Bord Gáis Energy Theatre up for sale for over €20mWednesday 09 July 2014 18.19
The Bord Gáis Energy Theatre in the Dublin Docklands has been put up for sale with a guide price of over €20m.
Property company CBRE has been instructed to handle the sale by the receivers Paul McCann & Stephen Tennant of Grant Thornton, who were appointed by NAMA.
The 2,111 seat theatre is the largest in Ireland and opened in 2010. It was designed by architect Daniel Libeskind and constructed by Irish building company SISK.
The building initially opened as the Grand Canal Theatre but was renamed in March 2012 as of part a naming rights agreement with Bord Gáis Energy which is in place until 2018.
Since it opened, the theatre has hosted 1,178 performances including some of the world's most famous productions including the Lion King, Wicked, War Horse and Swan Lake.
The theatre reported revenues of €7.7m in 2012, rising by 6% in 2013 to just over €8m. It is operated by international entertainment company Live Nation, which also operates the O2 in Dublin.
Selling agents CBRE said it anticipates a strong level of interest from local and international investors and theatre operators. The company said that investors are now actively seeking to invest in "alternative assets" such as residential, retail and leisure.
"The Bord Gáis Energy Theatre is a trophy asset which affords investors and operators a unique opportunity to acquire a world class specialist asset offering considerable growth potential," CBRE added.