TENANT NOT AFFECTED

FOR SALE BY PRIVATE TREATY

On the instructions of Grant Thornton
(joint statutory receivers Paul McCann & Stephen Tennant)

BORD GÁIS
ENERGY
THEATRE
 EXECUTIVE LOCATION
SUMMARY/ The Bord Gáis Energy Theatre is prominently This area of The Dublin Docklands has Milano’s, The Ferryman public house, Fresh,

OPPORTUNITY
located on Grand Canal Square in the heart of undergone substantial redevelopment Spar and the 5-star Marker Hotel all of which
Dublin’s South Docklands area. The property and now comprises modern office blocks, enhance the Theatre experience. The theatre
occupies a pivotal location overlooking Grand high quality residential developments, The complements the larger 14,000 capacity

OVERVIEW
Canal Square and Grand Canal Harbour Bord Gáis Energy Theatre, hotels, bars concert venue The O2 which is located nearby.
and is situated a short distance from the Sir and restaurants and retail units. The South
The Bord Gáis Energy Theatre has access to
John Rogerson’s Quay and Pearse Street. Docks has established itself as the preferred
excellent transportation links including the
high quality office district and is now
DART Commuter rail service, numerous Bus
resident to a host of International Corporate
Services and the LUAS tram line situated in
• Opportunity to acquire a prime trophy asset situated occupiers which includes State Street, BNY
the north docks area. The area has excellent
in the heart of Grand Canal Docks, Dublin Mellon, Beauchamps, Facebook, McCann
road infrastructure with the Calatrava Bridge
• Presents conventional investors with an opportunity to acquire FitzGerald, Mathesons and Google.
providing excellent access to the north docks
a unique and irreplaceable asset that offers diversification
The area also has a number of high end and the IFSC. The Theatre adjoins the Grand
• Ireland’s largest and most prestigious Theatre which extends residential schemes such as the Marker Canal car park situated at basement level the
to 10,082 sq m providing an audience capacity of 2,111 seats Residences, Alto Vetro and the Millennium theatre which has a capacity of 150 spaces.
• The Bord Gáis Energy Theatre is operated by AIL/Live Nation, Tower. This is complemented by a variety of
one of the largest producers of live music concerts and events retail outlets, restaurants such as Ely Wine Bar,
• In 2013, the theatre produced a gross
annual revenue of €8,099,106
• Opportunity to extend the management contract
 Bord Gáis
Facebook The Marker Hotel State Street Bank O2 Arena The Marker Hotel Grand Canal Car Park Irishtown Stadium Aviva Stadium
Energy Theatre

LOCATION

Bord Gáis
Google The Alliance Grand Canal Car Park Irishtown Stadium State Street Bank Facebook HSBC Google
Energy Theatre
THE THEATRE
The Bord Gáis Energy Theatre is the largest
theatre in Ireland providing a 2,111 seating
capacity which opened in 2010. It is the
only Theatre in Ireland capable of hosting
the largest international shows. At a cost of
approximately €80 million, it was designed
by the internationally renowned architect
Daniel Libeskind and built by the leading
Irish construction company Sisk. The Bord
Gáis Energy Theatre is regarded as the jewel
in the crown of the 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 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.
THEATRE LAYOUT
HIGHLIGHTS
• Impressive waterfront area
• Fully fitted high spec theatre
• Numerous bars and restaurants,
adding to customer spend
• Large corporate entertainment areas
which produce additional revenue outside
of the normal theatre operations
The theatre can be accessed from the public
piazza in front of the property which has
waterfront open space, fountains and theatrical
The second floor accommodates the
members ‘Circle Club’ area. This area
contains a bar and lounge with seating
Internally the Theatre is laid out as follows:
Description Layout
Cloakroom, Under stage,
Basement
lighting. The main reception area has a reception Orchestra Pit & Workshops
for 142 and over 200 for reception style.
Ground Floor Stage, Stalls & Boxes
desk, box office ticket sales office, bar and It is finished to a very high specification
First Floor Stalls, Boxes & Offices
access to some boxes and lower stalls rows. and laid out to replicate a lounge in a
The Circle Club, Boxes, Dressing Rooms
Second Floor
There is one fully licensed bar on every floor cruise ship. This area can also be used and Green Room
and four kiosks within the theatre to purchase for corporate entertaining and product Third Floor Circle & Dressing Rooms
Upper Circle, Dressing Rooms
drinks and confectionary. All the bars are located launches. It is open before the show and Fourth Floor
& Wardrobe
the only bar to remain open after. The
at the front of the building and with the glazed Fifth Floor Roof Terrace & Administration Offices
external elevations; every floor has views over restaurant is exclusive to the members club.
the Grand Canal Dock and surrounding area. The third and fourth floors provide access to The BGET has an audience capacity of 2,111.
the circle and upper circle respectively. The The seating arrangements are of traditional
The first floor provides access to a number
garden terrace area is located on the fifth theatre style including 10 boxes, stalls, circle
of boxes and the rear area of the stalls. The
and upper circle configured as follows:
auditorium is finished to an excellent standard with floor. The basement floor accommodates
carpeted flooring, red velour seating coverings a cloakroom and storage area. Capacity
and state of the art light and sound systems. Stalls 1,051
Circle 589
Upper Circle 431
Boxes 40
TOTAL 2,111
SPECIFICATION
HIGHLIGHTS
• Finished to a very high specification
• 98 person orchestra pit
• Stage facilities are the most advanced in Ireland
• Facilities also include - Star dressing rooms,
additional dressing rooms accommodating
up to 12 people and The Green Room
There are maritime features and motifs
throughout. All the public areas are
finished to a very high specification with
carpeted floors, painted and plastered
walls and spot lighting. The building is
fully air conditioned with the exception
of the administration office backstage.
Backstage, there are also 6 floors over
basement. The basement contains the
orchestra pit, technical offices and storage
areas. The orchestra pit can accommodate up
to 98 persons and is located within the stage
at a depth of 10 feet. When in use, 4 rows
of seats are lost which comprise 89 seats.
The stage is located on the ground floor.
The stage facilities are the most advanced
in Ireland and include a fly tower with 66 fly
bars, of which 6 are motorised. The first and
fifth floors contain offices. These include
small two or three desk offices. The fifth floor
accommodates the administration of the theatre
in which there is 22 full time staff employed.
The star dressing rooms are located on the
second floor. These include smaller one/two
person ensuite dressing rooms finished to a high
specification including sky TV and natural light.
NAMING RIGHTS
The ‘Green Room’ is a large relaxation room The building initially opened as the Grand provides an Investor with significant future
with vending machine and full kitchen facilities. Canal Theatre but was renamed in March income opportunities. Other comparable
2012 as part of a naming rights agreement naming rights include the Aviva
The third and fourth floors contain bigger
with Bord Gáis which is in place until 2018. Stadium and the O2 Arena.
dressing rooms, which can accommodate up
As this iconic property grows in stature it
to 12 people. They are spacious and have
an abundance of natural light, something
which is not very common in many theatre
dressing rooms. The fourth floor has a wig
room with heater connections, wardrobe
rooms and laundry room. The corridors are
wide and there is ample storage throughout.
Externally, the front of the building has a glass
curtain of high performance glazing with
exposed polyester powder coated pre-fabricated
steel box sections. There is brick cladding to the
sides and rear and there is a metal deck roof.
THE OPERATOR
The Bord Gáis Energy Theatre was
conceived and is operated by Live
Nation. Live Nation Entertainment is an
International entertainment company,
and is the largest producer of live music
concerts having hosted 23,000 events for
over 3,000 artists 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’.
OPERATIONAL OVERVIEW:
Since its opening in 2010 The Bord Gáis Energy
Theatre has established itself as the pre-eminent
theatre destination in Ireland. Its contemporary
design and unparalleled specification have
seen it go from strength to strength securing
some of the most famous theatrical productions
which have included: The Lion King, War
Horse and Swan Lake. With the benefit of
its bespoke stage facilities the Bord Gáis
Energy Theatre allows for ease of adaptability
to accommodate west end style shows.
FINANCIAL ACCOUNTS:
2010
BORD GAIS 2011
(9 MONTHS)
The revenue from the Theatre is
generated from Ticket Sales, food and
drinks, merchandise, naming rights and
key sponsorship agreements. In 2013,
the theatre attracted 455,546 attendees.
Bookings have remained consistent since
its opening, and revenue has increased
on average by 19.4% since 2010. The
summary of revenue and EBITDA
since 2010 is summarised below:
2012 2013 2014 (F)

Revenue €4,800,945 €6,277,946 €7,649,438 €8,099,106 €7,718,749

Operational Costs €3,124,780 €4,165,418 €5,010,324 €5,218,684 €5,033,307

EBITDA €1,676,165 €2,122,528 €2,639,114 €2,880,422 €2,685,442

Income less
€684,106 €641,142 €1,173,770 €1,307,627 €1,162,346
Management Fee
SCHEDULE OF HISTORICAL BOOKINGS
Since its inception the Bord Gáis Energy The theatre is synonymous for hosting SCHEDULE OF 2014 BOOKINGS
Theatre has hosted 1,178 shows for a variety some of the most successful theatre The table below sets out a selection of
of Ballet, Opera, Musicals and Concerts. tours which to date have included: events which have been scheduled for 2014:
The number of shows is running at over 300
annually and look set to deliver more shows in
Number Of Number Of
Event Category Event Category
2014, ahead of a consistent 2013 and 2012. Performances Performances

This level of shows, approaching 350, Lion King Musical 69 Let It Be Musical 8

is consistent with the best performing

Joseph & The Amazing
Wicked Musical 41 Musical 19
theatres in the UK proving demand Technicolor Dreamcoat

for this state of the art theatre. Warhorse Other 38 Dirty Dancing Musical 23

Fiddler on the Roof Musical 8 Blood Brothers Musical 16

Year Number Swan Lake Ballet 7 Shrek The Musical Musical 23

2010 (9 months) 240

2011 309

2012 295

2013 334

2014 (Ytd) 323

OVERVIEW OF THE
INVESTMENT MARKET
Over the last two years, there has been a
noticeable increase in the volume of property
and loans being released for sale to cater for
the volume of international demand focussed
on securing investment opportunities in the
Irish market. In addition to individual property
assets and various portfolios of assets, several
Irish loan portfolios have been brought to the
market and subsequently sold. Demand has
also improved among domestic institutional
buyers which combined with the volume of
overseas investor demand led to price rises being
experienced for prime properties throughout
the market over the course of the last 12 months.
Total returns in the Irish IPD index increased by
7.2% in Q1 2014 – its tenth consecutive quarter
of growth with total returns having increased
by 19.4% on an annual basis in the year to Q1
2014 (compared with a 30 year annual average
return of some 10.2%). Capital returns in this
particular portfolio (which measures value
movements in a basket of Irish institutionally
owned assets) also increased in the quarter,
having increased by 5% in Q1 2014 (Source: IPD).
A total of €1.78 billion of investment properties
of more than €1 million in value traded in the Irish
market during 2013, in 96 individual transactions
in contrast with annual spend in 2012 of €545
million. Over 50% of the Irish investment spend in
the Irish property market in 2013 (excluding loan
sales) emanated from overseas investors (Source:
CBRE Ireland Research). In the first half of 2014,
a total of €1.37 billion was invested which is up
more than 50% on the same period in 2013.
According to CBRE Ireland Research, prime office
yields in the Dublin market are now in the order
of 5.0% having contracted by approximately 200
basis points over the last 18 month period. Prime
yields contracted faster than was anticipated
during 2013 and during the first quarter of 2014
as a result of the sheer weight of capital (primarily
international) chasing investment opportunities
and the rental and capital growth expectations of
these investors. However, over the last number
of months, the pace of yield compression has
started to ease with prime office yields stable
at approximately 5% and prime high street
retail yields stable at approximately 4.75%.
In the current climate, many long term investors
find property attractively priced relative to other
investment alternatives such as Government
bonds or bank deposits, particularly considering
the rental growth and future development
potential associated with many property
investments. Their rationale for investment is
primarily determined by the return achievable
from property compared to other forms of
investment (taking into account a risk premium for since 2012 may refocus their attentions
property to allow for illiquidity and holding costs).
It is expected that that bulk of demand for the
better Irish investment opportunities will continue
to emanate from overseas investors and some
Irish institutions for the foreseeable future with
private domestic investors likely to focus more
specifically on higher-yielding secondary and
provincial investment opportunities, at least
until such time as there is an improvement
in the availability of debt funding for local
purchasers. Many of the private equity firms
that have been investing in the Irish market
elsewhere now that the Irish commercial
property market has started to recover.
However, there are a number of new entrants
in the form of European institutional investors
who are now vying with domestic investors
and institutions for many of the opportunities
coming to the market in the current climate.
OVERVIEW OF THE IRISH THEATRE MARKET OPERATIONAL LANDSCAPE/COMPETITORS
Ireland has long since had a culture rich in the Dublin Theatre Landscape Regional Theatre Landscape
Performance 2012 2013 Competition - Dublin Capacity
arts with theatre at its heart. Dramatists such as
Ballet 76 89
Dublin is served by a variety of theatres and Abbey 628
Outside of Dublin there is a paucity of modern
Wilde, Synge, O’Casey, Shaw, Beckett as well as
venues, as shown in the following table, theatre facilities and none that presents serious
more contemporary playwrights such as John B. Contemp dance 87 92 Vicar Street 900
giving a total capacity of 114,800. However competition to the BGET. Total capacity is 21,053:
Keane and Hugh Leonard produced some of the Opera 162 133 Gaiety 1,000
the Bord Gáis Energy Theatre (BGET) is
most acclaimed works in the English language.
Jazz 135 177 the leading theatrical venue in terms of Helix 1,260
Competition -Provincial Capacity
Music theatre also plays a major role in Irish arts
Folk 242 286
state of the art facilities to accommodate a Olympia 1,300
with folk, traditional music and dance as well as TF Royal Theatre, Mayo 2000
variety of production format, occupying a
classical and modern performances featuring. Classical 315 318 Ambassador 1,200
INEC, Killarney 3,000
pivotal CBD location, Capacity, Transport
This heritage is reflected in a relatively high Art 614 636 links and Signature architectural design. Bord Gáis Energy Theatre 2,111
Wexford Opera House 853

attendance at the arts with two million adults, out of Music in outdoor venues 857 875 CCD 3,040
Opera House Cork 1,200
a total population of 3.6m adults or 55%, attending Plays 793 886 Citywest CC 4,500
Odyssey Arena Belfast 14,000
some form of art production. Specifically in relation
Theatre 980 1015 RDS 6,500
to the theatre 50.2% of adults in Ireland attend TOTAL 21,053

theatre productions as opposed to 48.2% in the UK Source: Kantar Media UK Ltd O2 Arena 15,000

(2012). This relatively high patronage has remained AVIVA 50,000

Theatre attendance in the Dublin area is the highest nationally,
consistent right through the downturn since 2008. TOTAL 114,800
both in terms of attendance rate and audience numbers.
Recent attendances have shown an improving trend
Leinster Ulster/
with just over one million adults specifically attending Region Dublin
(excl. Dublin)
Munster
Connaught
Total

a theatre in 2013 representing a 3.4% increase over

% attendees 33% 24% 25% 18% 100%
the previous year. The Bord Gáis Energy Theatre
‘000 attendees 337 246 252 179 1015
attracted 455,546 attendees alone in 2013.
AVAILABILITY TENURE CAPITAL GAINS TAX
The property is available for The property is being sold with the benefit of Investors benefit from Capital Gains
sale by Private Treaty. a long leasehold interest from the 28th June Tax relief if they purchase a property
2007 for a term of 200 years subject to an before 31st December 2014 and hold
BER CERTIFICATE annual rent of €100 per annum (if demanded). for seven years. We recommend all
BER pending. interested parties seek advice from
QUOTING PRICE their tax advisors and satisfy themselves
On application in relation to all taxation matters.

3rd Floor Connaught House Natalie Brennan Johnny Horgan Sean O’Brien Tom King
Burlington Road T: +353 (0)1 618 5555 T: +353 (0)1 618 5797 T: +353 (0)1 618 5718 T: +44 (0)20 7182 2776
Dublin 4 E: natalie.brennan@cbre.com E: johnny.horgan@ cbre.com E: sean.o’brien@cbre.com E: tom.king@cbre.com
www.cbre.ie

Grant Thornton Contact: LEGAL TEAM

24-26 City Quay Paul McCann Nicholas O’Dwyer McCann FitzGerald
Dublin 2 T: +353 (0)1 680 5805 T: +353 (0)1 680 5805 Riverside One
www.grantthornton.ie E: Paul.McCann@ie.gt.com E: Nicholas.ODwyer@ie.gt.com Sir John Rogerson’s Quay, Dublin 2
www.mccannfitzgerald.ie
T: +353 (0)1 829 0000

Disclaimer
These particulars are issued by the sole agents CBRE Ireland on the understanding that any negotiations relating to the property are conducted through them. While every care has been taken in preparing
them, CBRE Ireland for themselves and for the Vendor/Lessor whose agents they are, give notice that: (i) These particulars are set out as a general outline for guiding potential purchasers/tenants and
do not constitute any part of an offer or contract. (ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other
details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but musty satisfy themselves (at
their own expense) as to their correctness. (iii) Neither CBRE Ireland nor any of their employees have any authority to make any or give any representation or warranty in relation to the property.