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CEANNT QUARTER GALWAY TENDER. Premium Rental Bids by 12 noon 22 November 2017
CEANNT QUARTER
G A L W A Y
TENDER. Premium Rental Bids by 12 noon 22 November 2017
GALWAY HARBOUR
THE DOCKS
Strategically located Development Site in the heart of Galway City overlooking Eyre Square
Key location for sustainable development at Galway’s public transport hub
Ceannt Station Site will be Galway’s New Urban Quarter and represents one of the largest landholdings in the City
Overall Opportunity comprises of an elevated site of 8.18 acre, zoned City Centre
Site has the capability to meet the pent-up demand for commercial accommodation in the City particularly for prime retail space
Offered by way of 7 year building licence (agreement for lease) and a 300 year ground lease (subject to a premium rent)
Tender Date 22nd November 2017
EXECUTIVE SUMMARY
RADISSON BLU HOTEL
EYRE SQUARE
GALWAY CBD
BUS & TRAIN STATION
SHOP STREET
NUI GALWAY
CEANNT QUARTER
G A L W A Y
CEANNT QUARTER
ONE OF THE LARGEST LANDHOLDINGS IN THE CITY TO EVER COME TO THE MARKET
For illustrative purposes only
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N59
N6
N17
N18
N18
R336R338
R338
R446
R866
R338
M5
R339
PROPOSED M6 MOTORWAYPROPOSED M6 MOTORWAY
PROPO
SED M
6 MO
TORW
AY
PROPO
SED M
6 MO
TORW
AY
SALTHILL
Galway Technology Park
Galway Mayo Institute of
Technology (GMIT)
National Universityof Ireland
Galway (NUIG)
EyreSquare
ShopStreet
To Castlebar To Roscommon
Train Line
To Athlone/Dublin
To Connemara
M6
Galway is the largest city in the west of Ireland, the third largest city in the Republic of Ireland after Dublin and Cork and has a population of 79,504, a 5.3% growth in the last five years, with a combined population for Galway City and County of 258,982 (Census 2016).
Galway has two major third level institutions; National University of Ireland Galway (NUIG) and Galway Mayo Institute of Technology (GMIT), which, together in Galway city, have a total student population of approximately 25,000. This University City continues to benefit from a highly-educated and creative workforce and has developed as a global centre of excellence for medical technology companies, IT services and the Marine with a vibrant and growing start-up infrastructure. Long-established multi-nationals have benefited from the dedication and creativity of Galway’s ambitious workforce. Newer companies are attracted by the talent pool, accessibility and lifestyle.
LOCATION
CEANNT QUARTER
LIMERICK
GALWAY
CORK
DUBLIN
BELFAST
219 km
104 km
79,504
179,048
Galway CityPopulation
Galway CountyPopulation
5.3%Growth in 5 Years
2 |
N59
N6
N17
N18
N18
R336R338
R338
R446
R866
R338
M5
R339
PROPOSED M6 MOTORWAYPROPOSED M6 MOTORWAY
PROPO
SED M
6 MO
TORW
AY
PROPO
SED M
6 MO
TORW
AY
SALTHILL
Galway Technology Park
Galway Mayo Institute of
Technology (GMIT)
National Universityof Ireland
Galway (NUIG)
EyreSquare
ShopStreet
To Castlebar To Roscommon
Train Line
To Athlone/Dublin
To Connemara
M6
Galway has excellent travel connections. It is well connected to all areas of the Country. Road access is provided via the M18 to Limerick, which is located 104km south of the city, and the M6 to Dublin, which is 219km to the east.
More specifically the subject lands are located at Ceannt Station train and bus terminal off Eyre Square which contribute annual footfall of over 2.3m.
Ceannt Quarter is bordered to the east by Lough Atalia with further access points to Eyre Square; Dock Road and Victoria Street/Queen Street. The site has extensive views over the Galway Harbour and Galway Bay.
DESTINATION 2016 proved to be a record year for tourism numbers; during the final quarter of 2016, the CSO recorded over 2.1 million overseas tourists to Ireland, bringing the total number in the year to almost 9.6 million (and we are advised that of this, approximately 14% travelled to County Galway – approximately 1.344m visitors. (Source: Tourism Ireland)
footfall from bus and train station
2.3mtourists visited
Galway
1.344m
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STABLE BUILDING
AN 8.18-ACRE SITE SITUATED IN THE HEART OF GALWAY CITY, THE CEANNT STATION SITE IS SITUATED JUST OFF EYRE SQUARE, GALWAY’S MOST
FAMOUS LANDMARK. THIS CITY CENTRE SITE IS STEEPED IN THE HISTORY OF THIS
MEDIEVAL CITY WITH THE STATION BEING BUILT IN 1851 TO COINCIDE WITH THE
COMPLETION OF THE DUBLIN-GALWAY RAILWAY LINE.
DESCRIPTION
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STORE BUILDING
NO. 16 ERYE SQUARE
The site comprises primarily an open yard area which was historically utilised by the train station for maintenance and uses associated with the station. In more recent years the majority of the site has been used for parking and storage. There are a number of structures incorporated into the site and this includes some beautiful cut-stone buildings which are protected structures.
Other structures currently on site include an industrial unit and a single storey building which houses the Galway City Innovation District Ltd. (GCID).
NO. 16 EYRE SQUAREFour storey Georgian townhouse with a limestone façade facing onto Eyre Square
STORE BUILDINGSStone cut building situated to the rear of the train station
STABLE BUILDINGSSituated to the rear of the train station, the stable buildings are at a lower level than the main part of the site with access onto Queen Street
The site is irregular in shape with a drop-in levels from the Northern/Eyre Square side of the site towards Dock Road on the south-western side. Access points to the site are from Eyre Square; Lough Atalia; Dock Road, Queen Street and Victoria Street.
CEANNT QUARTER
G A L W A Y
For illustrative purposes only
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PLANNINGPlanning policy for the area is contained within the Galway City Development Plan 2017 - 2023. The property is located in an area zoned Objective CC – City Centre which is defined as “To provide for city centre activities and particularly those, which preserve the city centre as the dominant commercial area of the city”.
The Development Plan includes a specific development objective for the lands at Ceannt Station as follows “The Council will consider the development of these lands for mixed use commercial development, including for commercial offices, retail, residential (equivalent to 30% of the total proposed likely potential floor area)”
In the more recent past the site was the subject of a previous masterplan and scheme design prepared in 2008. This related to a larger site area and proposed development to include 46,000 sq m of retail; 23,000 sq m of office accommodation; 176 residential units and a 200-bed hotel.
Access from Eyre Square
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MARKET SNAPSHOT - GALWAY
RETAIL MARKET
Galway is the largest urban centre on the western seaboard with a province-wide catchment, in particular for comparison shopping.
Galway has an undersupply of suitable sized units which equates to pent up demand for the right floor plate with a number of national and international retailers currently seeking representation within the City. There are currently close to 20 retail requirements of 10,000 sq ft + who include Galway on their expansion strategy with a far larger number of smaller requirements also in the market.
RESIDENTIAL MARKET
The population of County Galway was 179.504 in the 2016 Census, and 79,504 in Galway City, this is a growth of 5.3% over the last five years. In terms of the anticipated future demands for Galway, based on census calculations it is anticipated that the population will continue to grow with projections of 263,300 by 2021 and 272,300 by 2026. This growth in population will require an average of 2,100 houses to be delivered yearly. The Galway Residential market has witnessed growth on house prices over the last 2-3 years.
OFFICE MARKET
The Galway office market continues to suffer from a lack of supply with supply levels in the city centre remaining extremely tight and insufficient to meet demand, current net vacancy rates in the city currently stand at just 6.5% with a lot of that vacancy comprising older offices. Demand remains robust in Galway, particularly from multi-nationals. A good number of the new entrants to the Galway market have a preference for city centre locations due to their staff demographics. This trend is borne out by the most recent additions to the city centre office occupiers which includes Metlife; Smartbear; Sitemider and The Mathworks. The lack of supply has seen increased pressure on rents in the city centre which have seen rents of up to €30 per sq ft being achieved for good quality accommodation.
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THE PROCESS
The site is being offered by way of a Development Agreement subject to an Annual Site Licence Fee followed by the higher of a Premium Rent or an income sharing agreement with the preferred bidder. This is in accordance with the CIE policy of deriving the maximum benefit possible from their property assets in order to fund
public transport investment into the future.
This transaction is not deemed to be a public works contract or a public works concession contract as defined under Directive 2014/24/EU and as implemented in
Ireland by the European Union (Award of Public Authority Contracts) Regulations 2016, nor is it deemed to be a concession contract as defined under Directive 2014/23/
EU on the award of concession contracts as implemented in Ireland by the European Union (Award of Concession Contracts) Regulations 2017 nor is it deemed to be a
contract governed by Directive 2014/25/EU as implemented in Ireland by the European Communities (Award of Contracts by Utility Undertakings) Regulations 2016 and is
therefore not being run under any procurement procedure governed by any of these rules. CIE reserves the right to update or alter any information contained in the Request
for Proposals (RfP) documentation at any time
FURTHER INFORMATION
For further information contact
CEANNT QUARTER
G A L W A Y
TENDER DATE22nd November 2017
CONTACT DETAILS
Aidan [email protected]
Patricia [email protected]
Sean [email protected]
2 Dockgate | Dock Road | Galway
www.cushwake.ie
BER on application.
Conditions to be noted: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property are to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and 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 must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail.
Brochure design by
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G A L W A Y
