09 Half Moon Brochure.Pdf
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FOR SALE BY PRIVATE TREATY / TENANTS NOT AFFECTED WWW.HALFMOONSTREETCORK.COM CONTENTS INVESTMENT OVERVIEW ������������������������������������ 06 INVESTMENT HIGHLIGHTS �������������������������������� 08 PRI M E LOC AT I O N ������������������������������������������������ 10 GETTING AROUND ���������������������������������������������� 12 CORK’S FDI TRACK RECORD ������������������������������ 14 ASSET OVERVIEW ����������������������������������������������� 18 ACCOMMODATION SCHEDULE ��������������������������� 20 SPECIFICATION���������������������������������������������������� 22 FLOOR PLANS ������������������������������������������������������ 24 WHY CORK........................................................... 26 CORK MARKET RESEARCH ���������������������������������� 28 FURTHER INFORMATION ������������������������������������ 30 HALF MOON STREET / 2 3 / HALF MOON STREET HALF MOON STREET AN EXCELLENT INVESTMENT OPPORTUNIT Y HALF MOON STREET / 4 5 / HALF MOON STREET INVEST MENT OVERVIEW CBRE and Savills jointly present Half Moon Street for sale by Private Treaty. » Significant mixed use investment opportunity constructed in 2008 to an excellent standard » Superb waterfront location on Lavitts Quay, adjacent to landmark buildings and within walking distance of Opera Lane and Patrick Street » Excellent tenant line up including Apple Europe and Boots Flagship Store in Cork » Weighted average unexpired term of 4.1 years to break and 9.0 years to expiry » Producing a rent of €2,606,500 per annum » Offering genuine asset management opportunities » Guiding €34,000,000 which reflects a NIY of 7.07% and price of €284 per sq ft (subject to contract / contract denied) HALF MOON STREET / 6 7 / HALF MOON STREET INVESTMENT HIGHLIGHTS Excellent city centre location Located within 200m of Modern high quality Total of 11,110 sq m situated in an attractive St. Patrick’s Street Cork’s architecturally designed (119,589 sq ft) waterfront setting principal shopping street mixed retail and office scheme Rental income Two high calibre tenants Term to break 4.1 years – Large floor plates and €2,606,500 per annum Boots and Apple account Term to lease expiry generous floor to ceiling for over 95% of income 9.0 years heights HALF MOON STREET / 8 9 / HALF MOON STREET CORNMARKET STREET SHOPPING CENTRE PAUL STREET SHOPPING CENTRE & CAR PARK THE CAPITOL THE ENGLISH MARKET CORK OPERA HOUSE PRIME PATRICK STREET LO C AT ION OPERA LANE PENNEYS The property is situated in a prime waterfront location in Cork City centre on the corner of Half Moon Street and Lavitt’s Quay. DUNNES STORES St. Patrick’s Street, Cork’s principal DEBENHAMS shopping street is located 200m to the DEPARTMENT STORE south. Directly to the west of the property is the Paul Street Shopping Centre, MERCHANTS QUAY anchored by Tesco which also includes SHOPPING CENTRE Paul Street Public Car Park. To the east is Cork Opera House and Crawford’s Art Gallery. Nearby occupiers include Dunnes Stores and Opera Lane which hosts major retailers such as H&M, River Island, Topshop and New look. Nearby office occupiers include Facebook VR, Alien Vault and Huawei. HALF MOON STREET / 10 11 / HALF MOON STREET TO LIMERICK AD D O AL R A H OUG O D Y R OL E S R U O D C A R O R E T Y A L O W O H GETTING Y L L A B T E E R T RD S E IR NM N LA E G AROUND O DL ID D M N A H Irish Rail runs hourly from Cork (Kent Station) to Dublin S IRE RD ANM (Heuston Station) and regular daily services to a number MIDDLE G L of other key locations throughout the country. Bus Eireann LOVER’S WALK provides frequent bus services to Galway, Limerick, Dublin N20 and many other regional counties. In addition Cork has an TH OR N excellent road network which provides access between LL KENT TRAIN STATION HI ER N8 MM Cork and Dublin via the M8 / M7 in less than three hours. SU Irish Rail TO DUBLIN/WATERFORD POPE’S MCC TFI BUS CORRIDOR QU URTAIN AY STREET N8 TH NORTH DOCKLANDS E MA RINA Y UA Q R'S CORK BUS STATION AD O PÁIRC UI CHAOIMH RO L ELL E H RIVER LEE S W PATRICK STREET PORT OF CORK ’ C AY ND A SU B SOUTH DOCKLANDS THE ENGLISH MARKET ROAD N ROAD PARK M O HA ENTRE N A N22 OLIVER PLUNKETTSOUTH STREET MALL C GRAND PARADE A N G E L TO KERRY S E A MONAHA V N ROAD ULLIVAN'S Q S IC S UAY T T R O E R AY I Western Road QU E A S T Y RO B SOUTH TERRACE RO A P D AD K RO OC DOU CKR GLA AD BLA S S OLD BLACKROCK RO TRE ET UNIVERSITY COLLEGE CORK AD RO DON BAN S N27 O U T H T E R E N BOREENMANNA E ROAD R R O T A S D D ROA N ZINE A E MAG E D R A E O G R V N E BALLIN E R LOU E ST.P GH SH ATR G ROA A ICK R D L ’S R D E G O A E N HARTLAND'S AVENUE R O K A L D A W S D R O CORK A I U G R L LOUGH F A S R O A TO CORK AIRPORT D HALF MOON STREET / 12 13 / HALF MOON STREET SO U TH D O UG LA S RO AD CORK’ S FDI TRACK RECORD Over 150 multi-national companies are based in Cork, employing over 35,000 people demonstrating a strong track record in attracting investment. Cork is home to household names on a global basis such as Apple, Dell EMC, Amazon, Facebook and VM Ware. Eight of the top ten pharmaceutical companies are based in Cork including Pfizer, Novartis, Janssen, Glaxosmithkline, Johnson and Johnson and Eli Lilly. Cork has seen the emergence of a number of exciting technology clusters (cloud and storage, cyber security, general technology) with some of the world’s leading names in technology choosing Cork as their European headquarters. Employment in technology companies in the Cork region has increased by more than 60% in the last five-year period alone. Cork was voted the No.1 Small City of The Future for foreign direct investment friendliness in the Financial Times FDI Magazine European Cities and Regions of the Future in 2016/2017 and again in 2018/2019. HALF MOON STREET / 14 15 / HALF MOON STREET HALF MOON STREET / 16 17 / HALF MOON STREET ASSET OVERVIEW Half Moon Street was built in 2008 and comprises a modern mixed retail and office building. The building is of concrete and steel frame construction and has a mixture of rendered and painted walls with an attractive curved glazed external elevations with a flat roof structure. There is retail accommodation at ground, first and basement levels and office accommodation at ground, first, second, third and fourth floor levels. The Apple offices are accessed from Lavitt’s Quay from a self-contained ground floor lobby/reception area. Two lifts and stairs access serve the upper floors. The accommodation is predominantly laid out in open plan, together with a number of private offices, meeting rooms, training rooms, large staff restaurant and tea/coffee stations. There are ladies, gents and disabled restrooms on each level. The internal specification is high quality comprising raised accessed floors with quality carpet floor covering and suspended ceilings with energy efficient lighting. The offices are fully air conditioned. The Henry J. Lyons office is located in Unit 16 which opens onto Lavitt’s Quay. This is a three-storey protected structure of traditional masonry construction with painted elevations. Retail Unit 1 comprises Boots flagship city centre store and is comprised over ground and first floor retail with storage and staff welfare facilities on the second floor and vacant basement. Access to the upper floors is via lifts and escalators. The Matthews Unit (Unit 2) and The Kopper Unit (Unit 3) comprise self-contained ground floor retail units. The remaining vacant ground floor and basement accommodation is in shell and core finish and allows for active management potential for an investor to add value. The retail space is modern, offering both the large floor plates and the generous floor to ceiling heights required by retailers in the current market. The office space is excellent quality Third Generation Grade which is desired by the modern office user. HALF MOON STREET / 18 19 / HALF MOON STREET ACCOMMODATION & TENANCY SCHEDULE RENT TENANT LEASE EXPIRY NEXT AREA AREA RENT PA DESCRIPTION YEARS BREAKS RATE NAME START DATE REVIEW (M²) (FT²) (€) (PER FT²) Boots Retail Unit 1 20/11/2009 25 19/11/2034 20/11/2019 20/11/2024 3,677.0 39,579 1,275,000 32.21 Retail Retail Unit 2 Matthews 27/03/2015 10 26/03/2025 26/03/2020 - 446.0 4,801 50,000 10.41 Retail Unit 3 Kopper 07/09/2017 10 06/09/2027 06/09/2022 - 280.8 3,022 54,000 17.87 Ground Floor - - - - - 356.2 3,834 - - Retail 4 Vacant Lower Ground - - - - - 1,136.0 12,228 - - Floor Vacant Henry J Over- Office 16 01/01/2013 5 N/A - 139.4 1,500 12,500 8.33 Lyons holding Grd, 1st & Apple 01/08/2016 5 31/07/2021 N/A - 2,458.3 26,461 588,604 22.24 2nd Floor Europe Apple 3rd & 4th Floor 01/08/2016 5 31/07/2021 N/A - 2,616.5 28,164 626,396 22.24 Europe TOTAL 11,110.1 119,589 2,606,500 COVENANT INFORMATION Boots Retail (Ireland) Limited (48.9% of income) had a turnover of €378.4m in 2017 with a net profit of €18.6m and a NAV of €201.8m. Apple Operations Europe (46.6% of income) which is based in Cork is Apple’s only Global Corporate Headquarters outside of the US and employs approx.