Tetrach strikes €35m deal with private members' club
The Royal Irish Automobile Club (RIAC) and Tetrarch Capital have reached an agreement for the development of the RIAC's historic premises on fashionable Dawson street in Dublin city centre.
It is understand that the development cost of the project will be between €30m and €35m.
The proposed scheme, to redevelop 33 to 36 Dawson Street and several buildings to the rear, is subject to approval by RIAC club members, as well as planning permission.
Founded in 1901, the RIAC is a private members' club and occupies properties adjacent to the 36-bedroom Dawson Hotel at numbers 35-36 Dawson street, which was purchased by Tetrarch in 2015. A new members' restaurant, bar, reading room, meeting rooms, offices for the RIAC and Motorsport Ireland will be incorporated into the redevelopment plan.
In addition, 77 new bedrooms will be added to the neighbouring hotel, which will be operated by Tetrarch and use the RIAC brand in its name.
"This exciting proposal is about future-proofing the club to ensure that in the long-term we can deliver the quality of facilities that our members expect, and attract significant numbers of new members in future," Arthur Collier, chairman of the RIAC, said.
The proposal to RIAC members follows extensive research into potential options for the redevelopment and refurbishment of the club's buildings.
The redevelopment proposal is intended to guarantee the long-term future of the club.
Assuming approval by club members and a granting of planning permission, the plans will see the RIAC temporarily vacate their club by the end of June 2019 and for redevelopment works would be completed within 24 months.
Michael McElligott, CEO of Tetrarch, said the comnpany was "delighted" to be partnering with the RIAC.
"Together with members of the RIAC board and our excellent design team, we have worked diligently to create a scheme that will respect the original character of the site, while delivering a stunning design and revitalised set of modern facilities for club members and hotel guests," Mr McElligott said.
Irish-owned Tetrarch Capital emerged post crash as a major hotel investors, including backing The Marker Hotel in Dublin city centre and Mount Juliet in Co Kilkenny.
Tetrarch currently co-own and manage assets with a value in the region of €450m.