GRAND CANAL DOCK 1 2 THE BENSON BUILDING
Prime Private Rented Sector (PRS) investment opportunity in the heart of the Dublin Docklands.
GRAND CANAL DOCK 3 4 THE BENSON BUILDING Location is everything... 5 THE DUBLIN DOCKLANDS 6 THE BENSON BUILDING
At the centre of Ireland’s smart economy.
The Dublin Docklands (the Docklands The Docklands is the epicentre of Strategic Development Zone (SDZ); Ireland’s Tech, Finance, Pharma and please see map on p.15) is one of Aircraft leasing industries. It is the Europe’s most successful urban proud Irish home of global giants regeneration projects and the engine including Google, Facebook, Airbnb, of Ireland’s smart economy. The Accenture and J.P. Morgan. This Docklands has earned its dynamism neighbourhood is a vital innovation and vibrancy from the multinationals, hub in the Irish start-up ecosystem indigenous SMEs and the young and and a prestigious host of diverse professional workforce that fill its international conferences, award streets and premises. ceremonies and VIP events.
A vital innovation hub 7 THE OPPORTUNITY 8 THE BENSON BUILDING
The Opportunity.
• Prime Private Rented Sector (PRS) opportunity comprising the Benson Building, a premium residential development with mixed use commercial accommodation at ground and 1st floor levels.
• New build rental accommodation located in the heart of the Dublin Docklands overlooking the planned Benson Street Park.
• Rental growth potential on the residential units in advance of practical completion (PC) when balancing payment is made, coupled with an opportunity to enhance overall rent-roll by leasing the commercial units.
• The 11-storey over basement building will have a striking design and high-quality finishes throughout, with a target PC of Q1 2020.
• The scheme comprises 72 residential units that will be finished to exacting standards, 2 ground floor commercial retail units, a private residents’ recreation room suitable for use as a gym or recreational space, a concierge foyer and secure underground parking for 72 cars.
• The development benefits from sustainable A-rated design features incorporating a district heating system.
• The subject development will account for approximately 11% of new residential supply for the prime South Docklands (south of the River Liffey in the Dublin Docklands).
All CGI’s are for illustrative purposes only • Current Gross ERV of approx. €2.9m per annum on the residential units.
For Sale By Private Treaty 9 A GROWING ECONOMY 10 THE BENSON BUILDING
Strong Labour Market Unemployement Disposable income increasing by over Why invest in More than rate is at 62,000 5.1% per5% annum net new jobs being created nationally nationally per annum nationwide
PRS in Dublin. Continued Population Growth
Since 2013 a net additional Positive net national immigration of Near-record Low Supply
Lack of institutional landlords in Ireland 96,500 19,800 Only persons have been added in 2017 ‘07 to Dublin’s population 1,265 85% Rental supply figure is residential properties available to rent in Dublin, April 2018 62% below PRS households long-term average recorded nationwide rose by of landlords own two in a series dating back or less properties to January 2007 of Ireland’s urban dwellers live in Dublin +37,900 44% in the last 12 months
Minimal Vacancy Excellent Growth Prospects Strong rental growth inflation averaging Significantly Near-record low below the Rents forecast to Cumulative HPI 1/4 increase by a further across Dublin 1.31% estimated to exceed 7.4% PRS vacancy rate in Dublin 5.3% of all households natural vacancy rate 15.7% 13% in Dublin are private renters across Dublin over over 2018 & 2019 per annum across Dublin the next 8 quarters over the last 3 years
Source: Savills Research, Owen Reilly, CSO, Daft.ie 11 THE DUBLIN DOCKLANDS 12 THE BENSON BUILDING
Dublin’s premium property destination Strong office development pipeline
A number of high profile mixed-use schemes are scheduled to complete in 2018 and 2019, including 5 Hanover Quay, Capital Dock, The Reflector and the adjoining 76 Sir John Rogerson’s Quay. Some 129,824 sq m of net additional office accommodation is due to be delivered in the South Docklands area by the The Docklands end of 2020, of which 52% is pre-let.
Opportunity. Undersupply of PRS While the pipeline of net new office development in the area has the potential to accommodate over 11,000 additional office- based workers, just 665 new residential units, including the Benson Building, are currently Dublin’s premier Attractive workplace A Smart Location in the pre-planning, planning or construction phase. Such new schemes, listed below, will business and for foreign nationals The Docklands is the ‘living lab’ for help alleviate only some of the pent-up Dublin City Council’s investment technology district Ireland is the only English-speaking demand for residential accommodation in in ‘smart city’ facilities. This offers country in the Eurozone. As such the South Docklands. The South Docklands is a vibrant residents the ability to enjoy new global multinationals, including Google, city quarter just fifteen minutes from advances in lighting, Wi-Fi, integrated Airbnb and Facebook, have located St Stephen’s Green and is home to transport systems and live data on their European Headquarters here. a number of well-known companies items such as the availability of car This dynamic draws in employees from including Accenture, Airbnb, BNY parking spaces, urban car-sharing across Europe and further afield. Mellon, BOI, Facebook, Google, and free city bike schemes. 6 Hanover Quay – 120 units (on site) HSBC, LogMeIn, Matheson, State Street and TripAdvisor. The planned Trinity College Grand Canal Capital Dock – 190 units (on site) Strong Rental Growth Innovation District, a €1 billion technology According to Owen Reilly Total stock of purpose built office and innovation campus in Grand Canal The Reflector - 40 units (on site) According to Owen Reilly, the Docklands accommodation in the South “71% of households Dock, will attract investment and further experienced strong annual rental growth of Docklands stood at 243,737 sq m in the Docklands are enhance this city quarter for start-ups 10.8% in 2017. Rents in the area continue to (accommodating approximately 20,000 and global businesses. Boland’s Quay - 46 units (on site) increase, with growth averaging approximately employees) at the end of Q1 2018. privately rented, 5% over the first six months of 2018, and In contrast, there are approximately with 91% of new An Post Cardiff Lane - 56 units (on site) renewal rates are running at 85%. Cumulatively, 2,500 units of existing residential this represents stronger average rental growth accommodation. tenancies in 2017 Lime Street - 134 units (in planning) than that of the Dublin market as a whole and demonstrates the demand for private rented being non-nationals” accommodation in this neighbourhood. 2 Cardiff Lane – 7 units (planning granted) 13 THE DUBLIN DOCKLANDS 14 THE BENSON BUILDING
Financial & Insurance Legal Technology & Aviation 01. AIG 16. A&L Goodbody Communications 44. Airbus 02. BNY Mellon 17. Beauchamps 30. Airbnb 45. Irelandia Aviation 03. Central Bank 18. Dillan Eustace 31. Brite:Bill 46. Lease Corporation 04. Citigroup 19. Mason Hayes & Curran 32. BT Ireland International 05. Credit Suisse 20. Matheson 33. Facebook 47. SMBC Aviation Capital 06. Danske Bank 21. McCann Fitzgerald 34. Google Property 07. HSBC 22. Walkers 35. HubSpot CAIRN An ecosystem of 08. Invesco 23. William Fry 36. LogMeIn 48. Hibernia REIT 09. KBC Bank 37. Money Mate 49. Professional IRES REIT 10. Morgan Stanley 38. Stripe 50. Services Kennedy Wilson 11. Pioneer Investments 39. Three Ireland 51. 24. Accenture 12. SEB Life International 40. TripAdvisor Pharmaceuticals Capita Asset Services 13. State Street 25. 41. Twitter Grant Thornton 52. Nogra Pharma 14. Ulster Bank 26. 42. Yahoo KPMG 53. Pfizer global business. 15. Wells Fargo Bank 27. 43. Zalando 28. PwC 29. TMF Group
06 27 44 46 11 47 15 14 08 04 26 35 16 01 02 29 10 22 05 28 39 51 18 21 03 41 52 33 17 25 50 23 36 09 37 20 42 40 49 07 12
24 13 38 24
43 30
34 24 19 31 48 32
45 53 TEMPLE ST NORTH SU E ST EET NO TH OUNT O H LES ST EET G E T DU E O S U E WEST O TL ND O
BU INGH ST U
GARDINER PLACE SOUTH
FREDERICK ST N GARDINER STREET MIDDLE
E ESS L ENSD LE O D E ST LL O D HILL STREET ST S O D NO TH LEDON O D O TH O D GARDINER LANE SU E HILL SU E HILL L E OSSO O D HU H ST EET GREN ILLE ST
STREET
ILL NET ST EET SE ILLE L E BU INGH ST L TEMPLE LANE N H THO N O D SHEL LIE O D
PARNELL SQUARE LEDON O D ST S O D NO TH 15 LOCATION & CONNECTIVITY 16 THE BENSON BUILDING SE N DE OTT ST EET LO E
PARNELL STREET G N L O L DORSET STREET UPPER PARNELL SQUARE WEST E ST O D IL ST EET HU H ST EET
SE ILLE L E Taxi
OLE ST EET
CONNOLLY STATION Aircoach BOLTON STREET DOCKLANDS TRAIN STATION PORT TUNNEL Inner Dock TO M50/M1 T E E R AIRPORT S T TALBOT STREET L Dublin Bus E L R N SPIRE P A
Point Dublin Bikes CAPELSTREET NCI Square
Convention ABBE STREET IFSC Centre CUSTOM HOUSE Dublin MAR STREET O’CONNELLSTREET Spencer Central EAST WALL ROAD LUAS City Tram Park Hotel GUILD STRRET O L N L 3Arena T LBOT E O I L Central Bank B IDGE O SE FERRY TO NORTH WALL QUA GEORGE’S QUA B IDGE THE UK S UEL National Rail & DART ABBE STREET UPPER River Liffey BE ETT TARA B IDGE MAR ’S ABBE STREET The Docklands Strategic B E STLIN B IDGE Development Zone CAPELSTREET TARA STREET SIR OHN ROGERSON’S QUA Clayton Hotel LAZER LANE T FLEET STREET Capital Dock Chimney B EAST LINK CARDIFF LANE Park WELLINGTON QUA The Marker Benson LI ENTST Hotel FORBES STREET Park By car: ESSE QUA ESSE ST GREEN ST EAST
Bord Gáis Energy Connolly Station Theatre 5 mins
PEARSE STREET SUFFOLK STREET Trinity College Dublin rand Canal Dock B Port Tunnel 10 mins
LO D ED D ST EET PEARSE STREET Ferry Port 10 mins STLE ST EETDublin Castle NASSAU STREET M50 Proposed Trinity 15 mins WESTLAND ROW Technology Campus Chester Airport SHI ST G E T Beatty Bolands 20 mins Library Quay I E DODDE National Gallery rafton of Ireland R MACKEN STREET UP T S N Street E On foot: H P E T S GRAND CANAL STREET LOWER E DAWSON STREET National Museum L N EN KILDARE ofSTREEET Ireland GOLD Bord Gáis Theatre HOLLES STREET GRAND 5 mins CANAL B R DOCK SOUTH LOTTS ROAD I D Convention Centre E 10 mins S T errion S uare R E Government BARROW STREET E T Shelbourne Buildings DART
AUNGIER STREET Hotel 10 mins PETER ROW LUAS 12 mins
IFSC 15 mins St. Stephen’s reen BATH A ENUE Baggot Baggot Street 20 mins Street HADDINGTON ROAD Grafton Street AVIVA 25 mins STADIUM 17 THE DUBLIN DOCKLANDS 18 THE BENSON BUILDING
Dublin’s most sought after city quarter 19 GRAND CANAL DOCK 20 THE BENSON BUILDING
Grand Canal Dock, the jewel of the Dublin Docklands, is an energetic juxtaposition of glazed urban architecture loftily flanked by the historic city dock of clustered barge jetties, The Jewel of bridges and locks.
This popular city quarter is peppered with landscaped city parks, leafy riverbanks and urban plazas. Grand Canal Dock bustles day and evening as locals enjoy the waterfront café terraces, elegant bars and restaurants, the the Docklands. Bord Gáis Energy Theatre, and The Marker Hotel rooftop lounge as well as many other social amenities.
Lively, Variety of cosmopolitan sporting facilities destination & stadiums
Leafy urban Theatres, cinemas & streets, parks concert venues within & riverbanks walking distance
Bustling with Convenience popular cafés, at every bars & bistros corner TEMPLE ST NORTH SU E ST EET NO TH OUNT O H LES ST EET G E T DU E O S U E WEST O TL ND O
BU INGH ST U
GARDINER PLACE SOUTH
FREDERICK ST N GARDINER STREET MIDDLE
E ESS L ENSD LE O D E ST LL O D HILL STREET ST S O D NO TH LEDON O D O TH O D GARDINER LANE SU E HILL SU E HILL L E OSSO O D HU H ST EET GREN ILLE ST
STREET
ILL NET ST EET SE ILLE L E BU INGH ST L TEMPLE LANE N H THO N O D SHEL LIE O D
PARNELL SQUARE LEDON O D ST S O D NO TH
SE N DE OTT ST EET LO E
PARNELL STREET G N L O L DORSET STREET UPPER PARNELL SQUARE WEST E ST O D IL ST EET HU H ST EET 21 GRAND CANAL DOCK 22 THE BENSON BUILDING SE ILLE L E
OLE ST EET
Sports / Gym Entertainment CONNOLLY STATION
BOLTON STREET DOCKLANDS A microcosmTRAIN of amenities STATION - Restaurants / Cafés Retail / ShoppingPORT TUNNEL Inner M50/M1 Dock work, rest & play. T E AIRPORT E R S T TALBOT STREET Pharmacies / Doctors Banking L E L R N SPIRE P A
HENR STREET The Point CAPELSTREET NCI Village
Convention ABBE STREET IFSC Centre CUSTOM HOUSE Dublin MAR STREET O’CONNELLSTREET Central EAST WALL ROAD Park GUILD STRRET O L N L 3 Arena
ABBE STREET MIDDLE T LBOT E O I L Central Bank B IDGE O SE FERRY TO NORTH WALL QUA GEORGE’S QUA B IDGE THE UK S UEL ABBE STREET UPPER BE ETT TARA B IDGE MAR ’S ABBE STREET B E STLIN River Liffey B IDGE CAPELSTREET TARA STREET SIR OHN ROGERSON’S QUA Clayton Hotel LAZER LANE T FLEET STREET Capital Dock Chimney B EAST LINK CARDIFF LANE Park WELLINGTON QUA Benson The Marker LI ENTST Park Hotel FORBES ST GREEN STREET EAST ESSE QUA ESSE ST Bord Gáis Energy Theatre
DAME STREET PEARSE STREET B SUFFOLK ST Trinity College Dublin rand Canal Dock
LO D ED D ST EET PEARSE STREET
STLE ST EETDublin Castle NASSAU STREET Proposed Trinity WESTLAND ROW Technology Campus Chester
SHI ST G E T Beatty Bolands Library Quay I E DODDE National Gallery rafton Of Ireland R MACKEN STREET UP T S N Street E H A popular city quarter... P E T S E DAWSON STREET National Museum L N EN KILDARE OfSTREEET Ireland GOLD KING STREET HOLLES STREET GRAND CANAL B R DOCK SOUTH LOTTS ROAD I D
E
S T errion S uare R E Government E T Shelbourne Buildings
AUNGIER STREET Hotel PETER ROW
St. Stephen’s reen BATH A E Baggot Street HADDINGTON ROAD AVIVA STADIUM 23 GRAND CANAL DOCK 24 THE BENSON BUILDING
Waterside Living
Grand Canal Dock enjoys a Grand Canal Dock, once the bustle of marine activity, from largest Dock in the world, forms kayaking, stand-up paddle a strategic part of the Docklands boarding and wakeboarding Water Animation Strategy to river cruises. This vibrant being planned by Dublin City display of water sports blends Council. This visionary plan will seamlessly with a backdrop of see further development of the historic tall ships and cheerfully- waterfront potential of the area. painted sleepy barges. In addition to water sports, The Docklands also hosts a wide the neighbourhood boasts variety of colourful maritime many other sporting activities festivals, races and events, and amenities, with an annual such as the Docklands Summer calendar of road races and Festival, the renowned Dublin triathlons to a wide range of Port River Fest and the iconic local Pilates studios, swimming Liffey Swim, which are organised pools and gyms. annually by the City Council, Dublin Port, Waterways Ireland Indeed, Grand Canal Dock is and the Docklands Business one of the city’s best equipped Forum, along with local groups neighbourhoods for the urban and clubs. sporting enthusiast.
Live, work & play by the water
27 28 THE BENSON BUILDING 29 SCHEDULE OF ACCOMMODATION 30 THE BENSON BUILDING
Retail Accommodation Unit Type Floor Size (sq m) Size (sq ft) Private Residents’ Recreation Room Ground Floor 78.7 847 Retail Unit / Coffee Shop Ground Floor 104.4 1,124 Retail Unit Ground Floor 110.8 1,193 Tot a l 293.9 3,164
Residential Accommodation
Average Size Average Size Beds No. of Units (sq m) (sq ft) 1 Bed 12 52.0 560 1 Bed plus Study 2 64.7 696 2 Bed 41 82.2 884 2 Bed Penthouses 2 99.4 1,070 3 Bed 15 108.1 1,164 Office Accommodation Tot a l 72 5,942.1 63,960 Block B, the own door offices at 76 Sir John Rogerson’s Quay, form part of the overall Benson Building and are independently accessed at ground level off Britain Quay. This does not currently form part of the sale.
Schedule of Accommodation. Basement Facilities for Residents
Parking No. of Spaces Unit Type Floor Size (sq m) Size (sq ft) Assigned residential car parking 72 Office Ground Floor 269 2,896 Disabled residential car parking 1 Office 1st Floor 1,182 12,723 Residential bicycle parking 74 Tot a l 1,451 15,619 *There are 110 shared office cycle spaces (for both Block A and Block B offices in a shared cycle storage room)
Please note that all accommodation details are subject to final design and planning consents. 31 PLANS 32 THE BENSON BUILDING
Site Plan. N Sample Floor Plans.
River Liffey T
SIR JOHN ROGERSON’S QUAY
02 T1 01 Butler's Court Apartments Reception Offices
LI T Offices T
Matheson wc wc 03
Offices Reception Offices T Regus State Street
04
wc wc Residents' Residential Recreation Lobby Room 35 T Basement ramp Basement Park House Cafe Retail Unit Apartments T BRITAIN QUAY BRITAIN
BENSON STREET BENSON 40
LI T 36
T T T7 T 6 Hanover Quay Airbnb Planned Benson Street Park 37
38 39
Second floor
HANOVER QUAY
rand Canal Dock 33 PLANS 34 THE BENSON BUILDING
N N Sample Unit Types.
T
26 T1
25
Kitchen/Dining/Living LI T T
Utility 27
T Entrance Hall
28 Bedroom 1
Terrace Wardrobe Bathroom 70 T
71
LI T
T10
T11
Seventh floor terrace Type 5 72 Area size: Bedrooms: Bathrooms: 52.2m2 1 1
Eighth floor 35 PLANS 36 THE BENSON BUILDING
N N
c e e r
Terrace ra ce a ar r e e r
c e e r
ra ce a
e r e r Terrace a r ar r e a r e e ar r e
Type 4 Type 2
Area size: Bedrooms: Bathrooms: Area size: Bedrooms: Bathrooms: 80.0m2 2 2 109.4m2 3 2 37 SPECIFICATIONS 38 THE BENSON BUILDING
Development Heating, Ventilation & Water Systems Contemporary living Car & Bicycle Parking Gardens & Amenities An eleven-storey, A-rated development A-rated heat recovery, fresh air Basement car parking space for each Residents’ courtyard garden and of 72 apartments with private outdoor ventilation system. Heat interface unit in the heart of one of apartment and residents’ bicycle rooftop sun terrace with south-facing terraces, floor to ceiling glazing, raised supplied from a central boiler plant Europe’s most exciting storage for 74 bicycles with dedicated views overlooking the proposed ceilings in the living rooms, separate providing instantaneous domestic hot cycle lift from street level to basement. Benson St Park. Elegant foyer with utility rooms and/or storage rooms and water and low pressure hot water capital cities. visitor seating and individual secure individual energy efficient heat recovery for radiators. Thermostats are fitted Security post boxes. ventilation systems. throughout the apartments for Development secured with CCTV optimum comfort and efficiency. and all apartments fitted with Kitchens video intercom. Sophisticated graphite matte Doors, Windows & Insulation The Specifications. kitchens with solid work surfaces and High performance floor to ceiling double contemporary brushed steel faucets, glazed windows and balcony doors. Full- fully fitted with integrated extraction height, white internal doors to living and hood, dishwasher, full-height fridge and bedrooms. Concealed blind/curtain rail freezer and Miele cooking appliances to boxes for discrete window dressings to include oven, hob and microwave. all windows. Walls and ceilings finished in white paint. Bathrooms & Ensuites Bathrooms fitted with stylish white Lighting & Wiring bathroom suites, rainfall showerheads Electrical specification designed with and mirrored vanity cabinets with generous lighting and power points concealed lighting and finished in throughout apartments, featuring USB contemporary grey tiling to wet areas. sockets in the bedrooms. Energy efficient flush ceiling spot lighting throughout Utility & Storage kitchens, hallways and bathrooms. Utility rooms fitted with washing machine and condenser dryer. All bedrooms fitted with built-in wardrobes. Minimum A3 BER rating 39 40 THE BENSON BUILDING 41 42 THE BENSON BUILDING 43 44 THE BENSON BUILDING
Developer Main Contractor Further Targeted Investment Opportunities Bennett Construction
Information. Selling Agents Savills Owen Reilly 33 Molesworth Street, 41 Forbes Quay, Grand Canal Dublin 2, Ireland. Dock, Dublin 2, Ireland. PSRA 002233 PRSA 002370 Anticipated Transaction Structure Fergus O’Farrell Brendan Delaney Owen Reilly Maya Healy Our instructions are to seek offers for the subject property as a single lot. It is envisaged that the T +353 (0)1 618 1311 T +353 (0)1 618 1715 T +353 (0)1 677 7100 T +353 (0)1 677 7100 deal will be structured by way of a forward sale with a deposit being paid on signing of contracts M +353 (0)87 682 3528 M +353 (0)83 439 9564 M +353 (0)87 907 3611 M +353 (0)86 040 3300 and a balancing payment to be made once practical completion has been achieved. E [email protected] E [email protected] E [email protected] E [email protected]
For the avoidance of doubt, Block B, the own door office accommodation at 76 Sir John Rogerson’s Quay does not form part of the proposed sale.
Please note, however, our client may be willing to consider alternative purchase structures. Solicitor Stamp Duty Kevin Feeney Andrew Ion It is assumed that Stamp Duty will be payable on the overall consideration of the transaction. However, prospective purchasers should satisfy themselves as to their ultimate liability. T +353 (0)1 649 2241 T +353 (0)1 649 2643 E [email protected] E [email protected] IFSC, North Wall Quay, Dublin 1, Ireland BER
Building Energy Ratings (BER) of A2-A3 has been targeted for each unit within the residential development. The retail accommodation in the scheme will have an F rating.
Design Team PROPERTY MISREPRESENTATION ACT Savills Ireland, Owen Reilly and the Vendors/Lessors give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, images, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, Project Website such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure, intending purchasers, Lessees or any third party should not rely on particulars and information contained in this A dedicated project website and dataroom is in place. The Joint Selling Agents will provide a brochure as statements of fact, but must satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland and Owen Reilly nor any of its employees have any dedicated username and password following the execution of a Non-Disclosure Agreement (NDA) authority to make or give any representation or warranty (express or implied) in relation to the property, and neither Savills Ireland and Owen Reilly nor any of its employees nor by interested parties. the vendors or lessors shall be liable for any loss suffered by an intending purchaser/ Lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable www.thebensonbuilding.com for any VAT arising on the transaction. This brochure is issued by Savills Ireland and Owen Reilly on the understanding that any negotiations relating to the property are conducted through them. All maps produced by permission of the Ordnance Survey Ireland Licence. 45 46 THE BENSON BUILDING 47