Excellent Multi-Family Investment Opportunity City Square 2 / 1

EXCELLENT MULTI-FAMILY INVESTMENT OPPORTUNITY CITY SQUARE 2 / 1

A CITY CENTRE MULTI-FAMILY OPPORTUNITY

CONTENTS

01 THE OPPORTUNITY 2 08 RESIDENTIAL TENANCY 20 02 INVESTMENT SUMMARY 6 09 COMMERCIAL ACCOMMODATION 21 03 WHY INVEST IN CORK? 10 10 ASSET MANAGEMENT 22 04 LOCATION 12 11 MARKET RESEARCH 24 05 DESCRIPTION 16 12 FURTHER INFORMATION 28

06 RESIDENTIAL ACCOMMODATION 20 13 CONTACTS 28 07 FEATURES AND SPECIFICATION 20 CITY SQUARE 2 / 3

01.THE OPPORTUNITY

City Square offers investors an excellent opportunity to acquire a highly impressive multi-family investment, located in Lady's Well, close to Blackpool, and within walking distance of Cork City Centre.

This modern development is designed in three distinct blocks, each including a secure internal landscaped courtyard for the exclusive use of the residents. The overall scheme comprises 145 residential units, of which 127 form part of this sale, including a selection of high-specification one, two and three bedroom apartments and duplexes.

The development also offers 16 commercial units located at ground and first floor level and a total of 280 car parking spaces.

With virtually full residential occupancy generating a current overall gross income of approximately ¤1,815,600* per annum, and an additional ¤177,200 per annum gross from the commercial element, City Square presents a unique opportunity to acquire a hugely successful multi-family investment.

For Sale by Private Treaty (Tenants not affected)

* assumes full occupation including 4 show apartments “ Virtually full residential occupancy, in addition to a number of commercial tenancies, generating a current overall gross income of approximately €1,992,800 per annum. For illustrative purpose only CITY SQUARE 4 / 5

The Plaza

Sample Interior The Gallery CITY SQUARE 6 / 7

02. INVESTMENT “ Well-established city centre scheme with genuine SUMMARY reversionary potential.

MODERN MULTI-FAMILY INVESTMENT OPPORTUNITY CONVENIENTLY LOCATED WITHIN 10 MINUTES MULTI-FAMILY APARTMENTS WALKING DISTANCE OF CORK CITY CENTRE

THE PLAZA 34 €499,800 Units Annual Gross Income 127 RESIDENTIAL UNITS COMPRISING OF 86 APARTMENTS & 41 DUPLEXES THE COURTYARD 50 €710,400 WITH 280 BASEMENT CAR PARKING SPACES Units Annual Gross Income

INCLUDING A MIX OF THE GALLERY 43 €605,400 Units Annual Gross Income RETAIL & OFFICE UNITS SITUATED AT GROUND AND FIRST FLOOR LEVEL * Please note the above assumes 100% occupancy of all units including show apartments. RANGING IN SIZE FROM APPROX 648 - 5,640 SQ.FT. COMMERCIAL

CURRENTLY PRODUCING AN OVERALL GROSS RENTAL INCOME OF APPROXIMATELY 3,375.3 SQ M €177,200 €2 MILLION PER ANNUM (36,332 sq ft) GIA per annum passing rent of commercial accommodation

VARIOUS ASSET MANAGEMENT OPPORTUNITIES TO INCREASE OVERALL INCOME CITY SQUARE 8 / 9

NEW DRONE IMAGE

MULTI-FAMILY APARTMENTS

COMMERCIAL CITY SQUARE 10 / 11

03. forecast rental growth on new lettings EXCELLENT 13.8% from Q2 '17 - Q2 '19 GROWTH forecast house price WHY INVEST PROSPECTS inflation (HPI) by 17.5% December 2019

ATTRACTIVE ENGLISH SPEAKING LOCATION IN CORK? FOR GLOBAL FIRMS

APPLE'S ONLY GLOBAL 8 OF THE TOP 15 GLOBAL CORPORATE HEADQUARTERS PHARMACEUTICAL COMPANIES outside the US is in Cork located in the greater Cork area

STRONG DEMAND OUTSTRIPPING SUPPLY Key large employers include AMAZON, DELL EMC, PFIZER INC. and NOVARTIS with added BREXIT DISPLACEMENT POTENTIAL

Minimal supply of less than New household formations growing A YOUNG WELL-EDUCATED & TALENTED WORKFORCE

120 4x Cork, Ireland’s second residential properties available for faster than new housing completions city, has a population of rent in Cork City in February 2018 in Cork County (2011 - 2016) 35% of people in Cork are aged between 542,868 20-39 compared to 28% nationally

ROBUST POPULATION & LABOUR MARKET GROWTH Highly skilled talent pool with graduates from UCC, CIT, Tyndall & Rubicon Research Institutes

WELL CONNECTED, CONTEMPORARY EUROPEAN CITY

FLIGHTS TO OVER 68 DESTINATIONS A VIBRANT FROM CORK INTERNATIONAL AIRPORT SPORTING CULTURE including daily direct flights to with Gaelic games, rugby 5.1% 19,300 London, Paris & Amsterdam and soccer increase in population in Cork City Net new jobs created in the past and suburbs between 2011-2016 year in the south west of Ireland VOTED ONE OF THE TOP TEN EUROPEAN CITIES TO VISIT BY THE LONELY PLANET GUIDE CITY SQUARE 12 / 13

To Blackpool 04. LOCATION CS

ST. VINCENTS SECONDARY SCHOOL PRESENTATION City Square is a unique residential PRIMARY SCHOOL development with ancillary ST. MARY accommodation. The development & ST. ANNE CATHEDRAL is centrally located in Lady's Well, approximately 500 metres from Cork

City Centre, with extensive frontage onto To M18 Watercourse Road. Limerick SHANDON /Galway

BELLS & D A R614 CHURCH O

R TOWER The scheme benefits from easy access E S

U to the N20 main Cork to Limerick Road O C

R SHANDON STREET E

(which runs parallel to Watercourse Road), A

W SUMMERHILL NORTH

Cork Opera House and The Jack Lynch C

A B N8 Tunnel. POPES QUAY MC CURTAIN STREET LOWER GLANMIRE ROAD N20 KENT TRAIN STATION THE GATE To M8 The area has excellent public transport CINEMA NORTH MALL APPLE CRAWFORD CORK ST. PATRICK’S QUAY Waterford/Kilkenny/Dublin GALLERY OPERA Jack Lynch Tunnel N8 links which include a regular bus service HOUSE R I E R E E BACHELORS QUAY PENROSE QUAY South Mall SUNDAY’S WELL ROAD MERCHANTS from Blackpool to Cork City Centre. Kent MERCHANTS QUAY CENTRAL R846 QUAY BUS Train Station is also within walking distance T STATION ANDERSONS QUAY

OPERA LANE T

S of the development.

K CLONTARF STREET

C I CORK PORT R T MAYLOR STREET A

The city has a vibrant, diverse and P GREENVILLE PLACE GREENVILLE young skilled workforce with a strong KENNEDY QUAY N22 ALBERT QUAY employment base including Apple, Dell, OLIVER PLUNKETT STREET VICTORIA ROAD SHEARES ST. NAVIGATION ONE ALBERT Amazon, Pfizer and GlaxoSmithKline. Cork N22 THE CAPITOL SQUARE PARNELL PLACE QUAY REDEVELOPMENT ALBERT STREET

International Airport, Ireland’s second WASHINGTON STREET GRAND PARADE ALBERT ROAD To UCC largest airport, is located approx. 8 km SOUTH MALL Lapps Quay CITY HALL Car Park Grand Parade THE south of the city centre. Car Park UNION QUAY ELYSIAN

N27 City Hall Car Park Cork boasts a number of educational institutions including University College Cork (UCC) and Cork Institute of SULLIVAN’S QUAY Technology (CIT), which form part of To a community of 30,000 full and part Cork International time students. Airport University College Cork To N40 Jack Lynch Tunnel Cork Airport

English Market The Marina, Blackrock Opera Lane Holy Trinity Church CITY SQUARE 14 / 15

UCC

River Lee Hotel

Cork School of Music Washington Street Cork College The Capitol of Commerce Opera Lane Apple

Merchants Quay Shopping Centre Cork Opera House Shandon Bells Mercy & Tower Hospital

Maldron Hotel North Main Street Patrick Street

Cathedral of St. Mary & St. Anne

Heineken Ireland

Neptune Stadium

Centrally“ located approximately 500m from Cork City Centre. CITY SQUARE 16 / 17

05. DESCRIPTION

City Square comprises an in total, of which 127 make up approximately 3,375.3 sq m (36,332 impressive multi-family scheme the subject sale. The Plaza, The sq ft), and comprises of 16 units including a mixture of one, two Courtyard and The Gallery comprise which includes retail space, office and three bedroom duplexes and of 34, 50 and 43 units respectively, space and a proposed crèche

apartments in addition to ancillary with the blocks ranging in height with the benefit of high visibility FARREN STREET FARREN commercial accommodation. from 2 to 5 storeys. and strong passing vehicular and pedestrian traffic from Watercourse This landscaped development, which The overall development was Road. is situated on an overall site of 2.70 constructed in 2007 and has the

acres, incorporates three residential benefit of basementAVENUE GRIFFIN carGERALD parking with Tenants in the scheme at present blocks, known as The Courtyard, The lift access to all floors, in addition to include a pharmacy, a medical centre

Plaza and The Gallery, in addition to private internal courtyards offering AVENUE andBURKE’S a gym. TheNEPTUNE vacant units range ground and first floor commercial secluded and appeasing landscaped in size from 52.4STADIUM sq m (564 sq ft) space and a basement car park. areas for the residents. to 530.9 sq m (5,715 sq ft) totalling 1,862.9 sq m (20,052 sq ft). The multi-family element of City The commercial element of the Square comprises 145 apartments development extends to

GERALD GRIFFIN STREET CHAPEL

127 RESIDENTIAL UNITS // 25 ONELANE HODDER’S BED // 76 TWO BED // 26 THREE BED

HILLGROVE LANE HILLGROVE The Courtyard

SCHOOL CONVENT BLEASBY’S STREET BLEASBY’S

TE ALLERY

TE TE OURTYARD PLAA TE

ALLERY ALLINETT’S LANE ALLINETT’S

WATERCOURSE ROAD

POPE’S ROAD Sample Interior WATERCOURSE COURT

SHANDON VIEW COTTAGES ROCKWELL TERRACE CITY SQUARE 18 / 19

Sample Interior

The Plaza

Sample Interior Sample Interior

Sample Interior The Gallery CITY SQUARE 20 / 21

06. RESIDENTIAL ACCOMMODATION 09. COMMERCIAL ACCOMMODATION

One Bed Two Bed Three Bed One Bed Two Bed Three Bed Area Sq M Area Sq Ft Contracted Block Total Unit Floor Tenant Lease Start Lease End Break Date Apartment Apartment Apartment Duplex Duplex Duplex (GIA) (GIA) Rent

Ground, The Plaza 6 13 6 0 5 4 34 Office Space First floor & Fóroige 525.8 5,660 1 August 2017 31 July 2027 31 July 2022 €€45,000 Basement The Courtyard 8 23 3 1 8 7 50 Retail Unit 1 Ground Vacant 52.4 564 - - - -

The Gallery 10 17 0 0 10 6 43 Retail Unit 2 Ground Vacant 69.2 745 - - - -

Total 24 53 9 1 23 17 127 Retail Unit 3 Ground Vacant 265.1 2,853 - - - - Classes Lake Average Size Retail Unit 4 Ground 137.8 1,484 26 Nov 2008 25 Nov 2033 N/A €30,000 54.10 76.28 101.13 57.51 98.04 107.94 82.50 Pharmacy Ltd (Sq M) Retail Unit 5 & 6 First MD Clinic 269.1 2,896 1 Apr 2014 31 Mar 2024 31 Mar 2020 €31,000 Average Size 582.30 821.09 1,088.56 619.00 1,055.25 1,161.86 888.01 (Sq Ft) Retail Unit 7 First Erik Henry 481.6 5,184 10 Aug 2017 9 Aug 2022 N/A €€35,200

Total Sq Ft 13,975.09 43,517.58 9,797.00 619.00 24,270.80 19,751.70 111,931.17 Retail Unit 8 Ground Vacant 123.7 1,331 - - - -

% Unit Type 18.90 41.73 7.09 0.79 18.11 13.39 100 Retail Unit 9 Ground Vacant 77.8 838 - - - -

Retail Unit 10 Ground Vacant 74.8 805 - - - - Please note the approximate areas referred to above are indicative only and all interested parties should satisfy themselves regarding their accuracy. Retail Unit 11 Ground Vacant 72.8 784 - - - - 07. FEATURES AND 08. RESIDENTIAL Retail Unit 12 Ground Vacant 101.3 1,090 - - - - Year 1 €€9,000 SPECIFICATION TENANCY Year 2 €€9,500 Janice Retail Unit 13 Ground 98.3 1,058 16 Nov 2017 15 Nov 2027 15 Nov 2022 Year 3 €€10,500 • Uniquely designed gated complexes The Multi-Family Residential element of City McCarthy Year 4 € 11,000 • Landscaped central courtyards Square is 97% occupied and let under standard € Year 5 € 11,500 • Large balconies / terraces residential tenancy agreements, typically for €

• Fully fitted kitchens and bathrooms a 12 month period. The gross rental income Retail Unit 14 Ground Vacant 530.9 5,715 - - - - • Bright, spacious and modern units from the scheme will be approximately • Fully furnished throughout ¤1,815,600 per annum, upon letting the 4 show Crèche Ground Vacant 494.9 5,327 - - - - • Secure underground car parking apartments which have been held for sale • Intercom / fob access throughout inspection purposes. Carpark Basement OPW 20 spaces 27 Jul 2009 26 Jul 2019 N/A €€27,000 the development Total 3,375.3 36,332 €177,200

AVERAGE PASSING RENT PER MONTH * Please note these areas were measured and certified by McGovern Surveyors. A copy of the full report is available in the data room.

One Bed Two Bed Three Bed One Bed Two Bed Three Bed Block Average Apartment Apartment Apartment Duplex Duplex Duplex

The Plaza €950 €1208.33 €1,250 n/a €1,150 €1,350 €1,181.67

The Courtyard €993.75 €1,177.27 €1,216.67 €750 €1,187.50 €1,435.71 €1,126.82

The Gallery €1.011.11 €1,176.47 n/a n/a €1,215.00 €1,383.33 €1,196.48

Average €992.86 €1,179.41 €1,238.89 €750 €1,191.30 €1,407.14 CITY SQUARE 22 / 23

10. ASSET MANAGEMENT Proposed Crèche Conversion (S.P.P) Proposed Dwelling at Hillgrove Lane (S.P.P)

The investment offers multiple Future Development Let the Vacant Commercial Units asset management and enhance- Planning permission has recently There is an opportunity to finish out ment opportunities in the short to been applied for the conversion and obtain tenants for the current- medium term to increase rent roll of the existing vacant 494.9 sq m ly vacant retail units which total and add value as detailed below: (5,327 sq ft) crèche building into approximately 1,368 sq m (14,725 sq four residential units including ft) excluding the aforementioned Residential Rental Growth one 1 bed unit, two 2 bed units 494.9 sq m (5,327 sq ft) crèche. The key to unlocking the reversion- and 1 three bed unit. The Hillgrove ary residential income potential will Lane site also provides an The vacant retail units range from be through pushing the rents of opportunity to develop a high-end approximately 52.4 sq m (564 sq ft) existing tenancies annually by the 2 bed town house of 96.5 sq m to 530.9 sq m (5,715 sq ft). Poten- allowed 4% rate, in addition to (1,039 sq ft) (S.P.P.). Feasibility tial occupier types for these retail refurbishing the apartments studies have been prepared for units include food and beverage which naturally become vacant so both of these future development offerings, health & beauty, sporting that market rents can be achieved opportunities and are available on goods, fitness, electrical goods and as prescribed within the PRTB the Data Room. clothing retailers. legislation.

...Extensive asset ANNUAL T/O OF LETTING OF management opportunities 20 PRS UNITS COMMERCIAL UNITS 1-3 including upgrading ¤100,000 Capex ¤35,000 Rent Increase Increased GOI of ¤2.539m residential units to drive ¤67,000 Rent Increase +4% Growth p.a. on Remainder rental levels, commercial Increased GOI of ¤2.469m ANNUAL T/O OF leasing and development CRÈCHE CONVERSION 20 PRS UNITS of additional residential TO 4 RESIDENTIAL UNITS 1 ¤100,000 Capex units (S.P.P) ¤502,700 Capex ¤72,500 Rent Increase ¤75,000 Rent Increase 2 Increased GOI of ¤2.065m +4% Growth p.a. on Remainder Increased GOI of ¤2.264m ANNUAL T/O OF 20 PRS UNITS ¤100,000 Capex ¤71,000 Rent Increase ASSET +4% Growth p.a. on Remainder MANAGEMENT Increased GOI of ¤2.682m TIMELINE

CURRENT GOI OF ¤1.993m HILLGROVE LANE SITE LETTING OF LETTING OF DEVELOPMENT OF 2 BED HOUSE COMMERCIAL UNITS 8-12 COMMERCIAL UNIT 14 ¤262,000 Capex 3 ¤50,000 Rent Increase ¤35,000 Capex ¤20,000 Rent Increase Increased GOI of ¤2.334m ¤35,000 Rent Increase Increased GOI of ¤2.284m Increased GOI of ¤2.504m

2018 2019 2020

1. Estimated capital expenditure based on Budget Estimate contained on the Data Room. Notes: The above timeline is provided on a without prejudice basis and for illustrative purposes only. The agents, vendors, solicitors, et al do not warrant the 2. The estimated increased rental income for the remainder of the residential units at rent accuracy of the above in any way. Please note our views on estimated rental levels, refurbishment costs and capital expenditure are indicative only and should review is based on 4% growth over the two year period since the previous rent review. not be relied upon as such for acquisition, loan security purposes or any other decisions. They are given in the course of our estate agency role and do not 3. Estimated capital expenditure based on Budget Estimate contained on the Data Room. come within the scope of the Valuation and Appraisal Manual issued by the Society of Chartered Surveyors. CITY SQUARE 24 / 25

11. MARKET RESEARCH

PRICING HPI in the region has averaged 12.3% ECONOMIC OVERVIEW The uncertainties that have been additional households in Cork over the past three years, in-line hanging over the global economy between the Census years of 2011- The fundamentals of the Cork with growth in the overall Ex. Dublin Ireland’s economy continues to for some time still persist and, in our 2016, housing construction failed to housing market, as noted above, index (11.8%). perform especially well with total view, neither Brexit nor the US Tax keep up. remain inflationary. Rising demand output now rising at a faster annual Cuts and Jobs Act are positive for due to population growth has so Given that our expectation is for rate than any other country in the Ireland. Despite these headwinds, In total just 1,820 additional far been met with a sluggish supply HPI in both Dublin and Ex. Dublin EU. however, strong economic housing units were delivered response, particularly in the City. to converge to 6-10% in 2018 and momentum is set to continue with across the entire county during this While this imbalance had been 2019, we feel confident in applying “ Growth is also broad based, with the consensus GDP growth forecasts of period. The disparity was most facilitated by the use of vacant stock the same outlook to the South Rising demand due South West of the country (which 3.8% for 2018 and 3.1% for 2019. acute in Cork City where 2,260 – 93% of net housing absorption West region. Taking the midpoint to population growth incorporates counties Cork and additional households were met with in Cork City was accommodated of these forecasts would result in Kerry) adding close to 50,000 net HOUSING DEMAND just 127 additional units (see Figure through the utilisation of formerly compound growth in the region of has so far been met new jobs since the cycle low. AND SUPPLY 1). As a result the overhang of vacant units between 2011 and 16.6% between January 2018 and vacant housing stock has been 2016 – this overhang has effectively December 2019. with a sluggish supply Consequently, unemployment here Cork’s population has grown quickly eroded. Official figures show run out, and this will put additional response, particularly has fallen sharply from a high of strongly in recent years. According that housing vacancy rates in Cork upward pressure on capital values The same factors will also underpin 14.9% to 6.4%, helping drag down to the latest Census, a net additional City fell from 11.1% in 2011 to 7.8% in and rents. rental growth. Again using our latest in the City. the national rate. This has created 23,836 (+4.6%) persons were added 2016. However, even these figures Ex. Dublin forecast as indicative competition in the labour market to the headcount between 2011- are likely to overstate the true Latest data show prices in the South of the Cork City market points to and, as a result, average earnings 2016. At 5.1%, growth in the City and vacancy level. West of the country are rising by further compound rental growth of have been rising for over three years. surrounding suburbs was even faster 11.8% per annum. 12.9% between Q1 2018 and Q4 2019. over the same period. Latest data Vacancy rates are now negligible At the same time jobs growth has indicate that the South West of the across Ireland’s major cities and provided the fiscal space for tax country has continued to experience this is corroborated by data reductions in four consecutive population growth. from property portals which budgets, leading to a significant show that listings of actively Figure 2: Residential Property Price Index – Ex. Dublin lift in real household disposable While strong population growth marketed properties are at incomes. led to the formation of 7,867 net near-record low levels.

Figure 1: Growth in Household Formations and Dwellings (2011 – 2016) 110

100

Growth in households Growth in dwellings

Source: CSO Source: CSO, Savills Research CITY SQUARE 26 / 27

TENURE STRUCTURE OF RENT FORECASTS IRISH HOUSING MARKET Rental growth forecasts for the Ex. continued population growth. We • Continued real growth in Ex. Currently, 202,500 households are renting privately homeowners. Consequently the proportion of Dublin residential market were first allow for a slight tenure shift from Dublin residential rents is outside Dublin, making up 16.3% of all households in this households renting privately outside Dublin fell from developed and published by Savills private renting to owner-occupation expected through the forecast location. While this has not deviated by more than four 17.1% in Q1 2012 to 14.3% in Q3 2015. in October 2016. These have since but do not expect this to be a major horizon percentage points either side of where it is currently in been extended out to Q4 2019. factor. the past decade, a number of distinct trends are clearly • With Ex. Dublin prices now 63% above their cycle Before considering the forecasts • Rents on new lettings are evident (see Figure 3). low, homeownership has once again become less several points should be noted. Despite signs of a pick-up in housing expected to rise by 12.9% affordable. This is likely to be most prevalent in development nationally, we are also compound over the period • Ireland’s transition from boom to bust during larger regional cities like Cork where absolute prices Firstly, rent controls were introduced assuming continued lagging supply. Q1 2018 – Q4 2019 in real terms the Global Financial Crisis saw the proportion of are considerably higher than more rural locations. in Cork City, Ballincollig-Carrigaline In this context, any shift to owner- households renting privately outside Dublin increase Consequently, a net additional 28,500 households and Cobh in December 2016, occupation should have a modest • Average real rental growth of from 12.4% in Q1 2007 to 17.1% in Q1 2012. have been driven into the Ex. Dublin PRS since Q3 January 2017 and March 2017 impact on the vacancy rate – that 6.9% per annum is expected 2015 and the downward trend in the proportion respectively, generally limiting rental is, any reduction in rental demand on new lettings over the same • As the economy began to recover, and property of households renting privately has now reversed, growth to a maximum of 4% per is likely to be offset by a reduction period prices bottomed out, aspiring buyers with capital increasing from 14.3% in Q3 2015 to 16.3% currently. annum. However, properties that in the number of rental units as began to take advantage of rebased prices to have not been previously rented investment properties are sold back • The percentage growth rate in become within the last two years and those to owner-occupation. rents on new lettings is likely that have undergone substantial to moderate gradually through Figure 3: Proportion of Households Renting Privately Outside Dublin refurbishment works are exempt. Factoring-in all of these assumptions the forecasting window due This allows for the possibility of a we are assuming that the vacancy to (a) the drag exerted by an divergence between average rental rate in the Ex. Dublin PRS will only increasing base (b) assumptions growth rates and rental growth rise modestly over the forecast of a modest outward drift in the rates on newly let properties. The horizon – from 1.34% in Q1 2018 to vacancy rate from 1.34% modelling results below relate more 2.04% by December 2019. to 2.04%. closely to the latter. FORECASTING RESULTS – • Nonetheless real annual growth Secondly, the model is driven by EX. DUBLIN of 6.0% in rents on new lettings lagged values of the vacancy rate. is forecast even at the furthest Our expectation is that the demand The forecasts produced by the horizon of the forecast window for rental property outside Dublin model under our vacancy rate in Q4 2019. should remain robust due to assumptions are summarised below.

Figure 4: Forecast Real Rental Growth (Ex. Dublin) Q1 2018 - Q4 2019 inclusive

130 95% Lower 95% Upper 120

110

2011 Q22011 Q4 2007 Q22007 Q42008 Q22008 Q42009 Q22009 Q42010 Q22010 Q4 2012 Q22012 Q42013 Q22013 Q42014 Q22014 Q42015 Q22015 Q42016 Q22016 Q42017 Q22017 Q4 100

Source: CSO 90

80 RENTAL MARKET 70 As noted above, Cork’s population grew by 23,836 Additionally, in the absence of a marked pick-up in home (+4.6%) between 2011-2016. Reflecting the universal building, any shift from renting to home ownership will tendency towards urbanisation in Ireland since 2011, inevitably have to be facilitated by the conversion of 60 the rate of growth in and around the City over this rental properties to owner-occupation. Indeed, while the period was even stronger at 5.1%. This, along with the number of households renting privately outside Dublin expectation of an increased flow of migrants – who has fallen by 5,300 since 2012, this decline has gone generally opt for private renting as an initial tenure hand-in-hand with and even greater reduction in the As with any forecast generated by an econometric model, there is a statistical margin of error around the predicted rental growth rates. This is visually displayed in the graph choice – should result in continued strong rental demand supply of rental units (-19,900), resulting in an inward above which shows the 95% confidence intervals around our central forecast. If our vacancy rate assumptions are accurate, there is only a 2.5% chance that the rental index will in and around Cork City. drift in the vacancy rate which ultimately drives rents. have risen by less than 7.9% in Q4 2019 compared to Q1 2018. Equally there is a 2.5% chance that compound growth in the real rental index will exceed 17.6% over the same period Source: CSO CITY SQUARE 28 / 29

12. FURTHER INFORMATION

TITLE VIEWINGS Freehold / Long Leasehold Viewings are strictly to be arranged through the sole selling agents. BER

Residential Range: PROJECT WEBSITE Commercial Range: The agents will provide a dedicated BER No: Available in the data room username and password following the execution of a Non-Disclosure ‘click through’ Agreement (NDA) by Energy Performance Indicator: interested parties. Available In the data room

PRICING WWW.SAVILLS.COM/CITYSQUARE On application.

13. CONTACTS

SELLING AGENTS

33 Molesworth Street 11 South Mall Dublin 2 Cork

Domhnaill O'Sullivan Isobel O'Regan +353 (0) 1 618 1364 +353 (0) 21 490 6344 [email protected] [email protected] PRSA: 002233 Kevin McMahon Chris O'Callaghan +353 (0) 1 618 1328 +353 (0) 21 490 6123 [email protected] [email protected]

SOLICITORS RECEIVERS

South Bank House On the instructions of Barrow Street Grand Canal Dock 24 - 26 City Quay Dublin 4 Dublin 2

Niamh O'Grady +353 (0) 1 614 2143 [email protected]

DISCLAIMER: Conditions to be noted: 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 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. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction.