Development Opportunity - Galway City Centre
The Ceannt Quarter
- Premium Rental bids, by competitive tender, are being sought on behalf of CIE. Tender Date 22nd November
- Strategically located Development Site in the heart of Galway city overlooking Eyre Square
- Ceannt Quarter will be Galway's New Urban Quarter (SPP) and represents one of the largest landholdings in the City ever come to the market - Comprising an elevated site of 8.18 acres, zoned City Centre, the site has the capability to meet the pent-up demand for commercial accommodation in the city particular for prime retail space
- Offered by way of 7 year building licence (agreement for lease) and a 300 year ground lease - This transaction is not being run under any procurement procedure governed by the European and or Irish procurement legislation
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
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.
Planning 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.
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.
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