THE show must go on — and the venue must go.
Nama have ordered the Grant Thornton receivership sale of Dublin’s Bord Gáis Energy Theatre for in excess €20m, a quarter of its peak time value.
The iconic docklands 2,100 seat venue at Grand Canal Square was designed by ‘starchitect’ Daniel Libeskind, built by Sisk in 2010 and has brought top West End type shows to the capital since, with over 1,100 performances to date.
Developed by Chartered Land, and associated with a Harry Crosbie company, it’s a striking six-storey building of almost 120,000 sq ft on 0.8 of an acre, with basement parking. It is operated by Live Nation, who this week appear to have pulled out of supporting an events centre in Cork at either of the two competing sites, Brewery Quarter and Albert Quay. Live Nation operates in or partners at 148 venues across eight countries, including The O2, Dublin.
Recent revenue has averaged €7-8 million pa, and the number of events is expected to rise further. Bord Gáis reportedly paid €4.5m for naming rights for a six-year period.
Natalie Brennan of CBRE says they anticipate “a strong level of interest from local and international investors and theatre operators.
“The market throughout 2012 and 2013 was dominated by the sale of prime office buildings. Investors are now actively seeking to invest in alternative assets such as residential, retail and leisure,” she adds.
“The Bord Gáis Energy Theatre is a trophy asset.”
* Details: CBRE 01-6185500
© Irish Examiner Ltd. All rights reserved