTRY LOBBY
BAR/CAFE
STORE
RECEPTION
GOODS
LIFT
OFFICE
LIFT
STORE
LIFT
LIFT
B7
PLAZA
B5
B4
B6
B8
B3
B2
B11
B9
B1
B10
B12
68
69
P R O J E C T
T R I N I T Y
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A R C H I T E C T U R A L
V I S I O N
HOTEL - BASEMENT -1
HOTEL FLOOR PLANS
PARKING ENTRANCE
HOTEL OUTLINE OVER
MEETING ROOM
MEETING ROOM
MEETING ROOM
MEETING
ROOM
MEETING
ROOM
MEETING ROOM
S
W
E
N
MEETING ROOM
MEETING ROOM
BUSINESS CENTRE
WC’S
WIFI
BUSINESS
ZONE
SPA OR
BUSINESS
CENTRE
LOBBY
WIFI
BUSINESS
ZONE
GOODS
LIFT
LIFT
STORE
STORE
TREAT 4
SOL 3
LIFT
SHR
SPA
RECEPTION
TREAT 3
WC
JAN
WC
FEMALE
CHANGING
ROOM
JACUZZI
PLUNGE
POOL
MALE
CHANGING
ROOM
SOL 2
TREAT 2
SOL 1
SWIMMING POOL
STAFF ROOM
TREAT 1
ACCESS RAMP TO
RETAIL PARKING
HOTEL, SPA, BUSINESS
CENTRE ENTRANCE
BASEMENT
CARPARK
B7
B5
B4
B6
B8
B3
B2
B11
B9
B1
B10
B12
70
71
P R O J E C T
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A R C H I T E C T U R A L
V I S I O N
HOTEL - (9TH FLOOR) TOP FLOOR
HOTEL FLOOR PLANS
S
W
E
N
HOTEL OUTLINE OVER
TERRACE
BAR/RESTAURANT
STORE
SERVERY
WC’S
GOODS
LIFT
KITCHENS
OFFICE
SEDUM
LIFT
STORE
LIFT
LIFT
B7
B5
B4
B6
B8
B3
B2
B11
B9
B1
B10
B12
72
73
P R O J E C T
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A R C H I T E C T U R A L
V I S I O N
HOTEL - TYPICAL BEDROOM FLOOR
HOTEL FLOOR PLANS
S
W
E
N
HOTEL OUTLINE OVER
DOUBLE ROOM
GOODS
LIFT
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
DOUBLE ROOM
LIFT
LIFT
LIFT
B7
B5
B4
B6
B8
B3
B2
B11
B9
B1
B10
B12
74
75
P R O J E C T
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A R C H I T E C T U R A L
V I S I O N
RETAIL UNITS
W
N PLANS
RETAIL FLOOR
S
E
W
N
S
E
CAFE/
RESTAURANT
UNIT A
W
N
ANCHOR RETAIL
ANCHOR RETAIL
RETAIL / COMMERCIAL UNITS
CAFE/
RESTAURANT
UNIT A
CAFE / RESTAURANT / BAR
ACCESS TO
RESIDENTIAL
APARTMENTS
ACCESS TO
RESIDENTIAL
APARTMENTS
ACCESS TO
RESIDENTIAL
APARTMENTS
ANCHOR RETAIL
COVERED WALKWAY
LIFT
LIFT
RETAIL / COMMERCIAL UNITS
ACCESS TO
ANCHOR
RESIDENTIAL
RETAIL
APARTMENTS
BACK
LOBBY
ACCESS TO
ANCHOR RETAIL
RESIDENTIAL
BACK ROOM
APARTMENTS
RESIDENTIAL
SERVICES
2,857
30,800
Retail/Commercial Unit 2
83
900
Retail/Commercial Unit 3
213
2,300
Retail/Commercial Unit 4
213
2,300
Retail/Commercial Unit 5
77
Retail/Commercial Unit
6
CAFE/BAR
1,100
Retail/Commercial Unit 8
108
1,200
Retail/Commercial Unit 9
77
800
Retail/Commercial Unit 10
66
700
Service Corridor (Level 00)
117
1,300
ANCHOR RETAIL
ENTRANCE
4,024
PLAZA
COURTYARD ACCESS
LIFT
LIFT
OPEN
SPACE
1,100
Restaurant/Café Unit C
420
4,500
Bar/Restaurant Unit D
280
3,000
Bar/Restaurant UnitBAR/RESTAURANT
E
190
2,000
154
1,700
1,561
16,800
GROUD FLOOR
Bar/Restaurant Unit F UNIT C
Total
SERVICE
AREA
LIFT
LIFT
LIFT
LIFT
B7
B5
CAFE/
RESTAURANT
UNIT F
RETAIL/
COMMERCIAL
UNIT 02
B4
B3
LV ROOM
B2
LIFT
LIFT
LIFT
LIFT
LIFT
CAFE/
RESTAURANT
AREA FOR EXTERNAL
UNIT F
SEATING ASSOCIATED WITH
CAFE/RESTAURANT USE
LIFT
LIFT
LIFT
LIFT
LIFT
LIFT
LIFT
RETAIL/
COMMERCIAL
UNIT 05
CAFE/
RESTAURANT
UNIT E
4,500
100
LIFT
HOTEL
Sq. ft
(Rounded)
Restaurant/Café Unit B
LIFT
OPEN
SPACE
417
LIFT
LIFT
Sq.m
Restaurant/Café Unit A
LIFT
LIFT
LIFT
LIFT
RETAIL/
COMMERCIAL
UNIT 04
43,300
PROPOSED RESTAURANT / CAFÉ / BARS
LIFT
LIFT
LIFT
LIFT
RETAIL/
COMMERCIAL
UNIT 03
108
LIFT
SERVICE LANE
LIFT
RETAIL/
COMMERCIAL
UNIT 06
RETAIL/
COMMERCIAL
UNIT 07
CAFE/
RESTAURANT
UNIT E
RETAIL/
COMMERCIAL
UNIT 04
RETAIL/
COMMERCIAL
UNIT 03
800
105
Total
ACCESS T
RESIDENTI
APARTMEN
ANCHOR RETAIL
BACK
ROOM
1,200
LIFT
UNIT B
Description
RETAIL/
RETAIL/
COMMERCIAL
COMMERCIAL
UNIT
8
UNIT 07
ARCADE
FOYER
CAFE/BAR
UNIT D
CAFE/BAR
UNIT D
Anchor Retail Unit 1
RETAIL/
RETAIL/
COMMERCIAL
COMMERCIAL
UNIT
UNIT
06 05
ARCADE
FOYER
RETAIL/
COMMERCIAL
UNIT 02
LIFT
RETAIL/
COMMERCIAL
UNIT 09
SERVICE
AREA
SERVICE
AREA
RETAIL/
COMMERCIAL
UNIT 02
RESIDENTIAL
SERVICES
RETAIL/
RETAIL/
COMMERCIAL
COMMERCIAL
UNIT
10
UNIT 8
ANCHOR RETAIL
UNIT 01
LIFT
BAR/RESTAURANT
GROUD FLOOR
UNIT C
LIFT
HOTEL
BAR/RESTAURANT
GROUD FLOOR
UNIT C
LIFT
LIFT
HOTEL
COURTYARD ACCESS
LOBBY
CONCIERGE
LOBBY RETAIL/
CONCIERGE
COMMERCIAL
OFFICE
UNIT 09
LIFT
SERVICE LANE
LIFT
LIFT
PLAZA
OFFICE
RETAIL/
COMMERCIAL
UNIT 10
ANCHOR
RETAILACCESS
COURTYARD
ENTRANCE
ANCHOR RETAIL
UNIT 01
LIFT
ANCHOR RETAIL
BACK ROOM
LIFT
LIFT
ANCHOR
RETAIL
BACK
ROOM
Sq. ft
(Rounded)
Retail/Commercial Unit 7
COVERED WALKWAY
CONCIERGE
LOBBY
CONCIERGE
LIFT
LIFT
PLAZA
ANCHOR RETAIL
BACK ROOM
LIFT
LIFT
CAFE/BAR
UNIT B
ANCHOR RETAIL
ENTRANCE
LIFT
ANCHOR RETAIL
BACK ROOM
Sq.m
LIFT
LIFT
LIFT
ROOM
Description
LIFT
ACCESS TO
ANCHOR RETAIL
RESIDENTIAL
BACK ROOM
APARTMENTS
LIFT
LIFT
ACCESS TO
ANCHOR RETAIL
RESIDENTIAL
BACK ROOM
APARTMENTS
LIFT
CAFE / RESTAURANT / BAR
CAFE/BAR
UNIT B
CAFE / RESTAURANT / BAR
ACCESS TO
RESIDENTIAL
APARTMENTS
LIFT
RETAIL / COMMERCIAL UNITS
PROPOSED RETAIL DEVELOPMENT
LIFT
E
LIFT
LIFT
S
CAFE/
RESTAURANT
UNIT A
B6
B8
CAFE/BAR
UNIT D
B11
B9
B1
B10
B12
LV ROOM
76
77
AREA FOR EXTERNAL
P R O J E C T
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THE
HOTEL
ASSETS
CURRENT STATUS
AND OPPORTUNITY
T
he hotels were Dublin landmarks during the later part of the 20th Century.
Ballsbridge opened as the Intercontinental Dublin, before successfully rebranding
as the iconic Jurys Hotel Ballsbridge and in 1986 opened The Towers five star
extension. The Clyde Court opened in 1972 as the 5 Star Berkeley Court, which
traded at the very top of the Dublin hotel market. Since January 2012, both
hotels are let to Tulane Business Management Limited (a subsidiary of Dalata Hotel Group
Plc.). Dalata PLC raised €265m in a March 2014 IPO and in the past year acquired 16 hotels,
making it the largest Irish hotel operator with 7,580 bedrooms, including 3,385 in Dublin.
78
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T H E
The Ballsbridge Hotel (formerly Jury’s
Hotel Ballsbridge), is one of Dublin’s largest
and best-known hotels. The four star hotel
is located in prestigious Dublin 4, on a site
of circa 4.3 acres.
HHHH
400 BEDROOMS
185 BEDROOMS
BEDROOMS
FOOD AND BEVERAGE
CONFERENCE AND BANQUETING
BEDROOMS
CONFERENCE AND BANQUETING
The Hotel’s 400 bedrooms and suites
are spacious and stylish.
The Raglan Restaurant offers a relaxed and
comfortable setting which can cater for up to
220 guests.
The main ballroom is very popular for
conferences and banquets, with capacity to
cater for up to 1,000 delegates. There are
also 13 meeting rooms and the hotel offers
parking for about 210 cars.
The Hotel’s 185 bedrooms and suites
previously operated at a 5 Star standard.
The Grosvenor Suite is a beautiful regal
ballroom with high ceilings, ornate mirrors
and stunning chandeliers. It can cater for
parties of up to 450 guests and provides the
perfect setting for weddings. There are also
8 meeting rooms and the hotel offers parking
for about 110 cars.
Classic (c.26 sq m)
280
Deluxe (c.34 sq m)
103
Family
Suites (sample size - 109 sq m)
12
5
The Dubliner Pub is a traditional Irish
pub which provides a la carte and carvery
food options and can also cater for up to
60 people for private functions.
Suites (c.34 sq m)
A S S E T S
The Clyde Court Hotel (formerly The Berkeley
Court Hotel) is one of Dublin’s most distinguished
hotels, located on the famous Lansdowne Road.
The four star hotel is also located in Ballsbridge
and is situated on a site of circa 2.5 acres.
HHHH
Doubles and Twins (c.24 sq m)
H O T E L
154
26
Executive Suites
(sample Size - 103 sq m)
4
Penthouse
1
CLYDE
APARTMENTS
There are 16 one-bedroom
apartments located adjacent to
the hotel, currently let on short-term
residential letting agreements.
FOOD AND BEVERAGE
The Clyde Restaurant is a modern and
stylish room which can cater for up to 120
guests. The Clyde Bar is an impressive
lounge with wood panelled walls which are
complemented by an outdoor heated terrace.
This is a very popular venue pre and post
matches in the nearby Aviva Stadium.
80
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T H E
H O T E L
TRADE
VALUE ENHANCEMENT
The hotels generate significant revenues and
recorded strong profit growth in recent years.
Occupancy % and ADR are growing quickly, as
the hotels begin to recapture market share in
the recovering Dublin hotel market.
The two hotels on this site contain 585
bedrooms or 15% of Four star hotel bedrooms in
Central Dublin and provide a unique opportunity
to significantly grow from investment.
A S S E T S
THE HOTEL BEDROOM
BLOCKS ONLY OCCUPY 13%
OF THE ENTIRE SITE AREA
Full financial details are available in the online data site
REFURBISHMENT
LEASE SUMMARY
The hotels have consistently delivered resilient returns with notable downside protection and
today offer significant potential for increased performance through value-enhancing capital
investment in the rooms and public areas. The refurbishment of the hotels would allow the
incoming purchaser to significantly improve cash flows.
Both hotels are currently let to Tulane Business Management
Limited (a subsidiary of Dalata Hotel Group Plc.)
The lease Terms are for five years from 1st April 2013.
There are Landlord Break Options at 31st December 2015 (three
months notice) and 30th September 2016 (six months notice).
Rent is a combination of Base Rent and Additional Rent, based
on profitability.
REPOSITIONING & REBRANDING
The hotels offer a rare and sought-after
opportunity for international hotel
operators to open flags of their leading
brands in central Dublin. Following the
termination of the existing operating
leases and refurbishment, the hotels offer
the unique flexibility for upscaling and
re-branding, bringing robust returns
to the incoming purchaser along with
economies of scale from operating as a
single complex.
CURRENT HOTEL CONFIGURATION AND SITE UTILIZATION
LANSDOWNE RD
BALLSBRIDGE HOTEL
CLYDE COURT HOTEL
A competitive set of Dublin 4 hotels recorded 20% RevPAR Growth in 2014 and
out-performed the Dublin market which grew by 11%. This comparable set grew
RevPAR by a faster rate in the initial months of 2015 (Source: STR Global)
For 2015 and 2016, Dublin is forecast to be the best performing European City
for RevPAR growth, estimated at almost 9% and 8% respectively (Source: PwC)
Dublin expects virtually no new bedroom supply in 2015, with growth coming
from change of use to underused areas and small extensions, with one new opening
in 2016 (Source: AM:PM)
It is estimated that 5,000 additional hotel bedrooms are required in Dublin
by 2020 (Source: ITIC)
HOTEL BEDROOMS
8 STOREYS
N
S
E
CLYDE
APARTMENTS
LOW RISE C&B
HOTEL BEDROOMS
7/8 STOREYS
W
EXTENSION*
LOW RISE F&B
POTENTIAL TO ADD 500+ NEW BEDROOMS
TO BRING THE ENTIRE HOTEL BEDROOM
COUNT TO OVER 1,000
LOW RISE F&B
AND C&B
EXISTING
SHELBOURNE HOUSE
PEMBROKE RD
LOW RISE C&B & F&B
HOTEL BEDROOM BLOCKS
SH
EL
BO
UR
NE
RD
EXISTING
DEPARMENT OF JUSTICE
Nº1 BALLSBRIDGE
82
Current trade and key market statistics support
investment in a substantial extension. The existing
layout of the Ballsbridge and Clyde Court Hotels,
with the single storey elements and vast surface car
parking, allows immense scope for expansion and
development. There is a great opportunity for the
addition of guest bedrooms to one or both hotels
and the provision of Dublin’s No 1 conferencing
and banqueting facility, creating the largest and
most profitable hotel complex in Ireland.
A SUBSTANTIAL
BEDROOM
EXTENSION
TO THE HOTELS
WOULD CREATE
THE LARGEST
AND MOST
PROFITABLE
HOTEL COMPLEX
IN IRELAND
INFILL
RESIDENTIAL
DEVELOPMENT*
There is potential for significant
complimentary residential development
on the balance of the 6.8 acre site
alongside the two existing hotels,
post extension and ground floor
reconfiguration.
*Subject to Planning Permission
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T H E
H O T E L
A S S E T S
DUBLIN HOTEL
MARKET OVERVIEW
B
oth in terms of tourism and business travel, Dublin is at the heart of Ireland’s
burgeoning hotel trade. Known as the Silicon Valley of Europe, Dublin is the
EMEA headquarters for many of the world’s top online companies such as
Google, Facebook, Twitter, PayPal and LinkedIn and also a leading location for a
range of international financial, pharma and ICT companies. This historic city is
also the most popular tourist region in the country with 5.7 million overseas visits in 2014.
Dublin was the best performing city in Europe in 2014 with RevPAR growth of 11.1%.
> DEMAND
IMPACT OF FOREIGN
EXCHANGE RATES
OVERSEAS ARRIVALS
all arrivals in 2014, up 8% on 2013. Trips to
Ireland from mainland Europe, Ireland’s
second largest market, accounted
for 35% of arrivals, up 7% on 2013 figures
at 2.6 million. Arrivals from North America
saw the biggest year on year increase, up
15% on 2013 reaching a period high of
1.3 million visitors.
The number of international arrivals to
Ireland remains marginally below prior peak
levels with plenty of room to grow.
Another factor supporting growth in tourism to Ireland has been recovery in
the economies of key trading partners, particularly the US and UK, growing by
2.4% and 2.8% respectively over the last year. Both countries are adding new
jobs, with total employment up 2.0% in the UK while US unemployment now
stands at 5.5% as of March 2015.
US and UK tourists’ purchasing power in Europe has increased due to
the weakening Euro. These strong fundamentals will attract higher visitor
numbers, which is important as visitors from the UK and US currently account
for over 50% of total visitors to Ireland.
ANALYSIS OF OVERSEAS TRIPS TO IRELAND BY NATIONALITY (2008-2014)
9000
20
7000
6000
5000
4000
3000
2000
1.40
18
1.35
16
14
1.30
12
10
1.25
8
% Change Y/Y
Passenger numbers at Dublin
International Airport increased by 8% in
2014 to 21.7 million with growth across
all major sectors of its business. New and
additional flight routes were added by Aer
Lingus, Emirates, Etihad, Ryanair, United
Airlines and Westjet in 2014. Further
expansion in routes and services in 2015
will help maintain the strong growth in
tourist numbers with 14 new services in
place for 2015.
8000
No. of Visitors 000's
NORTH AMERICAN VISITORS, US GDP AND DOLLAR EXCHANGE RATE
AIR ACCESS ROUTES
1.20
6
4
1.15
2
0
1000
EUR/USD Exchange Rate
The number of foreign residents visiting
Ireland reached the highest level for
six years in 2014 at 7.6 million, with
overseas arrivals increasing by 26% from
2010 to 2014.
All source markets recorded positive
year-on-year growth in 2014 highlighting
the recovery in both business and leisure
tourism in Ireland. Visitors from the UK
remain the biggest market with approx.
3.2 million visitors, accounting for 40% of
1.10
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
0
2008
2009
Great Britain
2010
Other Europe
2011
2012
USA and Canada
2013
2014
Other Areas
Trips to Ireland from North America (Lhs)
US GDP (Lhs)
EUR/USD Exchange Rate (Rhs)
Source: CSO, Eurostat and Central Bank of Ireland
Source: CSO
84
85
P R O J E C T
T R I N I T Y
–
D U B L I N
4
T H E
> SUPPLY
DUBLIN HOTEL
MARKET
1,684 10
7284
10
4
20
20
1 Star
1 Star
The prime Dublin locations for hotels
are in three districts: Dublin 1 (O’Connell
Street), Dublin 2 (St. Stephens Green)
and Dublin 4 (Ballsbridge). Within these
districts there are 84 hotels and 9,800
bedrooms - 10 five star hotels (1,684
keys), 21 four star hotels (3,817 keys),
36 three star hotels (3,764 keys) and 17
budget hotels. The Ballsbridge and Clyde
Court Hotels account for 15% of the 4 star
market in these prime locations.
Central Dublin has an acute
undersupply of hotel bedrooms with only
three openings since 2007:
1 Star
2 Star
2 Star
47
NUMBER
OF
NUMBER
BEDROOMS
OF HOTELS
Greater
Dublin
Greater
Dublin
7,415
2 Star
3 Star
3 Star
47
4 Star
4 Star
8,610
NUMBER
OF HOTELS
Greater Dublin
3 Star
4 Star
5 Star
5 Star
5 Star
66
66
GIBSON HOTEL HHHH
Dublin 1,
252 bedrooms
Opened
2010
MARKER HOTEL HHHHH
Dublin 2,
187 bedrooms
Opened
2013
According to AM:PM there are no
new hotels due to open in Dublin
in 2015 and any increase in
bedrooms will come from some
small extensions to existing
hotels. A 202 bedroom Holiday
Inn Express is expected to open
in Dublin 1 during 2016.
THE DEAN HHHH
Dublin 2,
54 bedrooms
Opened
2014
DUBLIN HOTEL PERFORMANCE
A combination of these demand and
supply factors have resulted in the
rejuvenation of occupancy at Dublin’s
Hotels increasing from 67% in 2010 to
approx. 78% in 2014. This is the fourthhighest occupancy in Europe according to
PwC, behind London, Edinburgh and Paris,
highlighting the popularity of Dublin with
both business and leisure visitors.
Since occupancies at Dublin hotels
have reached 78%, ADR has become the
main growth lever increasing from €77 in
2010 to approx. €96 in 2014 according to
STR. Along with the traditional calendar
of major Dublin events, recent additions
include The Web Summit (attendance
doubled to 20,000 in November 2014)
and the Croke Park Classic American
Football series.
ADR in Dublin is approx.
9% below 2008 levels of €105, but STR
anticipate that level will be exceeded in
early 2016.
86
A S S E T S
DUBLIN PROJECTIONS
82
Dublin is home to approximately
one third of total Irish hotel
rooms. Within Dublin there are
approx. 150 hotels providing
close to 19,000 bedrooms.
H O T E L
The Grow Dublin Taskforce announced
“Destination Dublin – A Collective
Strategy for Growth to 2020” plan in
2014, with the aim of increasing visitor
numbers by 7% a year.
According to the Irish Tourism
Industry Confederation (ITIC), Dublin
needs as many as 30 new hotels (5,000
bedrooms) between now and 2020 to
accommodate the expected growth in
visitors. AM:PM expect only 464 new
rooms to open in the next 3 years in
Dublin. This includes the opening of a
202 bedroom Holiday Inn Express in
O’Connell Street (Dublin 1) in 2016 and
a 100 bedroom Weatherspoon’s Hotel in
Camden Street (Dublin 2) in 2017.
DUBLIN - ACTIVE PIPELINE ROOMS BY YEAR
Due 2015
Due 2016
Due 2017
Due 2018
Growth
65
223
176
0
2%
This lack of new supply and capacity constraints means future RevPAR
growth in the Dublin market will be driven by increases in ADR. This is
forecast to increase to €102 in 2015 and €109 in 2016. According to PwC
the top European growth stories in 2015 are expected to be Dublin with
8.8% growth in 2015 and again in 2016.
HOTEL BRANDS
HOTEL TRANSACTIONS
The Dublin hotel market currently
has 16 international branded hotels
equating to only 10% of total hotel stock.
In comparison to similar sized cities
such as Edinburgh, Dublin is relatively
under-subscribed from an International
brand perspective. There is an excellent
opportunity for brands to enter the
Dublin market and we believe there is
strong appetite from the brands and their
customers.
There were limited Irish hotel sales from
2008 to 2011. However, since 2012 the
level and number of transactions have
improved year-on-year. In 2014 the total
value reached €440m with the volume
of transactions increasing up 50%. Q1
2015 exceeded that level boosted by
recent portfolio transactions including
the acquisition of Jurys Inn chain by Lone
Star and the Moran Bewley Hotel Group by
Dalata Plc. which included the purchase
of the three star Bewleys Ballsbridge Hotel
(304 bedrooms, Dublin 4) for €75m
(€247k per bedroom).
DUBLIN CITY STR ANALYSIS 2010 - 2016
€120.00
90%
€100.00
€80.00
80%
€60.00
70%
€40.00
€20.00
60%
€0.00
2010
2011
2012
Dublin ADR
2013
2014
2015(f)
2016(f)
Dublin STR Occupancy %
Source: STR Global, Ltd. Republication or other re-use of this data without the express written permission of STR Global is strictly prohibited.
Following a period of sharp decline in RevPAR between 2007 - 2010, the Dublin hotel
market has shown very positive results since. RevPAR increased by approx. 50% from
€51 in 2010 to €75 in 2014 – a CAGR of 9.7%. Dublin was the best performing city in
Europe in terms of RevPAR growth in 2014 up 11.1% (Source PwC/ STR).
87
PROPOSAL
The entire is for sale by Private Treaty.
VAT
Further information is provided within the property data room.
TITLE
A title summary is available in the property data room.
VIEWINGS
Are strictly to be arranged with the selling agents and advisors.
DATA ROOM
Further information is attainable through a dedicated web based data room. For further information
and access please contact the selling agent and advisor.
Fo r f u r t h e r i n f o r m a t i o n , p l e a s e v i s i t
PROJECTTRINIT YIREL AND.COM
SELLING AGENTS
SAVILLS DEVELOPMENT
Mark Reynolds
+353 1 618 1326
mark.reynolds@savills.ie
SAVILLS IRELAND
33 Molesworth Street,
Dublin 2, Ireland
PSRA: 002233
www.savills.ie
EASTDIL SECURED
Berkeley Square House
Suite 5 / 3rd Floor
4-16 Berkely Square
London W1J 6BR
John Swarbrigg
+353 1 618 1333
john.swarbrigg@savills.ie
Andrew Sherry
+353 1 618 1452
andrew.sherry@savills.ie
SAVILLS HOTELS & LEISURE
SAVILLS CROSS BORDER INVESTMENT
Tom Barrett
+353 1 618 1415
tom.barrett@savills.ie
Rasheed Hassan
+44 207 409 8836
rhassan@savills.com
Brooke Sheehan
+353 1 618 1440
brooke.sheehan@savills.ie
SOLICITORS
Jim McCaffrey
+44 207 074 4978
jmccaffrey@eastdilsecured.com
Giorgio Manenti
+44 207 074 4962
gmanenti@eastdilsecured.com
Peter Geissel
+44 207 074 4958
pgeissel@eastdilsecured.com
Sue-Lin Heng
+44 207 074 4964
slheng@eastdilsecured.com
70 Sir John Rogerson’s Quay
Dublin 2, Ireland
Clara Jacquier
+44 207 074 4952
cjacquier@eastdilsecured.com
Stoian Nedelchev
+44 207 074 4988
snedelchev@eastdilsecured.com
Peter McKeever
peter.mckeever@matheson.com
+353 1 232 2000
MATHESON
The information in this document, responses to questions raised during any questions and answers process, sales process or otherwise, together with any information, reports, security, title or lease reviews or other information
(howsoever described) (the “Information”) provided to you in any form or medium by or on behalf of any or all of the Vendors or their advisors (current or former) before or after the date of this document has not been independently verified
by or on behalf of the Vendors (or their advisors) and is provided strictly on a non-reliance and hold-harmless basis, and by submitting to the process outlined in the process letter dated 15th April 2015 sent to you on behalf of the Vendors (the
“Process Letter”) communicated to interested parties you are deemed to have agreed and acknowledged that all such Information is provided to you on that basis. The Information may not be (and does not purport to be) comprehensive and
may not (and does not purport to) contain all the information that recipients may require. No obligation is accepted to provide recipients with access to any additional information or to correct any inaccuracies which may become apparent.
Recipients must conduct their own investigation into, and satisfy themselves as to all matters relating to the Proposed Transaction (as such term is defined in the Process Letter), including any of the assets to be sold as part of the Proposed
Transaction. The Vendors and their advisors (current and former) accept no liability or responsibility to any person in relation to the Information. Neither of the Vendors (nor any of their respective affiliates, shareholders, directors, officers,
employees or legal, financial or other advisors (current or former) and agents or any of their or their respective affiliates’ respective directors, officers, employees, advisors and agents (together “Representatives”)) accept any responsibility
or liability (save in respect of fraudulent misrepresentation) for, or make any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this document or any other information whether
written, oral or in a visual or electronic form (including, without limitation, in a magnetic or digital form) transmitted or made available to any recipient in the course of the recipient’s evaluation of the Proposed Transaction. In particular, but
without limitation, no representation or warranty (whether express or implied) is made or will be given as to the achievement or reasonableness of any future projections, management estimates, prospects or returns or any of the assumptions
underlying them. By participating in the process outlined in the Process Letter you acknowledge that you are relying upon your own independent investigation and verification of the Proposed Transaction and any of the assets to be sold as part
of the Proposed Transaction.
89
PROJECTTRINIT YIREL AND.COM