CB
3
DOCKLANDS DUBLIN
COMMERCIAL & RESIDENTIAL DEVELOPMENT OPPORTUNITY
CB
3
DOCKLANDS DUBLIN
C OMME RCI AL SI TE
Indicative Outline Only
2
CONTENTS
5 Introduction
8 Location
10 Accessibility
12 Docklands Occupiers
14 Dublin Amenities
16 Strategic Development Zone
18 Lot 1 - Residential Site
26 Residential Market Overview
29 R ESI DEN TI A L S I T E
Lot 2 - Commercial Site
34 Office Market Overview
37 Contacts & Further Information
3
CB3 DOCKLANDS DUBLIN
LOT 2 - COMMERCIAL
LOT 1 - RESIDENTIAL
Indicative Outline Only
4
INTRODUCTION
AN EXCEPTIONAL OPPORTUNITY TO ACQUIRE A KEY LANDBANK IN THE DOCKLANDS WITH PLANNING PERMISSION
On the instructions of David Carson Statutory Receiver, Cushman & Wakefield and Savills are pleased to present CB3 Docklands, an exciting and rare opportunity to acquire two adjacent significant sites in the Docklands with planning permission. CB3 Docklands represents a unique opportunity to develop a key city centre landbank of approximately 2.39 hectares (5.91 acres) in its entirety. This is one of the most prominent large scale development opportunities within the City Centre, strategically located within the heart of the Docklands. This exceptional development opportunity is offered for sale in three lots;
LOT 1 1.44 hectares (3.55 acres) with planning permission for approx. 347 no. residential units, hereinafter referred to as ‘The Residential Site’
LOT 2
LOT 3 The Entire
0.95 hectares (2.35 acres) with planning permission for a substantial commercial scheme comprising predominately office accommodation over three blocks extending to approximately 30,890 sq m (332,497 sq ft) NIA’ hereinafter referred to as ‘The Commercial Site’
Securing a site with such scale and in such a central location is a real rarity in the Dublin land market. This sale offers the purchaser(s) the opportunity to acquire either the residential or commercial site solely, or the combined holding.
5
S T R O N G G R O W T H A C R O S S L E A D I N G I N D I C ATO R S
€ GDP rising by 7.8% per annum
Ireland continues to experience the fastest rate of economic growth in the EU
66,800 net new jobs added in the last twelve months
Irelands’s population growing by over 50,000 persons per annum
D E M A N D F O R P R I VAT E R E N T E D A C C O M M O D AT I O N
32,500 44% additional PRS households in Dublin since 2012
of Ireland’s urban dwellers live in Dublin
85% Almost ¼ of all households in Dublin now rent privately
Lack of institutional Landlords – 85% of landlords in Ireland own two or fewer properties
R E S I D E N T I A L R E N TA L M A R K E T C O N D I T I O N S
5.2% Fewer than 1,350 properties available to rent in Dublin in February 2018 (Daft.ie)
Near-record low vacancy rate in Dublin of 1.4%
TRANSPORT HUB
6
60% below the longrun average number of available properties
Dublin Rents increasing approx. 5.2% per annum
LUAS
DUBLIN BIKE
1 minute walk
2 minutes walk
CB3 DOCKLANDS DUBLIN
R E C O R D O F F I C E TA K E-U P I N D U B L I N
13,600 additional office based jobs created in Dublin in last two years
A record 305,000 sq m of office space taken-up in 2017
ICT, prof. services and finance and real estate companies all significant takers of space
Grade A vacancy in CBD (Inc. Docklands) 3.9%
OFFICE RENTS
€678 psm Headline Rents CBD
Prime Office rents increased 5% in 2017
SOLID CONSUMER SPENDING TRENDS
YEARS
4 Real aggregate household disposable income growth of over 5% in 2017
Sustained consumer credit growth further boosting consumers’ spending power
BUS
RAIL
2 minutes walk
2 minutes walk
4 consecutive years of annual consumer spending growth
Core (ex. Motors) retail sales volumes growing by 6.2% per annum
PORT
AIRPORT
5 minutes walk
12 minutes drive
7
4
CB
3
DOCKLANDS DUBLIN
7 3
6
1 2
8
5
LOT
LO C AT I O N 1 DUBLIN PORT 7 CAPITAL DOCK
2 GIBSON HOTEL 8 CITY BLOCK 9
12 BORD GAIS ENERGY THEATRE
8
3
3 ARENA
4 AVIVA STADIUM
9 DUBLIN LANDINGS 13 CONVENTION CENTRE
5 POINT CAMPUS
10 CENTRAL BANK 14 SPENCER DOCK
6 NORTH DOCK
11 GRAND CANAL DOCK 15 SPENCER PLACE
11
12
13
10 9 15
14
T 2 - COMMERCIAL LOT 1 - RESIDENTIAL
Indicative Outline Only
The property is situated in the heart of Dublin Docklands – a highly sought after environment to both live and work The Docklands area is home to the IFSC, one of the world’s leading financial services centres and is considered one of Dublin’s premier business addresses. The central location offers residents and staff some of the best amenities and facilities the city has to offer on its doorstep. The Point Village Shopping Centre, Odeon Cinema and Gibson Hotel are located adjacent to the site while a host of bars, restaurants and amenities are located within CHQ and Custom House Quay, a short stroll away.
9
ACCESSIBILITY
Luas Cross City
Dublin Bike North Wall Quay 2 minutes
No
ST RE E
T
Luas Spencer Dock 1 minute
DO
RS ET
Broadstone
L NE R PA
L
ET RE T S
Dominick
Co
T
O’Connell Upper
CAPE
L ST
LS NEL N O O’C
Marlborough Abbey Street
Busaras
G
O’Connell GPO Jervis Tara Street
Four Courts Westmoreland Trinity
10
ET STR E FTO N GRA
AUNG IER ST REET
T STREE DAME
Dawson
CITY Q UAY
Dublin Bus orth Wall Quay 2 minutes
Air Coach North Wall Quay 2 minutes
Docklands Rail Station 2 minutes
Connolly Rail Station 8 minutes
Dublin Port 5 minutes
EA ST
RO AD
M50
onnolly Docklands
George’s Dock
The Point
Mayor Square Spencer Dock
G RA ND C ANA L ST LOW Pearse ER
MO UN
TS TL OW ER
Grand Canal Dock
11
21
23
26 27
20
22
40
19
39
25 38
18 17 16
14
41
29
28 30
31
37 32
15
13 44 11
43 12
42
9 8
10
4
7 6
1 Yahoo 2 Voxpro
6 Airbnb 7 Accenture
3 Bvlgari 4 Matheson
8 TripAdvisor 9 Logmein
5 State Street
10 HSBC
12
11 William Fry
15 Beauchamps
12 Capita
16 Three
13 Facebook
17 Bloomberg
14 McCann Fitzgerald
18 Morgan Stanley 19 Grant Thornton
20 Société Générale 21 Susquehanna Bank 22 Depfa Bank 23 Zurich
24 KPMG
25 Citibank
26 JP Morg 27 Raboba
28 A&L Go
33 34 3
1
35 2 5 36
DOCKLANDS OCCUPIERS
k
29 BNY Mellon 30 AIG
gan
31 Hubspot
ank
32 PwC
33 Central Bank of Ireland 34 NTMA 35 The Gibson Hotel
36 3Arena 37 Convention Centre Dublin 38 The Spencer Hotel
39 Hilton Garden Inn 40 CHQ Building 41 The Clayton Hotel
42 The Marker Hotel 43 Bord Gais Energy Theatre 44 Maldron Hotel
oodbody
13
CB3 DOCKLANDS DUBLIN
1 RIVER LIFFEY / 2 3 ARENA & POINT SHOPPING CENTRE / 3 CONVENTION CENTRE / 4 LUAS
2
3
5
6
/ 5 ULSTER BANK / 6 GIBSON HOTEL & ODEON CINEMA / 7 DUBLIN LANDINGS / 8 THE SPIRE
1
4
7
8
1
S T R AT E G I C D E V E LO P M E N T ZO N E The statutory development plan for CB3 Docklands is the Dublin City Development Plan 2016-2022, which incorporates the North Lotts & Grand Canal Dock SDZ Planning Scheme. The SDZ has acted as a catalyst for development, and the North Lotts & Grand Canal Dock are now at varying stages of the planning and development process, with approximately half of these previously undeveloped lands either completed or under construction. When the SDZ was enacted in 2014, there were approx. 58 acres of undeveloped lands.
5
Since 2014, planning permission has been granted for over 1700 residential units, with further potential for more than 660 units, ultimately catering for a population of approximately 5,000. On the commercial side, planning permission has been granted for over 3.6 million square feet of office space, which has the potential to accommodate 21,000 employees, with further potential for approximately 1.4 million square feet of space. The subject holding is designated City Block 3 – specifically 3A, 3B, 3C, 3E and the majority of 3F within the SDZ. The remainder of City Block 3 comprises terraced housing and North Bank House.
12
13
16
1
City Block 9
8
Capital Dock
2
The EXO Building
9
The Reflector
3
Spencer Place
10
76 SJRQ
4
Central Bank
11
6 Hanover Quay
5
The Point Campus
12
5 Hanover Quay
6
North Dock
13
Bolands Quay
7
Dublin Landings
10 11
9
2
3
CB3
4
DOCKLANDS DUBLIN
6
7
8
9
10
11
12
13
3
4 7 8
5 1
6
2
17
CB3 DOCKLANDS DUBLIN
18
LOT 1 - RESIDENTIAL SITE The Residential Site extends to approximately 1.44 hectares (3.55 acres) and occupies the western half of the landbank with frontage to Mayor Street Upper, New Wapping Street and Sheriff Street Upper. The Residential Site benefits from planning permission for region 347 no. residential units (360 units were applied for and 347 reflects compliance with conditions 4 & 5 of Planning Ref. No. DSDZ3357/17) comprising 340 no. apartments (103 no. 1 beds, 191 no. 2 beds and 46 no. 3 beds) and 7 no. 3 bed two storey houses. Potential to significantly enhance and add value through design and planning refinement to increase the density and mix of units to between 406 and 456 units, following the revision of the apartment guidelines announced recently. A feasibility study as undertaken by OMP Architects is available to demonstrate the potential for an increased quantum of units based on the new apartment guidelines.
Indicative Site Plan – Residential Site
19
CB
3
DOCKLANDS DUBLIN
20
DUBLIN DOCKLANDS A LO C AT I O N W H I C H O F F E R S S O M E OF THE BEST AMENITIES THE CITY HAS TO OFFER, ON ITS DOORSTEP
21
CB3 DOCKLANDS DUBLIN
2.0
Sheriff Street Upper
APARTMENTS
+2.500
+2095
+2.105
+2.117
2300
+2.211
+2.245
3740
10750
3799
2050
+2.150
3871
28900
3857
2300
4004
10200
SITE NOTICE LOCATION
28900
+2.308
2050
+2.500
1 B 1BED 53.6m²
LANDLORD ELECTRICAL CUPBOARD
TYPE 2A
2BED 87.3m²
KITCHEN
5 B BEDROOM 13.0m²
STORE 3.8m²
FFL +4.000
Private Terrace 17.1m²
26200
STORE 4.9m ²
STAFF ROOM/ CHANGING 11.1m²
MILK PREP 3.8m²
PUBLIC WC 3.2m²
7no BABIES 25.3m²
PRAM STORE 3.2m²
OFFICE/ MEETING 9.3m²
CRECHE 68 CHILDREN 299.6m²
STORE 2.5m²
+3.600 +3.750
LOBBY 5m²
18851 17000
12no TODDLERS 33.8m²
10no PRE-SCHOOLERS 25.8m² CHILDREN WC 12.6m²
UTILITY 3.5m²
25000
BEDROOM 11.5m²
TYPE 2A
North Bank
LANDLORD ELECTRICAL CUPBOARD
39no 2-3YO 90.7m²
Apartments
+3.850
LOBBY
BLOCK 3A1 Landlord's Equipment Room 12.1m²
BEDROOM 13.0m² BEDROOM 13.7m²
STORE 1.7m²
Landlord's Switchroom 37.5m²
STORE 3.1m²
STORE 3.1m² LIVING/ DINING 33.1m² UTILITY 3.0m²
51 A1 2BED 79.1m²
KITCHEN
SITE NOTICE LOCATION
FFL +4.000 55 A2 2BED 79.1m²
KITCHEN
63000
57 A2 1BED 56.8m²
TYPE 1
STORE 1.8m²
STORAGE 2.2m²
DOUBLE HEIGHT CONCIERGE/ TENANT AMENITY 186m²
BEDROOM 11.4m²
BEDROOM 12.2m²
LIVING/ DINING 27.7m²
Private Terrace 13.5m²
Private Terrace 11.9m²
+3.850
10000 2000
KITCHEN
2BED 79.8m²
STORE 3.4m²
UTILITY 2.6m²
2BED 79.2m²
PARK
KITCHEN
6 D STORE 3.5m²
17100
5 D
Proposed fire tender access road permitted under DSDZ2642/16
Private Terrace 28.9m²
UTILITY 3.1m² LIVING/ DINING 30.1m²
TYPE 1A
25394
LIVING/ DINING 31.0m²
BEDROOM 13.0m²
BEDROOM 11.7m²
TYPE 3
LV Switchroom 10.5m²
ESB Substation 14m² WC
UTILITY 3.2m²
PORCH
LOBBY LIVING/ DINING 37.2m²
STORAGE 1.3m²
Alexander Terrace KITCHEN
Private Terrace 11.6m²
BEDROOM 13.1m²
BEDROOM 11.6m²
2BED 77.8m²
LIVING/ DINING 27.3m²
KITCHEN
Private Terrace 11.4m²
STORAGE 1.3m²
39825
LIVING/ DINING 37.2m²
BLOCK 3D2
FFL +4.000
STORE 1.8m²
3 D
LIVING/ DINING 33.4m²
Private Terrace 11.4m²
13249 10721 10231
2BED 77.8m²
extent of basement below
TYPE 4
KITCHEN
WC
UTILITY 3.2m²
PORCH
TYPE 1
LOBBY
LANDLORD ELECTRICAL CUPBOARD
FFL +4.000
17620
UTILITY 3.6m²
STORE 0.8m² BEDROOM 12.3m²
CIVIC PARK 2,259 m
2000
KITCHEN
BEDROOM 13.2m²
+3.850
6750 39825
WC
UTILITY 3.2m²
PORCH
LOBBY
BEDROOM 11.4m²
7 D
1BED 50.5m²
Private Terrace 11m²
2 D1
5951
+3.850
APARTMENT ELECTRICAL CUPBOARD
KITCHEN
2650 TYPE 4
2 D
LIVING/ DINING 37.2m²
2000
BEDROOM 11.4m²
STORE 3.0m²
BEDROOM 13.1m²
STORE 3.4m²
2BED 79.8m²
1 D
TYPE 3
UTILITY 2.6m²
TYPE 1A
2BED 79.2m²
15975
KITCHEN PORCH
LOBBY
WC
UTILITY 3.2m² STORAGE 1.3m²
STORE 3.5m²
KITCHEN
4 D1
8 D
1BED 52.0m² TYPE 2A
BEDROOM 11.6m²
Private Terrace 6m²
UTILITY 3.6m²
BLOCK 3D1 +3.850
LIVING/ DINING 28.8m²
TYPE 2
3 D1
KITCHEN
BEDROOM 13.2m²
500
LIVING/ DINING 30.1m²
47051
KITCHEN
UTILITY 3.1m²
+3.850
15500
KITCHEN
+3.850
20625
+3.850
LIVING/ DINING 37.2m²
STORAGE 1.3m²
GARDEN 51.0m² +3.850
PORCH
LOBBY
FFL +4.000
6193 5754
PORCH
Communal Open Space Area 846 m² WC
UTILITY 3.2m²
8706
14038
19000
LIVING/ DINING 37.2m²
GARDEN 51.3m² +3.850 5 D1
KITCHEN
Private Terrace 22.1m²
STORAGE 1.3m²
6214 5745
BEDROOM 11.7m²
BEDROOM 13.0m²
OUTLINE OF EXISTING EXCAVATION
FFL +4.000
PORCH
LOBBY
WC
UTILITY 3.2m²
8709
TYPE 4
Private Terrace 32.6m² LIVING/ DINING 31.0m²
46771
UTILITY 3.0m²
STORE 1.8m²
4 D
LIVING/ DINING 33.4m²
LIVING/ DINING 37.2m²
STORAGE 1.3m²
+3.850
TYPE 1
GARDEN 42.3m² +3.850
BEDROOM 12.3m²
TYPE 2
FFL +4.000
6343 4747
COMMERCIAL SITE
14000
STORE 1.8m²
KITCHEN
BALCONY 7.6m²
3 E
KITCHEN
LIVING/ DINING 29.6m²
5 E
1BED 56.9m²
2BED 74.9m²
Private Terrace 11.8m² UTILITY 2.0m²
UTILITY 4.0m²
TYPE 2A
4950
BEDROOM 11.8m²
TYPE 4 STORE 2.7m² TYPE 2
STORE 2.7m²
LIVING/ DINING 30.1m²
7880 7691
5850
4 E 3BED 112.8m²
BEDROOM 11.5m²
TYPE 1
2000
STORE 1.0m²
2525 25875
STORE 2.1m²
7450 BEDROOM 13.1m² TYPE 3 STORE 2.7m²
2 E
KITCHEN
2BED 76.5m²
TYPE 2A
STORAGE 1.0m²
TYPE 3
BEDROOM 13.1m²
BLOCK 3E2 FFL +3.400
APARTMENT ELECTRICAL CUPBOARD
BEDROOM 11.4m²
BEDROOM 13.0m²
KITCHEN Private Terrace 25.5m²
LIVING/ DINING 31.3m²
2100
+3.250
4050
+3.850
BEDROOM 11.4m²
UTILITY 3.6m ²
2BED 80.8m²
LANDLORD ELECTRICAL CUPBOARD
Private Terrace 7.9m²
17400
6 E
TYPE 1A
TYPE 2A
1 E
Private Terrace 7.9m²
+3.000
UTILITY 3.4m²
LIVING/ DINING 30.6m²
LIVING/ DINING 31m² BEDROOM 11.5m²
STORE 3.0m²
STORE 1.9m²
TYPE 3
24090
FFL +4.000
2BED 78.8m²
10750
UTILITY 3.4m²
KITCHEN
2100
TYPE 3 BEDROOM 14.7m²
6750
13950
1111 3597
16990
BEDROOM 13.3m²
UTILITY 2.0m²
LIVING/ DINING 40.5m²
9000
KITCHEN
13233
BEDROOM 11.4m²
KITCHEN
BALCONY 9.0m²
57882
BEDROOM 11.4m²
7 D1
9000
5572
GARDEN 58.3m² +3.850
23000
11500 LIVING/ DINING 37.2m²
STORAGE 1.3m²
FFL +4.000
LOBBY
WC
UTILITY 3.2m²
KITCHEN
6 D1
8600 6218 5643
SITE NOTICE LOCATION
SITE NOTICE LOCATION
30450
3916
APARTMENTS
+2.600
+3.250
14000
44746
17736
2.5
Mayor Street Upper
Site Plan Residential Scheme (Highlighted in Red)
22
4
61000
2000 TYPE 4
13320
1
5
extent of basement below
19000 3850
+3.850
TYPE 2
GARDEN 51.2m² +3.850
+3.850
+3.850
11000 5150
FFL +4.000
FFL +4.000
18598
+3.850
STORE 0.8m²
GARDEN 77.1m² +3.850
16998
37800
6200
Private Terrace 18.9m²
1 D1
6228 5737
Ramp
107000
GARDEN 42.9m² +3.850
8710
ESB Substation 14m²
Cafe 129.1m² KITCHEN
+3.850
6387 4697
HOUSES
FFL +4.000
BLOCK 3B
STUDY 7.9m ²
1BED+ 64.0m² 58 A2
UTILITY 2.2m²
Generator Room 26.4m²
26008
2.0
LV Switchroom 10.5m²
LIVING/ DINING 32.4m²
LIVING/ DINING 31.0m²
Private Terrace 10.5m²
STORE 7.5m²
BLOCK 3A2
FFL +4.000
UTILITY 1.8m²
56 A2 2BED 76.2m²
BEDROOM 11.4m²
6248
5461
Private Terrace 10.4m²
STORE 3.0m²
TYPE 3A
LIVING/ DINING 33.1m² UTILITY 3.0m²
RAMP @ 1:21
KITCHEN
UTILITY 2.3m²
TYPE 1A
TYPE 2
Life Safety Switchroom 17.5m²
TYPE 1A
+3.850 LOBBY
TYPE 2A
TYPE 3A
CAR RAMP
STORAGE 1.1m² TYPE 3A
Incoming Comms Room 14m²
BICYCLE RAMP
OPEN TO BELOW
100004
BEDROOM 12.3m²
44000
TYPE 2
BEDROOM 13.0m²
24325
+3.850 BEDROOM 12.3m²
LANDLORD ELECTRICAL CUPBOARD
TYPE 3
APARTMENT ELECTRICAL CUPBOARD
STAFF WC 1.8m²
KITCHEN 8.6m²
BEDROOM 13.0m²
KITCHEN 6.2m²
54 A2 2BED 88.6m²
NAPPY CHANGING 3.6m²
SLEEP ROOM 17.5m²
Private Terrace 7.7m²
LIVING/ DINING 39.8m²
LIVING/ DINING 36.7m²
Private Terrace 7.6m²
BEDROOM 11.4m²
UTILITY 1.9m²
FFL +4.000
STORE 0.8m²
TYPE 3A
APARTMENT ELECTRICAL CUPBOARD
STORE 3.0m²
TYPE 3A
BEDROOM 12.3m²
TYPE 1
2BED 91.8m² 4 A2
UTILITY 3.5m²
Private Terrace 10.2m²
KITCHEN
KITCHEN 6.2m²
BEDROOM 13.0m²
LIVING/ DINING 41.1m²
STORE 2.5m² BEDROOM 14.1m²
STORE 2.5m² BEDROOM 13.0m²
UTILITY 3.5m²
3 B
LIVING/ DINING 32.8m²
5 A2
STORE 1.8m²
26200
BEDROOM 11.5m²
Communal Open Space Area 532 m²
KITCHEN
2BED 77.2m²
STORE 3.5m²
Private Terrace 10.2m²
BEDROOM 11.4m²
UTILITY 3.0m²
2BED 90.9m²
53825
2BED 73.9m²
TYPE 2A
BLOCK 3B BEDROOM 11.5m²
LIVING/ DINING 27.3m²
4 B
1BED 50.4m²
LOBBY
+3.850
3242
3600
3 A2
BEDROOM 11.5m²
TYPE 3A
49 A1 3BED 115.3m²
Private Terrace 18.9m²
Private Terrace 14.1m²
+3.850
BEDROOM 13.2m²
17080
UTILITY 2.0m²
25900
KITCHEN
STORAGE 0.9m²
3BED 99.3m²
LIVING/ DINING 34.2m²
LAUNDRY
Private Terrace 7.6m²
BEDROOM 11.4m²
Private Terrace 10.8m²
+2.250
BEDROOM 11.6m²
2000 UTILITY 3.5m²
FFL +4.000
KITCHEN
LIVING/ DINING 31.5m²
BEDROOM 11.5m²
TYPE 2
53575
BLOCK 3A2
BEDROOM 13.2m²
2000
LIVING/ DINING 45.7m²
KITCHEN 6.2m²
+2.250
7024
LOBBY
+3.850
TYPE 2A
UTILITY 3.5m²
2000
TYPE 3A
Private Terrace 18.9m²
STORE 2.5m²
50 1BED A1 50.3m²
BEDROOM 12.8m²
APARTMENT ELECTRICAL CUPBOARD
TYPE 2
UTILITY 3.0m²
UTILITY 3.5m²
UTILITY 2.2m²
KITCHEN
LIVING/ DINING 31.5m²
UTILITY 3.0m²
APARTMENT ELECTRICAL CUPBOARD
TYPE 2
Private Terrace 14.2m²
Communal Open Space Area 555 m²
Private Terrace 6.4m²
5 A1
KITCHEN
TYPE 2
STORE 3.2m²
TYPE 2A
1BED 52.0m²
2BED 83.8m²
KITCHEN 10.6m²
2 B
TYPE 4
KITCHEN
1BED 52.0m²
UTILITY 3.0m²
STORE 2.6m²
BEDROOM 13.0m²
25000
LIVING/ DINING 28.8m²
17341
+2.250
KITCHEN
STORE 2.7m²
BEDROOM 13.9m²
7 A2
2BED 87.3m²
LANDLORD ELECTRICAL CUPBOARD
BEDROOM 11.7m²
TYPE 2A
FFL +4.000
STORE 3.8m²
+3.850
2000
TYPE 2A
3 A1
KITCHEN
LIVING/ DINING 26.6m²
1BED 53.6m²
KITCHEN
APARTMENT ELECTRICAL CUPBOARD
STORE 2.5m²
Private Terrace 7.1m²
3BED 99.3m²
TYPE 3A
UTILITY 3.2m²
19130
Private Terrace 14.8m²
KITCHEN
LOBBY
BLOCK 3A1 LANDLORD ELECTRICAL CUPBOARD
TYPE 3
BEDROOM 11.5m²
UTILITY 2.2m²
2 A2
LANDLORD ELECTRICAL CUPBOARD
1BED 50.5m²
LIVING/ DINING 38.0m²
BEDROOM 13.0m²
KITCHEN
LIVING/ DINING 34.2m²
4 A1 BALCONY 7.2m²
TYPE 3
1 A2
BEDROOM 11.6m²
UTILITY 2.5m²
LIVING/ DINING 28.8m²
6 A2 3BED 123.0m²
UTILITY 2.0m²
FFL +4.000
UTILITY 3.0m²
BEDROOM 11.4m²
62864
BEDROOM 12.8m²
2000
2 A1
UTILITY 3.0m²
STORAGE 0.9m²
LIVING/ DINING 31.5m²
KITCHEN
Private Terrace 6.4m²
KITCHEN 10.6m²
STORE 3.2m²
Private Terrace 5.5m²
LIVING/ DINING 38.3m²
BEDROOM 11.4m²
STORAGE 1.1m²
TYPE 2
LIVING/ DINING 27.3m²
BEDROOM 11.4m²
STORE 2.7m ²
BEDROOM 13.9m²
STORE 2.6m²
STORE 3.8m²
KITCHEN Private Terrace 6.4m²
7 A1 1BED 53.6m²
KITCHEN
TYPE 2
TYPE 3A
UTILITY 3.2m²
2BED 87.3m²
1 A1 BEDROOM 13.0m²
Private Terrace 13.9m²
STORAGE 1.1m²
STORAGE 1.1m²
KITCHEN
6 A1 3BED 123.0m²
BEDROOM 11.4m² LIVING/ DINING 30.4m²
TYPE 2A
Private Terrace 8.1m²
UTILITY 3.0m²
TYPE 2
TYPE 3A
UTILITY 2.0m²
Private Terrace 5.5m²
Private Terrace 15.0m²
TYPE 2A
2379
LIVING/ DINING 38.3m²
BEDROOM 11.5m²
LIVING/ DINING 30.4m²
TYPE 3
BEDROOM 11.4m² LIVING/ DINING 30.4m²
APARTMENT ELECTRICAL CUPBOARD
BEDROOM 11.4m²
TYPE 2
BEDROOM 11.5m²
TYPE 2A
LIVING/ DINING 38.3m²
New Wapping Street
8750
+2.425
4742
Castleforbes Road
+2.075
3991
2050
3832
8750
17414
2450
SITE NOTICE LOCATION
107000
4003
4763
16195
131575
SITE NOTICE LOCATION
3.2
2.5
15802
17027
1.9
+3.700
+3.800
+3.900
+3.650
THE RESIDENTIAL DEVELOPMENT OPPORTUNITY The Residential Site benefits from planning permission for 347 no. residential units (Planning Ref. No. DSDZ3357/17) comprising 340 no. apartments (103 no. 1 beds, 191 no. 2 beds and 46 no. 3 beds) and 7 no. 3 bed two storey houses. Potential to significantly enhance and add value through design and planning refinement to increase the density and mix of units to between 406 and 456 units, following the revision of the apartment guidelines announced recently. The permitted scheme also includes tenant amenity accommodation, a Crèche and a CafÊ. We have provided a summary schedule of accommodation below with a detailed schedule and full planning pack available from our dedicated website. 360 residential units were applied for, however 347 units reflects implementation of condition 4 and 5 attached to the existing planning permission. Further information is available on the dedicated website in this regard. 3.2
S C H E D U L E O F A C C O M M O D AT I O N Dual 3Bed Total Aspect
Block 3A1
1 Bed
2 Bed
Level 00
5
3
2
10
Level 01
5
5
1
Level 02
4
6
Level 03
4
Level 04
Dual 3Bed Total Aspect
%
Block 3D2
1 Bed
2 Bed
6
60.0
Level 00
2
6
0
8
4
50.0
11
5
45.5
Level 01
1
7
0
8
4
50.0
2
12
6
50.0
Level 02
1
7
0
8
4
50.0
6
2
12
6
50.0
Level 03
1
7
0
8
4
50.0
4
6
2
12
6
50.0
Level 04
1
7
0
8
4
50.0
Level 05
3
6
2
11
6
54.5
Level 05
0
7
0
7
4
57.1
Level 06
3
3
3
9
5
55.6
Total
6
41
0
47
24
51.1
Total
28
35
14
77
40
51.9 Block 3E2
1 Bed
2 Bed
Level 00
1
4
1
6
3
50.0
Castleforbes Square
Dual 3Bed Total Aspect
%
Block 3A2
1 Bed
2 Bed
Level 00
3
7
2
12
9
75.0
Level 01
2
4
1
7
3
42.9
Level 01
3
6
3
12
7
58.3
Level 02
2
4
1
7
3
42.9
Level 02
6
8
2
16
9
56.3
Level 03
2
3
1
6
3
50.0
Level 03
6
8
2
16
9
56.3
Level 04
2
3
1
6
3
50.0
Level 04
6
8
2
16
8
50.0
Level 05
0
3
2
5
3
60.0
Level 05
4
8
2
14
8
57.1
Total
9
21
7
37
18
48.6
Level 06
4
6
1
11
6
54.5
Total
32
51
14
97
56
57.7
Apartments Total
103
191
46
340
182
53.5
Block 3B
1 Bed
2 Bed
Houses
1 Bed
2 Bed
Level 00
2
2
0
4
3
75.0
Level 00
Level 01
5
6
1
12
6
50.0
Total
0
0
7
7
Level 02
5
7
2
14
7
50.0
Total Units
103
191
53
347
Level 03
5
7
2
14
7
50.0
Level 04
5
7
2
14
7
50.0
Level 05
5
7
2
14
7
50.0
Level 06
1
7
2
10
7
70.0
Total
28
43
11
82
44
53.7
Dual 3Bed Total Aspect
%
Dual 3Bed Total Aspect
%
%
3 Bed Total
%
7
Schedule of Accommodation (Ref. No. DSDZ3357/17)
23
APARTMENT T YPOLOGIES
1 & 2 Bed Single Aspect Units
2 Bed Corner Units
2 Bed Dual Aspect & 3 Bed Corner Units
24
CB3 DOCKLANDS DUBLIN
HOUSE TYPOLOGY
GF & FF House Plan
25
CB3 DOCKLANDS DUBLIN
RESIDENTIAL MARKET OVERVIEW Introduction Ireland continues to experience the fastest rate of economic growth in the EU with total output. Close to 67,000 net new jobs have been created in the last twelve months and total employment is set to surpass its boomtime peak before the year is out. Strong economic momentum is set to continue with consensus GDP growth forecasts for Ireland of 4.1% for 2018 and 3.4% for 2019.
While strong population growth led to the formation of 12,698 net additional households in Dublin between the Census years of 2011-2016, housing construction failed to keep up. In total just 3,088 additional housing units were delivered in the capital over the same period. Notwithstanding the recent pick-up in house building activity, once we factor in demand implied by population growth, along with buildings required to replace dilapidated units and to compensate for the fact that we haven’t built enough homes for eight years, it is clear that Dublin’s housing market remains undersupplied.
Residential Market Demand for rental property is dictated by two factors, population growth and the proportion of the population that chooses to rent privately over competing tenure types such as owner-occupied housing. Latest estimates show that Dublin’s population has grown very rapidly in recent years. A net additional 97,300 persons have been added to the headcount in the last five years and the population is currently expanding by around 15,500 persons per annum.
Our analysis shows that vacancy in Dublin’s private rented sector (PRS) has been below 2% for almost four years and is currently just 1.41% (see Figure 2). This is significantly below the Natural Vacancy Rate (NVR) which we econometrically estimate to be 5.3% in the capital. Theory suggests that if the actual vacancy rate lies beneath the NVR the market is undersupplied and rents will be rising, and that’s exactly what is happening. Vacancy Rate in Dublin’s Private Rented Sector 10 9
Population of Dublin
8
%
7 5
1,400
4
1,350
3 2
1,300
1
1,250
2017Q2
2016Q2
2016Q4
2015Q2
2015Q4
2014Q2
2014Q4
2013Q2
2013Q4
2012Q2
2012Q4
2011Q2
Dublin VR%
1,100
2011Q4
2010Q2
2010Q4
2009Q2
2009Q4
1,150
2008Q2
1,200
2008Q4
2007Q2
0 2007Q4
(000s)
6
NVR Dublin%
1,050
26
2017Q1
2017Q4
2015Q3
2016Q2
2014Q1
2014Q4
2013Q2
2012Q3
2011Q1
2011Q4
2010Q2
2009Q3
2008Q1
2008Q4
2007Q2
2006Q3
2005Q1
2005Q4
2003Q3
2004Q2
2002Q1
2002Q4
2001Q2
2000Q3
These legislative changes allow for the possibility of a divergence between average rental growth rates and rental growth rates on newly let or new build properties and would appear to explain why rental growth in Dublin continues to exceed the regulated growth rate of 4% per annum.
1999Q1
Since 2012 strong house price inflation has made homeownership less affordable along with changing attitudes to renting, the proportion of renters has doubled in the space of 15 years. Currently, just under 120,000 households are renting privately in Dublin, making up almost one-quarter (24.1%) of all households in the capital.
1999Q4
In the early 2000s, approximately 12% of households in Dublin rented privately. During this period private renting was generally considered a secondary tenure that was mainly for young people transitioning towards a longerterm goal of home ownership.
Average residential rents in Dublin are currently rising by 5.2% per annum. Rent controls were first introduced in Dublin in December 2016. Generally, these limit rental growth to a maximum of 4% per annum. However, there are exemptions for properties that have not been previously let within the last two years and in the case of a substantial change in the nature of accommodation provided by a landlord.
Forecasts are summarised below; • Overall continued growth in Dublin residential rents is expected through Q1 2018 - Q1 2020. • Average rental growth of 7.9% per annum is expected on new lets over this period. • Annual growth of 7.2% in rents on new lets is forecast even at the furthest horizon of the forecast window in Q1 2020. Residential Rents Forecast – Dublin New Lets
Index: Q3 2007 = 100
150 140 130 120 110 100 90 80
2019Q2(f)
2019Q4(f)
2018Q2(f)
2018Q4(f)
2017Q2
2017Q4
2016Q2
2016Q4
2015Q2
2015Q4
2014Q2
2014Q4
2013Q2
2013Q4
2012Q2
2012Q4
2011Q2
2011Q4
2010Q2
2010Q4
2009Q2
2009Q4
2008Q4
2007Q4
2008Q2
70
In order to stimulate a residential supply response, a range of Government and Local Authority measures have been introduced including; • New National Apartment Planning Guidelines: These allow for a certain amount of smaller studio apartments in certain managed developments, address the minimum number of units with dual aspect, the maximum number of units per lift and revise car parking provision in city centre and public transport served locations. The Government estimates that the changes could reduce the cost of apartment building by as much as €20,000 per unit. • Fast-track Planning: Developers can now submit planning applications for housing developments of 100 or more residential units directly to the national planning body, An Bord Pleanála, instead of to local planning authorities as was previously the case. It is estimated that this can reduce the time in planning for these schemes from around 18 months to 7-8 months. This system will remain in place until December 2019 and subject to review, may be extended out to December 2021. • A stamp duty refund scheme has been introduced for purchasers of commercial land purchased for residential development. This is conditional on the land being developed within 30 months and subject to other conditions also.
27
28
CB3 DOCKLANDS
LOT 2 - COMMERCIAL SITE
DUBLIN
The Commercial Site extends to approximately 0.95 hectares (2.35 acres) and occupies the eastern half of the site with frontage to Mayor Street Upper and Castleforbes Road. It benefits from planning permission (Planning Ref. No. DSDZ2135/18) for a substantial commercial scheme comprising office accommodation over three blocks extending to approximately 30,890 sq m (332,497 sq ft) NIA. This presents a unique opportunity to provide a city centre office campus.
Indicative Site Plan – Commercial Site
29
CB
3
DOCKLANDS DUBLIN
30
DUBLIN DOCKLANDS HOME TO THE IFSC, A PREMIER DUBLIN BUSINESS ADDRESS
31
COMMERCIAL SITE The Commercial Site benefits from planning permission (Planning Ref. No. DSDZ2135/18) for a substantial commercial scheme comprising office accommodation over three blocks extending to approximately 30,890 sq m (332,497 sq ft) NIA. All Office
Block G Block G Block F Block F Block E Block E Ratio Ratio Ratio GIA sq m NIA sq m GIA sq m NIA sq m GIA sq m NIA sq m
Combined GIA sq m
Combined NIA sq m
Basement 2
4925
Basement 1 (LG) car park
2610
Basement 1 (LG) office
1765
1515
85.8
1860
1555
83.6
0
0
0.0
3390
3070
Ground Floor
1480
1260
85.1
3465
2785
80.4
188
135
71.8
5133
4180
First Floor
1735
1485
85.6
3725
3190
85.6
188
150
79.8
5648
4825
Second Floor
1860
1610
86.6
3850
3360
87.3
188
150
79.8
5898
5120
Third Floor
1945
1695
87.1
3850
3370
87.5
188
150
79.8
5983
5215
Fourth Floor
1945
1695
87.1
3850
3370
87.5
188
150
79.8
5983
5215
Fifth Floor
1135
930
81.9
2740
2335
85.2
0
0
0.0
3875
3265
11865
10190
85.9
23340
19965
85.5
940
735
78.2
36145
30890
Total Total (inc car parks)
43445
The office buildings were designed to LEED Gold standard, potentially Wellness Gold and to be NZEB compliant. There are full details available on the design of this high quality campus on our dedicated website.
Total block E+F+G NIA (lettable) Total Build Floor Area Total Gross Area
32
30890 sq m 43445 sq m (total inc car park) 36145 sq m (excl car park)
Plot Size Plot Ratio (inc car park) Plot Ratio (excl car park) Plot Ratio (excl all basements)
8420 5.2
Baement 2
4.3
Basement 1
3.9
Ground Total
Car Spaces
Bike Spaces
90
300 150
90
50 500
CB3 DOCKLANDS DUBLIN
Site Plan Commercial Scheme (Highlighted in Red)
RESIDENTIAL SITE
33
CB3 DOCKLANDS DUBLIN
OFFICE MARKET OVERVIEW
Last year represented a new annual record for office takeup in Dublin, with 304,683 sq m taken. This is 1% above the 2015 record and 2.5% ahead of the 2007 peak. The pattern of lettings has been broadly consistent with the sectoral breakdown of jobs growth.
34
Dublin Office Take-Up 350,000 300,000 250,000 200,000 150,000 100,000 50,000
2017
2015
2011
2013
2007
2009
2005
2001
2003
1997
1999
1995
1993
1991
1987
1989
0 1985
In the last two years office-based employment in Dublin has risen by 6%, with an additional 13,600 office based jobs created in that time. All sectors of the office based economy have contributed to this jobs growth, including Information and Communication Technology (ICT) (+12.1%), Professional Services (+6.8%), Public Sector (+4.5%), Private Administration (+2.5%) and Financial, Insurance and Real Estate Services (+2.0%). As a result office based employment now accounts for over 35% of all jobs in Dublin.
ICT, in particular, accounted for 46% of gross take-up in 2017. However professional services and finance and real estate companies (including serviced office providers) were also significant takers of space.
sq m
• Jobs growth driving demand for office space • 2017 a record year for Dublin office take-up • Take-up broadly based, but with a strong weighting of ICT and financial services occupiers • Take-up increasingly feeding through to net absorption • Vacancy rate down to 9.2% across Dublin • Very limited availability of Grade A space in prime locations, particularly for larger lots • Prime rents continuing to edge higher
Given an increased weighting of new entrants and expansions in take-up, net absorption (the change in occupied space) came in at over 113,000 sq m for the year. Total net absorption over 2016 and 2017 totalled 159,000 sq m – almost exactly in line with what would be expected given 13,600 additional office jobs at a typical occupancy rate of 12.1 sq m per employee. Another way to view this is that, as the economy has grown, an increased proportion of lettings involve net additional demand for space to accommodate the staff being recruited by start-ups and expansions.
Vacancy & Rental Growth
With vacancy rates remaining well below their natural level of 12%-15%, headline rents in prime Central Business District locations rose from €646 per sq m per annum in December 2016 to €678 psm at end-2017 – an increase of 5%.
Additionally, with old stock still being withdrawn from supply for redevelopment, this should ensure that new supply does not swamp the market and that the vacancy rate will only edge up slowly from this point. In any event vacancy rates are expected to remain below their 12-15% equilibrium level for the foreseeable future. Prime Headline Office Rents Forecast 800 700 600
€psm
With net absorption substantially offsetting any additions of new stock, the vacancy rate for purpose-built modern office space across Dublin only edged up marginally from 9.0% in December 2016 to 9.2% in December 2017. As ever the vacancy rate varies by location and building quality. To illustrate this, just 3.9% of the standing Grade A stock is currently available in the Central Business District (Inc. Docklands).
500 400 300 200 100
2019(f)
2018(f)
2017
2016
2015
2013
2014
2011
2012
2010
2009
2007
2008
2005
2006
2004
0 2003
Looking ahead, prospects for the Irish economy remain favourable with consensus forecasts pointing to average jobs growth of more than 2% per annum and output growth of close to 4% per annum over the next two years. This positive outlook bodes well for office demand.
FACTS, FIGURES & FORECASTS
35
36
CB3 DOCKLANDS DUBLIN
C O N TA C T S & F U R T H E R I N F O R M AT I O N Title A title summary is available in the property data room. Services Interested parties are advised to satisfy themselves as to the presence, adequacy and availability of all services to the subject lands.
Viewings Viewings strictly by appointment and to be arranged with the joint selling agents. Data Room Further information is attainable through our dedicated web based data room:
www.cb3docklands.com
JOINT AGENTS
SOLICITOR
Savills 33 Molesworth Street Dublin 2 www.savills.ie
Cushman & Wakefield 164 Shelbourne Road Dublin 4 www.cushmanwakefield.ie
PSRA - 002233
PSRA - 002222
Mark Reynolds +353 1 618 1326 mark.reynolds@savills.ie
Donal Kellegher +353 1 639 9248 donal.kellegher@cushwake.ie
Mark Barr +353 1 920 1086 mark.barr@arthurcox.com
Colette Mulroy +353 1 618 1480 colette.mulroy@savills.ie
John Donegan +353 1 639 9222 john.donegan@cushwake.ie
Marc McLaughlin +353 1 920 1000 marc.mclaughlin@arthurcox.com
Arthur Cox 10 Earlsfort Terrace Dublin 2 www.arthurcox.com
PROPERTY MISREPRESENTATION ACT The Agents and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland, Cushman & Wakefield Ireland nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills Ireland nor Cushman & Wakefield Ireland nor any of their employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/ lessees shall be liable for any VAT arising on the transaction. Designed and produced by Creativeworld. Tel +44 [0] 1282 858200.
37