THE BANK PORTFOLIO

THE BANK PORTFOLIO DUBLIN

www.thebankportfolio.com THE BANK PORTFOLIO DUBLIN | PAGE 4

Introducing the Bank Portfolio

12 bank branches

E3.29M annual rent roll

DUBLIN based properties

Leases all upward only F.R.I.

An exceptional Investment Portfolio strategically located within AIB’s Dublin retail network. With a total annual rent roll of approx. €3.29 million, these 12 landmark properties have an unquestionably secure AIB covenant with the assets held on Upward Only FRI lease terms and a WAULT of approx. 7 years.

AIB is 99.8% owned by the National Pension Reserve Fund Commission. EY valued AIB at €11.7 billion at the end of 2014.

For Sale by Private Treaty in one or more lots Dublin City

DUBLIN M1 AIRPORT

M50 1

HOWTH

2 CLONTARF 3 4 PHOENIX PARK IFSC

DUBLIN CITY CENTRE DUBLIN BAY 5 8 6 7

M50 10 9 11 DUN LAOGHAIRE 12 DUNDRUM

Property Locations

1. Artane, Dublin 5 7. Donnybrook, Dublin 4

2. Drumcondra, Dublin 9 8. , Dublin 4

3. O’Connell St., Dublin 1 9. Dun Laoghaire, Co. Dublin

4. Dame St., Dublin 2 10. Dundrum, Dublin 14

5. Crumlin, Dublin 12 11. , Co. Dublin

6. , Dublin 6 12. , Dublin 24 Portfolio Summary

Branch Location Area Sq.m Rent P.A. Lease Break Term Start Date Option

62-64 659 €212,884 15/12/2006 14/12/2021 20 St. Brigids Road, Artane, Dublin 5

140 Lower 821 €266,411 15/12/2006 14/12/2021 20 Drumcondra Road, Dublin 9

37-38 1,431 €399,096 15/12/2006 14/12/2021 20 O’Connell Street Upper, Dublin 1

7-12 1,915 €590,214 15/12/2006 14/12/2021 20 Dame Street, Dublin 2

219 Crumlin Road, 789 €207,249 15/12/2006 14/12/2021 20 Crumlin, Dublin 12

40-42 423 €214,508 15/12/2006 14/12/2021 20 Ranelagh Road, Dublin 6

69-71 Morehampton 400 €174,828 15/12/2006 14/12/2021 20 Road, Donnybrook, Dublin 4

98 Sandymount Road, 355 €159,500 19/07/2007 18/07/2022 20 Sandymount, Dublin 4

103-103A Georges Street, 941 €306,270 15/12/2006 14/12/2021 20 Dun Laoghaire, Co. Dublin

10 Main St. 476 €250,249 15/12/2006 14/12/2021 20 Dundrum, Dublin 14

AIB, 728 €310,411 15/12/2006 14/12/2021 20 Stillorgan, Co. Dublin

AIB, 655 €195,868 15/12/2006 14/12/2021 20 Tallaght, Dublin 24 THE BANK PORTFOLIO DUBLIN

COMPLETE DETAILS OF EACH PROPERTY OVERLEAF THE BANK PORTFOLIO DUBLIN | PAGE 8

62-64 St. Brigids Road, Artane, Dublin 5.

The property is of modern construction and provides flexible open plan floor plates 659 Sq.m. N.I.A.

LOCATION The property is located at the top of St. Brigids with a combination of carpeted and finished Road, just off the Road, 5km from solid floors, suspended ceilings, painted and Dublin City Centre and Dublin International plastered walls. The first floor is carpeted Airport. Artane is a high-density well- throughout with suspended ceilings and established residential area with numerous perimeter trunking. The property is a modern commercial developments nearby such as construction providing scope for further Artane Castle Shopping Centre and Northside reconfiguration if required. The property Shopping Centre. The area is well serviced also benefits from generous parking facilities by public transport with numerous Dublin immediately adjacent. There are good parking Bus routes along the Malahide Road, while facilities adjacent to the property which will and DART stations are also be attractive to potential retail and office in close proximity. tenants.

TENANCY DESCRIPTION This branch is let on a 2o year full repairing and The branch forms part of a parade of retail units insuring lease commencing 15th December and has extensive frontage onto St. Brigids 2006, incorporating 5 yearly upward only rent Road (24m) and the Malahide Road (24m).The reviews with a break option on the expiry of property comprises a two storey retail bank the 15th year. The property produces an building with retail banking facilities and rear annual rental income of €212,884. There is offices on the ground floor, and offices, staff a tenant break option on the 14th December and canteen facilities on the first floor. The 2021. ground floor is presented to a high standard 62-64 ST. BRIDGIDS ROAD, ARTANE, DUBLIN 5

Strategically located retail bank branch within a large residential catchment

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK CLONGRIFFIN1 M50 Floor NIA Sq.m. CLONTARF M50 LUCAN Ground 352 Phoenix Park CITY CENTRE First 307 Total 659 DUNDUN LAOGHAIRELAO

TALLAGHT DUNDRUM STILLORGAN

M50

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 10

140 Lower Drumcondra Road, Dublin 9.

Two attractive adjoining two and three storey buildings with stone-cut façade 821 Sq.m. N.I.A.

LOCATION The property is located on the western side and is finished with linoleum tile and carpet of Drumcondra Road Lower, close to Botanic flooring suspended ceilings, plaster and Avenue, with 25m frontage onto Drumcondra painted walls, air conditioning with perimeter Road. The property is 4km from Dublin City data routing. Centre and on one of the main routes to Dublin International Airport. Drumcondra is The upper floors comprise open plan and a highly sought-after residential area with a cellular offices and kitchen, canteen, toilet host of retail occupiers along the Drumcondra and changing facilities Road. The area is well serviced by numerous routes and commuter train links TENANCY and is in close proximity to both the city centre and the M50. This branch is let on a 20 year full repairing and insuring lease commencing 15th December 2006, incorporating 5 yearly upward only rent DESCRIPTION reviews with a break option on the expiry of The property comprises two adjoining 2/3 the 15th year. The property produces an storey buildings incorporating a rear yard. annual rental income of €266,411. There is a Both buildings benefit from attractive stone tenant break option on the 14th December cut facades. The ground floor comprises a 2021. retail banking area with offices to the rear 140 LOWER DRUMCONDRA ROAD, DRUMCONDRA, DUBLIN 9

Built of traditional construction with a feature stone-cut façade

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK DUBLIN AIRPORT M50 BLANCHARDSTOWN SANTRY Floor NIA Sq.m. CLONSILLA 2 HOWTH CLONTARF M50 LUCAN Ground 520 Phoenix Park CITY CENTRE First 194 CLONDALKIN Second 107 DUNDUN LAOGHAIRELAO

TALLAGHT DALKEY Total 821 DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 12

37~39 O’Connell Street Upper, Dublin 1.

Part three and part four storey over basement period building with 30 metres frontage onto Dublin’s main thoroughfare O’Connell Street 1,431 Sq.m. N.I.A.

LOCATION The property is located in a historic and The ground floor consists of an imposing landmark building on the junction of Parnell banking hall with a 5.16m high ceiling Street and O’Connell Street. O’Connell Street incorporating impressive ornate cornice is one of the city’s main thoroughfares, work and marbled walls and floors. The first just minutes’ walk from Henry Street, the floor consists of open plan and cellular offices city’s principal shopping street and retail with many period features also. The second developments such as the Ilac Centre and floor consists of a kitchen, canteen, open Parnell Centre. plan offices and toilets, while the third floor consists of further training rooms, plant room The area is well serviced by Dublin bus routes, and additional toilet facilities. and DART services with Connolly and Tara Street Station nearby, and with a number TENANCY of public car parks nearby also. This branch is let on a 20 year full repairing and insuring lease commencing on the 15th DESCRIPTION December 2006, incorporating 5 yearly The impressive period property was built upward only rent reviews. The property circa 1890 and comprises a part three/part produces an annual rental income of four storey over basement building with an €399,096. There is a tenant break option on attractive cut stone façade, and provides the 14th December 2021. the occupant with 30 metres frontage onto O’Connell Street. 37-39 O’CONNELL STREET UPPER, DUBLIN 1

The banking hall incorporates impressive ornate cornice work and marbled walls and floors

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE

ACCOMMODATION M1 PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN M50 BLANCHARDSTOWN Floor NIA Sq.m. SANTRY CLONSILLA HOWTH 3 CLONTARF M50 Basement 305 LUCAN Phoenix Park Ground 412 CITY CENTRE

First 293 CLONDALKIN Second 265 DUNDUN LAOGHAIRELAO TALLAGHT DALKEY DUNDRUM Mezzanine 5 STILLORGAN M50 KILLINEY Third 151 SANDYFORD Total 1,431 M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 14

7~12 Dame Street, Dublin 2.

Landmark period property in a fantastic location with Dame Street frontage and adjacent to Dublin Castle 1,915 Sq.m. N.I.A.

LOCATION The property is located on a high profile corner position at the junction of Palace Street and Dame Street, adjacent to Dublin Castle, City Hall and opposite the Olympia Theatre. It benefits from 40 metres frontage onto Dame Street, a popular and busy street near cultural centres such as Temple Bar, Grafton Street and Trinity College. It is one of the capital’s principle thoroughfares with strong volumes of footfall and strong surrounding commercial environment. The area is well serviced by Dublin bus routes, LUAS and DART services. Dame Street has become predominantly an entertainment and leisure quarter with high volumes of bars, restaurants, cafés and venues which lend themselves to be accommodated in a less conventional and unique building such as 7-12 Dame Street.

DESCRIPTION The property is a landmark building, constructed in the Lombardesque-Romanesque style in a fantastic location. It is a period property that is exceptionally attractive and iconic and would represent a trophy asset. The property comprises a ground floor banking hall with an impressive 12.8 metre vaulted ceiling with intricate plasterwork and ornate plaster and marble wall finishes. The upper floors comprise a combination of open plan and cellular offices office accommodation with boardrooms, staff facilities and ancillary storage.

TENANCY This branch is let on a 20 year full repairing and insuring lease commencing 15th December 2006, incorporating 5 yearly upward only rent reviews with a break option on the expiry of the 15th year. The property produces an annual rental income of €590,214. There is a tenant break option on the 14th December 2021. 7-12 DAME STREET, DUBLIN 2

It is one of the capital’s principle thoroughfares with strong volumes of footfall

SCHEDULE OF M2 ACCOMMODATION SWORDS MALAHIDEMALAHIMAA AHIH DE

M1 PORTMARNOCK DUBLIN Floor NIA Sq.m. AIRPORT CLONGRIFFIN M50 Basement 417 BLANCHARDSTOWN SANTRY CLONSILLA HOWTH Ground 648 CLONTARF M50 4 LUCAN First 271 Phoenix Park CITY CENTRE Second 198

Third 129 CLONDALKIN Fourth 175 DUNDUN LAOGHAIRELAO TALLAGHT DALKEY Fifth 77 DUNDRUM STILLORGAN

M50 Total 1,915 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 16

219 Crumlin Road, Dublin 12.

Established retail and commercial branch within the AIB network 789 Sq.m. N.I.A.

LOCATION This striking property is located on the south combination of open plan and cellular offices side of Crumlin Road with 45 metres frontage, along with the provision of a canteen and close to the junction with Herberton Road strong rooms. Internal finishes include and Sundrive Road, approximately 3km from vinyl and carpet flooring, air conditioning, Dublin City Centre. The property sits on a site suspended ceilings, and perimeter trunking. of approximately 0.25 ha with an excellent car parking provision of approx. 31 spaces. It TENANCY benefits from close proximity to the Crumlin Shopping Centre and is in the commercial This branch is let on a 20 year full repairing and hub of a densely populated area. The area is insuring lease commencing 15th December well serviced by Dublin Bus routes. 2006, incorporating 5 yearly upward only rent reviews with a break option on the expiry of DESCRIPTION the 15th year. The property produces an annual rental income of €207,249. There is The exceptional property comprises a a tenant break option on the 14th December detached two storey bank premises with 2021. a feature granite façade. The ground floor consists of a retail banking hall with a 219 CRUMLIN ROAD, CRUMLIN, DUBLIN 12

Detached two storey bank premises with a feature granite façade

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN M50 BLANCHARDSTOWN SANTRY Floor NIA Sq.m. CLONSILLA HOWTH CLONTARF M50 LUCAN Ground 647 Phoenix Park 5 CITY CENTRE First 142 CLONDALKIN Total 789 DUNDUN LAOGHAIRELAO

TALLAGHT DALKEY DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 18

40~42 Ranelagh, Dublin 6

Modern two storey purpose built property in the heart of Ranelagh Village 423 Sq.m. N.I.A.

LOCATION The property is located in the heart of The ground floor consists of a retail banking Ranelagh Village, a mature and sought after area to the front and cellular offices and strong residential and commercial hub, at the room area to the rear. The first floor consists junction of Ranelagh and Ranelagh Avenue. of further office accommodation around a Ranelagh is located 1.8km south of Dublin void area over the ground floor banking area. City Centre. Ranelagh is a highly vibrant part Further staff facilities to include shower of ’s inner suburbs and boasts a rooms, toilets and canteen are provided for vast array of leisure, restaurant, bar, cultural on the upper level. and commercial occupiers. There are 4 car parking spaces in the It is well serviced by LUAS, complementing courtyard to the front and 6 staff car parking its close proximity to the city centre, which spaces to the rear, with the entire site on can also be accessed by numerous Dublin Bus approx. 0.077 ha. routes. TENANCY DESCRIPTION This branch is let on a 20 year full repairing and The building is a modern two storey purpose insuring lease commencing 15th December built property of concrete construction with 2006, incorporating 5 yearly upward only rent a combination of glazed/architectural panel reviews with a break option on the expiry of façade and a single storey portion to the rear. the 15th year. The property produces an The building benefits from 15 metre frontage annual rental income of €214,508 There is a onto Ranelagh Avenue. tenant break option on the 14th December 2021. 40-42 RANELAGH, DUBLIN 6

Ranelagh is a cosmopolitan serviced by LUAS complementing its close proximity to the city centre

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN M50 BLANCHARDSTOWN SANTRY Floor NIA Sq.m. CLONSILLA HOWTH CLONTARF M50 LUCAN Ground 266 Phoenix Park CITY6 CENTRE First 157 CLONDALKIN Total 423 DUNDUN LAOGHAIRELAO

TALLAGHT DALKEY DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 20

69~71 Morehampton Road, Donnybrook, Dublin 4.

Iconic corner location in the heart of the commercial and residential hub of Donnybrook Village 400 Sq.m. N.I.A.

LOCATION The property is located on the corner of The ground floor consists of a banking Morehampton Road and Marlborough Road, hall area to the front and open plan office at the end of a parade of retail units in the accommodation to the rear, finished with exclusive commercial and residential hub carpeted floors, suspended ceilings and of Donnybrook Village, just 2km south of plastered and painted walls. Dublin City Centre. Donnybrook benefits from a wide variety of amenities to include The first floor consists of meeting rooms, open artisan retailers such as Donnybrook Fair, The plan office, staff kitchen and toilets. There is Natural Bakery and Butlers Pantry alongside also a separate access via Marlborough Road. multinational retailers like Boots and Tesco To the rear, there is an enclosed yard of approx. Express. Nearby Herbert Park is an exceptional 45 sq.m. that is used for storage. parkland amenity along with both the RDS and Donnybrook Stadium hosting many ongoing TENANCY sporting and cultural events. This branch is let on a 20 year full repairing and It is in close proximity to the Stillorgan Dual insuring lease commencing 15th December Carriageway and the N11/M50 and is well 2006, incorporating 5 yearly upward only rent serviced by Dublin Bus routes. reviews with a break option on the expiry of the 15th year. The property produces an annual DESCRIPTION rental income of €174,828. There is a tenant break option on the 14th December 2021. The building is a traditionally constructed bank premises with feature stone cut façade with 18 metre frontage onto Morehampton Road and 17 metre frontage onto Marlborough Road. 69-71 MOREHAMPTON ROAD, DONNYBROOK, DUBLIN 4

Traditionally constructed bank premises with feature stone cut façade

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN M50 BLANCHARDSTOWN SANTRY Floor NIA Sq.m. CLONSILLA HOWTH CLONTARF M50 LUCAN Ground 291 Phoenix Park CITY CENTRE First 109 7 CLONDALKIN Total 400 DUNDUN LAOGHAIRELAO

TALLAGHT DALKEY DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 22

98 Sandymount Road, Dublin 4.

Two storey building in a prominent corner in the heart of Sandymount Village 355 Sq.m. N.I.A.

LOCATION The property is located on the north side of The ground floor comprises a generous retail Sandymount Road and Seafort Avenue on a banking hall with administration offices and a prominent corner in the heart of Sandymount strong room. Village. Sandymount is an affluent and sought after south suburb located just 2.5km from The first floor comprises cellular offices, a Dublin City Centre. The area benefits from a meeting room, canteen, storage rooms and thriving mix of retailers, restauranteurs and staff facilities. Internal specification includes local amenities. Prominent and established carpeted floors, plastered and painted walls, occupiers include Tesco, Spar, Dunne & suspended ceilings and perimeter trunking Crescenzi, Indie Spice, Browne’s, Mulligans throughout. Bar and O’Reilly’s Bar. The area is well serviced by Dublin Bus Routes and is only 600m from TENANCY Sandymount DART station. This branch is let on a 20 year full repairing and insuring lease commencing 19th July DESCRIPTION 2007, incorporating 5 yearly upward only rent The property comprises a two storey corner reviews with a break option on the expiry building with ATM and night safe to the front of the 15th year. The property produces an and a rear/side yard accessed via double annual rental income of €159,500. There is a gates to the side of the property. The building tenant break option on the 18th July 2022. sits on a total site of approx. 0.03 ha. 98 SANDYMOUNT ROAD, DUBLIN 4

Sandymount is an affluent and sought after south suburb located just 2.5km from Dublin City Centre

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN M50 BLANCHARDSTOWN SANTRY Floor NIA Sq.m. CLONSILLA HOWTH CLONTARF M50 LUCAN Ground 213 Phoenix Park CITY CENTRE8 First 142 CLONDALKIN Total 355 DUNDUN LAOGHAIRELAO

TALLAGHT DALKEY DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 24

103~103A George’s Street, Dun Laoghaire, Co. Dublin.

Fronting onto George’s Street, with impressive cut stone and brick façade 941 Sq.m. N.I.A.

LOCATION The property is mid-terrace and located on The ground floor consists of a retail banking area George’s Street Upper, the main retailing to the front with open plan and cellular offices and thoroughfare of the town. Dun Laoghaire is disabled toilets to the rear. a very popular and well-established seaside suburb of Dublin. It experiences high volumes The first and second floors consist of a combination of both local and visiting trade adding to of both open plan and cellular offices with ancillary its vibrant and varied commercial, cultural staff facilities to include a training room, changing and leisure based offerings. The property is rooms and toilets. The third floor is used as storage. located immediately adjacent to the Tesco anchored Dún Laoghaire Shopping Centre, Floors are solid and carpeted/tiled throughout in an area that has experienced significant with plastered and painted walls and a combination development in recent years. of suspended and plastered ceilings. The property also benefits from air conditioning. Dun Laoghaire is located approximately 11km south of Dublin City Centre and while easily TENANCY accessible by car, is also well serviced by DART services and Dublin Bus routes. This branch is let on a 20 year full repairing and insuring lease commencing 15th December 2006, DESCRIPTION incorporating 5 yearly upward only rent reviews with a break option on the expiry of the 15th year. The building comprises a modern mid-terrace The property produces an annual rental income of four storey over basement building fronting €306,270. There is a tenant break option on the onto George’s Street, with impressive cut 14th December 2021. stone and brick façade. 103-103A GEORGE’S STREET, DUN LAOGHAIRE, CO. DUBLIN

SCHEDULE OF ACCOMMODATION

Floor NIA Sq.m. Basement 122 Ground 431 First 100 Second 147 Third 141 Total 941

M2

SWORDS MALAHIDEMALAHIMAA AHIH DE

M1 PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN Dun Laoghaire is a M50 BLANCHARDSTOWN SANTRY very popular and CLONSILLA HOWTH CLONTARF M50 LUCAN well-established Phoenix Park CITY CENTRE seaside suburb of CLONDALKIN 9 DUNDUN LAOGHAIRELAO Dublin

TALLAGHT DALKEY DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 26

10 Main Street, Dundrum, Dublin 14

An attractive two storey detached retail bank premises of traditional masonry 476 Sq.m. N.I.A.

LOCATION The property is located on the eastern side of The ground floor comprises a retail banking Dundrum’s Main Street opposite the original hall to the front and offices to the rear. Dundrum Shopping Centre and close to the The first floor comprises further office newer Dundrum Town Centre development. accommodation with meeting rooms as well Dundrum is situated approximately 10km of as ancillary staff facilities and toilets. Dublin City Centre and has become a major commercial centre with the construction of There are approximately 17 car parking the Dundrum Town Centre development as spaces to the rear that are accessed via a side well as being surrounded by a large desirable driveway. residential catchment. The area is now home to a multitude of retail and office development TENANCY occupiers. The area is well serviced by Dublin Bus routes and the LUAS, and is close to the This branch is let on a 20 year full repairing and M50. insuring lease commencing 15th December 2006, incorporating 5 yearly upward only rent DESCRIPTION reviews with a break option on the expiry of the 15th year. The property produces an The property comprises an attractive two annual rental income of €250,249. There is storey detached retail bank premises of a tenant break option on the 14th December traditional masonry with a limestone clad/ 2021. red brick façade and a modern two storey annex to the rear. 10 MAIN STREET, DUNDRUM, DUBLIN 14

High profile location on Dundrum Main Street close to Dundrum Town Centre

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN M50 BLANCHARDSTOWN SANTRY Floor NIA Sq.m. CLONSILLA HOWTH CLONTARF M50 LUCAN Ground 273 Phoenix Park CITY CENTRE First 203 Total 476 CLONDALKIN 10 DUNDUN LAOGHAIRELAO TALLAGHT DALKEY DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 28

AIB, Stillorgan, Co. Dublin.

A prominent modern ground floor and basement retail bank 728 Sq.m. N.I.A.

LOCATION The property is located in the heart of benefits from 15 car parking spaces. The Stillorgan Village opposite Stillorgan Shopping ground floor accommodates an open plan Centre, close to the junction of Road retail banking hall with ancillary cellular Lower and The Hill, in a busy retail centre. offices. To the rear of the premises there are Stillorgan is home to a wide variety of retailers further administration offices and meeting with convenience anchors such as Dunnes rooms along with staff facilities and toilets. Stores, Lidl (which is immediately adjacent to The basement provides additional office the subject unit) and Tesco. Other retailers accommodation, strong rooms and storage. of note include McDonalds, Eddie Rockets, General specification includes suspended Starbucks, Lloyds Pharmacy, An Post, Costa ceilings, recessed lighting, air conditioning Coffee and Peter Mark. The location is also an and solid carpeted/vinyl flooring. The established leisure destination with both the property also benefits from a service elevator Odeon Cinema and Stillorgan Leisureplex. between the ground floor and basement. Car parking is located to the rear of the premises. The area is well serviced by Dublin Bus routes and located close to the N11 and M50, with TENANCY Dublin City Centre just 7.5km away. This branch is let on a 20 year full repairing and DESCRIPTION insuring lease commencing 15th December 2006, incorporating 5 yearly upward only rent The property comprises a prominent reviews with a break option on the expiry of modern ground floor and basement retail the 15th year. The property produces an bank unit that forms part of The Stillorgan annual rental income of €310,411. There is a Plaza complex that was built circa 1997. tenant break option on the 14th December The Stillorgan Plaza comprises retail units, 2021. offices and a cinema with both surface and underground parking facilities. The property AIB, STILLORGAN, CO. DUBLIN

Located in the heart of Stillorgan Village opposite Stillorgan Shopping Centre

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN M50 BLANCHARDSTOWN SANTRY Floor NIA Sq.m. CLONSILLA HOWTH CLONTARF M50 LUCAN Basement 259 Phoenix Park CITY CENTRE Ground 469 Total 728 CLONDALKIN 11 DUNDUN LAOGHAIRELAO TALLAGHT DALKEY DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 30

AIB, Tallaght, Dublin 24.

Modern built premises and presents an attractive red/yellow brick façade 655 Sq.m. N.I.A.

LOCATION The property is located on the eastern side and toilet facilities to the rear. The first of The Old Bawn Road at the entrance to the floor comprises further open plan office Village Green Shopping Centre, 12km south accommodation with additional staff canteen, of Dublin City Centre on a prominent corner staff changing and W/C facilities and file with 27 metres of frontage onto Village Green storage. General specification throughout and 27 metres of frontage onto The Old includes plastered and painted walls, Bawn Road. Tallaght is a growing urban and suspended ceilings, recessed lighting, solid residential suburb that sees very high levels carpeted /vinyl flooring and air conditioning. of commercial activity with amenities and There is a small yard to the rear of the public services such as The Square Shopping premises and there is a separate public car Centre and Tallaght Hospital. The area is well park immediately adjacent to the property. serviced by Dublin Bus routes, the LUAS and is in close proximity to the M50 and the N81. TENANCY This branch is let on a 20 year full repairing and DESCRIPTION insuring lease commencing 15th December The property comprises a modern two storey 2006, incorporating 5 yearly upward only rent detached premises in the heart of Tallaght reviews with a break option on the expiry of Village. The building was constructed circa the 15th year. The property produces an 1990 and presents an attractive red/yellow annual rental income of €195,868. There is brick façade under a tiled pitched roof. The a tenant break option on the 14th December ground floor provides a generous open plan 2021. retail banking hall with a selection of ancillary cellular administration offices, strong rooms AIB, TALLAGHT, DUBLIN 24

Close to a wealth of amenities and public services such as The Square Shopping Centre and Tallaght Hospital

M2

SCHEDULE OF SWORDS MALAHIDEMALAHIMAA AHIH DE M1 ACCOMMODATION PORTMARNOCK DUBLIN AIRPORT CLONGRIFFIN M50 BLANCHARDSTOWN SANTRY Floor NIA Sq.m. CLONSILLA HOWTH CLONTARF M50 LUCAN Ground 346 Phoenix Park CITY CENTRE First 309 Total 655 CLONDALKIN 12 DUNDUN LAOGHAIRELAO TALLAGHT DALKEY DUNDRUM STILLORGAN

M50 KILLINEY SANDYFORD

M11 BRAY

N11 THE BANK PORTFOLIO DUBLIN | PAGE 32

Economic Overview

Ireland’s real Gross Domestic Product (GDP) growth was approximately 5.0% in 2014 on the back of increasing Ireland Unemployment Rate Feb 2012 – Dec 2014 15.5 investment and rising exports, which 15 14.5 are forecast to have grown by 8.3% 14 i 13.5 and 14.6% respectively . This positive 13 12.5 momentum is set to continue with 12 11.5 Ireland expected to have the fastest 11 10.5 February 2013 2014 December growing economy in the European 2012 2014 Union in 2015ii. The falling unemployment rate is strengthening domestic

demand which has started to grow again for the first time since the crisis. Lead economic indicators such as

Ireland GDP Growth Ireland GDP Growth The Economic and Social Research Institute (ESRI)/KBC

8 Consumer Sentiment Index are near a seven year high 8 6 which indicates that the positive economic sentiment

4 6 should translate into higher spending. The Department of 2 Finance is forecasting an increase of domestic personal Ireland 04 v 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (f) 2015 (f) EU 28 spending of 2.7% in 2015 . -2

-42

-6 ConsumerConsumer Index Graph Index Graph Ireland 0 -8 2002 2003 2004 2005 2006 2007 2008 2009 2010 100.0 2011 2012 2013 2014 (f) 2015 (f) EU 28 100.090.0 -2 80.0

70.0 90.0 60.0 -4 50.080.0 The most encouraging feature of the recovery in Irish 40.0 economic-6 growth has been the rapid reduction in the 30.070.0 unemployment rate, which has fallen by 450 basis points 20.0 10.060.0 -8 in less than three years going from a peak of 15.1% in 0.0 January January January January January January January January Decemb iii 50.02007 2008 2009 2010 2011 2012 2013 2014 er 2014 February 2012 to stand at 10.6% in December 2014 . To

put this rapid change into perspective, it is worth noting 40.0 that the International Monetary Fund (IMF) forecasted in 30.0 March 2012 that unemployment would only reach 13.0% INVESTMENT MARKET by the end of 2014 and it would take until the end of 2016 20.0 iv OVERVIEW to reach 11.0% . 10.0 2014 was a record breaking year for the Irish property market0.0 with €4.5 billion worth of investment deals transacted,January moreJanuary than doubleJanuary the €1.9 January billion figureJanuary January January January Decemb Standardised Unemployment Rate 2007 2008 2009 2010 2011 2012 2013 2014 er 2014 Standardised Unemployment Rate recorded in 2013 and well in excess of the previous high 16 16 of €3.4 billion achieved in 2006. 14 1214 The initial recovery in the investment market was due in 10 part to the prevailing low global interest rate environment, 128

6 resulting in high flows of international capital into the

104 Irish market. And while these flows remain robust,

2 domestic capital has outweighed foreign sources in 2014

0 8 2008 2009 2010 2011 2012 2013 2014 2015 due to increased participation by Irish pension funds, investment consortiums as well as the three REIT’s. 6

4 With bank deposit now yielding less than 1.00%, the

2

0 2008 2009 2010 2011 2012 2013 2014 2015

THE BANK PORTFOLIO DUBLIN | PAGE 33

private investor market is also very active with particular with rents growing for the first time since the crisis. There demand for assets which provide a secure income stream. are indications that retail occupier demand is picking up Given that Irish property is expected to witness continued with international operators such as Inditex, the owner strong capital appreciation over the next number of of Zara, indicating that it is looking to expand its retail years, high-net-worth individuals see the dual benefits of footprint in Ireland. This follows similar announcements high current income with promising capital growth as a by Regatta, the outdoors clothing store, and BWG, the compelling prospect. company behind the Spar convenience stores, regarding plans to expand. With rents having fallen by approximately The Dublin investment market continues to dominate, 60% from their peak, retailers see now as an ideal time accounting for approximately 84% of all transactions in in the cycle to take advantage of the improving economic 2014. environment and expanded market share at a much

reduced labour and rental cost base. Although the Dublin City market continues to attract the most interest, 2014 Investment Destination saw a greater interest in provincial investments with the belief that 2015 may see rental increases in the larger Rest of Ireland, provincial centres. However, outside of prime pitch areas, 16% it remains the case that covenant strength is still of utmost importance with investors preferring long leaseholds and a reliable covenant.

ENDNOTES [i] Budget 2015; Economic and Fiscal Outlook for Ireland. Department of Finance.

[ii] European Economic Forecast, Autumn 2014. European Commission.

Dublin, 84% [iii] Central Statistics Office.

[iv] Ireland: Fifth Review Under the Extended Arrangement—Staff Report. International Monetary Fund.

[v] Budget 2015; Economic and Fiscal Outlook for Ireland. Department of

The retail investment market has rebounded strongly Finance in 2014 with investment volumes in the sector growing four fold to stand at approximately €1 billion for the year

compared with €145 million for the entire of 2013. This has driven the retail sector’s share of the investment market to 23%, up from 6% in 2013.

Investment Volumes

€1,600,000,000 €1,400,000,000 €1,200,000,000 €1,000,000,000 €800,000,000 €600,000,000 €400,000,000 €200,000,000 €-

2014 2013

The recovery in the retail market has initially been focused on the prime city centre locations such as Grafton Street,

Further Information

Viewing Selling Agent Strictly by appointment with Sole Agent Knight Frank

BER Rating Available on request 20-21 Upper Pembroke Street, Pricing Dublin 2, On Application Ireland. Tel: 353 1 634 2466 Fax: 353 1 634 2477 Solicitor KnightFrank.ie Smith Foy & Partners Solicitors, 9 Fitzwilliam Square, Adrian Trueick Dublin 2, [email protected] Ireland. Tel: 353 1 676 0531 Ross Fogarty smithfoy.ie [email protected]

James Foy James Meagher [email protected] [email protected]

www.thebankportfolio.com

Conditions to be noted: These particulars are issued by Knight Frank on the understanding that all the negotiations are conducted through them. Whilst every care has been taken in the preparation of these particulars, they do not constitute an offer or contract. All descriptions, dimensions, references to condition, permissions or licences of use or occupation, access and other details are for guidance only, they are given in good faith and believed to be correct, and any intending purchaser/tenant should not rely on them as statements or representation of fact but should satisfy themselves (at their own expense) to the correctness of the information given. Prices are quoted inclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchaser/lessee shall be liable for any VAT arising on the transaction. Knight Frank or any of their employees have any authority to make or give any representation or warranty in respect of this property. Reg. No. 001880.

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