SPECTRUM PORTFOLIO I R I S H
R E T A I L
I N V E S T M E N T
P O R T F O L I O
RETAIL PARK • GROCERY RETAIL CENTRES • SUBURBAN SHOPPING CENTRE • TOWN CENTRE RETAIL
SPECTRUM PORTFOLIO I R I S H
R E T A I L
I N V E S T M E N T
P O R T F O L I O
Proposal The entire is for sale by Private Treaty. We are inviting offers in excess of â‚Ź120 million (One Hundred and Twenty Million Euros) subject to contract and exclusive of VAT, reflecting an Initial Yield of almost 9% for the portfolio. It will be necessary for buyers to apportion individual purchase prices for each of the seven assets in addition to an overall price for the portfolio.
No warranties or guarantees in any respect, including but not limited to VAT, can be given. The Vendors are not bound to accept the highest, or indeed any offer, and are acting without personal liability. For the avoidance of doubt, please note this is an investment sale, and therefore all tenants are unaffected.
Portfolio in Numbers
â‚Ź11,115,600
passing rent across the portfolio
44,890 sq m of retail accommodation
2,645 sq m
of office accommodation
163
Tenants in total
Overall WAULT
7.7 years
Retail vacancy rate of
5.2% by floor area
12.2 ha
of development land
Immediate asset management opportunities
78%
of income from multi-national and national tenants
01
IRISH RETAIL INVESTMENT PORTFOLIO
The Opportunity DERRY
LETTERKENNY
Bannon and Savills are pleased to present the Spectrum Portfolio, an opportunity for investors to access a diverse spectrum of assets in the Irish retail market.
A6
N14
M2
Town Centre Retail SLIGO
A5
DONEGAL
A29 A26
N15
Quayside Shopping Centre
BELFAST
A32
ENNISKILLEN
BALLINA
A4
A1 A3
N16
SLIGO
N59
M1
N2 N3
N17
Retail Park DUNDALK
DUNDALK
CAVAN N4
Dundalk Retail Park
CASTLEBAR DROGHEDA
N5 N84
N3
N4 N17
MULLINGAR
Kilbarrack Shopping Centre
ATHLONE
M4
DUBLIN
M6
GALWAY
Grocery Retail Centre KILBARRACK
M1 M2
M50
N7
N11
M7
PORTLAOISE
Bloomsfield Shopping Centre
N18
WICKLOW CARLOW
M7 M8
LIMERICK
Grocery Retail Centre CLONDALKIN
M9
KILKENNY N24
TIPPERARY
The Mill Shopping Centre
CASHEL
N11
N25
N24 M8
WATERFORD
N20
MALLOW N25
N22
CORK Suburban Shopping Centre CORK
Douglas Court Shopping Centre
02
State Let Offices CLONDALKIN
N74
N21
KILLARNEY
Grocery Retail Centre DUN LAOGHAIRE
WEXFORD
B1 & B2 Ninth Lock Road
The Spectrum Portfolio provides investors with an opportunity to gain a real foothold across all sectors of the Irish retail market including Retail Park, Grocery Retail Centres, Town Centre Retail and Suburban Shopping Centre. The Spectrum Portfolio will afford purchasers the prospect of long-term income along with asset management and value add opportunities including leasing and development at a key time in the Irish retail market recovery.
SPECTRUM PORTFOLIO
The seven assets can be categorised as follows:
Retail Park Dundalk Retail Park, Dundalk
Grocery Retail Centres Bloomfields Shopping Centre, Dun Laoghaire, South Dublin Kilbarrack Shopping Centre, Kilbarrack, North Dublin
Town Centre Retail
The Mill Shopping Centre, Clondalkin, West Dublin
Quayside Shopping Centre, Sligo
State Let Offices B1 & B2 Office Blocks, Ninth Lock Road, Clondalkin, West Dublin
Suburban Shopping Centre Douglas Court Shopping Centre, Cork
03
IRISH RETAIL INVESTMENT PORTFOLIO
Investment Highlights A true Irish retail portfolio that is geographically diverse, comprising a mix of seven assets which include a Suburban Shopping Centre, Retail Park, Town Centre Retail and three Grocery Retail Centres as well as a State Let Office Block
Attractive net initial yield of almost 9% based on guide price
Approximately 12.2 ha (30.2 acres) of development land
Passing rent of â‚Ź11.1m per annum from established retail schemes together with a state let office building
More than 9.5 million visitors per annum benefiting from over 3,600 car park spaces
High profile tenants including Boots, New Look, Next, Dealz, PC World, Argos and Woodie’s DIY to name a few
04
Overall weighted average unexpired lease term of 7.7 years
Immediate asset management opportunities to drive income and enhance returns
SPECTRUM PORTFOLIO
Suburban Shopping Centre
Retail Park
•
Located in the most affluent suburb of Ireland’s second largest city, Cork
•
The only retail park in Dundalk and one of the largest retail parks in Ireland
•
Anchored by Dunnes Stores
•
•
Includes international multiples Next, New Look and Boots
Anchored by Ireland’s number one DIY multiple, Woodie’s with other high profile tenants Heatons & Sports World, Currys, Argos and Homestore + More
•
Development potential for some 7,500 sq m of commercial space subject to planning permission
•
Undeveloped 30.2 acres of land provides opportunities to develop and enhance returns
•
Total income of €3,904,938 per annum
•
Total annual passing income of €2,467,072 per annum
•
Total annual footfall in 2013 approx. 3.5 million
Town Centre Retail
Grocery Retail Centres
•
Quayside Shopping Centre is integrated into the heart of Sligo town
•
•
Provides the majority of modern MSU style units in Sligo
Three shopping centres in the mature Dublin suburbs of Dun Laoghaire, Clondalkin and Kilbarrack
•
High profile tenants include Next, TK Maxx and River Island
•
Anchored by major multiples Dunnes and Tesco (x2)
•
Total income from three locations is €2,863,701 per annum
•
Total annual footfall across three centres is in excess of 5.3 million per annum
•
Total income from scheme (representing over 71% of entire floor area of Quayside Shopping Centre) is €1,428,386 per annum
Spectrum, a true Retail Portfolio and an excellent opportunity to invest in a broad spectrum retail portfolio at the point of inflection in the Irish Domestic Recovery.
State Let Offices •
Modern three storey office building
•
Total area approx. 2,404 sq m
•
Fully let to state bodies
•
94 surface car parking spaces
•
Total annual passing rent €451,531 Clondalkin, West Dublin
05
Portfolio Analysis Overall Space Per Asset State Office 2,404 3,264 sq msq 6%m 5%
3,264 sq m 6% 3,895 sq m 7%
3,895 sq m 7%
Grocery Retail Centre
Grocery Retail Centre
3,519 sq m 7%
Portfolio Current Rent
State Office 2,404 sq m 5% Suburban Retail Centre Suburban Retail Centre 8,271 sq m 16% 8,271 sq m 16%
Total 52,839 sq m
3,519 sq m 7%
Retail Park 22,406 sq m 42%
Town Centre Retail Town Centre Retail 9,079 sq m 17% 9,079 sq m 17%
State Office €451,531 4% €720,396 6%
€720,396 6% €852,218 8%
€852,218 8%
Grocery Retail Centre
Grocery Retail Centre
€1,291,087 12%
€1,291,087 12%
Retail Park 22,406 sq m 42%
State Office €451,531 4%
Charts Key:
Douglas Court Shopping Centre
Dundalk Retail Park
Quayside Shopping Centre
Suburban Retail Centre Suburban Retail Centre €3,904,938 35% €3,904,938 35%
Total €11,115,628
€246,021,658
The Mill Shopping Centre
Bloomfields Shopping Centre
€720,396 6%
14.00%
State Office €451,531 4%
Dundalk Retail Park
Suburban Retail Centre €631,713,783
Suburban Retail Centre €3,904,938 35% €260,783,802
€1,291,087 12%
0%
2.00%
Grocery Retail Centre
0%
5%
8.00% 4%
B1 & B2 Ninth Lock Road
Grocery Retail Centre 7%
9%
10.00%
Shopping Centre
Kilbarrack Shopping Centre
€371,122,105
€852,218 8%
12.00%
Town Centre Retail
Quayside The Mill €1,428,386 13% Shopping Centre Shopping Centre
Bloomfields Shopping Centre
Vacancy is based on retail occupancy inclusive of any lettings agreed 06
16%
18.00%
Retail Park 0.00% 22,406 sq m 42% Douglas Court
Retail Park €2,467,072 22%
Portfolio Catchment Annual Spend
Suburban Retail 16.00%Centre 8,271 sq m 16%
4.00%
€260,783,802
Town Centre Retail Town Centre Retail €1,428,386 13% €1,428,386 13%
% Vacancy
6.00%
€371,12 Grocery Retail Centre
Retail Park €2,467,072 22%
Sq ft
ffice q m 5%
IRISH RETAIL INVESTMENT PORTFOLIO
Kilbarrack Shopping Centre
Retail Park €2,467,072 22%
B1 & B2 Ninth Lock Road
€246,021,658
Retail Park €130,244,746 Town Centre Retail € 279,567,130
SPECTRUM PORTFOLIO
Top 15 Tenants 44% of Portfolio Rent
New Look
€453,660
Dublin City Council/OPW
€451,531
€3,500,000
Heaton's
€420,000
€2,000,000
Next
€417,330
€1,500,000
Argos
€348,500
€1,000,000
TK Maxx
€334,000
€500,000
Dealz
€310,000
Sam McCauley Pharmacy
€275,000 €211,378
AIB
€188,500
River Island
€186,000
Smyths Toys
€180,840
Homestore + More
€160,000
TOTAL
€4,863,239
€2,500,000
€0
2,500,000 2,000,000 1,500,000 1,000,000 500,000
0>2
2<5
5<10
10+
Income Profile of Portfolio
Dundalk Retail Park
8.3
The Mill Shopping Centre
10.9
Quayside Shopping Centre
3.3
Bloomfields Shopping Centre
7.2
Kilbarrack Shopping Centre
11.8
B1 & B2 Ninth Lock Road
5.0
TOTAL PORTFOLIO
7.7
Douglas Court Shopping Centre
The Mill Shopping Centre
Bloomfields Shopping Centre
Age Profile of Catchment 50.0%
Local €2,407,191 22%
WAULT Per Asset 7.6
0
Footfall for Quayside Shopping Centre, Kilbarrack Shopping Centre and Dundalk Retail Park are unavailable
40.0%
Multi-national €4,800,547 43%
Douglas Court Shopping Centre
4,000,000
3,000,000
21%
€450,000
Footfall (annual)
3,500,000
€3,000,000
Woodie’s
PC World
35%
€4,500,000 €4,000,000 31%
€476,500
13%
Boots
Portfolio Unexpired Lease Profile to Break / Expiry
Total €11,115,628
30.0%
20.0%
National €3,907,890 35%
10.0%
0.0%
<15
15-24
25-44
Spectrum Portfolio
45-64
65+
National Average
07
IRISH RETAIL INVESTMENT PORTFOLIO
Economic Commentary Why invest in Ireland?
Employment and Incomes
Ireland’s economic recovery is now well established, with growth having been recorded in six of the last seven quarters. The most recent national accounts show that year-on-year GNP (the most representative measure of Ireland’s economic activity) expanded by 3.4% in Q1 2014 compared with Q1 2013. This recovery has been driven by a strong trading performance over the last number of years with net exports increasing by 40% between Q1 2010 and Q1 2014. However, the domestic economy is now also contributing to growth once again with consumptionand investment respectively increasing by 0.2% and 2.9% year-on-year in Q1 2014.
The recovery in the domestic economy is now gaining support from a very pronounced improvement in the labour market. Total employment grew by 3.3% during 2013 and a net 76,600 new jobs have been created in the Irish economy since the low water mark of Q1 2012. Moreover, since this point the private sector has been generating 3,200 new jobs per month on average in net terms. These labour market improvements appear to have continued into the second quarter of 2014 with the live register falling for the 32nd consecutive month in July and overall numbers signing-on declining by 8.6% in the year. Reflecting this, household disposable incomes have increased by 1.3% year-on-year in real terms. Indeed, this is likely to continue as employment is forecast to continue growing by more than 50,000 jobs per annum in net terms over the next two years and as the fiscal austerity of recent years begins to ease.
Economic Forecasts 2014 and 2015 2014 GNP
2015 GDP
GNP
GDP
Dept. of Finance
2.7
2.1
2.3
2.7
Central Bank
2.7
2.0
2.6
3.2
ESRI
3.5
2.6
3.7
3.5
IBEC
3.5
2.9
3.7
3.1
PERCENTAGE CHANGE IN TOTAL EMPLOYMENT (Y/Y) 4.0 3.0 2.0
% Change Y/Y, volume.
% Change Y/Y
1.0 0.0 -1.0 -2.0 -3.0 -4.0
2014Q1
2013Q4
2013Q3
2013Q2
2013Q1
2012Q4
2012Q3
2012Q2
2012Q1
2011Q4
2011Q3
2011Q2
2011Q1
2010Q4
2010Q3
2010Q2
-6.0
2010Q1
-5.0
Source:CSO
Ireland’s economic recovery is now well established with growth having been recorded in six of the last seven quarters 08
SPECTRUM PORTFOLIO
Why invest in Irish Retail?
Consumer Credit
A dramatically improved labour market, rising property values and the prospect of more neutral budgets are now feeding through to the retail economy. Reflecting this, the consumer sentiment index has been on an upward trend since the start of the economic crisis in mid-2008. Moreover, the improvement has become more pronounced in the last year with sentiment returning to levels not seen since 2007. This reflects the growing sense of optimism among consumers.
In net terms, loans to households fell by 7% in the year to June 2014. Repayment of loans continued to exceed drawdowns leading to an annual decline of 11.6% in outstanding balances on consumer loans. However, as shown in the graph, the rate of decline in consumer credit has been slowing significantly over the last four years and will continue to do so as gross lending increases and as consumers gain confidence and gradually achieve their deleveraging targets. Percentage Change in Outstanding Balances on Consumer Loans (Y/Y)
Consumer Sentiment Index - July 2014
150
40 30 20
110
% Change Y/Y
90 70
10 0 -10 -20
50
Source:ESRI/KBC
This pattern is mirrored in the household savings ratio which has declined markedly since the beginning of 2009 and is now, once again, below the long term EU28 average. This ratio has an important influence on consumer spending, with estimates indicating that a 1% increase in the savings ratio brings about a 0.3% decline in GDP.
Mar 14
Jul 13
Nov 13
Mar 13
Jul 12
Nov 12
Mar 12
Jul 11
Nov 11
Mar 11
Jul 10
Nov 10
Mar 10
Jul 09
Nov 09
Mar 09
Jul 08
Nov 08
Mar 08
Jul 07
Nov 07
Mar 07
Jul 06
Nov 06
Mar 06
Jul 05
Nov 05
Mar 05
Jul 14
Jan 13
Oct 13
Jul 11
Consumer Sentiment Index
Apr 12
Jan 10
Oct 10
Jul 08
Apr 09
Jan 07
Oct 07
Jul 05
Apr 06
Jan 04
Oct 04
Jul 02
Apr 03
Jan 01
Oct 01
Jul 99
Apr 00
Jan 98
Oct 98
Jul 96
Apr 97
30
Jul 04
Mar 04
-30 Nov 04
Source: Central Bank of Ireland
Retail Sales Very robust jobs growth and a recovery in sentiment over the last two years are beginning to feed through to the tills with retail sales increasing by 8.6% in the year to July 2014. Interestingly, sales of big-ticket items such as cars (+32.2% year-on-year) and furniture (+13.3% year-on-year) have recovered particularly strongly, perhaps indicating a significant shift in the psychology of Irish consumers. Retail Sales Index
Household Savings Ratio 120
18
115
95
Gross Savings Ratio - Ireland
Average Gross Savings Ratio - EU28
Source: CSO
All retail businesses, excluding motor trades
All retail businesses
2014M07
2014M03
2013M11
2013M07
2013M03
2012M11
2012M07
2012M03
2011M11
2011M07
2011M03
2010M11
2010M07
2009M11
2010M03
2009M07
2008M11
2008M07
2008M03
2007M11
2007M07
2013Q4
2013Q2
2012Q4
2012Q2
2011Q2
2011Q4
2010Q2
2010Q4
2009Q4
2009Q2
2008Q2
2008Q4
2007Q4
2007Q2
2006Q4
2006Q2
2005Q4
2005Q2
2004Q4
2004Q2
2003Q4
85 80 2003Q2
6 4
2007M03
90
2006M11
8
2006M07
10
105 100
2006M03
%
12
2005M11
Index: 2005 = 100
14
110
2005M07
16
2009M03
Index: Q4 2005 = 100
130
Source: CSO
09
IRISH RETAIL INVESTMENT PORTFOLIO
Economic Commentary Retail Sales by Store Type
The Relationship between Consumer Sentiment, Retail Sales and Real Rents
Performance has varied by store type. At one extreme, electrical goods stores have outperformed the market, driven by a consumer shift to portable electronics devices. A middle group of retail stores continue to trade well and include stores selling staple items such as clothing and footwear, groceries and pharmacy products, which are relatively immune to economic conditions. A third group has seen weaker trading. This includes book and newspaper stores where sales have been hit by electronic substitutes. It also includes retailers selling items related to housing such as DIY goods, furniture and lighting etc. However, as highlighted below, sales among the latter group of retailers have recently begun to recover quite strongly.
From the beginning of 2007 to the middle of 2008, consumer sentiment in the Irish economy fell dramatically. This decline was followed, with a lag of a number of months, by retail sales as consumers responded to an ever worsening economic environment. In response to this deterioration of the retail economy, real retail rents also began to fall through 2009. Thus there appears to be a lagged relationship here with retail rents following retail sales which in turn trend in the same direction as consumer sentiment.
Retail Sales Index by Store Type 180
This relationship was apparent in the economic downturn and it also appears to be holding throughout the recovery. As illustrated below, we have seen an initial recovery in consumer sentiment from the start of 2011 and this has been followed by an improvement in retail sales, which has become more pronounced through 2013. Assuming that the relationship holds similar to that experienced in the downturn, we would expect to see retail rents also begin to recover in the months ahead.
160 Electrical Goods Clothing & Footwear
Consumer Sentiment, Retail Sales, Real Rents 120
Supermarkets 120
Pharmacy
110
Furniture & Lighting
100
100 Specialist Food Hardware, Paint & Glass 80 Bars Source: CSO
60
March 2005 = 100
90 80 70 60 50
Sep 2008 Lehmen Bros Bank Guarantee
2014M07
2013M11
2014M03
2013M07
2012M11
2013M03
2012M07
2011M11
2012M03
2011M07
2010M11
2011M03
2010M07
2009M11
2010M03
2009M07
2008M11
2009M03
2008M07
2007M11
2008M03
2007M07
2006M11
2007M03
2006M07
2005M11
2006M03
40 2005M07
40
Nov 2010 EU/IMF Bailout
Mar 05 Jun 05 Sep 05 Dec 05 Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Sep 07 Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14
Index: 2005 = 100
140
CSI
10
RSI
Real Rents
Source: CSO
SUBURBAN SHOPPING CENTRE
SUBURBAN SHOPPING CENTRE
> Douglas Court Shopping Centre, Douglas, Co. Cork
SPECTRUM PORTFOLIO
SUBURBAN SHOPPING CENTRE S P E C T R U M
P O R T F O L I O
I R I S H
R E T A I L
I N V E S T M E N T
P O R T F O L I O
Suburban Shopping Centre Overview Douglas Court Shopping Centre is one of the most established shopping centres in Ireland. It has traded successfully for over 25 years and is very much part of the retail fabric of Cork, Ireland’s second largest city. Douglas Court Shopping Centre has an established and affluent customer base and has consequently thrived through the recession sustaining rents that other centres have struggled to achieve. Douglas Court gives an investor exposure to the recovery in spend of Cork’s most affluent shopper.
Douglas Court gives an investor exposure to the recovery in spend of Cork’s most affluent shopper 13
Douglas Court Shopping Centre, Douglas, Co. Cork Location Cork is the second largest city in the Republic of Ireland and is the cultural and economic capital of the south. Douglas Court Shopping Centre is located in the affluent suburb of Douglas on the south side of Cork city, approximately 3 kms from the city centre.
Blackpool
Kent Train Station
Situated in a high profile location, just off the South Ring Road and within walking distance of local bus routes, the Centre is easily accessible to its catchment population in excess of 115,000 persons. Douglas Court is a suburban shopping centre serving the affluent Douglas area and neighbouring areas of Grange, Rochestown and Blackrock.
Glanmire
R635
M8
N20
Cork
R846
City Centre
N22 University College Cork
R608 Cork Institute Of Technology
E30
N8
Little Island
Blackrock R852
N27
R852
N40 LOUGH MAHON
R610
Cork University Hospital
R851
N71 N40
N40
Wilton
Douglas
Grange
N71
R851
Frankfield
R610
Roachestown
Douglas Golf Club
N28
N27
Cork Airport
Dublin
N71
N28 N27
R610
Cork
Cork is the second largest city in the Republic of Ireland and is the cultural and economic capital of the south 15
N28 National Road
Rochestown Park Hotel
South Ring Road/N40
McDonalds
Douglas Village Shopping Centre Cinema
00
SPECTRUM PORTFOLIO
Description Completed in 1990 and anchored by Dunnes Stores (held long leasehold), the Centre provides approximately 15,584 sq m (167,748 sq ft) (including Dunnes Stores) of retailing space on a 5.5 ha (13.6 acre) site. The property forms a single storey structure accommodating over 50 retail and kiosk units with a high occupancy rate of 95%. The scheme provides a strong retailing mix, with current occupiers including New Look, Boots and Next. The property also comprises a stand-alone garden centre, a detached building (currently occupied by a dance studio), an ATM and surface car park providing space for approximately 950 cars. The property has a current contracted rent roll of â&#x201A;Ź4,429,756 per annum with a passing rent of â&#x201A;Ź3,904,938 per annum (after adjustments for abatements and all inclusive deals) and an attractive Weighted Average Unexpired Lease Term (WAULT) of 7.6 years. New Look accounts for almost 12% of the income stream. Also included in the sale is a site of 0.39 acres (formerly a private residence) fronting the affluent Rochestown Road close to its junction with the Fingerpost Roundabout.
Completed in 1990 and anchored by Dunnes Stores, the Centre provides approximately 15,584 sq m of retailing space 17
Douglas Court Shopping Centre, Douglas, Co. Cork
Catchment The catchment for Douglas Court generally falls within a 15 minute drive-time capped to the north by Cork City and includes the surrounding areas of the affluent Douglas Village. The population of this catchment was 115,211 persons at the 2011 Census, representing a 7% increase over the past decade. Population
% Increase since previous Census
The demographic profile of the catchment can be categorised as follows; • 38% of the catchment is within the top tier social class of professional, managerial and technical (AB). This is above the national average of 34%. • 91% of the catchment are in employment, students, retired or dedicated to home duties which is above the national average.
2002 Census
107,008
4.23%
2006 Census
111,368
4.07%
• 50% of the catchment has completed third level or vocational education; this is above the national average of 43%.
2011 Census
115,211
3.45%
• 87% of the housing stock is occupied compared to the national residential occupancy rate of 83%. • There are a total of 42,834 households within the catchment, which represents an average household of 2.68 persons. This is just below the national average household size of 2.78 persons.
Douglas Court Shopping Centre Drivetime & Catchment
10 Minute Drivetime Primary Catchment M8 N20
Glenmire Glanmire R617
E30
N22
Cork City
N40
N22
Wilton
N40
Douglas Cobh
N28 N71
N28
Ringaskiddy
Carrigaline Crosshaven
N71
R611 R600
18
According to Gamma*, the total annual household spend within the defined catchment is in the region of €1.9bn. This includes household expenditure not relevant to goods and services that would be common in a shopping centre environment similar to Douglas Court. The spend has been refined to reflect expenditure categories that are only relevant to Douglas Court’s tenant mix and the capacity it has to support.
Category of Spend
Annual Spend Relevant to Douglas Court Shopping Centre
Clothing & Footwear
€99,752,825
Drink & Tobacco (at home only)**
€76,091,063
Food Consumed at Home**
€235,581,020
Food Consumed away from Home**
€68,473,582
Household Durables**
€16,929,946
Household non-Durable
€37,311,487
Other Misc. Expenditure**
€97,573,860
TOTAL
€631,713,783
* Annual spend data is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release ** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Douglas Shopping Centre
SPECTRUM PORTFOLIO
19
Douglas Court Shopping Centre, Douglas, Co. Cork
Scheme Floor Plan
Escape Corridor
Female Toilets
Dis. Dis. Store WC WC
Boots Shop 13/14/14A
Peter Mark Vision Express Shop 15 Shop 16/17
Escape Corridor Store
Store 11a
Escape Corridor
Vacant Store
Escape Corridor
Escape Corridor
Male Toilets
Escape Corridor
Cleaners Store
Vacant Market 5 & 8
Garden Goodness Market 2/3
The Good Fish Market 4
Lobby
Gloria Jeans Market 9
Market Area
Vacant Market 10 Golden Crust Market 6/7
Under Offer Shop 18/19
Vacant Market 1
The Butchers Block Shop 20
Par Saress K8/15 Vodafone Three Meteor Shop 10 Shop 11 Shop 12
Recharge Cartridges K7B
Two Euro Shop 21/22
New Look Shop 49
Jump Juice K7A
Dunnes Stores
Escape Corridor
High School Books Shop 38
Gloss Shop 37
Porters Shop 5/6/7/8
Heres Health Shop 39
Music Zone Shop 36
Information Desk BB’s Restaurant 1
O’Briens Restaurant 4
BB’s Restaurant 1
Celebrations Shop 31
Next Shop 34/35/35A
Lift
Vera Moda Shop 2
AIB Bank Shop 32 ISCream K.19
The Cleaners K.20
ATM TSB
K21 Blossoms Art & Hobby Shop 41
Anchor Store
Ancillary/Access
Retail Units
Held Long Leasehold
Cafés/Restaurants/Food Not to scale - for indicative purposes only.
20
Shoebox Shop 42
Gerard Shop Shop 43/44 Mall
Lobby
Lobby
AIB ATM
Costa Cafe Unit 45A O’Briens Wines Unit 45
Land Lord
Sam McCauleys Shop 46
Carraig Donn Shop 28/29/30
Kilkenny Shop 3/4
Game Shop Shop 1
Lobby
Moores Douglas The Shop 24 Travel Cobbler Shop 25 Shop 26
Icon K12 Sky K6
O2 Shop 9
House & Home Shop 40
Overdrive Shop 23
ATM
Cummins Sports Shop 47
SPECTRUM PORTFOLIO
Tenancy Schedule - Top 10 Tenants by Income Unit
Tenant
Area Sq m
Lease Start
Lease End
Term Years
Break
Contracted Rent
Passing Rent
Unit 49
New Look
495.7
12/06/2005
11/06/2030
25
11/06/2020
€453,660
€453,660
Unit 46
Sam McCauley Pharmacy
603.2
29/01/1999
28/01/2024
25
-
€275,000
€275,000
Unit 13 & 14
Boots
215.3
12/03/1990
11/03/2025
35
-
€185,500
€185,500
Unit 34, 35, 35a & Store 6
Next
684.7
13/09/1990
13/09/2019
29
-
€167,330
€167,330
Unit 32, K17
AIB Bank
182.6
12/03/1990
11/03/2025
35
-
€160,000
€160,000
Unit 47
Cummins Sports
411.9
12/03/2000
11/03/2025
25
-
€200,000
€160,000
Unit 16, 17 & 17A
Vision Express
138.3
11/09/2007
11/09/2027
20
10/09/2022
€146,555
€146,555
Unit 28, 29 & 30
Carraig Donn
170.3
01/04/2004
31/03/2024
20
-
€167,500
€117,250
Unit R1
BB's
115.0
01/03/2004
01/03/2024
20
-
€117,000
€117,000
Unit 1
GameStop
96.4
12/09/2002
11/09/2025
23
-
€127,500
€89,250
Top 10 Totals
3,113.4
€2,000,045
€1,871,545
Property Totals
8,271.0
€4,429,756
€3,904,938
Top 10 tenants make up 48% of the total passing rent.
21
Douglas Court Shopping Centre, Douglas, Co. Cork
Profile Tenants Boots Boots Retail (Ireland) Limited trading as Boots is one of Ireland’s leading pharmacy and beauty retailers. Established in Ireland since 1996, Boots has 74 stores trading nationwide and is the largest pharmacy chain in Ireland. According to Dun & Bradstreet, Boots Retail (Ireland) Limited rating is 5A 2 based on a turnover in excess of €285 million based on company accounts dated March 2013. Next Next Group Plc trading as Next operates over 500 Next stores across the UK and Ireland, with 30 of these located in the Republic of Ireland. Next Group Plc has a Dun & Bradstreet rating of 5A 1 with a reported £198m turnover and £1.3bn of net worth in their January 2014 accounts. Kilkenny Clydaville Investments Ltd trading as Kilkenny is Ireland’s largest emporium of Irish designed products. It operates from 11 own brand stores throughout Ireland. Kilkenny offers a range of designer fashion, jewellery and crafts that is popular with locals and tourists alike. Restaurant facilities are also provided in a number of stores. Clydaville Investments Ltd has a Dun & Bradstreet rating of 2A 2 based on turnover in excess of €21.5 million as reported in their January 2013 company accounts.
BER Certificate
B1 G Title We understand the property is held Freehold.
22
Solicitor’s Details Arthur Cox Brian O’Rourke brian.orourke@arthurcox.com T: +353 (0)1 618 0000
SPECTRUM PORTFOLIO
Development Potential Douglas Court has a positive recent planning history, with extant planning permissions including a approx. 3,800 sq m extension to the main anchor store and a standalone drive thru’ restaurant. A decision to grant has also been issued (August 2014) for the combination and extension of Units 41 and 42 to provide a new store of approximately 756 sq m (approximately 458 sq m ground floor retail, approximately 298 sq m first floor storage) to facilitate a proposed new letting to a gourmet convenience food retailer.
Masterplan Proposal An experienced design team has been assembled including Architects, Town Planners, Property Advisors and Consulting Engineers who have been charged with engaging with Cork City and County Councils with a view to protecting the future development potential of the scheme. This design team, after an extensive consultation process, has prepared and submitted detailed reports in respect of both the Douglas Land Use and Transportation Strategy (DLUTS) 2013 and the Draft Metropolitan Cork Joint Retail Study 2013. These reports and studies have identified extensive potential redevelopment opportunities, extending to some approximately 7,500 sq m, through the re-allocation of car parking. The DLUTS promotes a general land use policy relating to consolidated town centre precincts leading to a plan led approach for Douglas which will provide for an additional 25,000 sq m of floor space by 2032. It is acknowledged that Douglas Court is a key retail location and, subject to a phased Overall Planning or Development Scheme for the entire site, is capable of accommodating an additional 7,500 sq m of non-residential floor space in the prescribed form.
Extension (decision to grant planning issued) to accommodate proposed Gourmet Convenience Food Retailer (extension shown in yellow)
The Metropolitan Cork Joint Retail Study 2013 identifies Douglas as a Level 2 District Centre and Large Metropolitan Town alongside Blackpool, Wilton and Mahon. The report identifies a need to “support the vitality and viability of District Centres to ensure that such centres provide an appropriate range of retail and non-retail functions to serve the needs of the community and respective catchment areas, with an emphasis on convenience and appropriate comparison shopping in order to protect the primacy of Cork City Centre”. The study also identifies the need for an even distribution of comparison floor space in the city suburbs, with no district centre being permitted to have a greater amount of comparison floor space than Mahon Point, which will not be permitted to grow significantly over the period of the strategy. The key recommendations of the both DLUTS and the Retail Study have now been incorporated into Carrigaline Local Area Plan (Amendment No. 2, objective TC-05) which recognises the important role of Douglas Court in delivering these aspirations. There is now sufficient statutory and policy framework in place for a full scale planning application to be progressed.
Schematic extension proposals subject to planning consent and finalisation of land agreements and public realm works with Cork County Council
23
Douglas Court Shopping Centre, Douglas, Co. Cork
Development Potential
Schematic extension proposals subject to planning consent and finalisation of land agreements and public realm works with Cork County Council. 24
RETAIL PARK RETAIL PARK
> Dundalk Retail Park Dundalk, Co. Louth
SPECTRUM PORTFOLIO
R E TA I L PA R K S P E C T R U M
P O R T F O L I O
I R I S H
R E T A I L
I N V E S T M E N T
P O R T F O L I O
Retail Park Market Overview The health and vitality of the Retail Park sector is inextricably linked to the housing market. As residential construction effectively ceased in Ireland from 2008 onwards with annual completion of houses dropping by 84%, there was a consequential drop in the sales taking place in Retail Parks. Despite the recession however, the population has continued to grow strongly, which has increased the demand for housing. This is particularly the case in the Eastern seaboard and the Dundalk catchment has experienced above average population growth of over 10% in the inter-census period between 2006 â&#x20AC;&#x201C; 2011. This population growth married with the lack of housing construction over the last five years has created a pent up demand for housing stock, the fulfilment of which will lead directly to increased Retail Parks sales and demand from occupiers which will in turn drive rental growth and returns.
Dundalk Retail Park offers investors an opportunity to capitalise directly on both the residential and retail markets recovery 27
00
Dundalk Retail Park, Dundalk, Co. Louth Location
N53
Strategically located between Dublin and Belfast, Dundalk offers a gateway between Irelandâ&#x20AC;&#x2122;s two largest cities. Dundalk is the second largest town in the country and benefits from a strong local economy, underpinned in recent years by significant employment growth through foreign direct investment.
R177
Junction 17
R132
N52
N53
Dundalk Retail Park is a modern, high profile retail warehouse scheme situated on the inner relief road approximately 3 kms from the town centre.
Dundalk Stadium
R852
The development is well positioned in a high profile location along the N52, with access to the M1 motorway.
M1
Dundalk
Carrickmacross Road R178
R172
Neighbouring adjacencies include Dunnes Stores, motor showrooms and leisure/sporting offerings.
R172
N52
R178 R171
R132
Dublin-Belfast Railway
Ardee Road
Dundalk Institute of Technology
R171
Dundalk
Xerox Paypal
M1
Dublin
N52 R132
Dundalk Golf Club
R172
Junction 16 Blackrock
Strategically located between Dublin and Belfast, Dundalk offers a gateway between Irelandâ&#x20AC;&#x2122;s two largest cities 29
Dundalk Institute of Technology
Finnibair Industrial Park Crowne Plaza Hotel
DKIT Sports Centre
R172
Muirhevnamor Park
N52 National Road
R172
School
SPECTRUM PORTFOLIO
Description Situated on a site of approximately 8.1 ha (20 acres), the entire development comprises 20 retail warehouse units totalling approximately 20,743 sq m (223,276 sq ft), an industrial warehouse unit of approximately 1,394 sq m (15,000 sq ft) and a fast food restaurant approximately 269 sq m (2,900 sq ft). The retail warehouse units range in size from 265 sq m to 4,180 sq m. The retail park is anchored by Woodie’s with other notable occupiers including Argos, Currys and Halfords. This provides a strong tenant line-up with 82% occupancy, rising to 95% upon completion of the proposed cinema letting. Other occupiers within the scheme include Homestore + More, Heatons and Smyths Toys. The current rental income is €2,467,072 per annum (after adjustments for abatements excluding potential cinema income), while the Weighted Average Unexpired Lease Term (WAULT) is 8.3 years. Planning permission has been granted for the redevelopment of Units 2-4 (2,787 sq m) for a 6 screen cinema. An operator is in place to lease this space. The attractive location coupled with redevelopment opportunities provides an incoming purchaser with ample scope to increase rental income.
Immediate Additional Income & Asset Management Opportunity Terms are agreed with a leading international cinema operator to occupy Units 2 – 4 on the basis of a new 25 year lease at market rent. This letting is at an advanced legal stage.
Development Lands There are three development sites included with the property. Two sites are located at the rear of Phase 1 and extend to approximately 9.6 ha (23.8 acres). There is also a holding of approximately 2.6 ha (6.4 acres) in a corner position to the west of the scheme’s main entrance, fronting the inner relief road between Dunnes Stores and the newly acquired Dundalk Institute of Technology Sports Centre. Planning permission was granted (April 2011) for a retail and leisure scheme incorporating the 2.6 ha (6.4 acres) site and an adjoining local authority owned site to complement the existing Phase 1 development. Planning (August 2005 - since expired) was also granted for a further stand-alone restaurant on these lands. The entire site is zoned ‘Retail, Leisure and Recreation’ in the Dundalk and Environs Development Plan 2009-2015. A wide range of uses noted as permitted in principle under this zoning objective include car showroom, cash & carry, retail warehouse, tourism facilities, major shop, petrol station etc.
31
Dundalk Retail Park, Dundalk, Co. Louth
Catchment
Dundalk Shopping Centre Drivetime & Catchment
Armagh
The catchment for Dundalk Retail Park is generally within a 30 minute drive-time save inland to the west as there is a dearth of retail park competition in this region.
A28
A1
N2
The total population of this catchment as at the 2011 Census was 100,580 persons, representing a 10.10% increase since the 2006 Census. Dundalk is a high growth town compared to the national average growth rate of 8.22% at Census 2011.
Newry
Castleblayney
N53
Carrickmacross
Population
% Increase since previous Census
2002 Census
84,366
5.82%
2006 Census
91,350
8.28%
2011 Census
100,580
10.10%
Warrenpoint
Dundalk E01
N2
Population Percentage Change 1986 -2011
10% 8%
N52
N2
6%
Kells
Drogheda
• 47% of the catchment is within the top tier social class of professional, managerial, technical and non-manual workers (ABC1). • 54% of the catchment is in employment. A further 33% are students, retired or dedicated to home duties, which is on par with the national average. • There are a total of 35,835 households within the catchment, which represents an average household of 2.8 persons. This is slightly above the national average household size of 2.78 persons. • 4,061 new housing units were developed in the inter-censual period of 2006-2011 representing an 11% increase which is above with the national average. According to Gamma*, the total annual household spend within the defined catchment is in the region of €1.45bn. This includes expenditure which is not relevant to goods and services that would be common in a retail park environment similar to Dundalk Retail Park. The spend has been refined to reflect expenditure categories that are only relevant to Dundalk Retail Park.
12%
Ardee
R162
The demographic profile of the catchment can be categorised as follows;
4%
Category of Spend
N3
10 Minute Drivetime 30 Minute Drivetime Primary Catchment
E01
Naven
2%
Household Durables** 0%
Housing**
N2
-2% -4%
1986
1991
1996
National Average
2002
2006
Dundalk Catchment
2011
Annual Spend Relevant to Dundalk Retail Park €47,022,654 €6,115,865
Other Misc. Expenditure**
€15,866,285
Food Consumed away from Home**
€47,977,685
Fuel**
€11,670,578
Transport**
€1,591,678
TOTAL
€130,244,746
* Annual spend data is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release ** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Dundalk Retail Park
32
SPECTRUM PORTFOLIO
33
Dundalk Retail Park, Dundalk, Co. Louth
Scheme Floor Plan
Car Showroom
DKIT Sports Centre
AVENUE ROAD
Development Land 9.1 Ha (22.4 Ac) Car Showroom
Development Land 0.6 Ha (1.4 Ac)
KFC
Vacant
Cafe
Elverys Sports
Smyths Toys
Maplin
Heatons
Argos
Halfords
Rite Price Tiles
Carpetright
Homestore + More
Harry Corry
Under Offer
Vacant
Woodie’s
Garden Centre
Currys Development Land 2.6 Ha (6.4 Ac)
PC World
N54
Retail Units
Café/Restaurant
Not to scale - for indicative purposes only.
34
Development Land
SPECTRUM PORTFOLIO
Tenancy Schedule - Top 10 Tenants by Income Unit
Tenant
Area Sq m
Lease Start
Lease End
Term Years
Break
Contracted Rent
Passing Rent
1
Woodie’s
4,180.6
30/09/2002
29/09/2027
25
30/09/2022
€450,000
€450,000
12 & 13
Heatons
1,858.1
30/06/2008
29/06/2028
20
-
€420,000
€420,000
15
Smyths Toys
1,401.3
02/04/2007
01/04/2027
20
02/04/2018
€180,840
€180,840
14
Argos
934.0
01/01/2007
31/12/2026
20
31/12/2021
€180,000
€180,000
6&7
Home Store + More
1,858.1
14/08/2012
13/08/2032
20
13/08/2022
€160,000
€160,000
9
Carpetright
696.8
08/11/2004
07/11/2024
20
07/11/2019
€135,000
€135,000
17
Elverys
929.0
01/02/2004
01/02/2029
25
-
€125,000
€125,000
19
Currys
1,161.3
27/05/2008
26/05/2028
20
27/05/2018
€124,310
€124,310
11
Halfords
696.8
01/06/2007
01/06/2027
20
01/06/2017
€120,544
€120,544
8
Harry Corry
696.8
16/10/2002
15/10/2027
25
-
€130,858
€110,000
Top 10 Totals
14,412.8
€2,026,552
€2,005,694
Property Totals
22,406.0
€2,613,050
€2,467,072
Top 10 tenants make up 81% of the total passing rent.
35
Dundalk Retail Park, Dundalk, Co. Louth
Profile Tenants Woodie’s Atlantic Homecare Ltd trading as Woodie’s is Ireland’s leading DIY store with 37 stores nationwide selling DIY related products, housewares, plumbing accessories and gardening products to name a few. Atlantic Homecare successfully exited an Examinership process in 2012. PC World & Currys DSG Retail Ireland Ltd trading as PC World and Currys is one of Ireland’s biggest consumer electrical retailers operating from 28 stores across Ireland. DSG Retail Ireland Ltd is part of Dixons Retail Plc which is one of Europe’s leading electrical retailers trading across 14 countries. DSG Retail Ireland Ltd has a Dun & Bradstreet rating of 4A 3 based on turnover in excess of €152 million reported in April 2013 accounts. Halfords Halfords is a leading retailer of automotive and cycling products in the UK and Ireland operating from 465 stores, of which 22 are located in the Republic of Ireland. Halfords is currently benefiting from the growing cycling market and stabilising car maintenance business. The company reported bicycle sales increased by 21% and group sales by 7.9% during the 3 months ended June 2014. According to Dun & Bradstreet, Halfords Ltd has a rating of 5A 1 based on a turnover of €745.5 million in accounts dated March 2013.
BER Certificate
B1 G Title We understand the property is held part Freehold, part Long Leasehold.
36
Solicitor’s Details McCann Fitzgerald Aimee Kirwan aimee.kirwan@mccannfitzgerald.ie T: +353 (0) 1 829 0000
TOWN CENTRE RETAIL
SPECTRUM PORTFOLIO
TOWN CENTRE RETAIL
> Quayside Shopping Centre, Sligo Town, Co. Sligo
TOW N C E N T R E R E TA I L S P E C T R U M
P O R T F O L I O
I R I S H
R E T A I L
I N V E S T M E N T
P O R T F O L I O
Town Centre Market Overview Sligo Town is the administrative centre serving County Sligo and dominates retailing in the wider region. Unlike many towns across Ireland, Sligo’s planners resisted demands to permit the development of out of town shopping centres which has allowed the town to retain a strong retail core. All comparison retail development in Sligo has occurred in the town centre, Quayside in turn is the largest shopping development in the town. As a consequence Sligo Town is a strong comparison retail destination with large multiples including TK Maxx, Next, River Island, Penney’s trading from the town centre. Quayside Shopping Centre provides investors with the opportunity to acquire a significant portion of Sligo’s retail core.
Quayside Shopping Centre provides investors with the opportunity to acquire a significant portion of Sligo’s retail core 39
Quayside Shopping Centre, Sligo, Co. Sligo Location
N16
Located in the north west of Ireland, Sligo is the second largest population centre in Connaught. The town has a clearly defined catchment of South Donegal, Leitrim, Roscommon, Sligo and Mayo.
N15 R291
Rathbraghan
Quayside Shopping Centre is situated on Wine Street, and is very much intergrated into the heart of the town.
The scheme is located approximately 300 metres from the N4; the main road to Roscommon and Mayo. The development is conveniently located close to the Sligo bus station and within easy walking distance of the town centre. Neighbouring adjacencies include a mix of independent retailers and professional services. A 12 screen multiplex cinema adjoins the Shopping Centre and is a significant footfall driver for the scheme.
R287
Cartron
The property has pedestrian access from Wine Street and also Quay Street with vehicular access to the underground car park from Lower Quay Street.
Institute of Technology, Sligo
Sligo
Finisklin
N16
Sligo General Hospital
Bellanode
R286
R292 R292
Kevinsfort
N4
R286
R292 RIVE R GARAVOGUE
Cleveragh
R287
Hazelwood
R870
Sligo Racecourse
Cornageeha
Sligo
Woodtown Lodge
N4 R287
Dublin
Carraroe LOUGH GILL
Located in the north west of Ireland, Sligo is the second largest population centre in Connaught 41
River Garvogue
Quay Street
Oâ&#x20AC;&#x2122;Connell Street
N4 National Road
Tesco Wine Street
Wine Street Car Park
Union Street
SPECTRUM PORTFOLIO
Description Developed in 2004, Quayside Shopping Centre comprises a multi level, mixed use town centre part streetscape and part enclosed scheme, with over 40 shops, over a basement car park offering 400 spaces. Over 71% of the total retail floor area forms part of the sale together with the Freehold interest in the development. The subject interest comprises a total floor area of approximately 9,079 sq m (retail and ancillary office space), with TK Maxx as the anchor tenant occupying approximately 2,599 sq m. Also included in the sale is the basement car park which provides over 400 spaces serving the shopping centre and the town. The subject interest in the Scheme has an occupancy rate of 91% and a Weighted Average Unexpired Lease Term (WAULT) of 3.34 years. The current passing rent is â&#x201A;Ź1,428,386 per annum (after adjustments for abatement and all inclusive deals) with a contracted rent of â&#x201A;Ź1,473,173 per annum. 54% of the rental income comes from TK Maxx, Next and River Island.
Developed in 2004, Quayside Shopping Centre comprises a town centre part streetscape and part enclosed mall 43
Quayside Shopping Centre, Sligo, Co. Sligo
Catchment The catchment area for Quayside Shopping Centre includes all of County Sligo as well as south Donegal to the north, Ballina to the south west and the area to the south and east following the 30 minute drive-time.
The demographic profile of the catchment can be categorised as follows; • 50% of the catchment is within the top tier social class of professional, managerial, technical and non-manual workers (ABC1).
There is no comparison retail within this catchment that would rival Quayside Shopping Centre/Sligo. Letterkenny, Enniskillen and Galway would be considered the closest competition 111 kms, 65 kms and 140 kms from Sligo respectively.
• 54% of the catchment is in employment. A further 34% are students, retired or dedicated to home duties which is slightly above the national average (33%).
The population of Quayside’s catchment was 105,788 persons at the 2011 Census, representing a 7% increase in the inter-censual period of 2006 - 2011.
• There are a total of 39,506 households within the catchment, which represents an average household of 2.67 persons. This is slightly below the national average household size of 2.78 persons.
Population
% Increase since previous Census
2002 Census
92,941
4.47%
2006 Census
98,692
6.19%
2011 Census
105,788
7.19%
Quayside Shopping Centre Drivetime & Catchment
According to Gamma*, the total annual household spend within the defined catchment is in the region of €1.6bn. However, this includes expenditure incurred on transport, housing, pensions, holidays etc. that are not relevant to goods and services that would be common in a shopping centre environment similar to Quayside Shopping Centre. This has therefore been refined to reflect expenditure categories that are only relevant to Quayside Shopping Centre’s tenant mix, both existing and potential.
Letterkenny
Dungloe
Category of Spend
N13
N56
N15
Donegal Omagh N15 A5
Bundoran N46
N16
N54
Ballina
N4 N17
N26
Boyle
10Cavan Minute Drivetime
N61
30 Minute N3 Drivetime
Swinford N5 N5
Castlebar N5
44
N60
N83
N4
Household Durables**
€12,274,719
Household non-Durable**
€32,159,161
Food Consumed away from Home**
€53,296,583
Other Misc. Expenditure**
€74,412,437 €246,021,658
** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Quayside Shopping Centre
A509
N59
€73,878,758
* Annual spend is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release
Enniskillen
N59
Annual Spend Relevant to Quayside Shopping Centre
Clothing & Footwear
TOTAL
A32
N15
Sligo
• 4,425 new housing were developed in the inter-censual period of 2006-2011 representing an 11% increase which is above the national average of 10%.
Primary Catchment
SPECTRUM PORTFOLIO
45
Quayside Shopping Centre, Sligo, Co. Sligo
Sample Scheme Floor Plans Level 2
Level 4
WE
R Q UA
LO
Y S TR
EE
ET
E
Unit 18 Oasis Unit 2 Vaca 5 nt
MALL
Next
Unit 15 Monso&16 on
Unit 21 Alure
Unit 14 Gerard ’s
TT PL AC EMME
Unit Specsa 17 vers
STREET
Unit 3&4 Dealz
Unit 2 Exhibit
Unit 1 Se7en
Unit 26 MALL
Unit 2 Unit 30 Vacan 7 t P Cara harma cy
Uni Uniquet 22 Gifts VUnit 23 acant
Unit 24 Vacan t
Unit 12 Hidden Hearing
Unit 5&6 River Island
Car Park
Unit 25a YumYum
Unit 13 Carphone Warehouse
The Bagel Bar
WINE STREET
RE
Mauds
Q U AY S TREET
U33 Vacant
TK Maxx
ST
rts
U32a Vacant
MALL
AY
U Lifestynit 19 le Spo
U31 Vacant
U33a Vacant
R Q U
T
U29 Domino’s Pizza U28 Gary’s Cycles
U32 Blades & Scissors
WE
Unit 11 Vacant
Cinema Held Long Leasehold
Unit 10 Vacant
Unit 9a Vacant Unit 9 Vacant
WINE STREET
Anchor Store
Ancillary/Access
Retail Units
Held Long Leasehold
Not to scale - for indicative purposes only. 46
Q U AY S TREET
LO
SPECTRUM PORTFOLIO
Tenancy Schedule - Top 10 Tenants by Income Unit
Tenant
Area Sq m
Lease Start
Lease End
Term Years
Break
Contracted Rent
Passing Rent
34
TK Maxx
2,599.1
13/06/2005
12/06/2025
20
12/06/2017
€334,000
€334,000
5, 6 & part 8
River Island
641.5
01/04/2005
31/03/2025
20
31/03/2015
€186,000
€186,000
20
Next
2,165.3
07/07/2005
13/07/2025
20.02
05/07/2015
€250,000
€250,000
3&4
Dealz*
574.4
10/09/2014
09/09/2024
10
09/09/2019
€110,000
€110,000
15 & 16
Monsoon
115.6
20/06/2005
20/06/2025
20
-
€90,000
€90,000
19
Lifestyle Sports
550.5
19/02/2014
18/02/2015
1
-
€90,000
€90,000
18
Oasis
165.0
21/06/2005
20/06/2025
20
-
€75,000
€75,000
17
Specsavers
147.8
11/08/2005
10/08/2025
20
-
€72,500
€72,500
14
Gerards**
115.6
02/04/2012
01/10/2014
2.52
-
€20,000
€20,000
29
Domino's Pizza
161.7
06/09/2006
05/09/2026
20.00
06/09/2016
€15,000
€15,000
€1,242,500
€1,242,500
€1,473,173
€1,428,386
Top 10 Totals***
7,236.5
Property Totals 9,078.9 *Agreement for lease executed. **New 2 year licence being finalised to commence on expiry 01/10/2014. ***Top 10 Totals excludes the Car Park which produces approx. €120,000 per annum.
Top 10 tenants make up 87% of the total passing rent.
47
Quayside Shopping Centre, Sligo, Co. Sligo
Covenant Information TK Maxx TJX Ireland trading as TK Maxx is a subsidiary of TJX Companies which is a global retailing company. TJX Ireland was established in 2003 and has 18 stores across Ireland. According to Dun & Bradstreet the company has a rating of 3A 2 with a reported turnover of over €142m in their February 2013 accounts. Next Next Group Plc trading as Next operates over 500 Next stores across the UK and Ireland, 30 of these located in the Republic of Ireland. The company has a Dun & Bradstreet rating of 5A 1 with a reported £198m turnover and £1.3bn net worth in their January 2014 accounts. River Island River Island Clothing Company (Ireland) Limited trading as River Island was established in 2003 and has over 25 stores in the Republic of Ireland. According to Dun & Bradstreet the company has a rating of 5A 2 with a turnover of just under €77m according to their December 2012 accounts.
BER Certificate
B2 G Title We understand the property is held: Long Leasehold Title. Freehold reversion (part possessory).
48
Solicitor’s Details Eversheds Michael Neary michaelneary@eversheds.ie T: +353 (0) 1 664 4200
GROCERY RETAIL CENTRES
> Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin > Kilbarrack Shopping Centre, Kilbarrack, Dublin 5 > The Mill Shopping Centre, Clondalkin, Dublin 22
GROCERY RETAIL CENTRES
SPECTRUM PORTFOLIO
G R O C E R Y R E TA I L C E N T R E S
Swords R106
Malahide
M1
R108
R106
S P E C T R U M
P O R T F O L I O
I R I S H
R E T A I L
R132
I N V E S T M E N T
P O R T F O L I O Dublin Airport
R107
Portmarnock
Kinsealy M1
R124
Baigriffin
M50 R132
Grocery Retail Market Overview
R106
The Irish grocery market has proved particularly resilient during the financial crisis. Grocery sales have remained steady with a 0.2% differential between total grocery sales from 2005 to 2013. They are however expected to grow by 1.0% to â&#x201A;Ź14.6 billion in 2014. According to Kantar Worldpanel, the average consumer now has one major shop, one medium shop and three smaller outings during the week leading to a high frequency of visit to convenience anchored centres. This frequency of visit underscores the sustainability of income and security of investment.
Beaumont
N1
R107
R105
R105
St Anneâ&#x20AC;&#x2122;s Park
M50
R105
Howth
R807
Bull Island
Clontarf Phibsborough R108 R109
R807
R131
Phoenix Park
R148
R112
R113
M50
R120
Dublin
R148
Ballyfermot
Kilmainham
R131
R810 R118 R110
Inchicore R136
R802 R111 R810 R134
Bluebell
Crumlin
Ballsbridge
R114
R110
Clondalkin
R134
R134
Rathmines
R137
R113
Grange Castle Golf Club
R112
Ballymount
Kimmage
R138 R825
Terenure
N7
R119
R112
R137
N31 N31
R114
N81
Tallaght
Blackrock
Rathfarnham
M50
R113
N82
R118
R117 R137
R136
Booterstown
Clonskeagh
Newlands Golf Club
Casement Air Base
The Grocery schemes within this portfolio provide investors with access to established Dublin centres with secure income streams.
R103
Glasnevin Drumcondra
Sutton
Kilbarrack
Whitehall R805
M4
The Grocery Centres within this portfolio are anchored by the largest Grocery anchors in the country. Tesco anchors each of Bloomfields and Kilbarrack Shopping Centres with Dunnes Stores anchoring The Mill Shopping Centre. Between them these two anchors enjoy a market share of 59% of Irish Grocery Sales.
R104
R103
Lucan
Adamstown
R809
Donaghmede
R104
R108
Portmarnock Golf Club
Dundrum
R115
Goatsown R826
R113
Stillorgan
R113
R119
Deansgrange
N7
Saggart
R133
M50
Dalkey
Sallynoggin R828
N81
Dun Laoghaire
Marlay Park
Sandyford M50
R113
R118
R827
N11 Foxrock
Glenageary Cabinteely
Killiney
R114 Kilbogget Park
Stackstown Golf Club
R117
Loughlintown R118 Carrickmines
R119
R116
M50
Kilternan
Cherrywood
M11
R116
51
IRISH RETAIL INVESTMENT PORTFOLIO
SOUTH DUBLIN
52
NORTH DUBLIN
WEST DUBLIN
Beaumont
Kilbarrack
Whitehall R103
R805
R107
Glasnevin
R105
R807
R105
Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin Drumcondra N1
St Anne’s Park
M50
R105
Howth
Bull Island
Clontarf
Phibsborough R108 R109
Lucan
Location
Phoenix Park
R148
Liffey Valley
M4
R807
R131
R112
R113
Ballyfermot Located in South County Dublin, Dun Laoghaire is an M50 R120 established affluent coastal suburb situated approximately Adamstown
Kilmainham
R810 R118 R110
Inchicore
13 kms from Dublin city centre.
R131
Dublin
R148
R136
R802 R111
Dun Laoghaire is the administrative centre of the Dun R134 Laoghaire Rathdown local authority area which covers the majority of Dublin’s southern suburbs. Clondalkin R134
R810
Bluebell
Crumlin
Ballsbridge
R114
R110
Rathmines
R137
R134
The town is well served by bus and rail links and is easily Grange accessed by privateCastle and public transport. It also has a busy Ballymount Golf Club N7 port terminal. R113
R112
Kimmage
R138 R825
Terenure
Booterstown
Clonskeagh
Newlands Golf Club
Casement Air Base
R118
R117
The property is situated on George’s Street Lower, approximately 1 km south west of the DART (local rail) station, with vehicular access from Library Road. R113 Occupiers on George’s Street Lower comprise a mixture R136 of independent retailers complemented by major brands Citywest Tallaght such as Dunnes Stores and Penneys. N82
R112
R137 R119
Blackrock
Rathfarnham
M50 R137
N31 N31
R114
N81
Dundrum
R115
Goatsown R826
Stillorgan
R113
R119
Deansgrange
N7 Saggart
R133
M50
Marlay Park
Sandyford M50
R113
R118
R827
N11 Foxrock
Glenageary Cabinteely
Killiney
R114 Kilbogget Park
Stackstown Golf Club
R117
Loughlintown R118 Carrickmines
R119
R116
Dun Laoghaire
Dalkey
Sallynoggin R828
N81
Dun Laoghaire
R113
M50
Dublin Kilternan
Cherrywood
M11
R116
Located in South County Dublin, Dun Laoghaire is an established affulent coastal suburb 53
DART Line
Dun Laoghaire Harbour
Marine Road Dun Laoghaire DART Station
George’s Street Lower
00
George’s Street Upper
SPECTRUM PORTFOLIO
Description Anchored by Tesco, Bloomfields Shopping Centre comprises an enclosed mall and separate external ground floor retail units accessed from both George’s Street and Convent Lane. The Centre is situated on a site of approximately 4 acres. Tesco (4,703 sq m), the Car Park (550 spaces) and IMC Cinema (13 screens and 2,000 seats) are held under long leasehold interests. There are a further five external units fronting Georges Street Lower and five external units fronting Convent Lane. The entire interest being offered for sale extends to a total retail area of approximately 3,895 sq m. The subject interest in the centre is currently 84% occupied with a contracted rent of €893,820 per annum and a passing rent of €852,218 per annum (after adjustments for abatements and all inclusive deals). The property has a Weighted Average Unexpired Lease Term (WAULT) of 7.2 years. The centre has a strong tenant line-up with occupiers such as Boots, Dealz, Vero Moda, Jack & Jones, Argos and Vodafone. Boots, Dealz and Argos together generate 67% of the passing income. Tesco is the dominant food offering in the town whilst the IMC multiplex is the key leisure destination serving South Dublin’s coastal suburbs.
Anchored by Tesco, the Centre comprises an enclosed main mall and separate external ground floor units 55
Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin R807
Bloomfields Shopping Centre Drivetime & Catchment R131
Bloomfields Shopping Centre’s catchment falls within a 10 minute drive-time and incorporates the affluent suburban areas of Dun Laoghaire, Glenageary, Dalkey, Killiney and a part of Loughlinstown. The population of this catchment was 46,114 persons at the 2011 Census, which was marginally above the previous Census in 2006. This was the first Census since 1991 in which there was a positive population growth rate experienced.
Ballsbridge R118
R138
Catchment
Booterstown
Population
% Increase since previous Census
Dun Laoghaire
2002 Census
47,196
Deansgrange
Stillorgan
2006 Census
R828
2011 Census
-3.18%
Drink & Tobacco (at home only)**
€32,892,740
45,620
-3.34%
Food Consumed at Home**
€93,613,953
46,114
1.08%
Food Consumed away from Home**
€34,028,440
Household Durables**
€6,458,002
Dalkey R118
Leopardstown
Glenageary
R119
N11
E01
Loughlintown
Kiltieman R116
Killiney
Ballybrack
R119
Primary Catchment
56
R760
Household non-Durable
€15,810,806
Other Misc. Expenditure**
€34,338,613
• 68% of the catchment is within the top tier social class of professional, managerial, technical and non-manual workers (ABC1) which is 16% higher than the national average.
TOTAL
• 54% of the catchment has completed Third Level or Vocational education; 9% above the national average.
R116
10 Minute Drivetime
The demographic profile of the catchment can be categorised as follows;
• 51% of the catchment is in employment. A further 41% are students, retired or dedicated to home duties which is above the national average of 33%.
Shankill
E01
Wicklow
Bray
Annual Spend Relevant to Bloomfields Shopping Centre €43,641,249
R119
R113
Category of Spend Clothing & Footwear
Blackrock N31
According to Gamma*, the total annual household spend within the defined catchment is in the region of €913 million. This includes expenditure which is not relevant to goods and services that would be common in a shopping centre environment similar to Bloomfields Shopping Centre. The spend has been refined to reflect expenditure categories that are only relevant to Bloomfields Shopping Centre.
• There are a total of 17,462 households within the catchment, which represents an average household of 2.64 persons. This is below the national average household size of 2.78 persons.
€260,783,802
* Annual spend is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release ** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Bloomfields Shopping Centre
SPECTRUM PORTFOLIO
57
Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin
Scheme Floor Plan
G E O R G E ' S S T R E E T LOW E R
G1/G2 Vacant
G E O R G E ' S S T R E E T LOW E R
G4 G5/G8 JJ Gunne Darboven Residential
G3 Violet
Store A Argos
IMC Cinema CONVENT LANE UC1 Sun Vision Serivce Yard
U17 Vacant
U7 Vera Moda
U1/2 Dealz
U8/9 Jack & Jones
U10 U11 Name It Diffney
U12 Peter Mark
U13 U15 Meat U14/16 Oultet Vacant Vacant
UC2B UC3 UC4 Access Vanity Hair Salon Hearing
LC2A Bloomfields Barber Shop
U17
U5 Vacant
Dance Theatre of Ireland
Anchor Store Retail Units
S
G
A
NS
ST
LI
CafĂŠs/Restaurants
RO
Y AR
E RD
EA
BR AR Y
Leisure
LA N E
Ancillary/Access Held Long Leasehold Not to scale - for indicative purposes only. 58
Entrance to Car Park
Service Yard
U6 Vacant
Tesco Supermarket
CONVENT ROAD
U3/4 Boots
SPECTRUM PORTFOLIO
Tenancy Schedule - Top 10 Tenants by Income Unit
Tenant
Area Sq m
Lease Start
Lease End
Term Years
Break
Contracted Rent
Passing Rent
3&4
Boots
368.0
10/07/1997
09/07/2022
25
-
€201,000
€201,000
1&2
Dealz
584.0
01/11/2012
31/10/2022
10
-
€200,000
€200,000
Store A (Grd & 1st floors)
Argos
806.6
02/07/1997
02/07/2022
25
-
€168,500
€168,500
7, 8 & 9
Vero Moda
298.0
30/08/2012
29/08/2027
15
29/08/2017
€45,000
€45,000
G5 & G6
Gunne Residential
73.0
22/04/2001
21/04/2026
25
-
€48,000
€36,000
Arts Centre (1st floor)
DLR County Council
400.6
01/04/2000
31/03/2025
25
-
€35,000
€35,000
10
Name It
126.0
25/06/2012
24/06/2027
15
24/06/2017
€25,000
€25,000
13
Meat Outlet
93.0
12/08/2013
11/08/2023
10
31/12/2018
€45,000
€20,000
C1
Sun Vision
75.0
26/08/2013
25/08/2018
5
-
€18,000
€18,000
G3
Voilet Hair Salon
37.0
24/03/2010
23/12/2014
4.75
-
€17,000
€17,000
Top 10 Totals
2,861.2
€802,500
€765,500
Property Totals
3,895.2
€893,820
€852,218
Top 10 tenants make up 90% of the total passing rent.
59
Bloomfields Shopping Centre, Dun Laoghaire, Co. Dublin
Profile Tenants Poundland Poundland Limited trading as Dealz is the largest single price value retailer in Europe with over 450 stores across the UK and Ireland. They first emerged in the Irish marked in 2011. Today there are over 30 Dealz stores across Ireland. Poundland Limited has a Dun & Bradstreet rating of 5A 1 with a turnover of over £880m according to their March 2013 accounts. Boots Boots Retail (Ireland) Limited trading as Boots is one of Ireland’s leading pharmacy and beauty retailers. Established in Ireland since 1996, Boots has 74 stores trading nationwide. According to Dun & Bradstreet, Boots Retail (Ireland) Limited’s rating is 5A 2 based on accounts dated March 2013 reporting a turnover in excess of €285 million. Argos Argos Distributors (Ireland) Limited is a wholly owned subsidiary of the UK Parent - Home Retail Group Plc which comprises three distinct retail brands to include Argos, Habitat UK and Homebase. Argos is one of the leading retailers in the home and general merchandise market and has over 700 stores throughout the UK and Republic of Ireland with over 33,000 employees. It has a Dun & Bradstreet credit rating of 5A 2, which represents a financial strength of over €50 million as measured on Net Worth.
BER Certificate
C3 G Title We understand the property is held Freehold.
60
Solicitor’s Details Arthur Cox Sarah O’Mahony sarah.omahony@arthurcox.com T: +353 (0) 1 618 0000
Kilbarrack Shopping Centre, Kilbarrack, Dublin 5 Swords R106
Location
Malahide
M1
R108
R106
Kilbarrack is situated on the north side of Dublin and is located approximately 8 kms from the city centre. Kilbarrack is an established residential area located between Raheny and Donaghmede.
R132
Dublin Airport
The Centre is located approximately 500 metres from Kilbarrack DART Station and is well serviced by local bus routes. There is easy vehicular access from key local distributor routes including Tonlague and Raheny roads.
R107
Portmarnock
Kinsealy M1
Set within a predominantly residential area, near a secondary school (Ardscoil La Salle) and local parish church, the Centre is well maintained and serves an important retail and administrative function for the local area.
R124
Baigriffin
M50 R132
R106
Donaghmede
R104
R108
Beaumont R103
R107
Glasnevin Drumcondra N1
Sutton
Kilbarrack
Whitehall R805
R809
R104
R103
Portmarnock Golf Club
R105
R807
St Anneâ&#x20AC;&#x2122;s Park
M50
R105
Howth R105
Bull Island
Clontarf Phibsborough R108 R109
Lucan R148
R112
Dublin
R113
Adamstown
R131
Phoenix Park
Kilbarrack
Liffey Valley
M4
R807
Ballyfermot
M50
R120
R131
Dublin
R148 R810
Kilmainham
R118 R110
Inchicore R136
R802 R111 R810 R134
Bluebell
Crumlin
R110
Clondalkin
R134
Kilbarrack is situated on the north side of Dublin, approximately 8 kms from the city centre R114
R137
R134 R113 Grange Castle Golf Club
R112
Ballymount
Rathmines
Kimmage
R138
R825
Terenure
N7
R118
R117 R137 R119 R113
R136
Booterstown
Clonskeagh
Newlands Golf Club
Casement Air Base
Ballsbridge
R112
Blackrock
Rathfarnham
M50 R137
N31
61 N31
R114
Goatsown
R113
Dun Laoghaire
Dublin Bay
Baldoyle Industrial Estate
Howth Junction DART Station
School National Rail Line to Belfast
DART Line Kilbarrack DART Station
Kilbarrack Road
School
00
SPECTRUM PORTFOLIO
Description Situated on a regular shaped site of approximately 1.1 ha (2.6 acres), the Centre extends to some 6,202 sq m (66,755 sq ft), between the internal mall and the external units facing the car park. The development is anchored by Tesco which is approximately 2,390 sq m (25,725 sq ft) and held under a long lease. It has 22 individual unit shops and a public house (long leasehold). The first floor includes a medical centre, gym and some vacant office space. A petrol station operated by Top Oil is located within the car park. The scheme has 138 surface car park spaces. The retail element of the property is 92% occupied with a passing rent of â&#x201A;Ź720,483 per annum (after adjustments for abatements and all inclusive deals) and a contracted rent roll of â&#x201A;Ź835,938 per annum. The Weighted Average Unexpired lease Term (WAULT) is 11.8 years. Other occupiers within the scheme include Lloyds Pharmacy, Ladbrokes, Mace, More 4 Less and Pizza Hut.
Situated on a regular shaped site of approximately 1.1 ha, the Centre extends to 6,202 sq m 63
Kilbarrack Shopping Centre, Kilbarrack, Dublin 5
Catchment The catchment for Kilbarrack Shopping Centre falls within a 10 minute drive-time and includes the settlements of Kilbarrack, Raheny, Sutton and Baldoyle. The population of this catchment was 67,670 persons at the 2011 Census, representing a 6.53% increase since the previous Census in 2006. This was the first Census since 1991 in which there was a positive population growth rate experienced. Population
% Increase since previous Census
2002 Census
65,335
-2.65%
2006 Census
63,523
-2.77%
2011 Census
67,670
6.53%
M1 Kilbarrack Shopping Centre Swords Drivetime & Catchment R132
Primary Catchment
R139 M1
Clarehall
R135
Raheny
N1 R805
Dublin
R148
64
Donaghmede
Baldoyle
R104
Artane
Sutton
Kilbarrack R105
R107
Clontarf
• 56% of the catchment is in employment. A further 34% are students, retired or dedicated to home duties which is above the national average. • There are a total of 25,097 households within the catchment, with an average household of 2.69 persons. This is slightly below the national average household size of 2.78 persons.
According to Gamma*, the total annual household spend within the defined catchment is in the region of €1.22bn. This includes expenditure which is not relevant to goods and services that would be common in a shopping centre environment similar to Kilbarrack Shopping Centre. The spend has been refined to reflect expenditure categories that are only relevant to Kilbarrack Shopping Centre and the capacity it has to support it. Category of Spend
R106
R108
• 57% of the catchment is within the top tier social class of professional, managerial, technical and non-manual workers (ABC1) which is 5% above the national average.
• 9.8% of the total housing stock within the catchment was built during the inter-censual period of 2006-2011 with 2,476 houses being completed.
10 Minute Drivetime
R107
M50
The demographic profile of the catchment can be categorised as follows;
Annual Spend Relevant to Kilbarrack Shopping Centre
Clothing & Footwear
€59,758,876
Drink & Tobacco (at home only)**
€49,202,923
Food Consumed at Home**
€132,234,882
Food Consumed away from Home**
€44,789,661
Household Durables**
€10,356,738
Household non-Durable
€22,104,099
Other Misc. Expenditure**
€52,674,926
TOTAL
€371,122,105
* Annual spend data is based on the 2011 Census and Household Budget Survey 2009/ 2010, adjusted by Gamma annually in line with the CSO CPI January data release ** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to Kilbarrack Shopping Centre
SPECTRUM PORTFOLIO
65
Kilbarrack Shopping Centre, Kilbarrack, Dublin 5
Scheme Floor Plan GRANGE PARK 25 Vacant
26 Post Office
27-28 Salyans Curry Club
16-21 Madigans Pub
1 Gleeson Butchers
22 Kidz Force Creche
2 Lloyds Pharmacy 29 Ladbrokes
Tesco Supermarket
3-5 More 4 Less 30 Grapevine Off Licence 6 Turning Heads Hairdressers 7 Revolution Nutrition
7b Vacant
138 Car Parking Spaces
8/9 FFG Takeaway
19 Kix
AV RK PA
11 Pizza Hut
GE
18 Stacks Pharmacy
17 15 14 T&N Barnardos Vacant Stores
EN
12/13 Mace
AN
Serivce Yard
GR
10 Orient Express
S WA N ’S N E S T R OA D
Anchor Store
Gym
Retail Units Cafés/Restaurants
Upper Floor Office Vacant
Leisure Ancillary/Access Medical Centre
Held Long Leasehold Not to scale - for indicative purposes only. 66
UE
Petrol Filling Station
7a Shavers Barbers
Access
U1/33 Office Vacant
SPECTRUM PORTFOLIO
Tenancy Schedule - Top 10 Tenants by Income Unit
Tenant
Area Sq m
Lease Start
Lease End
Term Years
Break
Contracted Rent
Passing Rent
Medical Centre
Clannad Medical Centre
382.3
18/10/2004
17/10/2029
25
-
€100,000
€100,000
18
Stacks Pharmacy
190.1
02/05/2003
01/05/2028
25
-
€76,185
€76,185
Petrol Station
Top Oil
76.0
01/12/2001
30/11/2018
17
-
€55,000
€48,102
11
Pizza Hut
83.6
03/11/2003
02/11/2028
25
-
€45,700
€45,000
29
Ladbrokes
86.9
04/09/2002
03/09/2017
15
-
€45,000
€45,000
3, 4 & 5
More 4 Less
217.5
20/02/2014
19/02/2024
10
19/02/2019
€44,000
€44,000
10
Orient Express
96.3
01/09/1995
31/08/2030
35
-
€39,280
€39,280
2
Lloyds Pharmacy
73.7
10/07/2009
09/07/2024
15
09/07/2019
€35,000
€35,000
6
Turning Heads / Fusion
72.3
01/04/2006
31/03/2041
35
-
€35,000
€35,000
8&9
FFG Takeaway
124.7
01/08/2014
31/07/2034
20
-
€35,000
€35,000
Top 10 Totals
1,403.4
€510,165
€502,567
Property Totals
3,264.2
€835,938
€720,396
Top 10 tenants make up 70% of the total passing rent.
67
Kilbarrack Shopping Centre, Kilbarrack, Dublin 5
Profile Tenants Lloyds Pharmacy Unicare Pharmacy Ltd trading as Lloyds Pharmacy is the largest pharmacy chain in Ireland operating from 82 branches nationwide. Unicare’s parent company is Celessio, Europe’s leading international trading company and provider of logistics and services in the pharmaceutical and healthcare sector and operates in 16 countries across the world. Unicare Pharmacy Ltd has a Dun & Bradstreet rating of O 1. More 4 Less More 4 Less is an established Irish discount retailer founded in 1989. The company also operates as a wholesaler supplying branded and own branded products throughout Ireland and the UK. More 4 Less trades from 8 stores across Ireland and is currently expanding. Ladbrokes Ladbrokes (Ireland) Ltd (part of Ladbrokes Plc) is the largest betting company in the UK and the largest retail bookmaker in the world. Ladbrokes operates over 2,400 betting shops divided between the UK and Ireland, with additional shops located in Spain and Belgium. Ladbrokes (Ireland) Ltd has a Dun & Bradstreet rating of N 3.
BER Certificate
B2 G
Title We understand the property is held Freehold.
68
Solicitor’s Details Eversheds Audrey Hannon audreyhannon@eversheds.ie T: +353 (0) 1 664 4200
R104
R108
The Mill Shopping Centre, Clondalkin, Dublin 22
R103
Beaumont Whitehall R103
R805
Drumcondra
Location
N1
Clondalkin is located approximately 10 kms west of Dublin city centre. It is an established suburban hub with a local population of over 60,000 people, serving an extended suburban catchment. The property is located on Ninth Lock Road, approximately 1.5 kms west of Junction 9 of the M50 Motorway and close to the key “Newlands Cross” interchange which links the Fonthill Road with the N7 Dublin / Cork Road. The Centre is within walking distance of Clondalkin’s Main Street with its retail and service uses. Important community uses including post office, local authority civic offices and located either in or immediately adjacent to the scheme. A McDonalds drive-thru’ restaurant is also located on the site.
Phibsborough R108 R109
Lucan
R80
R131
Phoenix Park
R112
R113
Adamstown
M50
R148
Liffey Valley
M4
R1
Glasnevin
Ballyfermot
M50
R120
Kilmainham
R131
Dublin
R148 R810
R118 R110
Inchicore R136
R8 R111 R810 R134
Bluebell
Clondalkin
R134
Crumlin
Ballsbridge
R114
R110
Rathmines
R137
R134 R113 Grange Castle Golf Club
R112
Ballymount
Kimmage
R138 R825
Terenure
N7
Clonskeagh
Newlands Golf Club
Casement Air Base
R117 R112
R137 R119 R113
R137
R136
Citywest
R114
N81
Tallaght
N82
Rathfarnham
M50
Goatsown
Dundrum
R115
R826
N7 Saggart
Clondalkin
Dublin
R113
N81
R133
M50
Sandy
Marlay Park
M50
R114
Stackstown Golf Club
Clondalkin is an established Dublin suburban hub with a local population of over 60,000 people
R117
R116
69
Park West Business & Industrial Park
M50 Motorway Western Industrial Estate
Clondalkin Industrial Estate
Elmfield Industrial Estate
Ninth Lock Road
New Nangor Road
SPECTRUM PORTFOLIO
Description The Mill Shopping Centre is a grocery retail scheme extending to approximately 9,409 sq m including Dunnes Stores (which is held under a long leasehold). The Centre comprises a single mall with 33 retail units anchored by Dunnes Stores together with an external building of approximately 1,296 sq m which accommodates Boots, a post office and vacant first floor accommodation. The property is situated on a site of approximately 10.8 acres with 820 surface car parking spaces. The Centre will have a 100% occupancy rate at ground floor when the lettings in legals complete with a rent roll of â&#x201A;Ź1,291,087 per annum (after adjustments for abatements and all inclusive deals) and an attractive Weighted Average Unexpired Lease Term (WAULT) of 10.9 years.
The Centre comprises a single mall with 33 retail units anchored by Dunnes Stores 71
The Mill Shopping Centre, Clondalkin, Dublin 22
Catchment The catchment for The Mill Shopping Centre falls within a 10 minute drive-time and includes the settlements of Clondalkin, Fairview, Kylemore, Grange Castle and Bluebell. Within this area the Mill Shopping Centre dominates convenience and complementary retail uses and accommodates the only Dunnes Stores in the catchment. Population
% Increase since previous Census
2002 Census
56,620
2.69%
2006 Census
57,964
2.37%
2011 Census
60,128
3.73%
The Mill Shopping Centre Drivetime & Catchment
M4
• 38% of the catchment is within the top tier social class of professional, managerial, technical and non- manual workers (ABC1). • 74.14% of the catchment are in employment, studying, retired or dedicated to home duties. • The catchment is relatively young with 74% aged under 44 years in comparison to the national average of 66%. • There are a total of 19,849 households within the catchment, which represents an average household of 3.00 persons. This is above the national average household size of 2.78 persons. • There are a total of 1,222 vacant housing units within the catchment representing an overall vacancy rate of 5.8%. This is well below the national average of 16.8%.
Castleknock 10 Minute Drivetime
E01
M4
The demographic profile of the catchment can be categorised as follows;
According to Gamma*, the total annual household spend within the defined catchment is in the region of €879 million. This includes expenditure incurred which is not relevant to goods and services that would be common in a shopping centre environment similar to The Mill Shopping Centre. This spend has been refined to reflect expenditure categories that are only relevant to The Mill Shopping Centre.
Primary Catchment
Lucan
N4
Ballyformot Ballyformat R136
R148
R148
Kylemore
R113
Adamtown Bluebell
R120
R112
Crumlin
R136
R134
Clondalkin
Fairview
Grange Castle
R120
R136
Category of Spend Clothing & Footwear
€45,201,929
Drink & Tobacco (at home only)
€40,575,222
Food Consumed at Home
€101,085,522
Food Consumed away from Home**
€31,172,907
Household Durables**
€4,774,756
Household non-Durable
€16,519,129
Other Misc. Expenditure**
€36,285,346
TOTAL
€275,614,811
R137
E20
R112
R113
Annual Spend Relevant to The Mill Shopping Centre
* Annual spend is based on the 2011 Census and Household Budget Survey 2009/2010, adjusted by Gamma annually in line with the CSO CPI January data release.
E01 R137
Citywest E20
Rathcoole
72
N82
Tallaght N81
** Spend categories have been adjusted to only reflect the nature of goods and services that are relevant to The Mill Shopping Centre
SPECTRUM PORTFOLIO
73
The Mill Shopping Centre, Clondalkin, Dublin 22
Scheme Floor Plan
Toilets
Minx Hair & Beauty
Eircom
Specsavers
Get Fresh
TJ McLoughlin Butchers
12
13
21
22
23
24
24A
Euro €2
Book Station
Lloyds Pharmacy
First Choice Travel
11
Kavanaghs
Dunnes Timepiece Cafe
25/26
Anchor Store Retail Units
Service Yard B Boots
27
Unit 27a Vacant
Dunnes
20
Short Cutz (Barbers)
28
Dunnes Store
Sky (Storage/Trolley Bay)
ATM Entrance to 1st Floor
19
In Fashion
18
10
Carphone Warehouse
17
9
7
Entrance to Service Yard
16 16A
Fun Tech
8
8A
6
Mr Simms
5
In Love Fashion
Tower Jewellery
3 /4
Health Nutz
14/15
More 4 Less 2
Insport
The Flower Factory
14A
2
Costa
1A
Donal McNally (Opticians)
Tuthills Newsagents
Service Yard A
Entracne to Toilets
Unit 30 The Mill Cab Co.
Post Office
Cafés/Restaurants Ancillary/Access Held Long Leasehold
N I N T H LO C K R OA D
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Not to scale - for indicative purposes only.
SPECTRUM PORTFOLIO
Tenancy Schedule - Top 10 Tenants by Income Unit
Tenant
Area Sq m
Lease Start
Lease End
Term Years
Break
Contracted Rent
Passing Rent
1, 1A & 2
Tuthills
214.5
25/10/1994
24/10/2029
35
-
€146,045
€146,045
6&7
Lloyds Pharmacy
159.1
25/10/1994
24/10/2029
35
-
€102,720
€102,720
27
Boots
437.0
15/08/2012
14/08/2027
15
14/08/2022
€90,000
€90,000
13
TJ McLoughlin Butchers
138.2
25/10/1994
24/10/2029
35
-
€89,750
€89,750
14 & 15
Costa
157.9
10/09/2014
09/09/2034
20
09/09/2024
€67,000
€67,000
3&4
More 4 Less*
163.5
10/09/2014
09/09/2024
10
09/09/2019
€65,120
€65,120
23
Euro 2
102.2
25/10/1994
24/10/2029
35
-
€64,900
€64,900
21
Carphone Warehouse
77.3
14/07/2008
13/07/2028
20
-
€55,000
€55,000
11
Specsavers
109.6
28/07/2013
27/01/2028
15
28/07/2018
€45,000
€45,000
18
Health Nutz
81.8
07/01/2010
06/01/2030
20
07/01/2015
€59,900
€40,000
Top 10 Totals
1,641.1
€785,435
€765,535
Property Totals
3,519.3
€1,397,523
€1,291,087
*Lease documents at advanced legal stages. Term Commencement assumed to be from launch date.
Top 10 tenants make up 59% of the total passing rent.
75
The Mill Shopping Centre, Clondalkin, Dublin 22
Profile Tenants Costa Costa is one of the largest café brands operating throughout the UK and Ireland. MBCC Foods (Ireland) Limited trading as Costa Coffee is a primary franchisee operating Costa Coffee cafés across the country. The company has a Dun & Bradstreet rating of 2A 2 with an annual turnover of €46,217,895 to 31 January 2013 and a tangible net worth of over €7.5m. Boots Boots Retail (Ireland) Limited trading as Boots is one of Ireland’s leading pharmacy and beauty retailers. Established in Ireland since 1996, Boots has 74 stores trading nationwide. According to Dun & Bradstreet, Boots Retail (Ireland) Limited rating is 5A 2 based on accounts dated March 2013 reporting a turnover in excess of €285 million. Lloyds Pharmacy Unicare Pharmacy Limited trading as Lloyds Pharmacy is the largest pharmacy chain in Ireland operating from 82 branches nationwide. Unicare’s parent company is Celessio, Europe’s leading international trading company and provider of logistics and services in the pharmaceutical and healthcare sector and operates in 16 countries across the world. Unicare Pharmacy Limited has a Dun & Bradstreet rating of O 1.
BER Certificate
C1 E2 Title We understand the property is held part Freehold, part Long Leasehold.
76
Solicitor’s Details Arthur Cox Sarah O’Mahony sarah.omahony@arthurcox.com T: +353 (0) 1 618 0000
STATE LET OFFICES
> B1 & B2 Ninth Lock Road Offices, Clondalkin, Dublin 22
SPECTRUM PORTFOLIO
B1 & B2 Ninth Lock Road, Clondalkin, Dublin 22 Location Clondalkin is located approximately 10 kms west of Dublin city in an established commercial location. The property occupies a high profile position on Ninth Lock Road opposite The Mill Shopping Centre and close to its junction to the New Nangor Road. The New Nangor Road links Clondalkin to the Naas Road Commercial area and provides easy access to Parkwest and Western Business Parks and the Clondalkin Industrial Estate. It also provides direct access to Grange Castle, home to major international business occupiers including Pfizer, IBM and Google. Buildings B1 and B2 are located immediately adjoining the South Dublin County Council Civic offices and are within easy walking distance of Clondalkin Main Street with its retail, service and community uses, making these buildings perfect for public or service related use.
The property occupies a high profile position on Ninth Lock Road opposite The Mill Shopping Centre
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SPECTRUM PORTFOLIO
Description The property comprises two adjoining three storey modern buildings extending to a total of 2,404 sq m (25,877 sq ft) with surface car parking to the rear for approximately 94 cars. These buildings, when combined with the adjoining, and the separately owned South Dublin Civic Offices, create the heart for social and civic services for the suburb of Clondalkin. Whilst the buildings are held under separate tenancies, they can be combined to offer three floors of efficient, naturally lit office space. Building 1 is let to Dublin City Council which was formally used as a Motor Tax Office. The accommodation is laid over three floors with the ground floor laid out to provide a mix of public and back of house open plan office accommodation. The first and second floors provide for additional open plan offices together with meeting rooms, canteen, toilets & shower rooms and ancillary store / coms rooms. Dublin City Council is at advanced legal stages to sub-let their lease to the OPW (The State property body) who are seeking to expand the Social Welfare Local Office in order to accommodate “Intreo”, a new service from the Department of Social Protection offering a single point of contact for all employment and income supports. Building 2 is let to the OPW (The State property body) for use as a Social Welfare Local Office which serves the surrounding catchment. The ground floor is laid out to provide public counters and waiting area together with open plan offices. Overhead accommodation on first and second floor provides for further open plan offices, interview rooms, toilets & showers and ancillary store rooms. It is proposed that this will be linked with the above mentioned building as part of the current “Intreo” proposals. Specification broadly includes: • Suspended ceilings with light fittings • Perimeter trunking • Solid floors • Lifts • Gas fired central heating • Painted and plastered walls Buildings 1 and 2 generate a combined passing rent is €451,531 per annum and a Weighted Average Unexpired Lease Term (WAULT) of approximately 5.0 years.
81
B1 & B2 Ninth Lock Road, Clondalkin, Dublin 22
Sample Floor Plan
CAR PARK
B2 The Commissioners of Public Works (OPW)
B1 Dublin City Council
ENTRANCE ENTRANCE
N I N T H LO C K R OA D Not to scale - for indicative purposes only.
Tenancy Schedule Unit
Tenant
Area Sq m (CPS)
Lease Start
B1 B2
Lease End
Term Years
Break
Contracted Rent
Passing Rent
Dublin City Council
1,259 (48 spaces)
08/09/1999
08/09/2019
20
-
€236,531
€236,531
The Commissioners of Public Works in Ireland (OPW)
1,145 (46 spaces)
09/09/1999
09/09/2019
20
-
€215,000
€215,000
€451,531
€451,531
N I N T H LO C K R OA D
Property Totals
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2,404 (94 spaces)
SPECTRUM PORTFOLIO
Covenant Information
BER Certificate
The OPW is a state agency of the Department of Finance in Ireland.
C3 D1
Dublin City Council are a state body.
Title
Solicitorâ&#x20AC;&#x2122;s Details Arthur Cox Sarah Oâ&#x20AC;&#x2122;Mahony sarah.omahony@arthurcox.com T: +353 (0) 1 618 0000
We understand the property is held Freehold.
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SPECTRUM PORTFOLIO
Pricing
Contact
The entire is for sale by Private Treaty. We are inviting offers in excess of €120 million (One Hundred and Twenty Million Euros) subject to contract and exclusive of VAT, reflecting an Initial Yield of almost 9% for the portfolio. It will be necessary for buyers to apportion individual purchase prices for each of the seven assets in addition to an overall price for the portfolio.
Rent, Rates & Service Charge Arrears The vendors will assign the benefit of all rent arrears to the purchaser (save the ‘current’ quarter). Separately the vendor agrees to make an allowance, by way of a price apportionment on closing, for any outstanding rates and service charge arrears on vacant units or for occupied units where those arrears (if any) are older than 12 months.
Bannon Hambleden House 19/26 Pembroke Street Lower Dublin 2 Ireland PSRA No. 001830
Savills Ireland 33 Molesworth Street Dublin 2 Ireland PSRA No. 002233
VAT
Roderick Nowlan Director, Investments T: +353 (0) 1 647 7909
Fergus O’Farrell Director, Investments T: +353 (0) 1 618 1311
James Quinlan Director, Retail T: +353 (0) 1 647 7920
Larry Brennan Chairman and Head of Commercial Division T: +353 (0) 1 618 1302
Viewings are strictly to be arranged through the joint selling agents. This is an investment sale and as a result tenants are not affected.
David Carroll Associate, Investments T: +353 (0) 1 647 7961
Diane Crean Associate, Investments T: +353 (0) 1 618 1495
Further Information / Data Room
Alex Patterson Surveyor, Investments T: +353 (0) 1 647 7946
David Eaton Associate, Asset Management T: +353 (0) 1 618 1412
Information on VAT is provided for each property within the Spectrum Portfolio data room.
Viewings
Detailed tenancy schedules and further information for each of the properties is available on the dedicated data room. To request access please go to: www.spectrumportfolio.com
PROPERTY MISREPRESENTATION ACT The joint 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 Bannon, Savills 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 Bannon, Savills 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. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland. Designed and produced by Creativeworld. Tel +44 [0] 1282 858200
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SPECTRUM PORTFOLIO I R I S H
R E T A I L
I N V E S T M E N T
P O R T F O L I O