SOUTH

PRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY DUBLIN CITY CENTRE

UCD

THE OPPORTUNITY 4

STILLORGAN VILLAGE CENTRE

THE STATISTICS 6

LOCATION 9

ACCESSIBILITY 10

AMENITIES & OCCUPIERS 12 Stop

DEVELOPMENT 14 OPPORTUNITY

BEACON SOUTH QUARTER

SITE PLAN 16

ACCOMMODATION 18 SCHEDULES

PRIVATE RENTAL SECTOR 21 MARKET COMMENTARY

FURTHER INFORMATION 23

CONTACTS 23

PRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY

2 3 PRIME RESIDENTIAL DEVELOPMENT OPPORTUNITY

Exceptional opportunity to acquire a large-scale development opportunity with full planning permission for 459 apartments

On the instructions of Duff & Phelps, Cushman & Wakefield is pleased to present Central, a rare opportunity to acquire a large-scale apartment development opportunity in South Dublin.

With full planning permission for 459 apartments and the potential for redesign to achieve approx. 539 units under a BTR scheme, subject to planning permission, Sandyford Central has the scale and flexibility to provide private rental sector or build to sell accommodation, or a combination of each.

This development opportunity is offered in one lot.

Site of approx. 1.54 ha (3.81 acre) with full planning permission for the development of 459 apartments and ancillary accommodation, including crèche, gym, office suite, lounge, games room and a two-level basement containing 454 car parking spaces. 45 podium car parking spaces are also included.

Computer Generated Image - View of permitted development from Stillorgan Luas.

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Donabate

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M2 M1

5 2 Swords

2 M3 DUBLIN N2 AIRPORT Dunboyne

1 4 4 3 4 M50 5 N32

Sterling 2 3 2 Beaumont Sutton N3 6 N2 M50 Clontarf Drumcondra Port Tunnel M50

N3 N1 N2 M4 6 3 7 Lucan 2 1 N4 N4 DUBLIN N4 N1 - NATIONAL ECONOMY SANDYFORD BallyfermotDEMOGRAPHICS 5KM CATCHMENT

N81

N11 Crumlin 1 Donnybrook 5 km 9 Milltown C N7 at ch 10 m N81 e 2 Belgard n M50 N31 t Economy predicted GDP growth of Population 4.96 million by 2021 Population of Churchtown to grow by 56,3943 Blackrock 9% YOY 4.76 million 5.52 million by 2031 11 Dundrum N11 7.50% in 2018 to Q2 2018 households 154,600N81 N7 Stillorgan 4.20% in 2019 (incl. aircraft leasing) (2.74 average) N81 Ratfarnham Citywest 12 SANDYFORD N31 N7 The Square 13 14 M50 N81 N11

Carrickmines €4.22 billion 15 purchasing power Stepaside (€27,300 per capita) 16 Cherrywood M11 Employment grew by Average weekly wage 17 5.80% 3.30% increased by Unemployment H1 2018 national house 3.40% YOY price growth to Q2 2018 3.30% YOY to Q2 2018

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M50

Home to 9 out of APARTMENT Outflow of individual CONNECTIVITY residential investors from the TOP 10 TO LET the market increasing global software, ICT the requirement for and pharmaceutical institutional residential companies landlords

Stillorgan LUAS Air Coach Dundrum Town Centre Station 3 min drive 5 min walk 7 min drive DUBLIN PRIVATE RENTAL SECTOR 1 min walk 10 min on LUAS

Sandyford Central is situated AUG in a highly accessible location, adjacent to the Luas Green Line as well as multiple routes, Apartment rents St Stephen’s Green €576 million 1% of accommodation 16% of Ireland’s both offering regular services to increasing by approx. 2018 turnover to Q3 available to rent as at rented accommodation 25 min on LUAS 25 min drive Dublin city centre (incl. forward deals) August 2018 8% per annum within 15-minute drive of Sandyford Central

6 7 LOCATION

Sandyford Central occupies a prime location in South

Microsoft, South County Business Park Dublin in a pivotal residential and employment cluster, with the Luas Green Line situated within approx. 80 metres Beacon Hospital The Beacon Hotel

Sandyford, located approx. 9 km south of Dublin city Sandyford Central is situated in a highly connected centre, represents one of Dublin’s most successful location, adjacent to the Luas Green Line as well as regeneration stories and continues to evolve from a multiple bus routes, both offering regular services to traditionally industrial centre into one of Dublin’s most Dublin city centre. The property is well serviced by the significant suburban living and employment hubs. M50 motorway and N11 dual carriageway which provide access to Dublin city centre and Dublin Airport. With a Sandyford Central is situated within the former planned completion date of 2027, Dublin Metrolink will Sandyford Industrial Estate and the Sandyford connect Sandyford to Dublin city centre, Dublin Airport Urban Framework Plan area with dual frontage onto and Swords. The Dublin Metrolink will connect to Tara Blackthorn Drive and Carmanhall Road. The Sandyford Street DART station. See: www..ie. Urban Framework Plan provides for the redevelopment of key sites within Sandyford Industrial Estate for Upon development, Sandyford Central and the residential and commercial uses, including Sandyford adjoining Phase 2 will mark substantial Central. A number of high profile international completion of the “Mixed Use Inner Core Area Zone 1” occupiers are now based in the vicinity, including under the Sandyford Urban Framework Plan, creating Google, Microsoft, Vodafone, AIB, Bank of America in excess of 1,000 new homes for over 2,500 residents. Beacon South Quarter Merrill Lynch and Salesforce. Delivery of this scale on pivotal sites will have a significantly positive onward impact on the viability and vibrancy of the surrounding commercial and employment hubs.

Sandyford Central is situated within the former Sandyford Industrial Estate and the Sandyford Urban Framework Plan area

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Donabate 4

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5 2 Swords Malahide

2 N M3 DUBLIN 1 1 N2 AIRPORT Portmarnock Dunboyne R 1 1 1 DUNDRUM 2 D 4 A Clonee 3 O M50 4 R D 4 E Y T A N R 5 N32 U M Sterling Coolock STILLORGAN Santry 2 DUNDRUM A Stillorgan 3 Finglas D R T Village 2 Sutton U Beaumont N A D I N3 R O N Centre Howth N D T O L O W E R K I L M A C U D R 6 A R O A D R B L N2 S M50 I U T N E Clontarf B M I L K V Drumcondra A Port Tunnel E L M50 Castleknock B A T O L R STILLORGAN Y U

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E Town A S D T E H 6 V M4 3 S N 7 Centre I E 2 1 R K C Lucan I L E M R A R N4 E A V O O N4 Chapelizod R C D

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DUBLIN S N4 N1 R R R D ’ O I O A

D A A Y R U P P A E R L A 1 1 D 7 E W N81 KILMACUD M A Ballsbridge A H H

N11 K P Crumlin C R B E Clondalkin Y N I A 8 L D 1 W U R Donnybrook 2 S . 5 S A 9 V T N7 Milltown A E S Walkinstown N 10 N Terenure D 1 N81 Clonskeagh 1 2 Belgard Y Stillorgan M50 N31 F Business Centre Churchtown O

3 Blackrock Ballawley R B STILLORGAN Dun L 11 N11 D A Dundrum D C Laoghaire Park C K D R A T N7 R R H

N81 Stillorgan A Ratfarnham U M O

Saggart O R O A M N N Citywest A SANDYFORD

Glenageary R H A A E

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R I E N7 R L Foxrock R 13 14 T R E D B O M50 I L A N11 E N A

C D Leopardstown T N O R K

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Stepaside R A D D B 1 O A Cherrywood 1 R O 7 A T SANDYFORD L L O

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Sandyford Luas Stop

Stillorgan LUAS Station Air Coach Beacon South Quarter M50 Motorway Dundrum Town Centre Dublin Airport 1 min walk 5 min walk 1 min walk 3 min drive 7 min drive 25 min drive

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Mixed Use Inner Core Area Zone 1

Food and Retail Business and Employment Services and Amenities Residential Accommodation AMENITIES 1. Beacon South Quarter 5. Microsoft 12. Beacon Hospital 16. M50 motorway 19. Rockbrook Phase 2 23. Beacon South Quarter 2. Dunnes Stores 6. AIB 13. Beacon Hotel 17. Naomh Olaf GAA 20. The Maple 24. South Central AND OCCUPIERS 3. Aldi 7. Salesforce 14. Ben Dunne Gym 18. Stillorgan Luas 21. The Cubes 25. The Forum 4. Dundrum Town Centre 8&9. Google 15. Imaginosity 22. Prime Living - New 26. Grande Central 10. The Hive - Residential Development Office Refurbishment 11. 3 Arkle Road - New Office Development

12 13 DEVELOPMENT OPPORTUNITY

Town Planning Planning policy for Sandyford Central is contained within the Dun Laoghaire Rathdown County Development Plan 2016-2022 and The Sandyford Urban Framework Plan 2016 (SUFP). The site is zoned Mixed Use Inner Core Area Zone 1 “MIC” which aims to consolidate and complete the development of the mixed use inner core to enhance and reinforce its sustainable development.

Under the Sandyford Urban Framework Plan, Sandyford Central has a permitted plot ratio of 4:1 and permitted building height limits of 5 - 14 storeys. The building height limits were established through an assessment of location and character of an area and proposed land use. Building height policy within the Sandyford Urban Framework Plan allows for the design of buildings or elements of buildings to exceed the building height limit at appropriately identified locations.

Policy Context March 2018 Design Standards for New Apartments This March 2018 publication on apartment design provides for greater efficiency in apartment design, particularly for schemes planned for long term institutional rental under the BTR model. Some of the main points of these standards are as follows; Computer generated image of the permitted development

1. BTR (Build to Rent) is now a specific asset 4. The dual aspect requirement for centrally class. In order to be classed as BTR, certain located schemes has been reduced to 33% covenants must be satisfied, i.e. “the (previously at 50%) with the remainder of development remains owned and operated development (intermediate and peripheral The Development Opportunity by an institutional entity and that this status locations) remaining at 50%. will continue to apply for a minimum period The extant five-year planning permission The apartments in the permitted scheme 5. Minimum floor to ceiling heights remain of not less than 15 years and that similarly no was granted on 17 July 2018 for a scheme were designed under the 2015 Department at 2.4m (2.7m at ground) but a floor to individual residential units are sold or rented comprising 459 apartments (Ref. PL06D.301428) of Environment, Community and Local ceiling height of 2.7m throughout should separately for that period”. Supporting across six blocks ranging from 5 - 14 storeys Government Apartment Standard guidelines. be considered given the removal of building communal and recreational facilities must in height. The permitted scheme contains Following the publication of the Design height restrictions. also be provided. There are no restrictions on 1 no. studio apartment, 92 no. 1 bedroom Standards for New Apartments in March 2018, a BTR unit mix. 6. The number of permissible units per floor apartments, 303 no. 2 bedroom apartments review of the design was undertaken by Henry per core has increased from 8 to 12, but no and 63 no. 3 bedroom apartments. Ancillary J Lyons to evaluate the potential uplift in unit 2. No restrictions have been imposed on maximum requirements shall apply to BTR accommodation includes a crèche, gym, office numbers that could be achieved under the development height. Instead, this aspect will schemes. suite, lounge, games room and a two-level new guidelines within the existing envelope be assessed on performance based criteria basement containing 454 car parking spaces of the permitted development. Along with the appropriate to general location. This matter 7. Minimal or significantly reduced car parking and a plant area. 45 car parking spaces are also potential to significantly reduce or eliminate has been addressed in the Project Ireland provision for BTR development close to included at podium level. Vehicular access is car parking requirements under the BTR asset 2040 National Planning Framework. transport services. This initiative could offer a provided via Carmanhall Road, while Blackthorn class, such a strategy offers the potential to significant cost saving to Sandyford Central, 3. Studios are included at a minimum size of Drive provides vehicular access for services. significantly enhance and add value through considering the proximity to the Luas. 37 sq m, 2 bed units (4 person) remain at design and planning refinement. This study by 73 sq m but local authorities can now 9. Shared Accommodation is now permissible Henry J. Lyons provides for a development of consider 2 bed units (3 person) at 63 sq m. with minimum floor areas of 12 sq m for 539 apartments, with a single level basement single rooms and 18 sq m for double / twin requiring minimal excavation providing 160 car rooms. parking spaces and 660 bicycle spaces.

14 15 Site plan of permitted development

TWO LEVEL Crèche Full planning permission for BASEMENT WITH: Café Office suite studio 2 bedroom car parking 1 x apartment 303 x apartments 454 spaces Meeting room 459 Main vehicular Gymnasium APARTMENTS 1 bedroom 3 bedroom bicycle parking access from Games room TO INCLUDE: 92 x apartments 63 x apartments 516 spaces and plant Carmanhall Road Yoga studio 45 PODIUM LEVEL CAR PARKING SPACES

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1 PROPOSED SITE PLAN SCALE 1:500

NOTE 51-54 PEARSE STREET, DUBLIN 2. ALL DIMENSIONS TO BE CHECKED ON SITE T +353 1 8883333 F +353 1 8883322 NO DIMENSIONS TO BE SCALED FROM THIS DRAWING henryjlyons.com THIS DRAWING IS TO BE READ IN CONJUNCTION WITH A PLANNING CLIENT Pearse Farrell, Statutory Receiver to Certain Assets of Tivway Limited RELEVANT CONSULTANTS DRAWINGS B C (in Receivership) and Picerno Limited (in Receivership) JOB NUMBER: 950021 DATE 08.03.2018 N PROJECT TIVWAY Residential Development SCALE: 1:500@A1 DRAWN RJ/OJ/RS CHECKED DB/RJ FILE NAME 950021 P0003 Site Plan D Former Aldi Site, Carmanhall Road, Sandyford Business District, Dublin 18 DRAWING BLOCK DRAWING NUMBER ZONE REVISION 0 08.03.18 PLANNING DB RJ F E SITE PLAN REV DATE DESCRIPTION CHKD DRN P0003 0 COPYRIGHT© \\dubfile\cad\Jobs\90-\950021 Tivway Sandyford Residential Masterplan\CAD\Planning\DWG Computer generated image of the permitted development

ACCOMMODATION SCHEDULES

459 UNITS - AS GRANTED 459 UNITS - AS GRANTED

BLOCK A B C D E F SUB-TOTAL BLOCK NET GROSS RESIDENTIAL ANCILLARY TOTAL RESIDENTIAL RESIDENTIAL NET: GROSS / AMENITY ACCOMMODATION TYPE UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M (SQ M) (SQ M) (SQ M) (SQ M)

STUDIO ------1 43.50 - - - - 1 43.50 A 11,009 13,204 83.38% 445 13,649

ONE 22 50.7 22 49.56 12 49.63 - - 16 49.50 20 49.5 92 49.82 B 4,207 5,157 81.58% 81 5,238

TWO 98 81.01 23 81.33 19 83.41 47 78.76 52 75.25 64 74.96 303 78.57 C 2,487 9,491 82.09% 2,380 11,871 THREE 19 102.91 13 95.85 3 102.30 16 97.41 6 100.95 6 100.95 63 99.65 D 5,304

TOTAL 139 79.20 58 72.54 34 73.16 64 82.87 74 71.77 90 71.03 459 75.62 E 5,311 6,484 81.91% 147 6,631

F 6,393 7,733 82.67% 136 7,869

TOTAL 34,711 42,069 82.51% 3,189 45,258

539 UNITS - FEASIBILITY STUDY 539 UNITS - FEASIBILITY STUDY

BLOCK A B C D E F SUB-TOTAL BLOCK NET GROSS RESIDENTIAL ANCILLARY TOTAL RESIDENTIAL RESIDENTIAL NET: GROSS / AMENITY ACCOMMODATION TYPE UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M (SQ M) (SQ M) (SQ M) (SQ M) STUDIO 45 37.11 11 37.00 - - 9 37.78 - - 16 37.00 81 37.14 A 11,027 13,495 81.71% ONE 41 45.80 20 49.50 11 49.55 26 47.73 36 46.22 22 46.41 156 47.04 B 4,213 5,132 82.09% TWO 80 78.11 33 79.39 21 82.48 43 79.14 40 75.75 56 75.14 273 77.81 C 2,479 3,069 80.78% 2,823 45,006 THREE 12 102.50 2 98.00 2 101.00 3 98.00 5 101.80 5 101.80 29 101.34 D 5,278 6,488 81.35% TOTAL 178 61.95 66 63.83 34 72.91 81 65.16 81 64.23 99 63.94 539 64.06 E 5,203 6,293 82.68% F 6,330 7,706 82.14% Total 34,528 42,183 81.85% 2,823 45,006

18 19 PRIVATE RENTAL SECTOR MARKET COMMENTARY

Transaction Activity The Private Rented Sector (PRS) continues to expand rapidly, buoyed by a positive economic outlook, a growing population and strong housing demand for rental and owner occupation. Following a dynamic year for the sector in 2017, investor appetite for PRS assets continues unabated in 2018. Combining forward deals with traditional transactions, turnover in the first nine months of 2018 reached approx. €576 million. An additional €203 million of transactions were sale agreed at end of Q3 2018, which would suggest turnover for the year 2018 could be in the region of €1 billion, including forward deals.

Profile Analysis Dublin remains the most attractive market for investors, attracting 76% of total residential investment in 2018 to date. The profile of buyers is quite evenly split. While International investors continue to increase their residential holdings in Ireland, accounting for 41% of overall investment in 2018 to date, domestic investors continue to outweigh overseas spend.

Outlook Despite the fact that the PRS sector is still in its infancy, the momentum for institutional investment has been increasing and is expected to remain a key feature of the market in the latter part of 2018. Recent prime sales have seen a significant volume of capital seeking PRS investments. High profile recent sales include The Grange in Stillorgan, Co. Dublin, which was reported to have sold for €160 million, and the forward purchase of 262 units by Irish Life in Fernbank, Churchtown, Dublin 14. These transactions demonstrate the strength of the Irish PRS market with the significant weight of both national and international equity seeking the best Irish PRS and BTR development opportunities.

Institutional investors should now be further incentivised to continue to pursue this asset class due to the continuous outflow of private individual investors from the residential market and the 2018 designation of BTR as an institutional asset class, and associated design and delivery efficiencies now available at a policy level. As most built stock has now traded, the best new opportunities for investors seeking large-scale investments are available on a forward funding / purchase basis. Sandyford Central is one of the largest single residential investment opportunities available to satisfy demand in this area.

20 21 FURTHER INFORMATION

Title Contacts A title summary and copy of the Sole Agent Solicitor contract for sale is available in the Cushman & Wakefield Walkers property data room. 164 Shelbourne Road The Exchange Ballsbridge George’s Dock Dublin 4 IFSC Services Dublin 1 www.cushmanwakefield.ie Prospective bidders are PSRA: 002222 www.walkersglobal.com advised to satisfy themselves regarding the presence, adequacy and availability of all services to Sandyford Central. Notwithstanding the foregoing, information on services is Donal Kellegher Rachel Rodgers contained within the property +353 1 639 9248 +353 1 470 6675 data room. [email protected] [email protected]

John Donegan Inspections +353 1 639 9222 Inspections are available by prior [email protected] appointment only with the sole selling agent. Kevin Leonard On the instruction of +353 1 639 9219 [email protected] Data Room Further legal and commercial information is available through the bespoke property website and data room:

www.sandyford-central.com

A full copy of our general brochure conditions can be viewed on our website at https://property.cushwake.ie/disclaimer, or can be requested from your local Cushman & Wakefield office. We strongly recommend that you familiarise yourself with these general conditions. While care has been taken to ensure that information contained in Cushman & Wakefield publications is correct at the time of publication, changes in circumstances after the time of publication may impact on the accuracy of this information. PSRA Registration Number: 002222. Publication Date: November 2018. Designed and Produced by Creativeworld. T +44 (0) 1282 858200

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