The Fumbally Estate — Investor Brief | Grand Canal Capital Partners

§ 0 · Executive summary

Pre-let, 20-year FRI aparthotel income from a protected and characterful estate in The Liberties.

A retrofit conversion of four office buildings on Fumbally Lane into a 224-key aparthotel. Signed Heads of Terms in place with BOBW Dublin Ltd (guarantor: Not A Hotel Venture Ltd) at €23,100 per key initial rent, 20-year FRI lease with no break, CPI-indexed reviews. Landlord is BCP Fund Management DAC. Grand Canal Capital Partners is structuring the capital solution for the development and stabilised hold.

Fumbally Square — modern office frontage at the entrance to the estate — Fumbally Square · entrance to the estate

— 01

Income is contracted before development risk is taken.

Signed HoTs with BOBW Dublin Ltd at €23,100 per key. 20-year FRI lease, no break, CPI-linked annual reviews with 1% floor / 3% cap. 12-month corporate guarantee from Not A Hotel Venture Ltd plus 3-month bank guarantee. The income profile is institutional from day one.

— 02

Retrofit, not new-build — fit-out only on an existing estate.

The four buildings totalling 7,722 sq m are retained and re-purposed. AECOM's order-of-magnitude cost plan estimates €38.2m total project cost (€143,726 per key, ex-VAT) for the 238-key design. Tender Q3 2027, start on site Q1 2028, 14-month construction programme.

— 03

The Liberties is Dublin 8's most active hospitality submarket.

Same submarket as Ruby Molly (Deka, 5.05% NIY), Premier Inn Newmarket (Deka, 4.26%) and Staycity Mary Street (Aparthotel, 4.40%). Dublin aparthotel rents have transacted in a €11,000–19,000 per-key range — the €23,100 initial rent sits at the top of the evidence, reflecting brand-new product and tenant covenant.

The transaction at a glance

Total Project Cost (AECOM)

€38.2m

€143,726 / key · ex-VAT · 238-key basis

Initial Rent · Year 1

€5.17m

€23,100 / key × 224 keys · €5.50m @ 238 keys

Lease Term

20 yrs

FRI · no break · CPI-linked 1% / 3% collar

Optional Upside

+80

Adjoining site · pro-rata rent uplift · subject to design & planning

Modelling, NOI build-up, IRR sensitivities and capital stack to follow from D. Murray and C. Belton. This brief covers the asset, lease structure and submarket overview only.

§ 1 · The Asset

Four buildings across one walled estate on Fumbally Lane — character, courtyard, scale.

The Fumbally Estate is a 7,722 sq m office cluster comprising four buildings within a gated courtyard off Fumbally Lane in The Liberties. The conversion retains the existing structural frame and envelope in all four buildings and re-purposes them as a single aparthotel — fit-out works only, no demolition, no new shell.

Fumbally Estate site context — aerial showing Square, Studio and Court footprints — Site context · Square · Studio · Court footprints

Property fundamentals

Address: The Fumbally Estate, Fumbally Lane, The Liberties, Dublin 8
Existing Use: Office — 7,722 sq m across four buildings
Proposed Use: 3-star aparthotel · 224 keys (Target) · 238 keys (AECOM Option 1)
Optional Extension: Adjoining site · up to +80 keys · separate planning · pro-rata rent uplift
Heritage: Fumbally Court contains protected fabric (18th-century distillery)
Strategy: Retrofit · existing frame & envelope retained · fit-out works only
Phased Planning: Unprotected elements (~200 keys) submitted ahead of protected works
Planning Submission: Target 31 March 2026 · 18-month longstop from submission
Tender: Q3 2027
Start on Site / PC: Q1 2028 · 14-month construction programme

The four buildings

01 · UNPROTECTED

Fumbally Square

Built 2007 by Ballymore

Modern office building. Forms the largest single floorplate within the estate and the primary source of regular-grid hotel rooms in the conversion strategy.

StatusAccelerated planning lot

02 · PROTECTED

Fumbally Court

18th-century · former distillery

Protected structure with mixed-height floors centred on the gated courtyard. ~50% (unprotected elements) is included in the accelerated planning lot; balance follows a separate consent.

StatusSplit planning · ~50% accelerated

03 · UNPROTECTED

Fumbally Studio

Four-storey · office & residential

Mid-scale building completing the courtyard envelope. Suitable for serviced-apartment units on the upper levels.

StatusAccelerated planning lot

Fumbally Court interior — exposed timber beams (heritage fabric)

04 · UNPROTECTED

Fumbally Mews

Gatehouse-style office

Small ancillary building at the entrance to the estate. Reception / arrival / back-of-house role within the operating plan, subject to design.

StatusAccelerated planning lot

Why this matters

Splitting the planning between the unprotected elements (~200 keys) and the protected portion of Fumbally Court isolates heritage risk. The bulk of the income is delivered on a clean, modern planning track; the protected portion is brought in behind on its own consent. Bedroom count tolerances are written into the AFL so income certainty is preserved across both tracks.

§ 2 · Sponsor & Tenant

A signed lease structure with institutional landlord and an established aparthotel operator.

Heads of Terms executed 15 December 2025 between BCP Fund Management DAC (Landlord) and BOBW Dublin Ltd (Tenant), with Not A Hotel Venture Ltd as Guarantor. William Fry advise the Landlord; Power Law (Galway) advise the Tenant.

Landlord · Developer

BCP Fund Management DAC

Vehicle of Civic Projects One Holdings Ltd, registered at 71 Upper Leeson Street, Dublin 4. Delivers the Hotel on a turnkey basis to the tenant's specification, retaining freehold ownership and granting the lease at Practical Completion.

Role · Landlord, developer, sponsor

Solicitors · William Fry (Conor Treacy)

Cost advisor · AECOM

Architect · ALTU

Tenant · Operator

BOBW Dublin Ltd

Wholly-owned subsidiary of Not A Hotel Venture Ltd, the BOBW (Best of Both Worlds) aparthotel platform. The tenant takes the 20-year FRI lease on Practical Completion and operates the asset as a 3-star aparthotel.

Role · Operator, tenant

Guarantor · Not A Hotel Venture Ltd

Guarantee · 12 months base rent + 3-month bank guarantee

Solicitors · Power Law (Cathal Hester)

§ 3 · Location & submarket

Dublin 8 — Ireland's most institutionally-transacted hotel submarket of the last decade.

Fumbally Lane sits in the heart of The Liberties, between the Iveagh Markets and Camden Street. 15 minutes' walk from Stephens Green; on the doorstep of Guinness Storehouse, Trinity College and Portobello. The submarket has anchored more institutional Dublin hotel transactions in the last cycle than any other.

Dublin location map — Fumbally Estate within The Liberties / Portobello corridor — Dublin city context · The Liberties & Portobello corridor

Why the Liberties for aparthotel

D8

Densest hospitality submarket in Dublin

Ruby Molly (272 keys), Premier Inn Newmarket (151 keys), Staycity Dublin Castle (52 keys), Staycity Mark Street (142 keys) all transacted in D8 since 2017.

Comps
Submarket

5

Minute walk to St Stephen's Green

Direct connection to the Grafton Street retail spine and the south Georgian core. Camden Street F&B corridor at the door.

Connectivity
South core

10

Minute walk to Guinness Storehouse

No.1 paid tourist attraction in Ireland · primary driver of leisure demand into D8 hotels.

Demand
Leisure

82.5%

Dublin hotel occupancy 2024

Highest among European capitals (STR). 33.3m airport passengers · +6% on 2023. Zero existing serviced-apartment supply in The Liberties.

Demand
Indicators

Cap

DCC supply restraint

Dublin City Development Plan 2022–2028 notes "a general presumption against overconcentration of hotels and aparthotels" — supportive of consented stock; restrictive of future new entrants.

Supply
Constrained

7,722

Sq m existing office GIA on site

9,353

Sq m hotel-area design (AECOM)

224+

Keys (HoTs Target · 238 in current design · +80 optional)

3★

Aparthotel grade — fits BOBW operating model

Aparthotel demand context

The structurally growing format in Dublin hotel investment.

Three of the nine investment comps since 2017 are aparthotels (Staycity Little Mary Street, Staycity Dublin Castle, Premier Suites Ballsbridge). The format captures both leisure and business-mobility demand — and trades at materially lower opex than full-service hotels.

§ 4 · Operator · Bob W

Bob W is reinventing hospitality by combining the 'Best of Both Worlds' — lifestyle-hotel quality with the functionality of an actual home.

Founded 2019 in Tallinn. Tech-led, sustainability-first aparthotel operator scaling across Europe. €100m revenue trajectory by 2026, 1.7× rent cover on its in-place portfolio. Operations live in Estonia, Finland, UK, Germany, Italy, Denmark, Netherlands and beyond — Dublin (Fumbally) is the strategic Irish entry.

Bob W lifestyle aparthotel interior — reference standard — Bob W aparthotel interior · reference standard

Bob W aparthotel concept — recent openings

Bob W guest room — minimal palette — Guest room · minimal paletteBob W

Bob W bedroom — natural light, brick — Bedroom · natural lightBob W

Bob W rooftop terrace bar — Rooftop terraceBob W

Bob W lounge — soft seating, warm tones — Lounge · warm tonesBob W

Bob W studio — kitchenette and living area — Studio · kitchen & livingBob W

Bob W room — full-height window with garden view — Window with viewBob W

Why Bob W's model fits Fumbally

Flexible layouts adapt cleanly to retrofit projects — exactly what Fumbally is. Brand design language tolerates heritage fabric and irregular floor-plates. Operating model targets stays from one night to ninety, supporting both leisure and business-mobility demand year-round.

Bob W business journey

2019 founded, Tallinn. 2020 hospitality tech engine to scale. 2022 €8m revenue. 2024 €44m revenue, first profitable year. 2026 €100m revenue trajectory, expansion across new countries. Maturing into an institutional-standard operator.

§ 5 · Amenity strategy

A wellness-led amenity programme activating the estate from morning to evening.

The Fumbally Estate isn't a closed hotel block. The conceptual amenity strategy threads a wellness studio, a healthy café and a sauna / longevity suite through the courtyard — supporting aparthotel guests and creating local footfall through the day. These uses can be leased on separate operational tracks alongside the core aparthotel demise.

Wellness studio exterior — Fumbally Square activation

01 · WELLNESS · SQUARE

Community wellness studio

Daily instructor-led spin & circuit · app-bookable timetable · activates Fumbally Square from morning through evening. Bright, design-led space with timber finishes and planting.

Healthy café and social refuel hub — Fumbally Square terrace

02 · CAFÉ · SQUARE

Healthy café & refuel hub

Protein shakes, matcha, functional smoothies, sociable destination breakfast and lunch — enhances the existing café offer at Fumbally Square. Serves residents, workers, aparthotel guests.

Sauna interior — Fumbally Court recovery suite

03 · SAUNA · COURT

Sauna & longevity suite

Sauna + ice bath + recovery programme at Fumbally Court · attracts both aparthotel guests and public-paying members · complements the wellness studio across the courtyard.

Wellness studio interior — daylight, planting — Studio interiorConcept

Ice bath cold-plunge concept — Ice bathConcept

Fumbally Court — internal courtyard garden — Courtyard gardenExisting

Fumbally Court — evening exterior — Court · evening exteriorExisting

§ 6 · Lease structure (Heads of Terms)

Twenty years, no break, full repairing and insuring — institutional terms.

The most commercially relevant clauses from the signed Heads of Terms between BCP Fund Management DAC (Landlord) and BOBW Dublin Ltd (Tenant). The full HoTs document and AFL/Lease drafts sit behind this brief.

Clause	Commercial terms
Demise	New 224-key aparthotel (Target Number) delivered on a turnkey basis by the Landlord. Minimum and maximum bedroom tolerance to be set in the AFL. Optional adjoining site adds up to ~80 keys via separate planning, with pro-rata rent uplift on confirmation.
Initial Annual Rent	€23,100 per key per annum (plus VAT if applicable). 224 keys · €5,174,400 pa year-one rent. 238 keys (AECOM design basis) · €5,497,800 pa. 304 keys (with adjoining site) · ~€7,022,400 pa.
Lease Term	20 years from Practical Completion · no break option. Lease commences within 10 working days of PC.
Rent Reviews	Annual indexation to Irish CPI, upper movement only, 1% floor · 3% cap. Reviewed rent payable from the end of each lease year.
Rent-Free Period	Three months from Practical Completion.
Guarantee	Corporate Guarantee from Not A Hotel Venture Ltd equal to 12 months' base rent, delivered on signature of AFL, valid for the full lease term. Plus 3-month bank guarantee on lease commencement.
Repairs & Insurance	Full Repairing and Insuring basis — all property outgoings, rates, water, insurance and reinstatement are Tenant's responsibility.
FF&E Reserve	Tenant maintains FF&E reserve: Year 1 · 1% of net turnover; Year 2 · 2%; Year 3 onwards · 3%.
Alienation	Tenant assignment subject to Landlord consent (institutional covenant test). Landlord may assign or transfer the Lease and/or AFL without Tenant consent — fully transferable on the LP side.
Yield-Up	Tenant yields up demised premises in the condition at Term Commencement Date. Schedule of condition appended to Lease.
VAT	Anticipated chargeable on rent · Tenant's responsibility.
Planning Trigger	Landlord uses reasonable endeavours to submit planning by 31 March 2026. Longstop · 18 months from submission. Acceptable Planning Permission defined by reference to a list of Landlord-onerous and Tenant-onerous conditions; disputes referred to independent expert.
Exclusivity	HoTs exclusivity period extended through documentation phase — operative until written termination by either side.

Summary only — full HoTs document, AFL and Lease drafts are appended in the data room. Subject to contract / contract denied.

§ 7 · Proposed aparthotel plans

Five floor plates · ALTU Architects · Option 1, 238 keys.

Test-fit plans from ALTU Architects basis the AECOM cost plan (Option 1, 238 keys). Ground floor anchors centralised reception between Square and Court, with food & beverage and back-of-house support. Upper levels are predominantly aparthotel units, transitioning to smaller floor-plates as the protected Court roof line steps down.

GF

Ground floor

L1

First floor

L2

Second floor

L3

Third floor

L4

Fourth floor

Test-fit plans only — final design subject to planning consent, BOBW specification refinement and the heritage sign-off on Fumbally Court.

§ 8 · Delivery plan

Plan, build, lease, hold — rent contracted ahead of the spend.

The Tenant signature on the HoTs anchors the timeline. Planning runs through 2026; tender Q3 2027; construction starts Q1 2028 for ~14 months; rent commences within 10 working days of Practical Completion, with a 3-month rent-free for fit-out and ramp.

PHASE 1 · 2026

Planning

Target submission 31 March 2026

Split application — unprotected (~200 keys) ahead of protected
BOBW specification refined into planning drawings
Acceptable Planning Permission criteria pre-agreed in AFL
18-month longstop from submission · appeals stop the clock

Outcome Planning consent · AFL becomes unconditional

PHASE 2 · 2027–2028

Tender & mobilisation

Tender Q3 2027 · start Q1 2028

Competitive tender to suitability-assessed main contractors
Final scope aligned to BOBW design toolkit & material specs
Fit-out only — existing structure and envelope retained
Existing mains and site infrastructure assumed to support scheme

Outcome Fixed-price main contract · site enabled

PHASE 3 · 2028–2029

Construct, complete, let

14-month build · PC → rent commencement

14-month construction programme
Lease commences within 10 working days of Practical Completion
3-month rent-free supports Tenant fit-out & opening
20-year FRI income stream live · annual CPI indexation begins

Outcome Stabilised income · institutional hold or forward exit

§ 9 · Build cost (AECOM Order-of-Magnitude)

€38.2m total project cost — €143,726 per key, fit-out only, retained structure.

AECOM Order-of-Magnitude Cost Plan dated 13 January 2026, on the 238-key Option 1 design (the higher-cost of the two design options tested). Build basis is fit-out works only — existing structural frame and envelope retained, no façade rebuild, no new lift or stair cores assumed. Costs at Q1 2026 levels with inflation provision to Q1 2027.

Cost category	Scope	€m	€ / key	% of total
Demolitions & alterations	Removal of existing office fit-out	0.47	€1,966	1%
Hotel fit-out	Fit-out of existing shell & core to 3-star hotel standard	26.19	€110,035	69%
Aparthotel premium	Additional kitchen, MEP & serviced-apartment scope	1.87	€7,860	5%
Inter-building link	Potential connection between Fumbally Square & Court	0.22	€941	1%
Inflation	Provision at 4% pa to Q1 2027	2.35	€9,857	6%
Construction contingency	10% (excludes contributions & capex carve-outs)	3.11	€13,066	8%
Sub-total — build cost (excl. VAT, fees)		€34.21m	€143,726	90%
Professional fees	~12% of build (ex-VAT)	3.45	€14,496	9%
Surveys, reports, legal	Feasibility, planning & specialist legal costs	0.54	€2,269	1%
Total project cost (excl. VAT)		€38.20m	€160,491	100%

Carve-outs & client direct items

AECOM's scope excludes: capital contributions (Section 48 & 49), Irish Water / ESB / Bord Gáis / broadband connections, fire cert & DAC fees, loose furnishings (linen, mattresses, crockery), sprinklers, asbestos handling, loan arrangement & capitalised interest, and VAT. These are carried as client direct costs alongside the construction line.

Key cost-plan assumptions

Existing structural frame & envelope retained · existing mains & site infrastructure can support the scheme · no significant fire-upgrade works · no additional lift or stair cores · centralised reception between buildings · sprinklers excluded · 14-month construction programme tendered competitively. All flagged for refinement at planning & tender.

§ 10 · Indicative sizing

Year-one rent versus Dublin aparthotel investment yields.

A read-across of contracted Year-1 rent against the yield range observed in the most recent Dublin investment cycle. This is an indicative sizing only — full NOI build-up, capital stack and IRR sensitivities will follow from D. Murray and C. Belton. Yields shown are based on transactions from 2017–2022; current pricing is wider and to be re-benchmarked at financial close.

Indicative GAV (€m) at Y1 Rent	4.50%	4.75%	5.00%	5.25%	5.50%
224 keys · €5.17m rent	€115.0m	€108.9m	€103.5m	€98.6m	€94.1m
238 keys · €5.50m rent	€122.2m	€115.7m	€110.0m	€104.7m	€100.0m
304 keys · €7.02m rent (adj. site)	€156.1m	€147.8m	€140.4m	€133.7m	€127.7m

Indicative sizing only. Cells highlighted are reference points for discussion — they are not the agreed exit yield, do not reflect transaction costs, debt, profit-share or capital allowances, and do not constitute a valuation. The 304-key line assumes the adjoining site is delivered, which is subject to design, planning and party confirmation per the HoTs.

§ 11 · Market evidence — Dublin hotel investment & rental

Pricing benchmarks across eleven investment and thirteen rental Dublin hotel transactions.

Most-recent institutional hotel transactions in Dublin grouped by structure. Yield range 4.25%–5.05% NIY for in-place leased hotels. Aparthotel rental evidence range €11,268–€19,387 per key, with 25–35 year terms and CPI-linked reviews. Tables analysed by GCCP from a variety of internal and public sources.

Transaction evidence — investment sales (subject to occupational lease)

Property	Location	Grade	Rooms	Date	Price €	€ / room	NIY	Buyer
Ruby Molly	Dublin 8	3-star	272	Oct-22	86,000,000	316,176	5.05%	Deka Immobilien
Premier Inn Newmarket	Dublin 8	Budget	151	Oct-22	34,650,000	229,470	4.26%	Deka Immobilien
Staycity Little Mary Street	Dublin 7	Aparthotel	340	Sep-22	92,400,000	271,765	4.40%	Alpha Real Capital
The Samuel Hotel	Dublin 1	4-star	204	Sep-22	52,000,000 (est.)	255,000 (est.)	4.25% (est.)	Blackstone
Premier Inn Gloucester St	Dublin 2	Budget	111	Jun-22	35,000,000	315,315	sub-4%	Aviva Investors
Staycity Dublin Castle	Dublin 8	Aparthotel	52	Jun-22	11,500,000	221,154	4.75%	BNP Paribas REIM
Premier Inn Castleforbes	Docklands	Budget	262	Jul-21	70,000,000	267,176	4.25%	Union Investment
Clayton Charlemont	Dublin 2	4-star	187	Apr-20	65,000,000	347,594	4.25%	Deka Immobilien
Premier Suites Ballsbridge	Dublin 4	Aparthotel	49	Sep-18	17,500,000	357,143	5.00%	Aviva Investors
The Gibson	Dublin 1	4-star	252	Dec-17	91,200,000	361,905	4.29%	Deka Immobilien
Maldron Smithfield	Dublin 7	3-star	92	Feb-17	20,000,000	217,391	5.02%	Deka Immobilien

Highlighted rows are aparthotel transactions — the most directly comparable structure to Fumbally. Source: GCCP, analysed from internal & public sources.

Rental evidence — Dublin hotel leases

Hotel	Location	Grade	Rooms	Annual rent €	Rent / key €	Term	Review
Ruby Molly	Dublin 7	4-star	272	4,760,000	17,500	30 yrs	5-yr CPI · 4% / -1%
Premier Inn Newmarket	Dublin 8	3-star	151	1,623,000	10,748	25 yrs	5-yr CPI · 4% / 0%
Premier Inn Castleforbes	Docklands	3-star	262	3,013,000	11,500	25 yrs	5-yr CPI · 4% / 0%
Premier Inn Gloucester St	Dublin 2	3-star	113	1,412,500	12,500	25 yrs	5-yr CPI · 4% / 0%
Staycity Little Mary Street	Dublin 8	Aparthotel	340	4,462,800	13,126	25 yrs	5-yr CPI · 4% / 1%
Staycity Townsend Street	Dublin 2	Aparthotel	202	2,440,000	12,079	25 yrs	5-yr CPI · 4% / 0.995%
The Samuel Hotel	Dublin 1	4-star	204	2,805,000	13,750	35 yrs	5-yr CPI · 3.5% / 0.5%
Premier Inn S. Great Georges St	Dublin 2	3-star	100	1,225,000	12,250	25 yrs	5-yr CPI · 4% / 0%
Staycity Mark Street	Dublin 8	Aparthotel	142	1,600,000	11,268	25 yrs	5-yr CPI · 4% / 0.985%
Clayton Charlemont	Dublin 4	4-star	187	2,962,857	15,844	35 yrs	5-yr CPI · 3.5% / 0.5%
The Marker	Dublin 2	5-star	187	4,846,717	25,918	20 yrs	Index linked
Premier Suites Ballsbridge	Dublin 4	Aparthotel	49	950,000	19,387	35 yrs	5-yr CPI · 4% / 1%
The Gibson	Dublin 1	4-star	252	4,200,000	16,667	35 yrs	5-yr CPI · 3.5% / 0.5%
Fumbally — proposed		3-star Aparthotel	224	5,174,400	23,100	20 yrs	Annual CPI · 3% / 1%

Highlighted rows are aparthotel rental comps. Fumbally's €23,100 per-key initial rent sits above the aparthotel evidence band (€11,268–€19,387) — reflecting new product, top-of-market specification and tenant covenant. Source: GCCP, analysed from internal & public sources.

§ 12 · Sponsor track record

BCP Capital · delivered the Hoxton Dublin on a €40m redevelopment.

The Landlord — BCP Fund Management DAC — has just delivered the Hoxton Dublin following a €40m redevelopment. The product quality demonstrates BCP's ability to execute a hospitality conversion to an institutional design and brand standard. Fumbally is the next BCP-delivered Dublin hospitality asset.

Hoxton Dublin lobby — LobbyHoxton Dublin

Hoxton Dublin lounge — LoungeHoxton Dublin

Hoxton Dublin restaurant — RestaurantHoxton Dublin

Hoxton Dublin guest room — Guest roomHoxton Dublin

Hoxton Dublin suite — SuiteHoxton Dublin

§ 13 · Risk & mitigation

Where the deal could move — and how each is mitigated.

A pre-let forward-funding structure transfers most operating risk to the Tenant on Practical Completion. Residual risks sit in planning, construction, and tenant covenant — each addressed below.

Risk 01Planning delay or refusal

The HoTs sets a target planning submission date of 31 March 2026 with an 18-month longstop. Dublin City Council's 2022–2028 plan flags a "general presumption against overconcentration of hotels and aparthotels" — a possible challenge factor at consent stage.

Mitigation

Planning is split between unprotected (~200 keys, accelerated) and protected elements of Fumbally Court — heritage risk isolated. Acceptable Planning Permission tests pre-agreed in AFL with independent-expert resolution. Either party may terminate at longstop without penalty.

Risk 02Construction cost overrun

AECOM's plan is an Order-of-Magnitude only, with inflation provision to Q1 2027 and a 10% construction contingency. Key exclusions (sprinklers, asbestos, loose FF&E) sit as client direct costs above the line.

Mitigation

Fit-out only — no foundations, no façade, no structural risk. Competitive tender Q3 2027. AECOM continues to cost-manage through to financial close; a target main-contract sum is fixed before site start.

Risk 03Tenant covenant

BOBW Dublin Ltd is the operating tenant; Not A Hotel Venture Ltd is the corporate guarantor. The 20-year FRI lease is non-breakable but tenant default risk needs covenant strength to justify yield compression.

Mitigation

12-month corporate guarantee from Not A Hotel Venture Ltd for the full lease term, plus a 3-month bank guarantee at commencement. Tenant covenant pack (financials, track record, pipeline) appended to the financial model from D. Murray & C. Belton.

Risk 04Rent indexation cap

CPI-linked annual reviews are capped at 3% per annum. In a higher-inflation environment, real rent could erode against the index.

Mitigation

3% cap reflects current market practice across the Dublin aparthotel comp set (Staycity, Premier Inn). 1% floor protects the downside. Compounded over 20 years, the floor delivers a c.22% real rent floor against zero inflation.

Risk 05Programme slippage / longstop

Planning, tender and construction all carry programme risk. If consent is not secured within 18 months of submission (subject to appeal / judicial review extensions), either party may terminate the AFL.

Mitigation

Programme actively managed by BCP / William Fry / AECOM. Adjoining-site option held as a separate planning lot — does not delay the main consent track. Investor underwriting can stress-test programme through to a 2030 PC.

Pre-let aparthotel. The Liberties. Forward funding.

Pre-let, 20-year FRI aparthotel income from a protected and characterful estate in The Liberties.

Income is contracted before development risk is taken.

Retrofit, not new-build — fit-out only on an existing estate.

The Liberties is Dublin 8's most active hospitality submarket.

Four buildings across one walled estate on Fumbally Lane — character, courtyard, scale.

Fumbally Square

Fumbally Court

Fumbally Studio

Fumbally Mews

Dublin 8 — Ireland's most institutionally-transacted hotel submarket of the last decade.

The structurally growing format in Dublin hotel investment.

Bob W is reinventing hospitality by combining the 'Best of Both Worlds' — lifestyle-hotel quality with the functionality of an actual home.

Why Bob W's model fits Fumbally

Bob W business journey

A wellness-led amenity programme activating the estate from morning to evening.

Community wellness studio

Healthy café & refuel hub

Sauna & longevity suite

Twenty years, no break, full repairing and insuring — institutional terms.

Five floor plates · ALTU Architects · Option 1, 238 keys.

Ground floor

First floor

Second floor

Third floor

Fourth floor

Plan, build, lease, hold — rent contracted ahead of the spend.

Planning

Tender & mobilisation

Construct, complete, let

€38.2m total project cost — €143,726 per key, fit-out only, retained structure.

Year-one rent versus Dublin aparthotel investment yields.

Pricing benchmarks across eleven investment and thirteen rental Dublin hotel transactions.

BCP Capital · delivered the Hoxton Dublin on a €40m redevelopment.

Where the deal could move — and how each is mitigated.

Pre-let, pre-planned, and waiting for capital.