Fully Occupied Office Investment with Government Income For Sale by Private Treaty (Tenants not affected)
Phoenix House Conyngham Road Dublin 8, D08 T3CK Phoenix House
Excellent Dublin fringe city centre office location
Investment Highlights
• Excellent tenant covenant, fully let to OPW on two leases
• Annual rent €1,012,075
• WAULT 7.7 years to expiry
• Reversionary through outstanding rent review
• Potential for further development (subject to PP)
• Five-storey over basement extending to 3,459.2 sq.m (37,234 sq.ft) NIA
• Highly accessible by public and private transport
• Excellent parking ratio, 1:56.71 sq.m (1:610 sq.ft) The Distillers Building
Diageo Extensive Transport Infrastructure
CentralCircuit Criminal Court Hickey Site
HSQ
Heuston Station
PHOENIX HOUSE
Royal Hospital Kilmainham (IMMA)
TRAIN LUAS HEUSTON RED LINE LUAS M50 STATION (HEUSTON) GREEN LINE
DRIVE WALK 15 MINS 8 MINS
DUBLIN AIRPORT KILDARE SMITHFIELD
BELFAST GALWAY JERVIS
GALWAY WESTPORT ABBEY ST ST STEPHEN’S GREEN CORK PH LIMERICK CONNOLLY RANELAGH CORK THE POINT SANDYFORD PHOENIX HOUSE
Location Overview Distance Walk Drive Location time Time (km’s) (mins) (mins) Phoenix House is strategically located on the western fringe Within the locality there are many residential and commercial centre on Military Road were approved by the Office of Public of Dublin city centre close to the Parkgate Street entrance HSQ – Acquired by Henderson Park 1.8 19 4 developments. Surrounding occupiers include Eir, AIB, HSE Works in 2018. to the Phoenix Park. One of the main advantages of the and Transport Infrastructure Ireland. This particular location Diageo Site, 560,000 sq.ft., 2023-2025 1.6 20 5 location is its proximity to the city centre and the major attracts state and semi-state occupiers and there is a The immediate area has also seen significant investment over the public transport hub at Heuston Station, which includes Distillers, Smithfield OPW, 182,190 sq.ft., 25 yr. lease 1.7 21 7 proliferation of them in the immediate vicinity. In fact, there past 12–18 months, including the acquisition of the Hickey’s site LUAS, rail, bus and Dublin bike facilities. The LUAS Red Line are no fewer than 12 within 2.6 km of Phoenix House. The by Chartered Land and HSQ by Henderson Park. The anticipated links the city’s western suburbs to the city centre, Heuston Newmarket Square masterplan for 1.06 ha 2.6 33 9 nearest state occupiers are TII, HSE, DPP and Civil Defence. redevelopment of the Diageo site (St James’s Gate) will help to Station and many bus routes, all of which are within a Plans for a new €80 million Garda command and control consolidate the area. 10-minute walk of Phoenix House. The M50 motorway is Clancy Quay, 248 residential units Q2 2020 850m 10 2 easily accessible, just a 10-minute drive away, providing access to many major national routes. National Children’s Hospital, 2021 2 26 6
Hickey Site, acquired by Chartered Land 550m 6 1
The Royal Hospital Kilmainham 1.5 20 5 Description
Originally developed in the 1980s, Phoenix House has always attracted quality occupiers such as Sullivan Bluth, Ryanair and the Office of Public Works. The building comprises a five-storey over basement stand alone office building extending to approximately 3,459.2 sq.m (37,234 sq.ft) NIA on a site of approximately 0.69 acres. The façade of the building comprises redbrick and double-glazed windows. The building has the benefit of 61 car spaces and a 75 m frontage to Conyngham Road. The common areas and the lower ground, ground and first floors have recently been refurbished to include VRF air con, raised floors, suspended ceilings, LED lights, a new reception, upgraded toilets and cores and new lift cars. Facilities for cyclists, including showers and locker spaces, are provided at basement level.
Tenancy Schedule
Floor Tenant Lease Lease Lease Areas Car spaces Rent Current Commencement Expiry NIA sq.ft Review Rent Lower Ground, Ground OPW 14/05/2019 13/05/2029 22,683 33 14/05/2024 €647,075 and First Second and Third OPW 08/02/1999 07/02/2024 13,622 28 08/02/2019 €365,000 (Outstanding) Total 36,305 61 €1,012,075
Landlord specification of refurbished floor fully let to Commissioners of Public Works Royal Hospital Kilmainham (IMMA)
Clancy Quay
HSQ
PHOENIX HOUSE
TO CITY CENTRE
Circuit Criminal Court Views of River Liffey and Phoenix Park
Zoning
Phoenix House is located within an area zoned Z1 under the Dublin City Development Plan 2016-2022. The zoning objective is “to protect, provide and improve residential amenities.” LOBBY GENTS
LOBBY
LADIES
LOCKER STORAGE
MALE SHOWERS
STORES
FEMALE SHOWERS
Basement Floor
LADIES LOBBY
GENTS
RECEPTION
Ground Floor Accommodation Schedule NIA
Floor Sq.m NIA Sq.ft NIA Lower Ground 850.4 9,154 Ground 605.4 6,516 First 651.6 7,013 LOBBY Second 669.7 7,208 GENTS Third 682.1 7,343
Totals 3,459.2 37,234 LADIES The floor areas were measured on a NIA, GIA & IPMS basis by Logical who are providing the purchaser with a letter of reliance.
First / Second / Third Floor [Sample Floor Plate] PROPOSAL Please review our Data Room www.phoenixhouseinvestment.com
Guide price €16 million
For the avoidance of doubt, please note that this is an investment sale, therefore the tenant is unaffected.
TITLE Freehold
SELLING AGENTS: VENDOR’S SOLICITOR:
4/5 Dawson Street Kathi Ó Riain Dublin 2, D02 FH72 Eugene F Collins T: +353 (0)1 676 6566 W: www.twmproperty.ie Temple Chambers PSRA Licence No. 001835 3 Burlington Road Dublin 4 Sean O’Neill E: [email protected] E: [email protected] T: +353 (0)1 202 6514 T: +353 (0)1 678 5901
Patricia Ward E: [email protected] T: +353 (0)1 611 0324 4/5 Dawson Street, 3rd Floor, Dublin 2, D02 FH72, Ireland www.twmproperty.ie
www.phoenixhouseinvestment.com
Disclaimer: 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. PSRA No: 001835