FOR SALE BY PRIVATE TREATY OFFICE INVESTMENT Tenants & Long Leasehold Interests not affected
LOT 1 & LOT 2
SANDYFORD, DUBLIN 18
C1 D1 01 Proposal
Offers to be stated individually for Lot 1 & Lot 2
LEOPARDSTOWN RACECOURSE
Passing rent €752,577 per annum LOT 1 Guide price €8,600,000 Net Initial Yield 7.96% (assumes standard acquisition costs 9.96%)
Passing rent €440,001 per annum LOT 2 Guide price €6,500,000 Net Initial Yield 6.16% (assumes standard acquisition costs 9.96%)
02 SANDYFORD BUSINESS CENTRE M50 SOUTH COUNTY BUSINESS PARK
CENTRAL PARK M50
LOT LOT 2 1 EDEN PLAZA FEBVRE WINES
MARLET SITE
SANDYFORD LUAS STOP FACEBOOK & VERIZON
TERMINI OFFICE DEVELOPMENT
SANDYFORD BUSINESS CENTRE 03 02 Investment Highlights
Sandyford Business Centre comprises two long leasehold Lots (Lot 1&2) Lot 1 comprises Units 1, 3, 4 and extends to GIA 2,807.09 sq. m (30,216 sq. ft) and 117 car spaces Lot 2 comprises Units 5c and 6 and extends to GIA 1,725.24 sq. m (18,570 sq. ft) and 83 car spaces There are eight office blocks in total with Units 2, 5a, 5b, 7 & 8 sold on long leases (c235 years) Total Passing Rent for Lot 1 is €752,577 per annum & Lot 2 is €440,001 per annum with total area 4,532.33 sq. m (48,786 sq. ft) GIA Sandyford Business Centre is a prime strategic suburban office scheme Sandyford is 10km south of Dublin city centre and benefits from excellent connectivity Dynamic cosmopolitan location with occupiers such as Google/Facebook/Salesforce/AIB/Bayer Excellent asset management opportunities with reversionary potential for regear/renewals/rent reviews Zoned Objective OE - to provide for office and enterprise development
04 SANDYFORD BUSINESS CENTRE SANDYFORD BUSINESS CENTRE 05 DUNDRUM R112 DUNDRUM STILLORGAN STILLORGAN VILLAGE CENTRE Dundrum Bypas Barton Road Kilmacud Road Lower
s
DUNDRUM TOWN CENTRE Kilmacud Road Uppe BALALLY
r
y Wa KILMACUD
Drumartin Link Road Wyckham
Benildus Av
enue 03 Location Stillorgan Road
Sandyford Business Centre (SBC) benefits future supply of Grade A office accommodation STILLORGAN from an excellent position within Sandyford and the excellent connectivity which attracts Carmanhall Road and close proximity to Sandyford Luas stop. It skilled employees. SANDYFORD adjoins the Eden Plaza Office Development, Lot B la
Ballinteer Road Ballinteer c 1 is accessed from Burton Hall Road and Lot 2 is SBC is situated within the Sandyford Business Black k t ve h thorn Dri thorn Road o
Black r
n
accessed from Blackthorn Road. Sandyford has Improvement District (SBD), which was A
Burton Hall Road v
Sandyford Road e continued to maintain and grow it’s impressive established as a SMART Region for existing and portfolio of international occupiers from incoming occupiers in the area. multiple sectors choosing Sandyford as their Torquay Road preferred suburban office location. This is a The primary objective of this initiative is to SANDYFORD dynamic cosmopolitan location with occupiers provide support for businesses currently within M50 wn Road such as Verizon, Facebook, Google, Salesforce, and those looking to invest in the district. It aims Leopardsto AIB and Bayer. to ensure that businesses in the area can avail of the network of intelligence, technological CENTRAL PARK Sandyford has become a strategic location infrastructure and highly educated workforce LEOPARDSTOWN RACECOURSE for these occupiers due to the existing and provided by the local area.
Kilgobbin Road M50
Blackglen Road
06 SANDYFORD BUSINESS CENTRE DUNDRUM R112 DUNDRUM STILLORGAN STILLORGAN VILLAGE CENTRE Dundrum Bypas Barton Road Kilmacud Road Lower
s
DUNDRUM TOWN CENTRE Kilmacud Road Uppe BALALLY
r
y Wa KILMACUD
Drumartin Link Road Wyckham
Benildus Av
enue Stillorgan Road
STILLORGAN
Carmanhall Road SANDYFORD
SBC B la
Ballinteer Road Ballinteer c Black k t ve h thorn Dri thorn Road o
Black r
n
A
Burton Hall Road v
Sandyford Road e
Torquay Road SANDYFORD
M50 wn Road Leopardsto
CENTRAL PARK LEOPARDSTOWN RACECOURSE
Kilgobbin Road M50
Blackglen Road APPROXIMATE TRAVEL TIMES
5 MINUTES WALK TO 20 MINUTES JOURNEY 25 MINUTES DRIVE TO 5 MINUTES DRIVE SANDYFORD LUAS STOP TO DUBLIN CITY CENTRE DUBLIN AIRPORT M50 TO M50 MOTORWAY
Connectivity SBC benefits from excellent transport links as it is situated next to the Green Luas line which offers regular services to the city centre in approx. 20 mins (St. Stephen’s Green). There are also multiple bus routes providing links to the city and surrounding areas and regular feeder bus services to Blackrock Dart Station. The property is also well serviced by the M50 motorway and N11 dual carriageway, providing easy access to Dublin City Centre and Dublin Airport. The area is well serviced by a host of amenities including shops, cafés, restaurants, gyms, hotels, hospital and residential accommodation.
SANDYFORD BUSINESS CENTRE 07 04 Description
Sandyford Business Centre (SBC) is a modern office campus comprising eight 2-storey office units located between Lot 1 and Lot 2. Units 2, 5a, 5b, 7 & 8 were sold on long leases.
The office units benefit from excellent surface car parking, the primary entrance to Lot 1 is off Burton Hall Road and Lot 2 is off Blackthorn Road, offering great profile to both Lots.
All units have the following specification, modified to varying degrees to accommodate specific tenant fitouts:
G 1
Raised Suspended Heating is by Units have air Finished floor Finished floor access ceilings means of LTHW conditioning level to underside level to floors perimeter provided by of ceiling heights underside of radiators way of ceiling vary at ground ceiling heights powered by gas mounted level from approx. at first floor level fired boilers cassettes 2.9m to 3.2m are approx. 2.5m
Accommodation Schedules LOT 1
UNIT FLOOR AREA GIA Sq.m FLOOR AREA GIA Sq.ft CAR PARKING Unit 1A 557.47 6,000 10 Unit 1B/1C 372.24 4,007 18 Unit 3 939.40 10,112 30 Unit 4A 556.45 5,990 24 Unit 4B 381.53 4,107 14 SUB TOTAL 2,807.09 30,216 96 Licenced spaces to Arkphire 20 Vacant car spaces 1
Floor areas were measured on a GIA basis by The Building Consultancy who will provide a letter of reliance.
CAR SPACES DEMISED UNDER LONG LEASEHOLD INTERESTS Unit 2 32 car spaces LOT 2
UNIT FLOOR AREA GIA Sq.m FLOOR AREA GIA Sq.ft CAR PARKING Unit 5C 381.68 4,108 12 Unit 6 1,343.56 14,462 53 TOTAL 1,725.24 18,570 65 Vacant car spaces 14 Accessible car spaces available 4 Floor areas were measured on a GIA basis by The Building Consultancy who will provide a letter of reliance.
CAR SPACES DEMISED UNDER LONG LEASEHOLD INTERESTS Units 5a, 5b, 7 and 8 111 car spaces
08 SANDYFORD BUSINESS CENTRE SANDYFORD BUSINESS CENTRE SANDYFORD BUSINESS CENTRE 09 05 Tenancy Schedules
Total WAULT for Lot 1 & Lot 2 is 5.8 years to expiry and 4.6 years to break (to include penalty)
Please review our Data Room www.SBCofficeinvestment.com
LOT 1
UNIT TENANT (GUARANTOR)/DOR LEASE LEASE BREAK CAR PARKING RENT RENT PER START EXPIRY DATES DEMISED REVIEW ANNUM Unit 1A Arkphire Ireland Ltd 15.06.2011 14.06.2021 10 5 yearly €90,000 Open market Unit 1B/1C Willis Tower Watson Ireland Ltd (Sub let to Arkphire 6 years 01.11.1990 31.10.2025 18 31.10.2020 €150,000 9 months from 07.12.2018 with DOR) Upwards only Unit 3 Medlab Pathology Ltd 30.06.2020 29.06.2030 29.06.2023 30 30.06.2025 €230,000* (Guarantor Sonic Healthcare Ltd) Tenant only Open market Deed of Renunciation Current lease from 30.06.2010 to 29.06.2020 29.06.2027 Mutual break Unit 4A Invesco Ltd 01.01.2020 31.12.2029 31.12.2023 24 01.01.2025 €162,897 Deed of Renunciation (3 month penalty) Open market
31.12.2026 Tenant only Unit 4B Invesco Ltd 05.12.2011 31.12.2029 31.12.2023 14 01.01.2025 €99,680 (3 month penalty)
31.12.2026 Tenant only Car space licence Arkphire Ireland Ltd 01.11.2015 14.06.2020 1 month notice 10 €10,000
Car space licence Arkphire Ireland Ltd 01.11.2015 14.06.2020 1 month notice 4 €4,000
Car space licence Arkphire Ireland Ltd 20.03.2019 19.03.2020 1 month notice 6 €6,000
4B Invesco Duct Licence 05.12.2011 04.12.2021
TOTAL 116 €752,577
1 vacant car space *New lease terms agreed and solicitors instructed
LOT 2
UNIT TENANT (GUARANTOR) LEASE LEASE BREAK CAR PARKING RENT RENT PER START EXPIRY DATES DEMISED REVIEW ANNUM Unit 5C Imagine Networks Services Ltd 24.02.2006 24.02.2026 n/a 12 24.02.2021 €95,376 Unit 6 Imagine Networks Services Ltd 24.02.2006 24.02.2026 n/a 53 24.02.2021 €344,625 5C & 6 Duct Licence (Imagine Networks Services Ltd) 27.03.2006 26.03.2026 7A Duct Licence (Executive Financial Planning) 10.01.2006 09.01.2026 TOTAL 65 €440,001
14 vacant car spaces. 4 accessible car spaces
10 SANDYFORD BUSINESS CENTRE SANDYFORD BUSINESS CENTRE 11 12 SANDYFORD BUSINESS CENTRE SANDYFORD BUSINESS CENTRE 06 Asset Management Potential
Enhance rental income through lettings/reviews/regear
Opportunity to enhance energy efficiency of buildings and sustainable profile of SBC through refurbishment and on-Lot initiatives
Potential to refurbish office accommodation and drive rental values
Potential to buy in long leasehold interest from the Freeholder
Potential to sell/buy blocks individually
Future potential to increase development density on Lots
Let vacant car spaces
Zoning
Sandyford Business Centre Local Authority Zone Description is OE - To provide for office and enterprise development.
This is identified in the Dun Laoghaire-Rathdown County Council Development Plan 2016-2022.
SANDYFORD BUSINESS CENTRE 13 07 Title
Vendors of Lot 1 and Lot 2 own the superior interest and manage the estate for the benefit of all occupants.
Sandyford Business Centre comprises eight office units (in various configurations) divided between 2 Lots, Lot 1 and Lot 2. The property is held with the benefit of long leasehold title from Dun Laoghaire-Rathdown County Council. Units 2, 5a, 5b, 7 & 8 were sold on further long leasehold interests of 235 or 236 years.
Please review our Data Room www.SBCofficeinvestment.com
5C
LOT 2 6
3
4
LOT 1 1
Individual units shown are for illustrative purposes only.
14 SANDYFORD BUSINESS CENTRE SANDYFORD BUSINESS CENTRE 15 FOR THE AVOIDANCE OF DOUBT, PLEASE NOTE THAT THIS IS AN INVESTMENT SALE, THEREFORE THE TENANTS ARE UNAFFECTED.
BER C1 D1 PROPOSAL Please review our Data Room www.SBCofficeinvestment.com
The Vendors are seeking offers as follows:
• Passing rent €752,577 per annum LOT • Guide price €8,600,000 1 • Net Initial Yield 7.96% (assumes standard acquisition costs 9.96%)
• Passing rent €440,001 per annum LOT • Guide price €6,500,000 • Net Initial Yield 6.16% (assumes standard 2 acquisition costs 9.96%)
VIEWING Viewing by appointment
SOLICITORS Kenneth Egan, Partner, Arthur Cox, Ten Earlsfort Terrace, Dublin 2, D02 T380 T: +353 (0) 1 920 1130 E: [email protected]
CONTACT Michele Jackson E: [email protected] 4-5 Dawson Street, Dublin 2, D02 FH72 T: + 353 1 676 6566 Patricia Ward www.twmproperty.ie E: [email protected] PSRA No: 001835
TWM for themselves and for the vendor/lessor of the property whose agents they are, give notice that: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property are to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. VAT may be payable on the purchase price.