THE CAPITAL COLLECTION P R I M E R E TA I L A N D O F F I C E I N V E S T M E N T O P P O R T U N I T Y
THE CAPITAL COLLECTION
Contents Investment Highlights
p3
Asset Overview
p4
Market Commentary
p9
Collection Analysis
p12
The Properties 1
18-21 Henry Street & 6/8 GPO Arcade, Dublin 1
p15
2
20 on Hatch, Hatch Street, Dublin 2
p21
3
Kilmore House, Spencer Dock, Dublin 1
p27
4
43/44 Mary Street, Dublin 1
p33
5
11/12 Duke Street & 52 Dawson Street, Dublin 2
p39
6
17/23 Upper Rathmines Road, Rathmines, Dublin 6
p45
7
Nutgrove Retail Centre, Rathfarnham, Dublin 14
p51
8
Beacon South Quarter, Sandyford, Dublin 18
p57
Contacts & Further Information
p64
1
THE CAPITAL COLLECTION
Investment Highlights • Diverse Collection of Retail and Office Investment Properties • Offered for sale individually or as one lot • High Street Retail and Stand-Alone Supermarket 6,422 sq m (69,129 sq ft) • Prime Office Accommodation 14,406 sq m (155,067 sq ft) • Retail Warehouse Accommodation 9,899 sq m (106,548 sq ft) • Strong income profile of approximately €7.3 million per annum • 60% of total income generated from retail assets and 40% from prime Dublin offices • Attractive WAULT of over 8.22 years • The Collection offers scale - 26 tenants and approximately 30,726 sq m (330,744 sq ft)* of accommodation • Excellent mix of national and international tenants throughout the Collection • Tenants not affected *An entitlement to 33% of the rental income forming part of this sale
3
SUMMARY
Asset Overview 1 18-21 Henry Street & 6/8 GPO Arcade, Dublin 1 Prime High Street Retail accommodation extending to approximately 2,914 sq m (31,370 sq ft)
2 20 on Hatch, Hatch Street, Dublin 2 Modern High Specification Office accommodation extending to approximately 4,125 sq m (44,400 sq ft)
3 Kilmore House, Spencer Dock, Dublin 1 Modern Third Generation Office accommodation extending to approximately 10,281 sq m (110,667 sq ft), 33% interest forms part of this sale
4 43/44 Mary Street, Dublin 1 Prime High Street Retail accommodation extending to approximately 1,159 sq m (12,472 sq ft)
5 11/12 Duke Street & 52 Dawson Street, Dublin 2 Prime Restaurant accommodation extending to approximately 575 sq m (6,193 sq ft)
6 17/23 Upper Rathmines Road, Rathmines, Dublin 6 Exceptional Stand-Alone Supermarket extending to approximately 1,773 sq m (19,094 sq ft)
7 Nutgrove Retail Centre, Rathfarnham, Dublin 14 Modern Retail Park extending to approximately 5,661 sq m (60,934 sq ft)
8 Beacon South Quarter, Sandyford, Dublin 18 Modern Retail Scheme extending to approximately 4,238 sq m (45,614 sq ft)
4
THE CAPITAL COLLECTION
R806
Marino
Cabra Cabra East
R109
R109
R105
R805 Dublin Zoo
R805
R113
R101
Palmerstown R112 R833 M50
R833
Islandbridge
R833
R833
Ballyfermot
R148
R810 R112
HEUSTON STATION
R111
The Tenters
R137
R811
R134
Clondalkin
R112
R819
Kimmage
Walkinstown
Ballymount Industrial Estate
R802
R815
R138
Irishtown
R118
R815 R816
R111
Sandymount Ballsbridge
Ranelagh
Harold's Cross
R110 Western Industrial Estate
R802
R131
R117
Crumlin
R134
Dulbin Port
3
2
Portobello R111
Drimnagh John F Kennedy Industrial Estate
5
R138
R815
Donnybrook
Rathmines
R817
R131
R138
6
R137
Docklands
R101
R801
St Stephen’s Green
Park West Industrial Park Clondalkin Industrial Estate
CONNOLLY STATION
Trinity College
The Liberties
Maryland Rialto
R812
4
1
R810
St James’s Hospital
Kilmainham
Inchicore
R804 Smithfield
R148
Irish National War Memorial Park
R148
East Wall
Dublin
Stoneybatter
Phoenix Park
M50
R803
R135
Royal Dublin Golf Club
R807
R105
R148
R807
R834
R803
R101
R101
R806
R109
Phibsborough
Fairview
R803
R131
R147
R807
R808
R824
R118
R114
R113
R117
Ballymount
R825
Milltown
Terenure
M50
Manor Estate
R820
R817
R114
R112 R819
R137
Tymon North
R136
Springfield
R822
Whitestown Industrial Estate
Jobstown
R817
R821
Monkstown Dun Laoghaire
Goatstown
7
R825
R825
Dundrum
Ballyroan Firhouse
R119
R112
Churchtown
R115
R113
Blackrock
R112
Rathfarnham
Tallaght
R118
R825
Castle Golf Club
R114
R114
Booterstown
R117
R137
Cookstown Industrial Estate
R138
Belfield
Bushy Park
Templeogue Broomhill Industrial Estate
University College Dublin
Milltown Golf Course
R112
Tymon Park
Clonskeagh
R826
R113
R826
Deansgrange R827
Knocklyon
R830
M50
R822 R822
R113 R116
Marlay Park
Ballinteer
R117
R826
8 Sandyford Industrial Estate
R118
Sallynoggin
R830 R113 R827
R828
M50
R133
Sandyford
R115 R113
R828
Foxrock R113
Glengeary
8
6
2
Beacon South Quarter, Sandyford, Dublin 18
7
Nutgrove Retail Centre, Rathfarnham, Dublin 14
17/23 Upper Rathmines Road, Rathmines, Dublin 6
20 On Hatch, Hatch Street, Dublin 2
St Stephen’s Green
Grafton Street
O’Connell Street
IFSC
5
3
Kilmore House, Spencer Dock, Dublin 1
1
11/12 Duke Street & 52 Dawson Street, Dublin 2
4
18-21 Henry Street & 6/8 GPO Arcade, Dublin 1
43/44 Mary Street, Dublin 1
10
THE CAPITAL COLLECTION
Office Income 40%
Kilmore House Retail Income 60%
100
16.00
90
14.00 12.00
12.87
12.81
80
11.21
60
8.22
8.01
8.00
50
6.00
Economic Overview
70
10.22
9.50
10.00
40
5.25
30
3.95
4.00
20 2.00
Overall
Hatch Street
Kilmore House
Henry Street
Tesco Rathmines
Nutgrove Retail Centre
Beacon South Quarter
Duke St & Dawson St
43/44 Mary Street
Real GNP Growth in Ireland (Y/Y) 6
300,00 4
250,00
2 SQ M
200,00
0
-2
150,00
100,00
-4
50,00
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
2012 Q1
-6 2011 Q4
• • •
0
9 of the top 10 ICT companies in the world 8 of the top 10 pharmaceutical companies in the world 15 of the top 20 companies in medical devices in the world 50% of the world’s leading financial services firms
2011 Q3
•
• • • •
2011 Q2
•
0.00 Ireland is a highly globalised economy comprising:
2011 Q1
• •
Economic growth has been recorded in six of the last seven quarters GNP expanded by 4.6% in the second half of 2013 NTMA has already raised €6.5 billion in the bond markets, more than 80 percent of its funding target of €8 billion for the full year Total employment has risen by 63,200 since the lows of 2012 and the number of people signing on has now fallen for 29 consecutive months Low inflation rate, inflation averaging just 0.5% in 2013 has resulted in real household disposable incomes stabilising Headline corporate tax rate of 12.5% Large supply of skilled and highly educated graduates Access to EU markets and limited currency risk for euro area investors
% Change on Corresponding Period in Previous Year
•
10
Source:CSO
Dublin City CBD Vacany Rates April 2014 30%
25%
800
9
700
600 20%
Retail Income 60%
100%
90% 12.87
80%
11.21
70%
10.22
MARKET COMMENTARY9.50
60%
8.22
8.01
50% 40%
5.25
30% 16.00 20%
3.95
Office Market Commentary Overall Overall
Overall
Hatch Street
Kilmore House
Henry Street
Tesco Rathmines
Nutgrove Retail Centre
Beacon South Quarter
Duke St & Dawson St
40% 30% 20%
Overall
Hatch Street
Kilmore House
Henry Street
Tesco Rathmines
0% 25%
20%
250,000
0 Q1 2014
0
200,000 SQ M
2013
2012
2011
2010
0% 2009
2
D 300,000
5%
50,000 4
-2
150,000
100,000
50,000
0
2013 Q4
2013 Q3
2013 Q2
2013 Q1
2012 Q4
2012 Q3
2012 Q2
The prime office districts of Dublin 2 and 4 combined have -4 typically comprised the greatest proportion of letting activity Dublin Office Rent Q1 1998 - Q1 2014 -6the Dublin office and over the last ten years has typically in800 accounted for 40-60% of the market. In 2013 a total of 69,287 700 square metres or 40.6% of take-up in Dublin occurred in these 600 Source:CSO this combined district, compared to 101,401 square metres in 500 rest of the Dublin market. the 2011 Q1
€ PER SQ M
10% 200
10%
Real GNP Growth in Ireland (Y/Y)
100,000 6
Vacancy Rate %
150,000
2008
SQ M
15%
500 20%
300
50%
200,000
25% 600
400 15%
Nutgrove Retail Centre
250,000
Beacon South Quarter
300,000
700
€ PER SQ M
Dublin Office Take-Up vs Vacancy 2004 -2014 (f)
2012 Q1
Dublin Office Rent Q1 1998 - Q1 2014 Dublin City CBD Vacany Rates April 2014
800 30%
60%
10%
0.00
2007
2013 Q4
2013 Q3 Q1 2014
2013 Q2 2013
2013 Q1 2012
2012 Q4 2011
2012 Q3 2010
2012 Q2 2009
2012 Q1 2008
2011 Q4 2007
2011 Q3 2006
2011 Q2 2005
2011 Q1 2004
Source:CSO
70%
2.00
2006
10%
Prime offices rents in Dublin peaked in 2007 at approximately €65 per sq ft. At the end of Q4 2012, prime rents in the capital5% 50,000 -4 were in the order of €27.50 per sq ft. Rents in the Central Business District stabilised during 2012 with approximately 25% 0 0% -6 increase in prime rental values during 2013 to €35.00 per sq ft, primarily as a result of the emerging scarcity of large modern buildings.
100,000 -2
Vacancy Rate %
SQ M % Change on Corresponding Period in Previous Year
New multinational investment and expansion of companies such as Google, Ebay, LinkedIn and Facebook (all of which have their Dublin Office Take-Up vs Vacancy 2004 -2014 (f) Real GNP Growth in Ireland (Y/Y) to fuel activity in the European headquarters in Ireland) continued 25% 300,000 6 office sector of the Dublin market. A range of different companies continued to make location and expansion decisions taking 20% 250,000 4 advantage of the ability to negotiate shorter leases on more 200,000 2 competitive terms than would have been the case in the first half 15% of the decade. 150,000
Duke St & Dawson St
Hatch Street Hatch Street
Kilmore House Kilmore House
Local
0
80%
for Grade A offices in Dublin 2/4 stands at 4.50% and there 10.22 9.50 is currently significant pressure on rental values which are8.22 8.01 8.00 anticipated to be in excess of €40.00 per sq ft before year end. Indeed there are a number of deals currently under negotiation 6.00 5.25 that will set new bench marks for rental levels in the3.95current 4.00 International National Local cycle.
10.00
% Change on Corresponding Period in Previous Year
National
90% 12.87
12.81
12.000% 11.21
The Dublin office market now extends to some 3.6 million square metres (39 million square feet) of which 1.6 million square metres (17.5 million square feet) is located in the Dublin 2/4 postcode, which is effectively the Central Business District. International
100%
14.00 10%
Henry Street Henry Street
Tesco Rathmines Tesco Rathmines
Nutgrove Retail Centre Nutgrove Retail Centre
Duke St &St Dawson St St Duke & Dawson
43/44 MaryMary Street 43/44 Street
0.00
Beacon South Quarter Beacon South Quarter
10% 2.00 0%
2011 Q4
20% 4.00
2005
6.00 30%
2011 Q3
8.00 40%
2011 Q2
60% 10.00 50%
43/44 Mary Street
70% 12.00
43/44 Mary Street
12.81
2004
14.00 80%
O
He
100%
16.00 90%
400
Dublin City CBD Vacany Rates April 2014
300
30% 200
800
100 25%
700
0
600 Q1 2014
Q1 2012
Q1 2010
Q1 2008
Q1 2006
Q1 2004
Q1 2002
Q1 2000
Q1 1998
Q1 1996
Q1 1994
Q1 1992
Q1 1990
15%
Q1 1988
Q1 2014
Q1 2012
Q1 2010
CITY CENTRE
Q1 2008
IFSC Q1 2006
20%
Overall District Vacancy Rate
€ PER SQ M
Grade A Vacancy Rate
Q1 2004
Q1 2002
Q1 2000 Dublin 6/8
Q1 1998
Q1 1994
Dublin 2/4 Q1 1996
Q1 1992
1990 DublinQ1 1/3/7
0 0%
Q1 1988
100 5%
Over the last ten year period, the long term average annual level of take-up in the Dublin office market was approximately Retail Index 160,000 square metres perSales annum. In (M/M) recent years, office Consumer Sentiment Index 120 take-up has fallen below the long term average in light of 150 the wider macro-economic influences on occupier activity. 130 2013 saw 184 individual office lettings signed in the Dublin 115 market with a total of over 170,600 square metres of 110 110 accommodation let in the 12 month period.
100
100
Dublin is somewhat unique in European terms at the moment 95 70 virtually no new speculative office development underway with 90 in the capital or in the pipeline. The current vacancy rate
Q1 1988
CITY CENTRE
Dublin 6/8
Overall District Vacancy Rate
110
We expect to see continued letting activity occurring in Ireland 105 over the next number of years, primarily in Dublin with a 100 Index continuing volumeConsumer of ForeignSentiment Direct Investment (FDI) being 95 150 created. 90
120
85 130
90
2014M04
2013M12
2013M04
2012M12
2012M08
2012M04
2011M12
2011M08
2011M04
2010M12
2010M08
2010M04
2009M12
2009M08
2009M04
2008M12
2008M08
2008M04
2007M12
2007M08
2007M04
2006M12
2006M08
2006M04
2005M12
2005M08
2013M08
Source:CSO
115 2005 =100
Source:ESRI/KBC
2005M04
2014M04 Apr 14
Jul 13 2013M12
Oct 12 2013M08
2013M04
2012M12
Jan 12
2012M08
2012M04
Jul 10
Apr 11
2011M12
Oct 09
2011M08 Jan 09
Jul 07 2010M12
2010M04
Oct 06 2010M08
2011M04 Apr 08
All retail businesses
Source:CSO
80
110 005 =100
All retail businesses, excluding motor trade
Jan 06
2009M12
2009M08
Jul 04
Apr 05
2009M04
2008M12
Oct 03
2008M04 Apr 02
2008M08 Jan 03
Jul 01 2007M12
Oct 00 2007M08
2007M04
Jan 00
2006M12
2006M08
2006M04
Jul 98
Apr 99
Oct 97
2005M12
2005M04 Apr 96
2005M08 Jan 97
80 Apr 14
Dublin 2/4
Grade A Vacancy Rate
0
115
85 50
KBC
Retail Sales Index (M/M)
Dublin 1/3/7
120
IFSC
0%
90
10
300 200
105
30
400
5%
INDEX: Q4 2005 =100
Q4 2005 INDEX: INDEX: Q4 2005 =100=100
10%
500
110 105
International
Real GNP Growth in in Ireland (Y/Y) Real GNP Growth Ireland (Y/Y)
25%25%
300,000 300,000
4 4
250,000 250,000
2 2
20%20%
THE CAPITAL COLLECTION
Vacancy Rate %
15%15%
150,000 150,000
10%10%
-2 -2
100,000 100,000
Retail Market Overview -4 -4
5% 5%
50,000 50,000
Q1 2014
Q1 2014
2013
2013
2012
2012
2011
2011
2010
2010
2009
2009
2008
2008
2007
2007
2006
2006
2005
2005
2004
30%30%
2004
2013 Q4
High streets continue to attract international brands such as 0 0 0% 0% Massimo Dutti, Levis and Mango while the secondary market is set to be dominated by discount/value operators and independent Irish owned retailers. There has been continued strong demand for café and restaurant accommodation. Ireland is now firmly on the radar of UK operators, but they are citing a scarcity of good quality space, as well as planning restrictions, as barriers to entering the Irish market. Dublin Office Rent Q1Q1 1998 - Q1 2014 Dublin Office Rent 1998 - Q1 2014
2013 Q4
2013 Q3
2013 Q3
2013 Q2
2013 Q2
2013 Q1
2013 Q1
2012 Q4
2012 Q4
2012 Q3
2012 Q3
2012 Q2
2012 Q2
2012 Q1
2012 Q1
2011 Q4
2011 Q4
2011 Q3
2011 Q3
2011 Q2
2011 Q2
2011 Q1
The Irish economy gathered further momentum in Q1 2014, an -6 -6 employment driven recovery is now beginning to feed through to the tills and key retail indicators are trending positively. Growth in the Irish economy has been recorded in six of the lastSource:CSO seven Source:CSO quarters and GNP expanded by 4.6% in the second half of 2013. Critically, in terms of the retail economy, domestic demand is once again contributing to growth, with a 2% increase recorded City CBD Vacany Rates April 2014 Dublin City CBD Vacany Rates April 2014 in the most Dublin recent national accounts.
800800
€ PER SQ M
300300
Q1 2014
Q1 2014
Q1 2010 2012M12 2013M04
Q1 2012
Q1 2010 2012M08 2012M12
2013M08 2013M12
Q1 2008
2012M04 2012M08
Q1 2012
Q1 2008
2013M04 2013M08
Q1 2006
2011M12 2012M04
Q1 2006
Q1 2004
Q1 2004
Q1 2002
Q1 2002
Q1 2000
Q1 2000
Q1 1998
Q1 1998
Q1 1996
2011M08 2011M12
Consumer Sentiment Index Consumer Sentiment Index
Q1 1996
Q1 1994
Q1 1994
Q1 1992
Q1 1992
Q1 1990
Q1 1990
Q1 1988
Q1 1988
An improving retail economy, allied to strong investor appetite for 200200 Irish property assets, has led to uplift in retail investment activity 100100 in Q1 2014. A notable deal completed in the quarter was the 0 0 joint venture purchase of a 73% stake in Liffey Valley Shopping Centre by Hines and HSBC Alternative Investments.
CITY CENTRE
CITY CENTRE
IFSC
IFSC
Dublin 6/8
Dublin 6/8
Dublin 2/4
Dublin 2/4
Dublin 1/3/7
Dublin 1/3/7
Market activity in Q1 2014 has been primarily focused on prime 700700 high streets and better performing shopping centres in Dublin. 600600 Prime Zone A retail rents have largely remained the same in Q1 500500 2014 from Q4 2013 and are currently at €4,000 per sq m on 400400 Grafton Street and €3,500 per sq m on Henry Street.
€ PER SQ M
We have seen positive indicators reflecting the recovery of the retail sector, retail sales have risen by 8.8% in the year to 20% 20% March 2014, continuing a trend of eight increases in the last nine months. With consumer sentiment at multi year highs, the 15%15% retail outlook is now at its most positive since late 2006. The electrical goods market has been the star performer in recent 10% 10% years and this has continued this year. The next best performing 5% 5% group includes supermarkets, clothing & footwear stores, and pharmacies. Notwithstanding some substitution between brands, 0% 0% overall sales within these areas held up well throughout the economic downturn. Finally, a third group including furniture and DIY stores saw sales fall very substantially during Ireland’s Grade A Vacancy RateRate Overall District Vacancy RateRate Grade A Vacancy Overall District Vacancy economic crisis. Year-on-year motor sales have increased by 31% and furniture sales have increased by 18.4% 25%25%
Retail Sales Index (M/M) Retail Sales Index (M/M)
150150
120 120
130130 115 115 INDEX: Q4 2005 =100
90 90
70 70
110 110
INDEX: Q4 2005 =100
INDEX: Q4 2005 =100
105 105 100 100 95 95 90 90
50 50
85 85
2014M04
2013M12 2014M04
2011M04 2011M08
2010M12 2011M04
2010M08 2010M12
2010M04 2010M08
2009M12 2010M04
2009M08 2009M12
2009M04 2009M08
2008M12 2009M04
2008M08 2008M12
2008M04 2008M08
2007M12 2008M04
2007M08 2007M12
2007M04 2007M08
2006M12 2007M04
2006M08 2006M12
2006M04 2006M08
2005M12 2006M04
2005M08 2005M12
2005M04
2005M04 2005M08
Apr 14
Jul 13 Apr 14
Oct Jul 12 13
Apr Jan 11 12
Jan Oct 12 12
Jul 10 Apr 11
Oct Jul 09 10
Apr Jan 08 09
Jan Oct 09 09
Jul 07 Apr 08
Oct Jul 06 07
Apr Jan 05 06
Jan Oct 06 06
Jul 04 Apr 05
Oct Jul 03 04
Apr Jan 02 03
Jan Oct 03 03
Jul 01 Apr 02
Oct Jul 00 01
Apr Jan 99 00
Jan Oct 00 00
Jul 98 Apr 99
Oct Jul 97 98
80 80 Jan Oct 97 97
Apr 96
30 30 Apr Jan 96 97
INDEX: Q4 2005 =100
110110
Source:CSO Source:CSO
Source:ESRI/KBC Source:ESRI/KBC All retail businesses, excluding motor tradetrade All retail businesses, excluding motor
All retail businesses All retail businesses
11
Vacancy Rate %
0 0
SQ M
SQ M
200,000 200,000
2011 Q1
% Change on Corresponding Period in Previous Year
Local
Dublin Office Take-Up vsvs Vacancy 2004 -2014 (f) (f) Dublin Office Take-Up Vacancy 2004 -2014
6 6 % Change on Corresponding Period in Previous Year
National
INCOME SUMMARY
Collection Analysis The Capital Collection generates a total rental income of â‚Ź7.3 million of which 40% is from prime Dublin offices and 60% from retail assets in Dublin. Income Breakdown by Sector Hatch Street 18.5%
Office Income 40%
Kilmore House 21.2% Retail Income 60% Henry Street 19.3%
The rental income is diversified with no individual property representing more than 25% of the overall rental income. Kilmore House represents the largest contributor at â‚Ź1.5m or 21.2% of the total with Hatch Street and Henry Street producing approximately 18.5% and 19.3% of the overall income respectively. Income Breakdown by Micro Sector Retail Warehouse 19% Office 40%
100%
16.00
90%
14.00 12.00
12.81
12.87
80%
11.21 10.22 High Street Retail 41%
9.50
10.00
8.22
8.01
8.00
60% 50%
6.00
40%
5.25
Income Breakdown by Property
4.00
70%
30%
3.95
20% 43/44 Mary Street 11.6%
10%
Kilmore House 21.2%
0%
Overall
Hatch Street
Henry Street
Tesco Rathmines
Nutgrove Retail Centre
Beacon South Quarter
Duke St & Dawson St
43/44 Mary Street
Office Income 40%
Kilmore House
Duke St & Dawson St 4.1%
0.00
Beacon South Quarter 7.5%
Nutgrove Retail Centre 11.7%
Duke St & Dawson St
Hatch Street 18.5%
43/44 Mary Street
2.00
Tesco Rathmines 6.0% Henry Street 19.3%
Real GNP Growth in Ireland (Y/Y)
Dublin Office
6 s Year
12
300,000
Retail Income 60%
THE CAPITAL COLLECTION
Henry Street 19.3%
The Collection offers an excellent income profile with a weighted average unexpired lease term of over 8.2 years. WAULT Years by Property 100%
16.00
90%
14.00 12.00
12.87
12.81
80%
11.21
10.00
Years
Hatch Street 18.5%
Duke St & Dawson St 4.1%
6.00
Office Income 40%
60%
8.22
8.01
8.00
70%
10.22
9.50 11.6% 43/44 Mary Street
50% 40%
5.25 Quarter 7.5% Beacon South
30%
3.95
4.00
20% 2.00
10%
Nutgrove Retail Centre 11.7%
Kilmore House 21.2%
Duke St & Dawson St
43/44 Mary Street
Overall
Hatch Street
Tesco Rathmines 6.0%
Kilmore House
Henry Street
Tesco Rathmines
Nutgrove Retail Centre
Henry Street 19.3%
Beacon South Quarter
Duke St & Dawson St
0% 43/44 Mary Street
0.00
On an overall basis 80% of the income is generated from international tenants, 12% from national tenants and the remaining 8% from tenants we would classify as local.
Real GNP Growth in Ireland (Y/Y) 300,000
100% 4
50% -2
30% -4
50,000
2004
Source:CSO
Dublin CityInternational CBD VacanyNational Rates April Local 2014
Dublin
30%
800
This portfolio offers a combination of core and value add assets. 25% 300,000 20% 250,000
2006
0
2013 Q4 Overall
Hatch Street 2013 Q3
2013 Q2
2013 Q1 Kilmore House
Henry Street 2012 Q4
2012 Q3
2012 Q2
Tesco Rathmines
2012 Q1 Nutgrove Retail Centre
Overall
Beacon South Quarter 2011 Q4
20%
0% Hatch Street
150,000
100,000
40%
-6 10%
Kilmore House
SQ M
0 60%
2011 Q3
3.95
200,000
70%
2011 Q2 Duke St & Dawson St
8.22
80%2
43/44 Mary Street 2011 Q1
10.22
250,000
90%
2005
% Change on Corresponding Period in Previous Year
Dublin Office T
Rental Income Analysis
6
700
Dublin Office Take-Up vs Vacancy 2004 -2014 (f) 25%
600
M
/Y)
Kilmore House 21.2%
500
13
18-21 HENRY STREET & 6/8 GPO ARCADE DUBLIN 1
18
18-21 HENRY STREET & 6/8 GPO ARCADE DUBLIN 1
THE CAPITAL COLLECTION
Grafton Street Trinity College
Temple Bar River Liffey
The Property Jervis Shopping Centre Ilac Centre O’Connell Street
Parnell Street
Key Investment Considerations Occupiers include
Iconic Retail Investment Opportunity
Boots, Tiger, Vision Express & HMV
Approximately
Approximately
2,914 sq m (31,370 sq ft)
12 metres frontage
on Henry Street and GPO Arcade
onto GPO Arcade
Extensive frontage of approximately 37 metres
Passing Rent of
€1,410,000
onto Henry Street
per annum
WAULT of approximately 5.25
years
Tenants not affected 17
JONE
LAND
PORT
T RH
ES T
N
MA LL
TH
S PL RES
SH AM R
OW ST L OR IEL
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R
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’S G REE NW EST
UTH
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L
T SOUTH
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YOR
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E QUAY
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ST SOU TH
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STRE ET
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EXCISE WALK
EXCHANGE PL
AMIE
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ESTER
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ST S
AUNGIER ST REET
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CUFFE LN
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T RY S
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SAU
ER
CRINAN STRAN D
CUSTOM HO US
GLOUC
LUKE ST
TOWNSEND ST PEAR SE S TR E ET
SHERIFF ST LOW
CREIGHTO N ST
ANGLESEA ST
TEMPLE LANE S
TARA ST
RIE HEN
LINENHALL PARADE
GREEN ST
EUSTACE ST
W ESTMORELAND ST
PAR
TTA BO PL LTO NS TRE ET
CONSTIT PER
HUR CH ST U P
PATRIC K ST
OW SR
PPER NEW BRIDE
ST S O UTH
POOLBEG ST
LE VIL SE
T
ER ’ P ET
RO WS OU TH
T ER S
T EA GR ST PETE R S
18
V BEA
IP SH
BULL ALLEY ST
ST U
ST
WER
Y
ANNE S
KEV IN
ST
CK
E LL
LN ROSS RD
HAWKINS ST
NAS
EXCHEQUER ST
BA
BRIDE RD
IER
COPE ST
L D’O
FLEET ST
TEMPLE BAR
S HE R
IFF S T LOWE The area is excellently serviced byR S T U C O M H USE HARBO publicT Stransport through theOLuas UR O T TALB Line, DART and all major bus Red routes. There are also a number of multi-storey car parks located in the vicinity including Jervis GEORGE’S DOC K Shopping Centre, Ilac Centre and Arnotts which ensures this location is highly accessible.
DAME LN
HIGH STR EE T
TR
CONNOLLY STATION
E F OL
QUAY BURGH
ALK
AY N QU ASTO
Transport T YS
DAME ST
T
LO
MBALLY LN
ST
SW
ST
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R
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T ST EAS
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T
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HE BAC
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REET
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R AY LOW E ORMOND QU Q UA Y GTON WELLIN
PPER QUAY U
Y
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D STRAN GREAT
OTTS TH L NOR
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Y
Y ST LUAS STOP
S ABBEY
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AY
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G REE Y ST CHANCER
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T
ELL S
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JERVIS SHOPPING CENTRE
EARL S
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Y ST
ARNOTTS
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PPER
T
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OYCE ES J JAM
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S RE
THE PROPERTY
ST MARY
REE
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MOOR
RE
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ST
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T ER S DI N
T
L EL RN
ET
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S WE
LN
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BERESFORD ST
LN
NN O’CO
SQ
CK NI
WE R
ILAC CENTRE
MARY’S LANE
HANT'S QU
LO
PA
CUC K O O
ER UPP T ST T O M DER MAC SEAN
L EL
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ST
RE ET
OC K
ET RE ST
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ANNE ST NORTH
NORT H
G’S INN ’S S T
RN PA
KIN
DO MI NI CK
E
ST RA ND R
EMP
L HIL
R Erear GPO Arcade is a covered retail arcade linking Henry Street to Prince’s Street North, at the of the General Post Office on O’Connell MM SU Street. This is a busy retail arcade which incorporates occupiers such as Clarks, JD Sports, Subway and Specsavers.
HEN RIE TTA ST
AV
AV E
LI ME ST
ADI SE PL
LL HI
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NO R
ST
HAR
PRIMRO
DW ICK E
SE ST
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E
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EN GR
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RS ME
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H RT NO
YS T JO UN MO
ST
NO
O Y ST
I EW
ES VIL
N
RTH
E RL
LE S C SIN Henry Street is a highly sought LA commands high levels of footfall. Numbers 18-21 are situated in the GTO after prime retail high street which RP WELLIN N E ST QS ON ST U IN middle of HenryGTStreet, entrance to the Ilac Centre, in close proximity to a number PPER adjacent to Arnotts Department Store YS RD and opposite the TJO GA N U MO of international high street stores and major department stores such as Debenhams and Dunnes. FONTE N T
WESTERN WAY
BA YV
LE
SQ
C EA T GR
CH AR L
IL EV
N SL
MO
NO T
AD RO
BA L
ND S
HMO
T
RLE
E
Y TJO UN
B
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R PPE TU
AVE
EM
E PL
PRIMROSE
A DE
N
GH
GAR D
OA D
ST N ORTH
LOW D ST
SHE RRA R
RUSS TS
CHA
NO
T Q T YS SS O Arcade. The property enjoysOSEP a Rpivotal retail pitch on Henry Street and GPO JO T T N A T U H H’S PA
SP R ING
AV E
N RIC
ET
DO RS
LY BO U
ER
RS ET ST UP P
DO
R
ST RE ET L
OW E
LEO ST
E LL S T
ER
KILLARNEY
GOLDSM
P HI B
ITH ST
BERKELEY RD
ST
T
ME
EC
T NS BO B I ZG FIT
EM
R DE
E LAC EP ER
NEL SON
D LVE
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E AV LE
R
BE
ROYAL CANA L BANK
TLAN D PL
VIL CK SA
RD
ST J
AR
R ER SH
S ER DIN
D YR ELE
LES STR EET
PPE TU DS
GA R
K BER
RD
E ER
ECC
Location GERALDIN E ST
POR
D LVI
LACE
PHIBSBOROUGH
PARAD E
18-21 HENRY NORTH CIR STREET & 6/8 GPO ARCADE CULAR ROA D DUBLIN 1
BE
S BOROUGH RD
PR
INNISF ALLEN
OAD
’ S RO AD
IFFE R
LOW
N ’S
LN
ER
HO GA
THE CAPITAL COLLECTION
Description 18-21 Henry Street consists of four mid terraced buildings on the south side of the street. The buildings provide a substantial block of retail accommodation with excellent frontage on to Henry Street totalling 37 metres. The entire block of properties comprises a mix of part 3 / part 4 storey over basement buildings. Each unit provides own door access at street level with high quality retail accommodation at ground floor and additional retail, storage and ancillary uses over basement and upper floors. 6/8 GPO Arcade comprises a two storey building which is laid out to provide retail accommodation at ground floor level with offices and storage at first floor level. The retail unit has own door access onto the retail arcade providing good frontage of approximately 12 metres. A key feature for the entire property is the large service yard at the rear, which is shared by each of the tenants and provides first class access for deliveries from Prince’s Street North.
19
18-21 HENRY STREET & 6/8 GPO ARCADE DUBLIN 1
Tenancy Schedule Demise
Tenant
Area sq ft
Passing Rent
Term
Lease Start
Lease End
Break Date
Rent Review / Repairing
18 Henry Street
HMV Retail Limited
8,696 ITZA 910
€310,000 + T/O top up
4 years 5 months
27/08/2013
31/01/2018
-
FRI lease
19 Henry Street
Vision Express UK Limited
7,742 ITZA 891
€460,000
20 years
08/11/2004
08/11/2024
08/11/2019
5 yearly UORR, FRI lease
20 Henry Street
Boots Retail (Ireland) Limited
5,114 ITZA 753
€445,000
35 years
01/01/1986
01/01/2021
-
5 yearly UORR, FRI lease
21 Henry Street
Stars & Stripes Limited
3,628 ITZA 505
€140,000
35 years
05/11/1985
05/11/2020
-
5 yearly UORR, FRI lease
6/8 GPO Arcade
Tiger Ireland Limited
6,190
€55,000**
15 years
01/10/2013
01/10/2028
01/10/2017
5 yearly FRI lease
31,370
€1,410,000
Total
* The above floor areas are indicative, full measured surveys will be available on the data site. **Lease details will be confirmed at a later stage, following receipt and review of the original lease documentation, this is provisional information only.
Covenant Information Boots Boots Ireland is a leading pharmacy led health and beauty retailer with 74 Boots Ireland stores and just over 2,000 employees. The company has a D&B credit rating of 5A2, based on tangible net worth of €75,899,863. Vision Express UK Limited Vision Express currently have 8 stores in the Republic of Ireland and through sister companies it is part of Europe’s largest optical retailer. The company has a D&B credit rating of 4A1, based on tangible net worth of €19,067,000. Tiger Ireland Tiger Ireland operates 8 stores within Ireland. Tiger was established in 1995 and is a recognised brand with over 100 stores across Europe.
Title The property is held part Freehold and part Long Leasehold.
BER Certificate BER No. 800029415 - 800288821 BER Rating: C1 - F
20
F
20 ON HATCH, HATCH STREET DUBLIN 2
20 ON HATCH, HATCH STREET DUBLIN 2
THE CAPITAL COLLECTION
St Stephen’s Green
Government Buildings
Iveagh Gardens Harcourt Centre Concert Hall Iveagh Court Earlsfort Centre
The Property
Fitzwilliam Square Hilton Hotel
Key Investment Considerations
Well located office block in the
heart of Dublin 2
Modern internal specification extending to approximately
4,125 sq m (44,400 sq ft)
17 underground
WAULT of
3.95 years
car spaces
Passing Rent of
Tenants include
€1,351,591 per annum
Metlife & Covidien
Tenants not affected 23
SAMUEL BECK ETT BRIDGE
EY RD
BLOOD STON
QUAY
BARROW S TREET
GRAND CAN AL N
CE
PL A
IAM
WI
AN
CL
LA CE
YP L
NP
PE RC
NS
LE
N PA
TR
RK
A VE
K ROO THB NO R
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ER LOW
AN PI
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ES ON
STR EE TU
PP ER
RAGLAN LN
RAGLAN
RD D CLY
LN DE
WELLINGTO N PL
Y
AD RO
AS ANT AVE
AG
ELGIN RD
DE R CL Y
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N TO MP HA RE MO
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EL
WELLIN GTON RD
BURY L N
HEYTES
WATE RL
R
O LEES
RD
WATE RLOO LN
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RE
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LN
M
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N SO
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Y ROAD
LA
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E
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WA RR IN GT O PL
Q
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TON
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EL
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TON
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D ROA
PAR
H
TON ING ADD
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EA S
ER
ER
GRA The area is very well serviced ND STE CAN PH E N ’S by public transport, frequent AL S LN TU PP bus services run from adjoining ER Leeson Street and the Harcourt Luas Stop is located 450 metres west of the property. Pearse Street N YL DART Station is also located within RC PE walking distance.
R OA
TON
ADE PA R
mines D
RD O
E OWN NSD LA
WIL
NORTHBROOK AVE
OA BY R
GO
TL OW ER
ND RLA MBE
D
NP
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OOK THBR N OR
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R WE LO
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NL
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UR T T R HARCO
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CHA RLEMONT MALL
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IAM
ST
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STR
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RATHMINES
ILL
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ZW
RE
N A VE
W
MO UN T
ES ST E
R
ST U
ON
FIT
ON
T HATCH S TR EE
PPER
PL HA TCH
24
QU A
OT GG
LEE
S LEE
THE PROPERTY
HATCH STREET U
OW
S GR EEN
T TER RACE
TEP HEN ’
RRI
NR
ME
RI O
ST S
CUFFE LN
ST S
RK
RR ION S
P PE
’S G REE NW EST
ME R
TE P HEN
K ST
ME
RO
HO GA
MACKEN STREE T
LLE S
GAN PL AC E
LO V
HO
LUAS STOP
YOR
BYRNE’S LN
ERNE ST LOW ER
HO
LN
GRA NT’ SR OW GR ATT AN ST
LLE
MA
HANOVER QU
MACM
ER N E S
ST
OO RO AD
OWE ET L R
DEN ZI
MISERY H ILL
T UP P E R
RLA ND S T SOU T
BOY NE
KILD ARE S T
STREET
DAWSON
GRA FTON
ST
CLA RE N
H CU MBE
TLAN WES
ST
DON
T H ST
SOUTH
LI ME ST
HANOV ER ST EAST
MARK’S LN
SIR JOHN R OGERSON’S
CY
PEAR SE S TREE T
O UTH
ST S
T
I AM
RY S
WILL
DRU
AU N GI ER
CO
EXCHANGE
TOWNSEN D STREE T
...with frontage onto Hatch ST EXCHEQUERdual NAS Street and Hatch Lane. SAU TREhigh The immediate surrounding area isSa ET profile office location within walking distance of St Stephen’s Green, Iveagh Gardens and Fitzwilliam Square. DCommercial occupiers in the immediate UKE ST SETA N TA P L Barclays Bank surrounding area include Eversheds, Deloitte, STEP HEN S MOLES TRand The Office of the Ombudsman. A WOR NNE ST E
AUNGIER ST REET
ST SOU TH
20 on Hatch is located on the south side of Hatch Street, Dublin 2...
T
SQ
ESTER
CREIGHTO N ST
W ESTMORELAND ST
COPE ST
GLOUC
Docklands
E QUAY
CITY QU AY
D RO W
STREET
DAME LN
Location ANGLESEA ST
TEMPLE LANE S
DAME ST
FLEET ST
TEMPLE BAR
POOLBEG ST
ET LOWER
CUSTOM HO US
GEORGE'S QUAY
ST
UA Y
HAWKINS ST
T ON Q LLING
AY
IER
N QU ASTO
L D’O
H BAC
O W ER
EUSTACE ST
CUSTOM HOUSE QUAY
QUAY EDEN
ER
LOWER
ND ST
ND QUAY L
AS T
OTTS TH L NOR
ER
20 ON HATCH, HATCH STREET QUAY BURGH ALK W DUBLINEL2ORS
LUAS STOP
RA EAT ST
OW Y ST L ABBE
MOSS ST
ST ABBEY MIDDLE
T LIFFEY S
Y ST
TH
T LO W S T R EE
JERVIS STREET SHOPPING CENTRE
R ST NO
LUKE ST
E ’S PRINC
TARA ST
ARNOTTS
L NNEL
ST MARY
H
O
OA HR UG
D
H
RT BE ER
PA
RK
THE CAPITAL COLLECTION
Description
Typical Floorplan
20 on Hatch is a 6 storey over basement modern office building of approximately 4,125 sq m (44,400 sq ft). The property comprises a central reception area and six floors of modern office accommodation over a basement car park, which is accessed off Hatch Place to the rear of the building.
W/C Lift No. 1
Lift No. 1
W/C
AOV
Lift No. 3
Lift Lobby
W/C
Lift No. 2 Lift No. 3
W/C
W/C
W/C
Lift No. 2
Lift Lobby
AOV
The office accommodation is bright and spacious with a modern specification. Each floor has a common area, finished to a high standard and containing 3 passenger lifts and WC facilities. The individual floors have been fitted out by the tenants to a modern standard. Specification includes raised access flooring with carpet and ceramic tile finishes, plaster and painted walls and floor to ceiling glazing allowing for maximum natural light. Artificial lighting is provided in the form of recessed spot lights. The building is serviced by an air conditioning system.
25
20 ON HATCH, HATCH STREET DUBLIN 2
Tenancy Schedule Demise
Tenant
Area sq ft (car park spaces)
Passing Rent
Term
Lease Start
Lease End
Break Date
Rent Review / Repairing
Part Ground
MetLife Europe Services Ltd
5,975 (2)
€182,263
5 years
14/03/2014
14/03/2019
-
N/A IRI Lease
Part Ground
Vacant
506
-
-
-
-
-
-
First
Covidien PLC
8,435 (3)
€263,550
10 years
09/04/2010
09/04/2020
09/04/2015
5 yearly IRI Lease
Second
MetLife Europe Services Ltd
8,357 (3)
€255,532
5 years
14/03/2014
14/03/2019
-
N/A IRI Lease
Third
MetLife Europe Services Ltd
8,266 (4)
€255,847
5 years
14/03/2014
13/03/2019
-
N/A IRI Lease
Fourth
MetLife Europe Services Ltd
8,682 (2)
€262,119
5 years
14/03/2014
14/03/2019
-
N/A IRI Lease
Fifth
MetLife Europe Services Ltd
4,179 (3)
€132,281
5 years
14/03/2014
14/03/2019
-
N/A IRI Lease
44,400 (17)
€1,351,591
Total
* The above floor areas are indicative, full measured surveys will be available on the data site.
Covenant Information Metlife Metlife is an international company specialising in providing insurance, annuities and employee benefit programs. Metlife established its head office in Dublin in 2002. The Dublin Head Office allows Metlife to operate its subsidiaries in 20 European countries. Covidien Covidien is an international healthcare products supplier and a manufacturer of medical devices and supplies. Covidien’s headquarters are in Dublin and the company distributes its products worldwide. In 2012 Covidien had a net income of $1.9 billion
Title The property is held Freehold.
BER Certificate BER No. 800288862 BER Rating: C2
26
KILMORE HOUSE, SPENCER DOCK DUBLIN 1
29
KILMORE HOUSE, SPENCER DOCK DUBLIN 1
THE CAPITAL COLLECTION
Aviva Stadium Google HQ
Grand Canal Dock Railway Station
Bord Gais Energy Theatre
Grand Canal Square State Street Mathesons
McCann FitzGerald
BNY Mellon
O2
Central Bank Building PWC
The Convention Centre Dublin
A&L Goodbody
The Property
The Spencer Hotel Commerzbank House
Guild House
Key Investment Considerations Modern third generation office block extending to approximately
Interest is held in a structure allowing rental income to be split with two other parties, with an entitlement to
10,281 sq m (110,667 sq ft)
33% of the rental income forming part of this sale
Located adjacent to the
Multi let with current tenants
National Convention Centre
Credit Suisse (ABN Amro), PWC and Ecclesiastical Insurance
WAULT of
Producing a total passing rent of
10.22 years
â‚Ź4,690,195 per annum Tenants not affected 29
E ROAD
D UBLIN
Fairview
AV
E
K
BY RN ER OA D
AV E
RO
W
AV E
R EY
D
T RD
WES
OA D
DU NN
LE
VIE W
OA D
AVE
RD
RD
FO R
MA
TH
OL
East Wall
TR
HIO L
W RO
RO CK
UIR
CH UR CH R
D
ST RA ND R
TH
NO R
O
ND
S PL RES
E
...in the IFSC, set back from the River Liffey. Kilmore House is immediately bounded by PWC’s HQ, One Spencer Dock to the south and the National Convention Centre to the West. The IFSC is a vibrant commercial hub and surrounding uses are mainly office, with a number S SH of residential apartment blocksSORand retail at ground floor level. AM Y
LA RT PO
EMP
L
AL L
O
ST RA ND LO BE WE VIL SS R BO LE RO AV UG E HA VE
IL EV
ES T
A
AV E
N ST Situated between North Wall Quay and Mayor Street Lower, the property is located in EA CH ST M50 R WA the Spencer Dock scheme... LL S A M R
BA RG
YR Corporate occupiers in the immediate vicinity include PWC, the National Convention Centre, D A&L Goodbody solicitors, BNP Paribas and AON Insurance. The nearby Central Bank building is to be completed shortly.
RS
PRO
QUAY GRAND CAN AL
G
RD
ST EA
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L RO
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NS
T
GRA ND
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SOUT H
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N
EL LO V
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NP RI NG TO
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MACKEN STREE T
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N’S PL
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TL OW ER
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BATH AVENUE HAVELOCK SQ
30
NT
W
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A H ON B
TOLL B RIDGE
VAVASOUR
BA
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RO
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SO UTH
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GAN PL AC E
BLOOD STON
ASGARD RD
FORBES ST
PEARSE SQ
BYRNE’S LN
MACM
ERNE S ST
HO LLE S
HO
RE
HO
GREEN ST
O HT
LN
HORSE FAIR
S IRI
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QUAY
HANOVER QUAY
T UP P E R
RLA ND S T H CU MBE
D RO W
TLAN
SOU T
ST
QUAY
EY RD
SIR JOHN R OGERSON’S
CARDIFF LA NE
LI ME ST
CREIGHTO N ST
NORTH WALL
I LL
DEN ZI
WAL
NEW WAPPI NG ST
Docklands
MISERY H
BOY NE
ET UPPER
MAYOR ST UPPE R
SAMUEL BECK ETT BRIDGE
E QUAY
HANOV ER ST EAST
S LN
PARK LN
GUILD STREET
T LOWER
EXCISE WALK
CUSTOM HO US
ST
SHERIFF STRE
THE PROPERTY MAYOR STREE
CH
ROAD
CRINAN STRAN D
COMM ONS S TREET
EXCHANGE PL
CH UR ER
The Luas Red Line stop at Spencer Dock is less than 50 metres from the property with the Docklands train station approximately 300 metres away, providing commuter rail services. Other public transport options include numerous bus routes and Dublin Bikes. Dublin LUAS STOP Port Tunnel is also located nearby, providing speedy access to Dublin Airport. EA ST WALL
SHERIFF ST LOW
D
LOTT S RO
HARBOUR
ROA
Transport
CASTLE FOR BES RD
ST
UP
C HURCH R
OR IE L
REET
CUSTOM HOUSE
ADE
WR
BO TH A
MEN
ST L OR IEL
PE R
E RD
E AC PL
KILLAN
LE V IL SE
CONNOLLY STATION
SOUTH
N
D’S
NO RT HB RO O
AR
FIE
AV E
BR IGI
PL
AL
LE
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RO
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RS TN
BA L
T
Location
BA YV
HA MS
AN D
CH AR L
ING
LE INS TE R
SP EN CE
AD RO
T
AD
NO TT
EN S
ST R
E AV LE
GH
GAR D
NO RT H
VIL CK SA
LY BO U
RIN G
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EL TUNN
LIF FE
Y QUAY
QU A
PORT
KILMORE HOUSE, SPENCER DOCK CL DUBLIN 1 ON SP
CRANFIELD P
L
ROAD
D
THE CAPITAL COLLECTION
Description
Typical Floorplan
The property comprises a modern third generation office block completed circa. 2007. The building is of steel frame construction with mass infill concrete and has an attractive glazed façade. Extending to approximately 10,281 sq m (110,667 sq ft) NIA, the property is well laid out on seven stories over basement with large floor plates. There is an impressive manned reception on the ground floor with waiting area, finished to a high standard. The floor plates are “U shape”, arranged around an attractive central courtyard and provide flexible bright accommodation. The lift foyers on each floor are tiled and finished to a good standard with male and female toilet accommodation on each floor.
Specification General • Four x 17 person passenger lifts accessing all floors • Dedicated goods lift • Impressive marble tiled reception area • High quality toilet fit out • Attractive landscaped internal courtyard Office Space • Four pipe fan coil air conditioning • Suspended ceilings • Raised access floors
31
KILMORE HOUSE, SPENCER DOCK DUBLIN 1
Tenancy Schedule Demise
Tenant
Area sq ft (car park spaces)
Passing Rent
Term
Lease Start
Lease End
Break Date
Rent Review / Repairing
Lwr Ground, 3rd-7th Floors
ABN Amro/ formerly Fortis Property Holding (Ireland) Ltd
73,639 (40)
€3,539,000
20 years and 7 days
01/04/2007
01/04/2027
31/03/2024
5 yearly UORR/FRI
Lwr Ground, Part Ground, 2nd Floor *(1)
PWC
20,002
€1,016,285
25 years
06/04/2007
06/04/2032
-
5 yearly UORR *(2)
Part 1st Floor
Ecclesiastical Insurance
5,996
€134,910
10 years
19/04/2012
19/04/2022
18/04/2017
5 yearly IRI lease
Part 3rd Floor Office
Vacant
6,003 (3)
-
-
-
-
-
-
Ground Floor Retail
Vacant
5,027
-
-
-
-
-
-
110,667 (43)
€4,690,195 *(3)
Total
* (1) Subject to two separate leases, on similar terms with differing repairing obligations * (2) Subject to specific provisos * (3) Interest held jointly with two other parties, with 33% of total income forming part of this sale * The above floor areas are indicative, full measured surveys will be available on the data site.
Covenant Information
Title Long Leasehold, with an entitlement to 33% of the rental income.
ABN AMRO ABN AMRO Bank N.V. have a Dun and Bradstreet rating of 5AA1, indicating the minimum credit risk and almost the lowest risk of business failure (95/100). PWC PWC is the largest professional services firm in Ireland, offering a broad range of services across audit, tax and advisory and employing 2,800 people across Ireland. With a Dun and Bradstreet failure score of 100 out of 100, it indicates 0% of businesses in Ireland have a lower risk of failure. Ecclesiastical Insurance Ecclesiastical Insurance are a British owned business with group assets of over £1.5 billion and net assets of over £300 million with around 175,000 customers across the globe. Their operations in Ireland are on an all-Ireland basis with the exception of some Northern Ireland servicing and support coming from the UK. Ecclesiastical Insurance celebrated 30 years in business in Ireland in 2010.
32
BER Certificate BER No. 800053779 - 800289159 Rating: B2 - D1
43/44 MARY STREET DUBLIN 1
35
43/44 MARY STREET DUBLIN 1
THE CAPITAL COLLECTION
Busáras
O’Connell Street
Henry Street
Ilac Centre
Parnell Street
The Property
Jervis Shopping Centre
Key Investment Considerations
Exceptional High Street Retail
5A1 Rated
Investment Opportunity
Covenant Strength
Regular shaped unit with
Contracted Rent of
extensive frontage of approximately 11 metres
€845,235 per annum
Mary Street benefits from
WAULT of approximately
high footfall levels
11.29 years
Tenants not affected 35
JONE
T
BA L
ND S
HMO N RIC
N ES T
DU NN
ST RA ND R TH NO R
OC K
OW ST L OR IEL
PE R UP ST
OR IE L
TREET
COMM ONS S TREET
HANOV ER ST EAST
ERNE ST LOW ER ERNE S LN
LLE S
ME
ZW IL LOW LIAM ER ST
N’S PL
PH E
ST
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STE PH E
TU PPE R
G
SQ
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BA
STE
SO UTH
W
MO UN T
RR ION SQ EAS T
RE
ME
QU A
AST
RR ION S
RO
GAN PL AC E
GRA NT’ SR OW GR ATT AN ST
HO
EN OR TH
HO
ST
SQ UAR
LLE
ES ST E
R
P PE ST U
ON RRI
DEN ZI
HO LLE S
ST SQ
ME RR ION
ME RR IO N
ME S GR EEN
T UP P E R
RLA ND S T SOU T
H CU MBE
D RO W L
WE
ST
TEP HEN ’
ST
JAM
ST GRA FTON
ST S
BOY NE
BYRNE’S LN
ST SOU TH
TLAN
ST DON
CLA RE N ’S G REE NW EST
ST S
KEVIN ST LO WER
E QUAY
LI ME ST
ESTER
MARK’S LN
T SOUTH
TE P HEN
K ST
T L OW
EXCISE WALK
EXCHANGE PL
MAYOR STREE
CITY QU AY
GLOUC
LUAS STOP
ER
CRINAN STRAN D
CUSTOM HO US
STRE ET
SETA N TA P
TR
SHERIFF ST LOW
NS S
AMIE
TALB OT P LAC E
TOWNSEND ST PEAR SE S TR E ET
SH AM R
S HE R
IFF S T LOWE The area is excellently serviced byR S T U C O M H USE HARBO publicT Stransport through theOLuas UR O T TALB Line and all major bus routes. Red Taxi ranks nearby and multi-storey car parks located in the vicinity including Jervis Shopping Centre, GEORGE’S DOC K Ilac Centre and Arnotts which ensures this location is highly accessible to all.
WES
O UTH
ST S
I AM
WILL
T RY S
DRU
AUNGIER ST REET
UTH
OA D
ST N ORTH
LAND
PORT
RUSS
S PL RES
CONNOLLY STATION
E F OL
MOSS ST
RIE
MA LL
CREIGHTO N ST
ANGLESEA ST
TEMPLE LANE S
W ESTMORELAND ST
ADI SE PL
PAR
TTA BO PL LTO NS TRE ET
HEN
GREEN ST
ST
Transport T YS
LUKE ST
DW ICK E
HAR
PRIMRO
EUSTACE ST
POOLBEG ST
TARA ST
ST
SE ST
AUBURN ST
LINENHALL PARADE
PATRIC K ST
NEW BRIDE
ST S O UTH
LY BO U
ER LOW D ST
SHE RRA R
DO
R OW E
ST RE ET L ET
ST
NEL SON
PHIBSBOROUGH UTIO N HI LL
CONSTIT PER
HUR CH ST U P
EW
CUFFE LN
BISHOP ST
YOR
ST S O
E
LE VIL SE
OW SR
PPER
KING
AV
AV E
LE
DUKE S T
LE
T ER S
SAU
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ES VIL
V BEA
ST
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ER ’ P ET
PETE R S
IL EV
EMP
OYCE ES J JAM
T EA GR ST
RO WS OU TH
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ST
IP SH
BULL ALLEY ST
36
HAWKINS ST
Y
ANNE S
ST U
IER
CK
E LL
LN
KEV IN
L D’O NAS
EXCHEQUER ST
BA
MBALLY LN
ST
FLEET ST
BA YV
CH AR L
DAME LN
HIGH STR EE T
ROSS RD
CH AR L
DAME ST
T
LO
BRIDE RD
TH
QUAY BURGH
ALK
AY N QU ASTO
COPE ST
GH BOROU
SW
TEMPLE BAR
OR TN
CUSTOM HOUSE QUAY
QUAY EDEN
R
RD S DWA RD E
T ST EAS
LOR
T
LO W E
ES S E X
HE BAC
OWER Y ST L ABBE
TREET
ST WEST
Y ESSEX QUA
REET
ST
R AY LOW E ORMOND QU Q UA Y GTON WELLIN
PPER QUAY U
Y
LOWER
CHARLES
D STRAN GREAT
OTTS TH L NOR
T LIFFEY S
Y
Y ST LUAS STOP
T
ELL S
T
T STREE
K ST
A WOOD QU
AY
ABBE MARY’S
D SQ ORMON
D ORMON
S QUAY
CAPEL
ARRAN ST EAST
G REE Y ST CHANCER
BBE UPPER A
S ABBEY
EARL S
N O’CON
ST
TONE S
NORTH E’S ST PRINC MIDDLE
MARL
PPER
T Y ST
JERVIS SHOPPING CENTRE
M SU
RS ME
L HIL
E ET U
E LN
S RE
NORTH
ARNOTTS
TH OR
W AY RAIL
T LO
TR ELL S
MOOR
O MO
ILAC CENTRE
ST MARY
R
REE
T
RE
E MM SU
T ER S DI N
S WE
NN O’CO
SQ
ST
H EN R
JERVIS
WOLFE
BERESFORD ST
LN
CUC K O O
ER UPP T ST T O M DER MAC SEAN
L EL
LN
THE PROPERTY
L EL RN
ET
N ST
GAR
RN PA
CK NI
WE R
PA
MARY’S LANE
HANT'S QU
LO
N SL
ST
ET RE ST
I CK ER
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ED FR
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SQ
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YS T JO UN MO
E PL
TE U E ...at the centre of one of Dublin’s premier high street M shopping districts. MO PRIMROSE AVE E BLE The building is located adjacent to Penneys and directly opposite the C SSIN LA G TO RP N ST ELLING Shopping Centre. S entrance to WJervis Mary Street is home to two NE major TON ST I SQ D UPPE R JOY AR T G N shopping centres with Jervis Shopping Centre and the Ilac Centre located OU M FONTE NOY ST T ES in close proximity to the subject property. The area hosts numerous national LL I V N WESTERN WAY and international retailers including; Marks & Spencer, River Island,GREH&M, Forever 21, Next, New Look, Topshop and Penneys.
HEN RIE TTA ST
TS
QN
RLE
YS JO NT
Y TJO UN
R PPE TU
H’S PAR AD
E LL S T
ER RS ET ST UP P
KILLARNEY LEO ST
GOLDSM
P HI B
ITH ST
BERKELEY RD
DO RS
T
ME
R DE
EM
LV
CHA
S ER DIN
T JO SEP
B
T NS BO B I ZG FIT
MO
ROYAL CANA L BANK
E LAC EP ER
RD
D LVE EC
A IN I TMary Street occupies a prime position... 43/44 E S GER LD ES
CL ON LIF FE
E AV LE
R
BE
AR
R ER SH
PPE TU DS
GA R
D YR ELE
LES STR EET
TLAN D PL
VIL CK SA
RD
ECC K BER
Location
POR
E ER
LACE
PARAD E
D LVI
43/44 MARY NORTH CIR STREET CULAR ROA D DUBLIN 1
BE
S BOROUGH RD
PR
INNISF ALLEN
OAD
’ S RO AD
IFFE R
LOW
N ’S
LN
ER
HO GA
THE CAPITAL COLLECTION
Description The property comprises a high profile 3 storey mid terraced building extending to approximately 1,159 sq m (12,472 sq ft). The building offers own door access at street level with high quality retail accommodation on the ground and first floor level and storage / ancillary accommodation at second floor level. The property benefits from excellent frontage of approximately 11 metres onto Mary Street. The building is fitted out to a high specification and is currently let to JD Sports. There is also an ATM let to Allied Irish Bank Plc situated at ground floor level.
Schedule of Accommodation Floor
Use
Area sq m
Area sq ft
Ground
Retail
414
4,456
First
Retail
380
4,091
Second
Ancillary / Storage
365
3,925
Total
1,159
12,472
ITZA
131.92
1,420
* The above floor areas are indicative, full measured surveys will be available on the data site.
37
43/44 MARY STREET DUBLIN 1
Tenancy Schedule The entire building excluding the ATM area is let to John David Sports Fashion Plc for a term of 25 years from 1st January 2001 on a full repairing and insuring lease at a current rent of €820,000 per annum subject to 5 yearly upward only reviews. The ATM on the ground floor is let to Allied Irish Bank Plc for a term of 15 years from 8 September 2000 at a current rent of €25,235 per annum.
Covenant Information JD Sports Fashion Plc JD Sports Fashion Plc is a long established leading multiple retailer of fashionable branded and own brand sports / casual wear. The brand has over 400 stores and employs more than 17,000 people. The company has a D&B rating of 5A1 based on Tangible Net Worth of £155,436,000. Allied Irish Bank Plc AIB Plc was incorporated in Ireland in September 1966. The bank is 99.8% owned by the Irish Government (NPRFC) and it is considered as one of two “pillar” banks which provide services to the Irish economy. The company has a D&B rating of 5A based on Tangible Net Worth of €11,053,999,421.
Title The property is held Long Leasehold.
BER Certificate BER No. 800288961 BER Rating: C3
38
11/12 DUKE STREET & 52 DAWSON STREET DUBLIN 2
41
11/12 DUKE ST & 52 DAWSON ST DUBLIN 2
THE CAPITAL COLLECTION
O’Connell Street
Trinity College
Grafton Street
The Property
Government Buildings St Stephen’s Green Mansion House
Key Investment Considerations
Prime Restaurant
Dual frontage
city centre location
onto Dawson Street & Duke Street
Excellent
Modern internal specification
public transport services
Entire property extends to approximately
WAULT of
12.81 years
575 sq m (6,193 sq ft)
Total Passing Rent of
€300,500 per annum
Tenants not affected 41
NO R
RD
TR
ER LOW EET
OT ST
ER
OW ST L
PE R UP
S T LOWER
CUSTOM HOUSE
ST
ST
SHERIFF
E AC PL
CONNOLLY STATION
OR IEL
T ER S
LE V IL SE
ST
ST EY F OL
TALB
OR Y
ER LOW
OYCE ES J JAM
STR
E ET U
LN
TR ELL S
CK NI
S
T EE TR
MOOR
MI DO
Dublin ER
INER
R
EE TL Location OW
G’S INN ’S S T
M SEAN
D GAR
NN O’CO
ST
W AY RAIL
ER UPP T ST T O ER M AC D
SS
OC K
V BEA
ST EA
AP BO L LTO NS TRE ET
SQ
ST WE
KIN
DO MI NI CK
R PA
SH AM R
OR IE L
L EL
UP PE R
T ST
TREET
ADI SE PL
PAR
RN PA
Q LS EL RN
ET
MOT DER MAC N A SE
W RO
ST
ET RE ST
I CK ER
LL HI
ED
11/12 DUKE ST & 52 DAWSON ST ET P T RE DUBLINA 2 LL S NE
R
S PL RES
O
FR
E MM SU
EMP
L HIL
ND LA
ST LE VIL N E GR
H RT
ST
HARBOUR
COMM ONS S TREET
I
S
GUILD STREET
NS S
HANisOVserviced by The property ER ST EAST excellent public transport. Dublin MISERY H ILL Bus services stop at multiple points on Dawson Street and the Luas Green Line is situated 500 metres south of the property at St Stephen’s Green. The construction MACM BOY A H ON B Nnew of the E ST Luas Cross City Line is now underway. This new infrastructure, which will connect Broombridge in north Dublin City to DEN HO GA ZIL N A VE LE HO have a stop LN St Stephen’s Green will GAN PL on the northernHOend AC LLE of Dawson E SR O W Street, significantly increasing GR pedestrian traffic in the area. The AND C AN AL expected completion date for Luas ST MO LO U WE N Cross City is late 2017. TS R
RLA ND S T
QUAY
N
E
EL
WI
LL
IAM
PL
AC
LO V
AN CL
LA CE YP L
NP
PE RC
WA RR IN GT O PL
R PE
CY
PE R
RB
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HE
LN
ST U IAM FIT ZW ILL
GRAND CAN AL
MACKEN STREE T
GRA NT’ SR OW GR ATT AN ST
PH E
Q
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ER TP LA CE
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KE BO R
R
H
TO ING ADD
CY
LN
OAD NR
LAN
WIL
TON
PL
L
TR
LN
ON P
WIL TON
DR
D
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TON
T MA SAIN
TR
R Y’ S
OAD IL R P S ME
E
LN
RA G L
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OO RO AD
D
WELLIN GTON RD
AGLAN LN
P
OA D
HEYTES
RE
ET U
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WATE RL
SS EX R
NR
AD
ST
M
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RO UTH TMO R A D
SU
N
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SQ OUTH
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WATE RLOO LN
L
ND GRA
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BU RL ING TO
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UP PE
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GT DIN HAD
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STE PH E
R WE LO
ER
NP
TR
LENNOX PL
ET RE
MB
SO
S NT
L NT P EM O
CU
LEE
ME LE
MARTIN ST
GROVE ROAD
RL CHA
CHA RLEMONT MALL
TOBELLO RD
ER
UR T T R HARCO
AR CH
tobello
LENNOX ST
42
L
ADELAIDE ROAD
HARRINGTON ST
OW
P HA TCH
ER
TL EE
W T LO HATCH S TR EE
ST
ST
N
NL
PPER
NT
OT GG
SO
STR
HATCH STREET U
ON
GRANTHAM ST
LEE
ST
S LEE
T ST
REET HEYTESBURY ST
PLEASANTS
BA
PE M
ST CAMDEN ROW
S GR EEN
EARL
NEW BRIDE
TEP HEN ’
MO U
OW ER
HE RB ER TS
LN
STE
ME IAM
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ILL
ES ST E
ZW
TL
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OW
FIT
N’S PL
RR ION SQ EAS T
P PE ST U
ON
NR
FIT ZW IL LOW LIAM ER ST
CUFFE LN
RI O
RRI
ME R
KEVIN ST LO WER
ST S
ERNE S
ST
HO LLE S
SQ
R
LUAS STOP
T UP P E R
H CU MBE
SOU T
ST WE
ST
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KILD ARE S T
ORTH
L
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UTH
MOLES W
ME
ST S O
T SOUTH
SETA N TA P
’S G REE NW EST
KING
DAWSON
GRA FTON
ST
CLA RE N
ANNE S
STREET
DON
ST
ST S
T
WILL
I AM
RY S
YOR
DUKE S T
ST S
OW SR
BISHOP S T
THE PROPERTY NASSA U ST REET
HEN S ETLOW ER TRE
ER ’ P ET
T
AUNGIER ST REET
STEP
O UTH
EXCHEQUER ST
DRU
AU N GI ER
STREET
DAME LN
PEARSE SQ
DAME ST
ST ARD EDW ORD
CARDIFF LA N
E
MARK’S LN
ERNE ST LOW ER
PEAR SE S TREE T
S
LI ME ST
Transport
TOWNSEN D STREE T
Dockla
SAMUEL BECK ETT BRIDGE
TS
BYRNE’S LN
GLOUC ESTER S
CREIGHTO N ST
MOSS ST
ST
LUKE ST
TARA ST
W ESTMORELAND ST
ANGLESEA ST
EUSTACE ST
TEMPLE LANE S
COPE ST
R LIE
T ST EAS
CITY QU AY
POOLBEG ST
D’O
ES S E X
ALK
FLEET ST
TEMPLE BAR
GEORGE'S QUAY
QUAY BURGH
R
ST
R AY LOW E ORMOND QU Q UA Y GTON WELLIN
Y ESSEX QUA
W ORS HEL BAC AY N QU ASTO
LOWER
D STRAN GREAT
LO W E
T LIFFEY S
STOP
R AY UPPE
RD
EXCISE WALK
TREET
ST
T
T STREE
U
Y
PETE R S
EXCHANGE PL
TONE S
JERVIS The immediate locality is a thriving commercial and tourist centre with a high level of footfall. Dawson Street and the surrounding area STREET ST CUSTOM HOUSE ABBEY SHOPPING MIDDLE Y CENTRE A U Q QUAY has an established restaurant and coffee shop trade, nearby restaurant occupiers include Marco Pierre WhiteCUSteakhouse, Milano, STOM HOUS EDEN E QUAY TTS H LO Y ST Fire Restaurant, Starbucks The Farm, and Coffee Angel. E T B R B A O N LUAS PPER
CAPEL
BBE ARY’S A
Y ST ABBE
ELL S
ST
ST
N O’CON
E ’S PRINC
JERVIS
WOLFE
GEORGE’S DOC ST All of the attractions of HSouthside Dublin City Centre including St Stephens Green, Grafton Street, Trinity K College, The Government EN R Y MAYOR STREE T LOWER T Buildings and Merrion Square are within a short walking distance. S R H E T Y NOR ARNOTTS LOW MAR
FORBES ST
GH BOROU
EAR NORTH
LOWE
AMIE
MARL
T
PPER
ES OR MO
L T
ILAC SHOPPING CENTRE
TALB OT P LAC E
E LN
SHERIFF ST This prime city centre restaurant is located on the corner of Dawson Street andR PAR CR NAN TRAN D Duke Street in Dublin 2. S
LL NE
THE CAPITAL COLLECTION
Description The property is a four storey over basement building of approximately 575 sq m (6,193 sq ft). The property comprises restaurant space at ground and first floor level which seats approximately 120 people. There is further seating outside the premises for approximately 50 people. The restaurant which is dispersed over different levels is finished to a modern specification and includes hardwood flooring, plastered and painted walls, glass counter fittings, spot lighting and air conditioning. The second and third floor of the building are in very good condition and are made up of storage rooms, training rooms, offices and WC facilities. The basement area houses a high spec kitchen and additional storage space. The building is serviced by three internal staircases and there are also two lifts for the movement of goods through the different floors.
43
11/12 DUKE ST & 52 DAWSON ST DUBLIN 2
Schedule of Accommodation Floor
Use
Basement
Covenant Information
Area sq m
Area sq ft
Kitchen/Storage
81.6
878
Ground
Restaurant
127.9
1,377
First
Restaurant
134.7
1,450
Second
Storage
99.2
1,068
Third
Storage
131.9
1,420
575.3
6,193
Total
* The above floor areas are indicative, full measured surveys will be available on the data site.
Carluccios Carluccios is an Italian restaurant chain established in 1991 by prestigious chef Antonio Carluccio. The company operates in 70 locations throughout the UK as well as having franchises in Dublin and The Middle East. Telefonica Ireland Telefonica Ireland is a broadband and telecommunications provider trading as O2. O2 is a leading communications company with approximately 1.5 million customers.
Tenancy Schedule The property is let to Carluccios (Ireland) Ltd on a 20 year and 1 day FRI lease from 21st October 2007. The tenant pays a base rent of â‚Ź287,500, plus a turnover top up of 8.5% (where turnover achieves a specified level). The lease incorporates 5 yearly upwards only rent reviews whereby the tenant pays the greater of either, the open market rental value or the base rent plus turnover top up, arising from the immediately preceding rental period. The parent company of Carluccios (Ireland) Ltd (Carluccios Ltd) is named as guarantor on the lease agreement. Additional income is generated from a licence agreement (yet to be executed) granted to Telefonica Ireland Ltd for a telecommunications mast located on the roof of the premises. The licence which would expire in December 2019 is subject to an annual rent of â‚Ź13,000 per annum.
44
Title We understand the following in relation to title: 11 Duke Street is held Freehold title. 12 Duke Street is held Long Leasehold subject to a nominal rent. 52 Dawson Street is held Long Leasehold subject to a nominal rent.
BER Certificate BER No. 800288847 BER Rating: D1
17/23 UPPER RATHMINES ROAD, RATHMINES DUBLIN 6
47
17/23 UPPER RATHMINES ROAD, RATHMINES DUBLIN 6
THE CAPITAL COLLECTION
City Centre Grand Canal
Harolds Cross
Rathmines Road Ranelagh
Belgrave Square
The Property
Key Investment Considerations Stand-alone supermarket
let to Tesco Ireland Limited
Two storey building extending to a net internal area of approximately
with off street customer parking
1,773 sq m (19,094 sq ft)
High profile position on Rathmines Road Lower with a densely populated catchment area
Excellent site extending to 0.32 hectares (0.8 acres) with long term redevelopment potential (subject to PP)
CPI linked
WAULT of
rent review
9.5 years
Producing a total passing rent of â‚Ź440,000
per annum
Tenant not affected 47
LA
RE
D OK
ES ON
N PA
EA S
THBR N OR
O LEES
OAD GH R ELA RAN
PL UNT MO
GROVE PARK
ST EE The subject property occupies a prominent position on Rathmines populated suburb, popularRwith PRICE’S LN Road Upper. TU P young professionals and families. Surrounding uses include restaurants, cafes, pubs, banks and shops as well as a cinema, the Swan PER A NT
RK
R OK T BROa densely Rathmines THis NO R
A VE
ER LOW
Shopping Centre and Leisure Centre.
NORTHBROOK AVE
WA
WELLIN GTON L N
WELLINGTO N PL
Y
Occupiers in the immediate vicinity include Aldi, Lidl, DIT, McDonalds, Travel Lodge Hotel, Camille Thai, Subway and ANThink Bike. PI
Rathmines
AD R RO HGA
ROAD
K
RAT
MOYNE
LEY PAR
N ROAD
LN
AVENUE
ANNES
KILLEE
EW
AVE
E VI
ON
ETS
RSL
SPIR
AG
H
OA D
ILLE DUNV
PALMERSTON ROAD
E
EL
The area is well served by transport links with a number of bus routes providing access to all SA ND Ranelagh areas of Dublin and the FO Luas stop less than 1kmRDaway. R
ST
LAN
CHA
WE
OAD
SQ E
SQ
GE RD
R
ELL
ARK
ENS RD GA
PPE AD U
S RO
XW
VE
CH A
CHUR
AD RO
BELGRAVE RD
Rathmines
ROAD
ELL R
48
CH
MINE
YORK
MAXW
MA
RID CAMB
OD P
UR CH
RATH
G
RR
NO
VE
S RO
D OA
LEWO
THE PROPERTY
AVE WOOD
CAST
ROAD
ENOR GROSV
N STO RLE CHA
RAVE
EC
VILL
RLE
CHA
C A S T LE
E LOS
RA N
RU
BELG
STE
LEINSTE
VE GRA BEL
N LEI
R SQ
OAD RR
Ranelagh Transport
AD
RO GBY
OAKLEY ROAD
S
GRO
RATHMINES
O VEN
AS ANT AVE
ROAD LOW
ER
MOUNTPLE
N RL
M HA RE MO
AP
TER TAN LIS GU
BURY L N
OA D
PPE Rathmines is a vibrant suburb on the southside of Dublin situated approximately 3km R from the city centre. R LE O GROVE ROAD
HEYTES
ET U
OO RO AD
SS EX R
WATE RL
AD
ST
RO UTH TMO R A D
WATE RLOO LN
SQ N
D
OUTH
SU
M DART
CHA RLEMONT MALL
N SO
LENNOX PL
PL ONT
LE E
T EE
RLEM CHA
RD
TR
NR
TR
PORTOBELLO
TON
BU RL ING TO
S NT
Location ST KEVIN’S RD
WINDSOR TR
ME LE
LONGWOOD AVE
AR CH
LENNOX ST
MARTIN ST
BLOOMFIELD AVE
VICTORIA ST
Portobello
WIL
UR T T R HARCO
HARRI
W IL
ER
17/23 UPPER RATHMINES ROAD, RATHMINES DUBLIN 6 NGTON ST
R ROAD SOU T H CI R CULA
PL
PPER
H
TON
HATCH STREET U
OW
OVOCA RD
GRANTHAM ST
TL EE
ST LOMBARD ST WE
STR
IL
ON
BURY STREET
OTT ST
EL S T
TH
ORMOND ROAD SOU
R ROAD WINDSO
LBO MAR
R
A RO GH U O
D
THE CAPITAL COLLECTION
Description The property comprises a purpose built supermarket constructed circa. 1988. The two storey building has retail on the ground floor with staff facilities, stock room and bakery on the first floor. Let entirely to Tesco, the fit out is standard for this occupier. There is a surface car park to the rear of the property with 70 surface car parking spaces for customer use. The site is of regular shape with good access and profile to Rathmines Road Lower extending to 0.32 hectares (0.8 acres). Subject to planning permission, there is opportunity for re-development of this strategic site in the medium to longer term.
Development/Town Planning The subject property is zoned as Objective Z4 “To provide for and improve mixed services facilities” under the Dublin City Council Development Plan 2011-2017. The immediate area is also outlined as a “Key District Centre” (KDC 7) under the plan.
49
17/23 UPPER RATHMINES ROAD, RATHMINES DUBLIN 6
Tenancy Schedule Demise
Tenant
Entire
Tesco Ireland Limited
Total
Area sq ft
Passing Rent
Term
Lease Start
Lease End
Break Date
Rent Review / Repairing
19,094
€440,000
35 years
25/12/1988
24/12/2023
-
5 yearly RR in line with CPI, FRI Lease
19,094
€440,000
* The above floor areas are indicative, full measured surveys will be available on the data site.
Covenant Information
Title The title is held Freehold.
The property is let to Tesco Ireland Limited, the Irish arm of Tesco PLC and is a triple A covenant. Tesco currently operates 142 stores in Ireland with 14,000 employees. Tesco Ireland Limited recorded sales of €3.15 billion for the year ending Feb 2013. Tesco is the largest supermarket retailer operating in Ireland and had a reported 26% of Irish market share as of February 2014.
50
BER Certificate BER No. 800288870 BER Rating: C3
NUTGROVE RETAIL CENTRE, RATHFARNHAM DUBLIN 14
53
NUTGROVE RETAIL CENTRE, RATHFARNHAM DUBLIN 14
THE CAPITAL COLLECTION
Nutgrove Retail Park Nutgrove Shopping Centre
The Property
Nutgrove Avenue
Nutgrove Office Park
Key Investment Considerations 5 Retail Units extending to
5,661 sq m (60,934 sq ft)
Modern retail scheme with good sized floor plates Adjacent to
Anchored by Lidl and
Homestore & More
Nutgrove Shopping Centre and Nutgrove Retail Park Generous
WAULT of
8.01 years
car parking
Total Passing Rent of
â‚Ź857,101 per annum
Tenants not affected 53
NUTGROVE RETAIL CENTRE, RATHFARNHAM DUBLIN 14
Location
Nutgrove is one of Dublin’s premier, southside residential suburbs... ...located around 5km from the City Centre, between Rathfarnham and Dundrum. The locality has an established residential element and is well serviced with good amenities, road infrastructure and public transport. The Nutgrove Retail Centre is part of a cluster of three retail schemes which also includes Nutgrove Shopping Centre and Nutgrove Retail Park.
PAR K
CH U R CHTOWN R DL OW ER
Nutgrove Retail Centre has good visual profile off Nutgrove Avenue. The main access point for vehicular and pedestrian traffic is off Meadow Park Avenue.
A PE DS C LAN
E
CH
Transport The location is well served by public transport in the form of Dublin Bus services and the Luas Green Line, which is located is 1km from Nutgrove Retail Centre at Churchtown. Local amenities include Marley Park, Bushy Park and a number of golf courses.
PER
WES TON PA
RK WESTON
AVE
ROAD
MEADOW PARK AVE
OUNT PK SWEETM
MOUNTAIN VIEW DRIVE CARRICKMOUNT DR
D LAUREL ROA
OUNT D SWEETM
NUTGROV E
LORETO ROW
GRANGE ROAD
MOUNTAIN VIEW PARK
WAY
TO W N RO AD UP
BE AUMO N T AVE
NUTGR O V E
AVE
RRA C
LORE TO
O TE
STON EPAR K ABB EY
R
ET
ENT RD
WHITEH ALL RD
LO
THE PROPERTY
AR N RD
RD U PPE R
R
GR O VE AVE
TOWN
CHU
NUG
ITE B
CH
ROAD
N
UT
WH
UR
OAKDOWN
CH
R
BARTON ROAD E
ME AD O
OA D
MARLE Y AVE
R LOW
GRANGE
WIL
N CHLAW BEE
BEECH DRIVE
T UN MO
SYCAMORE ROAD
WA Y
E MEADOW GROV
WN AVE HLA EC
OV
E
W
AST
BE
GR
54
N UT
Nutgrove
M ANOR ROAD
BARTON ROAD
THE CAPITAL COLLECTION
Description Nutgrove Retail Centre is a modern retail scheme comprising 5,661 sq m (60,934 sq ft) of retail warehousing. The scheme consists of 5 retail warehouse units, anchored by Lidl. Additional tenants include Homestore and More, Petworld and McDonnell Paints. There is one vacant unit. The units are of a modern specification featuring large floor plates. The anchor store Lidl comprises a 19,000 sq ft supermarket benefiting from a side loading bay with dock levellers. The scheme is aesthetically attractive comprising a well maintained, landscaped outdoor space with an abundance of parking. There are security gates at the entrance point off Meadow Park Avenue and the retail centre is well lit up by overhead lighting.
Zoning/Redevelopment The site is zoned DC under the Dun Laoghaire-Rathdown County Development Plan 2010-2016 “To protect, provide for and/or improve mixed-use district centre facilities”. This zoning objective permits a wide range of uses including retail and café uses.
55
NUTGROVE RETAIL CENTRE, RATHFARNHAM DUBLIN 14
Tenancy Schedule Demise Tenant
Area sq ft
Passing Rent
Term
Lease Start
Lease End
Break Date
Rent Review / Repairing
Unit 1
Lidl Ireland GmbH t/a Lidl
18,986
€395,101
25 years
17/04/2012
17/04/2037
17/04/2024
5 yearly FRI lease
Unit 2
Ogalas Ltd t/a Homestore and More
24,886
€330,000 base rent (turnover provision)
25 years
23/11/2012
23/11/2037
23/11/2020
5 yearly FRI lease
Unit 3
Vacant
8,622
-
-
-
-
-
-
Unit 4
Pat McDonnell Paints t/a McDonnell Paints
4,220
€72,000
25 years
23/11/2012
23/11/2037
23/11/2015
5 yearly FRI lease
Unit 5
Horkans Pet World Ltd t/a Petworld
4,220
€60,000 base rent (turnover provision)
20 years
01/03/2014
03/03/2034
02/03/2026
5 yearly FRI lease
60,934
€857,101
Total
* The above floor areas are indicative, full measured surveys will be available on the data site.
Covenant Information
Title The property is held Freehold.
Lidl Lidl is a German discount supermarket chain that operates 10,000 stores across Europe. Lidl operates 30 stores throughout Ireland, 27 of which are based in Dublin. Lidl’s market share in the Irish market has recently risen 21.9pc to 7.9%. Homestore and More Homestore and More is an Irish owned company specialising in homeware products. Homestore and More which opened its first store in Tallaght in 2004 now operate 13 stores nationwide, with plans for further expansion. Pat McDonnell Paints Pat McDonnell Paints is an Irish painting and decorating store. Established in Cork in 1977, Pat McDonnell now operates from 7 retail outlets throughout Ireland employing 80 staff. Petworld Petworld is Irelands leading pet speciality retailer. Petworld was established in 1998 and has grown to having 7 stores nationwide. Petworld also operate a successful website which offers their customers quality pet supplies and pet care information.
56
BER Certificate BER No. 800272304 - 800273617 BER Rating: B2 - G
BEACON SOUTH QUARTER, SANDYFORD DUBLIN 18
59
BEACON SOUTH QUARTER, SANDYFORD DUBLIN 18
THE CAPITAL COLLECTION
Stillorgan Industrial Park
The Property Dun and Bradstreet
BSQ
Microsoft Beacon South Quarter Residential
Beacon Hospital Beacon Hotel
Beacon Court
M50
Key Investment Considerations Modern retail scheme with
Total Passing rent of
large floor plates
â‚Ź547,341 per annum
Part of a high
quality, residential & commercial development
WAULT of
12.87 years Generous
Rental growth
car parking available
potential
8 large units forming part of this sale, extending to approximately 3,680 sq m (39,608 sq ft) Tenants not affected 59
BEACON SOUTH QUARTER, SANDYFORD DUBLIN 18
Location
Sandyford is one of Dublin’s premier, southside residential and commercial suburbs... ...located 9km from the City Centre. Beacon South Quarter is at the heart of Sandyford and is one of the many new developments carried out in the area in recent times. Such developments include the Beacon Hospital and Clinic, the Beacon Hotel, Grande Central and a variety of modern office buildings. In addition there are a number of motor showrooms and DIY outlets nearby. Major commercial occupiers in the vicinity include Microsoft, Vodafone, Barclaycard, Mercury Engineering and Bank of America Merrill Lynch. Nama has just finished the last, residential, elements of Beacon South Quarter which will complete the scheme. In the medium term the nearby, incomplete Sentinel building, the second phase of Grande Central, will be finished out which will add value to Beacon South Quarter.
DRUMMARTIN L
N W OO D
L AK
BIR
VE
CAR MA
NH
BL AC KT
RD
AVE
ROC K
BUR T
CKE N
RD
RD ROC KR D
COR RIG R
ALL
AL L
RN
ON H
HO
HEATHER RD
OAD
A RE
NA R
D
BR A
R LINK
A VE
M50 A LEOP
M50
60
N HEATH
A VE
LE RD
KT
THR EE
N ARTI
M O R EE N
GA
AVE RN HO
ORN DR
MM DRU
BLACKTH
RN
ARK
AC
D
OAD
BL
CH AVE
RAV ENS
R LINK
HAWTHORNS RD
BLA CK T THE PROPERTY HO MA PLE A
The location is well served by public transport in the form of Dublin Bus routes and the Luas Green Line which connects to St Stephen’s Green, Dublin City Centre. Local amenities include Leopardstown Race Course and Leopardstown Golf Course.
DR
IN MART
RD
SPRUC E AVE
DRUM
D YFOR SAND
D MAPLES R
MOREEN PARK
RK
A LLY P
LL
L
OR
BALA
D DR NAR CLO
GR BALALLY HI BALALLY
VE
LAK ELA NDS C
STILLORGA
BENI LDUS AVE
DS A
IL L ST
BAL ALL Y AV E
LAKELANDS D R LAN
DS C R
LAK E
ELA N
Sandyford
DR
FURZE RD
ALLY
Transport K I L M ACUD ROAD UPPER
INK ROAD
BAL
H A Z E L A VE
WN R
O RDST
OAD
THE CAPITAL COLLECTION
Description The subject property forms part of the overall Beacon South Quarter development which is a mixed scheme of predominantly residential but also retail and some office content. The development was completed in 2007. The retail elements consist of this collection of 8 units and a further section called Beacon Plaza (not part of this sale) at an adjacent, higher level, mostly consisting of restaurants, bank branches and other service units. In total there is some 185,000 sq ft of retail space in Beacon South Quarter, excluding Dunnes, of which the subject property comprises approximately 45,000 sq ft. In addition there are some 1,800 car spaces available, mostly at basement level. The development was constructed to a high standard with the residential units achieving premium pricing. The retail units were constructed to shell finish with all services provided. Each unit was then fitted out to the individual retailer’s requirement. All units have glazed frontage onto a part covered walkway. These units are double height enabling the retailer to install a mezzanine retail or storage level. The main access is from Blackthorn Drive for vehicular and pedestrian traffic. There is a barrier controlled entrance to the carpark with the first 2 hours parking free. There is further pedestrian and limited vehicular access from Blackthorn Road.
61
BEACON SOUTH QUARTER, SANDYFORD DUBLIN 18
Tenancy Schedule Demise Tenant
Area sq ft
Passing Rent
Term
Lease Start
Lease End
Break Date
Rent Review / Repairing
D1
Lelewla Enterprises Ltd t/a Roches Bobois
4,305
€43,271 base rent + turnover element
25 years
01/07/2007
30/06/2032
30/06/2022
5 yearly FRI lease
D2
Kube Beacon Ltd t/a KUBE
6,436
€85,000
25 years
01/07/2007
30/06/2032
-
5 yearly FRI lease
D3
Vacant
6,006
-
-
-
-
-
-
D4
PDT Ltd t/a Classic Furniture
6,006
€62,500*
N/A
09/07/2012
Rolling Licence
Break at one Month’s notice
N/A IRI Lease
D5
O’Briens Wine Off Licence
6,512
€150,000
25 years
01/07/2007
30/06/2032
-
5 yearly FRI lease
C1
Furninova Ltd t/a Soul
8,675
€106,570
15 years
05/10/2011
04/01/2026
04/10/2016
5 yearly FRI lease
C6
Crowley Pharmacy Dublin Ltd t/a Your Local Pharmacy
3,810
€60,000 base rent + turnover element
25 years
01/07/2007
30/06/2032
-
5 yearly FRI lease
C7
ABC Living Ltd t/a Bo Concept
3,864
€40,000 base rent (turnover provision)
25 years
01/07/2007
30/06/2032
30/06/2022
5 yearly FRI lease
45,614
€547,341
Total
* Licence fee inclusive of commercial rates and service charge. ** The above floor areas are indicative, full measured surveys will be available on the data site.
62
THE CAPITAL COLLECTION
Covenant Information Roche Bobois Roche Bobois is an international producer of designer furniture. The company, which originated in France, operates worldwide in over 250 countries. Roche Bobois operates its flagship Irish store from Beacon South Quarter. KUBE Kube specialises in designer German kitchens and operates one Irish store from Beacon South Quarter. Kube also trade from the United Kingdom. Classic Furniture Classic Furniture is an Irish furniture company established in 1986. The company operates 3 further stores throughout Dublin, in Spuce Avenue, Coolock Retail Park and Westend Retail Park. O’Briens Wine & Off Licence O’Briens is Ireland’s largest alcoholic drinks retailer. The company operates 32 stores nationwide, 19 of which are located in Dublin. O’Briens employs over 250 people nationally and has an established online presence by offering products for purchase online with delivery.
Soul Soul is a Scandinavian furniture retailer operating throughout Europe. Soul was established in 1992 and is now one of Europe’s leading sofa manufacturers. Soul products can now be purchased in a number of European countries as well as Canada and Dubai. Soul at Beacon South Quarter is the first store in Ireland and the UK. Your Local Pharmacy Your Local Pharmacy is a group of Irish pharmacies, operating in 7 locations throughout Dublin, Kildare and Meath. The pharmacy group aims to provide high quality pharmaceutical advice and provide a wide range of high quality cosmetics and beauty products. Bo Concept Bo Concept is a designer furniture and home accessories manufacturer originating in Denmark. The company was established in 1952 and is now operating 300 stores worldwide. Beacon South Quarter is home to Irelands only Bo Concept store.
Title Long Leasehold - The property is held on a 999 year lease from 2008 at a nominal rent.
BER Certificate BER No. 800092603 - 800288920 BER Rating: C1 - D2
63
CONTACTS & FURTHER INFORMATION
Pricing On application.
Viewings Viewings strictly to be arranged though the joint selling agents.
Project Website www.the-capital-collection.com
Contacts Selling Agents Fergus O’Farrell T: +353 1 618 1311 fergus.ofarrell@savills.ie
Paul Callanan T: +353 1 618 1418 paul.callanan@savills.ie
Marguerite Boyle T: +353 1 618 1334 marguerite.boyle@savills.ie
Carol Cavanagh T: +353 1 618 1424 carol.cavanagh@savills.ie
Sean O’Brien T: +353 1 618 5724 sean.o’brien@cbre.com
Colm Luddy T: +353 1 618 5729 colm.luddy@cbre.com
Johnny Horgan T: +353 1 618 5797 johnny.horgan@cbre.com
Fiona Kennedy T: +353 1 618 5742 fiona.kennedy@cbre.com
Solicitors Andrew Muckian Rachel Stanton T: +353 1 639 5322 T: +353 1 639 5174 andrew.muckian@williamfry.ie rachel.stanton@williamfry.ie
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 or CBRE 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 or CBRE 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
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