STAYCITY & DWS ACQUIRE DUBLIN’S TIVOLI THEATRE SITEPublish date: Mon 28 Jan, 2019
DWS and Staycity Group have announced the acquisition of the Tivoli Theatre site on Dublin’s Francis Street in the heart of the Liberties Quarter of the city centre.
The Tivoli Regeneration Project, for which planning permission was secured in 2018, is a major urban regeneration scheme consisting of a 242-apartment Staycity Aparthotel, restaurants, retail and exhibition centre. It is expected the property will be completed and ready to open in November 2020.
DWS acquired the property on behalf of one of its institutional funds, and construction will commence next month. DWS and Staycity will develop the site in partnership with Staycity taking a 25-year full repairing and insuring lease with inflation linked five-year rent reviews. The gross development value of the project is in excess of €70M.
“We are very excited to embark on this development project with DWS. Francis Street is a superb location and together with other projects this brings our expansion in Dublin over 1,400 keys,” commented Staycity group development director Barry Hickey.
The design is centred around a proposed new civic square, to be known as ‘Tivoli Square’, includes internal and external exhibition and performance space which intend to attract a culturally rich mix of live performance, visual art and theatre, as well as business, community and corporate events.
DWS is one of the world’s largest asset managers offering diverse expertise in active, passive and alternatives asset management. Its real estate business has a 45-year investment heritage and manages €45.7 billion in direct real estate assets globally (as of September 2018).
Staycity now has 7,000 apartments [operational and contracted pipeline] across the Staycity Aparthotels and Wilde Aparthotels by Staycity brands. In December 2018 the company opened its fourth property in Dublin, with 50 apartments in Chancery Lane and this year will open further properties in Paris, Venice, Edinburgh, Berlin and Manchester.
Staycity’s target is to operate 15,000 apartments by the end of 2023. [Ends]
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Award-winning Staycity Group is a privately held company based in Dublin established in 2004 by CEO Tom Walsh and his brother Ger. The company has since become Europe’s leading aparthotel operator, offering quality short-term and long-term aparthotel lettings in 10 central city locations across Europe. The properties operate under the Staycity Aparthotels and Wilde Aparthotel by Staycity brands.
Staycity’s aparthotels appeal to both business and leisure travellers who are looking for a more user-friendly, cost-effective alternative to hotels. Staycity’s properties are made up of studios, one-bedroom and two-bedroom apartments offering 24-hour reception, kitchens or kitchenettes, a dining area, sitting area and bathroom as well as complimentary Wi-Fi access, flat-screen TV, guest laundry facilities and weekly housekeeping. Most sites have car parking and many now offer a dry gym, guest lounge and café selling breakfast, all-day snacks and drinks.
The company’s fast-expanding estate now includes properties in Birmingham (249 apartments), Dublin (228), Edinburgh (146), Liverpool (268), London (541), Lyon (144), Manchester (182), Marseille (108), Paris (50) and York (197). During 2019 Staycity will open further properties in Paris, Venice, Edinburgh, Berlin and Manchester.
The company is on target to achieve its stated aim of 15,000 apartments by 2023.
In 2016 Staycity was highly commended in the Serviced Apartment Business of the Year Award, corporate category (ASAP Awards). In 2018 Staycity won the Best Operator Award (201+ apartments) in the Serviced Apartment News Awards.