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Bord Gáis theatre sold for €28m to Celtic Tiger winners

Couple who made millions selling hotels before the crash buy theatre which cost €80m to build.

THE BORD GÁIS theatre has been sold for the bargain-basement price of €28 million – a fraction of what it cost developers to build.

The property, Ireland’s biggest theatre, went to a Dublin couple who made a killing selling hotels at the peak of the Celtic Tiger boom.

John and Bernadette “Bernie” Gallagher, the daughter of hotel tycoon PV Doyle, are believed to have snapped up the 2,100-capacity theatre at the price – close to a third of its €80 million development cost.

BERNADETTE GALLAGHER JURYS HOTELS AGM BUSINESS WOMEN PORTRAIT LANDSCAPE Bernadette Gallagher, pictured at a Jurys Doyle AGM in 2005. Leon Farrell / Photocall Ireland Leon Farrell / Photocall Ireland / Photocall Ireland

The Gallagher’s firm Crownway Investments was previously behind the €1.16 billion deal to sell the Jurys Inn chain to Quinlan Private – the property speculators headed by Derek Quinlan – in 2007.

From Swan Lake to Nama

Their latest buy was put on the market nearly three months ago with a guide price of €20 million but the winning buyers sealed the deal after beating out several other bidders.

The Daniel Libeskind-designed theatre in Dublin’s docklands area opened in 2010 with a Russian State Ballet performance of Swan Lake.

Dublin Grand Canal Theatre The then Grand Canal Theatre all lit up for opening night in 2010. Niall Carson / PA Wire/Press Association Images Niall Carson / PA Wire/Press Association Images / PA Wire/Press Association Images

Bad bank NAMA took over the property, which used to be known as the Grand Canal Theatre, after the companies behind it went into receivership last year.

Bord Gáis took over naming rights in 2011 in a deal worth about €4.5 million.

READ: Receivers appointed to companies behind former Grand Canal Theatre and Point Village

READ: Bord Gáis secures naming rights to Grand Canal Theatre

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19 Comments
    Install the app to use these features.
    Mute R2BApp
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    Mar 26th 2017, 8:42 AM

    Use our free R2B app when going on a hike. If you’re not back in time we’ll let someone know via SMS with your last known location – r2bapp.com

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    Mute Sherald Bridgeman
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    Mar 26th 2017, 9:03 AM

    darrrwn what you think ??

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    Mute Brian Lenehan
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    Mar 26th 2017, 9:28 AM

    @R2BApp: Sounds like a great idea, best of luck with it.

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    Mute Alan Brogan
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    Mar 26th 2017, 10:51 AM

    Walking and hiking in Ireland is so easy, as in there are son many good locations to walk and Hike fire feee.
    Wonderful loops up around Tinahley in Wicklow, and Kilmore in Wexford. Tourism should be built around our natural resources, that are feee and bringing tourism to places beyond the usual spots is great for local, rural economies. The Camino de Santiago is a marvellous example of what we should be aiming for; opening up ancient routes via small villages.

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    Mute Michael Mcshane
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    Mar 26th 2017, 11:26 AM

    …an you cant even go for a walk now without the religious fundamentals trying to indoctrinate you….

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    Mute Tommy
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    Mar 26th 2017, 12:25 PM

    @Michael Mcshane:
    Try one of the Great Atheist Walks of Ireland.

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    Mute Garreth Byrne
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    Mar 26th 2017, 1:23 PM

    @Tommy: Have they created a Big Bang walk somewhere?

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    Mute Clarevirtually
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    Mar 26th 2017, 11:23 AM

    The Chartres Labyrinth in Mountshannon, Co. Clare is another pilgrims path. It’s beautiful location on the shores of Lough Derg with views of Inis Cealtra/Holy Island, and the green hills of Clare, add to the contemplative experience as you slowly walk along the path to the centre. It’s free too and with clear blue skies over Lough Derg it’s a perfect walk for a family on Mother’s Day. https://youtu.be/C38an2jvEBI

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    Mute Séamus Longshanks
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    Mar 26th 2017, 1:26 PM

    Originally Pagan routes taken over by christianity.

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    Mute Fiona Fitzgerald
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    Mar 26th 2017, 1:58 PM

    Likely enough – and probably leading to pagan wells originally. The names of some destinations on the map bear that out.

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    Mute Tommy
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    Mar 26th 2017, 10:44 AM

    No tarmacadam on pilgrim paths.
    A real life experience.

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