Grand Canal Theatre on the market for just €20m
THE Bord Gais Energy Theatre in Dublin has been put up for sale for barely a quarter of what it cost to build.
The theatre in Dublin's docklands only opened in 2010 but it has been put on the market by its NAMA-appointed receivers, Paul McCann and Stephen Tennent of the accountants Grant Thornton, for €20m.
It is the largest theatre of its kind in the country, with a capacity of 2,211.
Designed by the celebrity architect, Daniel Libeskind, it quickly became a landmark in Grand Canal Dock, surrounded by a host of trendy bars and tech companies.
The theatre was developed by Harry Crosbie, who was also behind the 'Point Village' development on the northside of the river.
NAMA, however, took over Crosbie's company, which controlled the theatre. AIB provided the original funding for the theatre, which is likely to attract substantial interest from overseas. Numerous US firms, including the likes of Kennedy Wilson, have bought swathes of the Grand Canal Dock area, but most of those deals have involved office blocks and the like.
A theatre is seen as being likely to attract a more specialist investor. Brehon Capital – another property investment firm – own the Marker Hotel across the road from the theatre.
Live Nation are likely to be among the bidders for the theatre.
The events giant operate the theatre and operate or own 148 venues around Europe and the US, including the O2 in Dublin.
The property comprises a six storey over basement building with a floor area of 117,132 sqft.
The Lion King, Wicked, War Horse and Swan Lake are just some of the productions that have taken place there.