DISCLAIMER
Without prejudice to the right of any Addressee (as such term is defined on page 14 of the attached document) to rely on the attached valuation report prepared by CBRE Ireland (“CBRE”) dated 15 September 2014 (the “Property Valuation Report”), the copy of the Property Valuation Report attached hereto is provided for information only and except as otherwise expressly agreed by CBRE, you may not rely on it. It is for you to form your own view or take your own property and other professional advice independently of and without any reliance on it.
Without prejudice to the confirmations given by CBRE in relation to the Property Valuation Report, details of which are provided in the Offering Circular in relation to the notes issued by DECO 2015-Harp Limited dated on or about April 2015 under the heading “—Valuations Disclaimer”, neither CBRE, DECO 2015-Harp Limited nor Deutsche Bank AG assumes any responsibility or liability to you in connection therewith or gives any undertaking to provide any additional information or correct any inaccuracies in it.
CBRE’s work in preparing the Property Valuation Report was undertaken, and such Property Valuation Report was produced, solely in accordance with the terms of CBRE’s engagement agreed with Deutsche Bank AG, London Branch and constitutes a report to the Addressees alone.
You may not rely on the contents of this document, nor shall CBRE have any responsibility to you in relation to or arising from the contents of this document, unless you have received and countersigned a reliance letter from CBRE.
VALUATION REPORT
Comer Property Portfolio
On behalf of
Date of Valuation: 18 August 2014 TABLE OF CONTENTS
TABLE OF CONTENTS
1 PORTFOLIO SUMMARY
2 VALUATION REPORT
3 ECONOMIC & MARKET COMMENTARIES
4 PROPERTY REPORTS 1. Auburn, Castleknock, Dublin 15 2. Cloncourt, Clonee, Co Meath 3. Falcons View, Blanchardstown, Dublin 15 4. Hampton Rise, Navan, Co Meath 5. Howley Square, Oranmore, Co Galway 6. Kingston Hall, Salthill, Co Galway 7. Milners Square, Santry, Dublin 9 8. Wyndham Court, Chancery Lane, Dublin 8 9. Ivy Leaf, Rathdrum, Co Wicklow 10. Snoozles Hostel, Forster Street, Galway 11. Tallaght Cross East, Dublin 24 12. Orchard Gardens, Cork 13. Island Key, East Road, East Wall, Dublin 1
5 LETTER OF INSTRUCTION
VALUATION REPORT 3
1 PORTFOLIO SUMMARY
VALUATION REPORT 3
PORTFOLIO SUMMARY
The Portfolio
. The portfolio comprises 13 assets, 6 are located in Dublin, 3 in Galway and 1 in Cork, Navan, Meath and Wicklow respectively. . There are twelve residential multi-tenanted properties, eight of which contain commercial elements and one hostel property. . The majority of the properties are considered to be prime or good secondary assets. . The majority of properties have high occupancy levels with some vacant commercial space. . Most of the properties are of a modern specification but one in particular, Cloncourt, has potential for refurbishment. . There are 26 commercial tenancies across the portfolio, the majority of which are located within the Cloncourt Development in Co Meath and the Howley Square & Kingstown Hall Developments in Galway. . There are currently a total of 943 residential units throughout the portfolio. On completion of Block 1 at Island Key this will increase to 996. . Current gross income of €10,626,671 per annum from residential and €1,422,965 per annum from commercial lettings. . Further information on each asset is summarised on the following pages.
PORTFOLIO SUMMARY 4
1. Auburn, Castleknock, Dublin 15
. Residential Multi-Tenanted Block with 36 Units and 54 basement car spaces. . Modern Development – Very high specification. . Good residential location. . Current income: €475,800 per annum at 90% occupancy.
2. Cloncourt, Clonee, Co Meath
. Small Mixed-Use development with 13 Residential Units, Retail of 533.4 sq m (5,742 sq ft), Office of 154.8 sq m (1,666 sq ft) and shared surface car parking. . Dated Development in village setting – close to Blanchardstown. . Current income: Residential - €103,440 per annum at 92% occupancy. Commercial - €139,340 per annum.
PORTFOLIO SUMMARY 5
3. Falcons View, Blanchardstown, Dublin 15
. Residential Multi-Tenanted Block with 96 Units and 136 basement car spaces. . Modern Development – High specification. . Excellent location for lettings. . Current income: €1,301,868 per annum at 98% occupancy.
4. Hampton Rise, Navan, Co Meath
. Residential Multi-Tenanted Block with 29 Residential Units, 4 Retail Units and 33 basement car spaces. (Classed as 33 Residential Units for Valuation Purposes). . Modern Development – Good specification. . Situated close to Navan Town Centre . Current income: €170,400 per annum at 88% occupancy.
. Planning Permission for change of use on Commercial to provide 4 Residential Units.
PORTFOLIO SUMMARY 6
5. Howley Square, Oranmore, Co Galway
. Small Mixed-Use development with 11 Residential Units, Retail of 1,469.5 sq m (15,818 sq ft), Office of 1,552.6 sq m (16,712 sq ft) with 68 basement car spaces. . Modern development laid out in two blocks. . Current income: Residential - €96,960 per annum at 100% occupancy. Commercial – €320,986 per annum
6. Kingston Hall, Salthill, Co Galway
. Mixed-Use development with 35 Residential Units, Retail of 800.8 sq m (8,620 sq ft) with 40 basement car spaces. . Modern Development – Good Specification . Current income: Residential - €373,680 per annum at 100% occupancy. Commercial –€91,630 per annum
PORTFOLIO SUMMARY 7
7. Milners Square, Santry, Dublin 9
. Residential Multi-Tenanted Block (Block E) with 73 Units and 73 car spaces. 12 separate units situated within Block F also included. . Modern Development – Good specification. . Excellent location for residential lettings. . Current income: €951,240 per annum at 92% occupancy.
8. Wyndham Court, Chancery Lane, Dublin 8
. Residential Multi-Tenanted Block with 17 Units, Retail of 245.4 sq m (2,641 sq ft) and 11 basement car spaces. . Modern Development – Good specification. . Excellent location for residential lettings. . Current income on residential: €267,360 per annum at 90% occupancy. Commercial: €10,000 per annum.
PORTFOLIO SUMMARY 8
9. Ivy Leaf, Rathdrum, Co Wicklow
. Residential Multi-Tenanted Block with 29 Units, Retail of 574.5 sq m (6,184 sq ft) and 35 basement car spaces. . Modern Development – Good specification. . Situated in a village setting – fair/good letting location. . Current income on residential: €237,900 per annum at 100% occupancy. . Commercial units vacant.
10. Snoozles Hostel, Forster Street, Galway
. Modern Hostel situated in the centre of Galway. . Total of 27 bedrooms with 130 bed spaces. . Leased to Snoozles from 9th September 2008. . Current rent equating to €135,000 per annum.
PORTFOLIO SUMMARY 9
11. Tallaght Cross East, Dublin 24
. Large Residential Multi-Tenanted Scheme with 335 Residential Units, Retail of 20,669 sq m (222,480 sq ft), 48 bedroom Hotel and 448 basement car spaces. . Modern Development – Good specification. . Current income: Residential: €3,428,771 per annum at 95% occupancy. Commercial: €554,873 per annum.
12. Orchard Gardens, Cork
. Large Residential Multi-Tenanted Scheme with 142 Residential Units, Retail of 1,452.8 sq m (15,638 sq ft) and 214 basement car spaces. . Modern Development – Good specification. . Current income: Residential: €1,739,472 per annum at 99% occupancy. Commercial: €171,136 per annum.
PORTFOLIO SUMMARY 10
13. Island Key, East Road, East Wall, Dublin 1
. Large Residential Multi-Tenanted Scheme with 100 Residential Units, Retail of 489.9 sq m (5,273 sq ft) and 78 basement car spaces situated in Blocks 2, 3 & 6. . Block 1 on completion will comprise 53 Residential units, Retail of 676.9 sq m (7,287 sq ft) and 31 basement car spaces. . Modern Development – Good specification. . Current income on Blocks 2, 3 & 6: Residential: €1,314,780 per annum at 95% occupancy. . Commercial Units vacant.
PORTFOLIO SUMMARY 11
Market Values
A: Market Value of Portfolio as an investment €148,730,000 mixed Vat (One Hundred and Forty Eight Million Seven Hundred and Thirty Thousand Euro) B: Market Rent €14,451,983 per annum (Fourteen Million Four Hundred and Fifty One Thousand Nine Hundred and Eighty Three Euro) C: Market Value assuming Vacant Possession on an individual sale basis
€144,288,400 mixed Vat (One Hundred and Forty Four Million Two Hundred and Eighty Eight Thousand Four Hundred Euro) D: Residual Value - Block 1 at Island Key €2,900,000 exclusive of VAT (Two Million Nine Hundred Thousand Euro) The individual Market Value of each asset is detailed on the Schedule of Values on the following page.
12
Schedule of Market Values
VALUATION REPORT 13
2 VALUATION REPORT
VALUATION REPORT 14
VALUATION REPORT
CBRE Connaught House 1 Burlington Road Dublin 4
Switchboard +353 (0) 1 618 5500 Fax +353 (0) 1 668 8850
Report Date 15 September 2014
Addressee James M Molloy, MAI, FRICS, CRE Global Head – Real Property Valuation Deutsche Bank AG 60 Wall Street, 10th Floor New York, NY 10005
Deutsche Bank AG, London Branch of Winchester House, 1 Great Winchester Street, London EC2N 2DB on its own behalf and in its capacity as Security Agent for the Finance Parties, each as defined in a facility agreement dated on or about the date of this letter (as amended from time to time) between, amongst others, Duridgebay S.A. as borrower and Deutsche Bank AG, London Branch (the "Facility Agreement"); and each Finance Party, as defined in the Facility Agreement, from time to time; and any trustee with respect to any securities issued in connection with a securitisation of the loan under the Facility Agreement, (together the "Addressees").
We confirm that the Valuation Report (as at the date detailed in the Valuation Report) has been prepared in connection with the refinancing of a portfolio of properties owned to be acquired by Duridgebay S.A. and its subsidiaries (the “Report”) may be relied upon by the Addressees and is intended for their benefit.
VALUATION REPORT 15
The Report and letter are confidential to the Addressees. However, copies of the Report and letter may be disclosed for information only without liability for us to: • the respective agents and advisers of the Addressees in connection with the transactions described in paragraph 1 above; • the respective affiliates, employees, officers, directors and auditors of the Addressees; • any prospective purchaser, transferee or assignee of, or participant in, any loan made under the Facility Agreement and any other prospective Addressee; • any servicer of any loan under the Facility Agreement; • any actual or prospective investor in any securities issued in connection with a securitisation of any loan under the Facility Agreement, and its advisers; • any rating agency actually or prospectively rating any such securities, and its advisers; • any trustee (Treuhänder) of a Finance Party under and as defined in the Facility Agreement in connection with the use of all or any part of the loan made under the Facility Agreement (and security therefor) as a cover asset in the Pfandbrief cover register of any such Finance Party; and • any person to whom disclosure is required by law, court order, regulation, public authority, stock exchange or in connection with legal proceedings in connection with the Report.
In addition, the Report or a reference to and summary of it (and the methodologies and concepts on which it is based) may be included in any information memorandum, offering circular, registration statement or similar document as may be required to comply with any applicable laws, regulations or official guidelines relating to the issuance of or investment in any securitisation of the loan under the Facility Agreement.
VALUATION REPORT 16
The Properties 13 properties as per the schedule on page 11.
Property Descriptions There are twelve residential multi-tenanted properties, eight of which contain commercial elements and one hostel property. Individual property reports are outlined in Section 4.
Instructions A - To value on the basis of Market Value the freehold- equivalent long leasehold interest in each Property on the basis of an investment as at the Valuation Date in accordance with your letter of instruction dated 12 August 2014. B – To provide our opinion of Market Rent for each Property as at the Valuation Date in accordance with your letter of instruction dated 12 August 2014. C – To value on the basis of Market Value the freehold- equivalent long leasehold interest in each Property on the special assumption that the property benefits from vacant possession on an individual unit sale basis as at the Valuation Date in accordance with your letter of instruction dated 12 August 2014. D – To value on the basis of Market Value the freehold- equivalent long leasehold interest in Block 1 Island Key subject to vacant possession and with the benefit of the existing development works as at the valuation date in accordance with your letter of instruction dated 12 August 2014.
Valuation Date 18 August 2014
Capacity of Valuer External
Purpose Loan Review
VALUATION REPORT 17
Aggregate Market A. Market Value as an investment Values Residential: €133,729,000 inclusive of VAT (One Hundred and Thirty Three Million Seven Hundred and Twenty Nine Thousand Euro) Commercial: €15,001,000 exclusive of VAT (Fifteen Million and One Thousand Euro) Total: €148,730,000 mixed VAT (One Hundred and Forty Eight Million Seven Hundred and Thirty Thousand Euro)
B. Market Rent Residential: €12,260,700 per annum (Twelve Million Two Hundred and Sixty Thousand Seven Hundred Euro) Commercial: €2,191,283 per annum (Two Million One Hundred and Ninety One Thousand Two Hundred and Eighty Three Euro) Total: €14,451,983 per annum (Fourteen Million Four Hundred and Fifty One Thousand Nine Hundred and Eighty Three Euro)
C. Market Value assuming Vacant Possession on an individual sale basis Residential: €133,660,000 inclusive of VAT (One Hundred and Thirty Three Million Six Hundred and Sixty Thousand Euro)
Commercial:
VALUATION REPORT 18
€10,628,400 exclusive of VAT (Ten Million Six Hundred and Twenty Eight Thousand Four Hundred Euro) Total: €144,288,400 mixed VAT (One Hundred and Forty Four Thousand Two Hundred and Eighty Eight Thousand Four Hundred Euro) D. Residual Value – Block 1 Island Key €2,900,000 exclusive of VAT (Two Million Nine Hundred Thousand Euro)
Our opinion of Market Value is based upon the Scope of Work and Valuation Assumptions attached, and has been primarily derived using comparable recent market transactions on arm’s length terms.
We have valued the Properties individually and no account has been taken of any discount or premium that may be negotiated in the market if all or part of the portfolio was to be marketed simultaneously, either in lots or as a whole.
Security We are of the opinion, subject to the contents of this report, that the subject properties would provide suitable security for loan purposes. We have not however, been provided with details of the length of the loans and the amounts being lent.
VALUATION REPORT 19
Compliance with The valuations have been prepared in accordance with Valuation Standards The RICS Valuation – Professional Standards 2014 (Red Book). The property details on which each valuation is based are as set out in this report.
We confirm that we have sufficient current local and national knowledge of the particular property market involved, and have the skills and understanding to undertake the valuation competently. Where the knowledge and skill requirements of The Red Book have been met in aggregate by more than one valuer within CBRE, we confirm that a list of those valuers has been retained within the working papers, together with confirmation that each named valuer complies with the requirements of The Red Book.
Special Assumptions For the purpose of Valuation C we have made the special assumption that each property benefits from vacant possession and the values are an aggregate of individual sales prices and do not include any costs of realisation or take account of the time to dispose.
We have accepted that this assumption is realistic, relevant and valid in connection with the circumstances of the valuation.
Assumptions We have made various assumptions as to tenure, letting, town planning, and the condition and repair of buildings and sites – including ground and groundwater contamination – as set out below. For the purpose of Valuation D we have made the following assumptions: The property benefits from vacant possession The build costs provided by Barry Comer as prepared by Rhatigan & Company are correct and reflect the current position on site as at the valuation date. All development levies have been paid with the exception of €145,000 which relates to Block 1, as advised by Barry Comer. The structure of Block 1 has been constructed in accordance with the planning permission for the development.
If any of the information or assumptions on which the valuation is based are subsequently found to be
VALUATION REPORT 20
incorrect, the valuation figures may also be incorrect and should be reconsidered.
Variation from None. Standard Assumptions
Market Conditions The values stated in this report represent our objective opinion of Market Value in accordance with the definition set out above as of the date of valuation. Amongst other things, this assumes that the properties had been properly marketed and that exchange of contracts took place on this date.
Verification We recommend that before any financial transaction is entered into based upon these valuations, you obtain verification of the information contained within our report and the validity of the assumptions we have adopted.
We would advise you that whilst we have valued the Properties reflecting current market conditions, there are certain risks which may be, or may become, uninsurable. Before undertaking any financial transaction based upon these valuations, you should satisfy yourselves as to the current insurance cover and the risks that may be involved should an uninsured loss occur.
Valuer The Properties have been valued by a valuer who is qualified for the purpose of the valuations in accordance with the RICS Valuation – Professional Standards 2014 (Red Book).
VALUATION REPORT 21
Independence The total fees, including the fee for this assignment, earned by CBRE (or other companies forming part of the same group of companies within Ireland) from the Addressee (or other companies forming part of the same group of companies) are less than 5.0% of the total Irish revenues. We confirm that CBRE (or other companies forming part of the same group of companies within the Ireland) has not had any involvement with the Properties, nor the borrowers in the last two years, consequently the total fees, including the fee for this assignment, earned by CBRE from the borrower are less than 5.0% of the total Irish revenues.
Conflicts of Interest We are not aware of any conflicts of interest.
We confirm that copies of our conflict of interest checks have been retained within the working papers of the file.
Reliance This report is for the use only of the party to whom it is addressed for the specific purpose set out herein and no responsibility is accepted to any third party for the whole or any part of its contents.
VALUATION REPORT 22
Publication Neither the whole nor any part of our report nor any references thereto may be included in any published document, circular or statement nor published in any way without our prior written approval of the form and context in which it will appear.
Such publication of, or reference to this report will not be permitted unless it contains a sufficient contemporaneous reference to any departure from the Royal Institution of Chartered Surveyors Valuation Professional Standards 2014 (Red Book) or the incorporation of the special assumptions referred to herein.
Yours faithfully Yours faithfully
Bruce Campbell MRICS MSCSI Gemma Gallagher MRICS Director Associate Director For and on behalf of For and on behalf of CBRE Ireland CBRE Ireland
T: +353 (0) 1 6185517 T: +353 (0) 1 6185509
E: [email protected] E: [email protected]
CBRE, Connaught House, 1 Burlington Road, Dublin 4 T: +353 (0) 1 618 5500 F: +353 (0) 1 668 8850 W: www.cbre.ie
Project Reference: BC/GG/ND/GP/62VAL0083079 Filepath: S:\Groups\Valuations\Reports\2014\Residential Multi-Family Blocks\62VAL0083079 - Comer DB Portfolio Phase 2\Reports\Parts 1-3 - Comer Portfolio Report 2014.doc
VALUATION REPORT 23
SCOPE OF WORK & SOURCES OF INFORMATION
Sources of We have carried out our work based upon the information Information provided within our previous valuation report dated 30 August 2013 and updated information supplied to us by the borrower, Mr Barry Comer throughout August 2014 which we have assumed to be correct and comprehensive. The information provided includes the following for each property: . Updated Tenancy Schedules as at August 2014. . Service Charge Budgets for 2014. . Leases and/or HOT’s on new commercial tenancies. . Confirmation on any changes to each property since the time of our previous valuation. We have received an updated Conditions Subsequent Table dated 16 September 2014 from the lenders and can confirm that we are satisfied that the content of this table will not affect the market value of the properties.
The Properties Our report contains a brief summary of the property details on which our valuations have been based.
Revaluation As instructed, we have not re-inspected the properties for the Without Inspection purpose of this valuation. The borrower, Barry Comer has confirmed that he is not aware of any material changes to the physical attributes of the properties, or the nature of their location, since the last inspection apart from where advised in or report. We have assumed this advice to be correct. Desktop Valuation – We previously inspected each property both internally and externally between 06/08/2013 and 15/08/2013.
Areas With regard to each property within the portfolio we can confirm that check measurements were taken on a sample of units at the time of our previous valuation, both residential and commercial and we confirm that we were satisfied to professionally rely on the floor areas provided. These check measurements were undertaken in accordance with the SCSI Measuring Practice Guidance Notes.
VALUATION REPORT 24
Environmental Environmental Audits were carried out of each property by Matters Environ, Leeds, UK at the time of our previous valuation in August 2014. We note the overall findings of these reports in the table below:
Property Contamination Risk Rating Auburn, Castleknock, Low Risk
Cloncourt, Clonee Low Risk
Falcons View, Blanchardstown, Low Risk
Hampton Rise, Navan Moderate Risk
Howley Square, Oranmore Low to Moderate Risk
Kingston Hall, Salthill Low to Moderate Risk
Milners Square, Santry Moderate Risk
Wyndham Court, Chancery Lane Low Risk
Ivy Leaf, Rathdrum Low to Moderate Risk
Snoozles Hostel, Forster Street Low Risk
Tallaght Cross East Low Risk
Orchard Gardens, Cork Moderate Risk
Island Key, East Road Moderate Risk
Services and We understand that all main services including water, Amenities drainage, electricity and telephone are available to the Properties. None of the services has been tested by us. Repair and CBRE London carried out Building Condition Surveys for each Condition property at the time of our previous valuation in August 2014. We reviewed each report and noted that the majority of expenditure items would fall under the category of general repairs and maintenance, being covered through each properties specific service charge. There were however a number of items which did not fall into this category and as such we had regard to them in our previous valuation. We have discussed these items with Barry Comer and would comment that these items have yet to be rectified and therefore we have had regard to them in this valuation.
VALUATION REPORT 25
We have listed these items in the table below:
Property Advised Works & Cost Howley Square, Investigate and remedy water ingress Oranmore to basement car park, Budgeted Cost - €50,000 Island Key, East Road Relocation of electric plant from basement car park area. Budgeted Cost - 25,000 € Town Planning We have not undertaken planning enquiries apart from those taken online. We would refer back to our previous report dated 30 August 2014 with regard to planning issues.
Titles, Tenures and Details of title/tenure under which the Properties are held and Lettings of lettings to which they are subject are as supplied to us. We have not generally examined nor had access to all the deeds, leases or other documents relating thereto. Where information from deeds, leases or other documents is recorded in this report, it represents our understanding of the relevant documents. We understand that the Properties are held freehold/long leasehold and free of encumbrances, restrictions or outgoings of an onerous nature other than those indicated to us at the time of our inspection (or to which our attention has since been drawn) which would affect value. We should emphasise, however, that the interpretation of the documents of title (including relevant deeds, leases and planning consents) is the responsibility of your legal adviser.
We have not conducted credit enquiries on the financial status of any tenants. We have, however, reflected our general understanding of purchasers’ likely perceptions of the financial status of tenants.
VALUATION REPORT 26
VALUATION ASSUMPTIONS
Capital Values Valuations A, C and D have been prepared on the basis of “Market Value” which is defined as:
“The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion".
Market Rent Valuation B has been prepared on the basis of “Market Rent” which is defined as:
“The estimated amount for which a property, or space within a property, should lease (let) on the date of valuation between a willing lessor and a willing lessee on appropriate lease terms in an arm’s-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion”.
No allowances have been made for any expenses of realisation nor for taxation which might arise in the event of a disposal. Acquisition costs have not been included in our valuation.
No account has been taken of any inter-company leases or arrangements, nor of any mortgages, debentures or other charges.
No account has been taken of the availability or otherwise of capital based Government or European Community grants.
VALUATION REPORT 27
The Properties Where appropriate we have regarded the shop fronts of retail accommodation as forming an integral part of the building.
Landlord’s fixtures such as lifts, central heating and other normal service installations have been treated as an integral part of the building and are included within our valuations. Process plant and machinery, tenants’ fixtures and specialist trade fittings have been excluded from our valuations. All measurements, areas and ages quoted in our report are approximate.
Environmental Matters In the absence of any information to the contrary, we have assumed that:
(a) the Properties are not contaminated and is not adversely affected by any existing or proposed environmental law;
(b) any processes which are carried out on the Properties which are regulated by environmental legislation are properly licensed by the appropriate authorities.
Energy Performance We have not been supplied with a copy of the “Building Certificates Energy Rating” Certificate for the Properties. We have assumed that if the Properties are sold, let or transacted that it possesses a current Energy Rating Certificate as required under the Government’s Energy Performance of Buildings Directive 2006 (Statutory Instrument SI 666).
VALUATION REPORT 28
Repair and Condition In the absence of any information to the contrary, we have assumed that:
(a) there are no abnormal ground conditions, nor archaeological remains, present which might adversely affect the current or future occupation, development or value of the Properties;
(b) the Properties are free from rot, infestation, structural or latent defect;
(c) no currently known deleterious or hazardous materials or suspect techniques, including but not limited to Composite Panelling, have been used in the construction of, or subsequent alterations or additions to, the Properties; and
(d) the services, and any associated controls or software, are in working order and free from defect.
We have otherwise had regard to the age and apparent general condition of the Properties. Comments made in the Properties details do not purport to express an opinion about, or advise upon, the condition of uninspected parts and should not be taken as making an implied representation or statement about such parts.
VALUATION REPORT 29
Title, Tenure, Planning Unless stated otherwise within this report, and in the and Lettings absence of any information to the contrary, we have assumed that:
(a) the Properties possess a good and marketable title free from any onerous or hampering restrictions or conditions; (b) all buildings have been erected either prior to planning control, or in accordance with planning permissions, and have the benefit of permanent planning consents or existing use rights for their current use;
(c) the Properties are not adversely affected by town planning or road proposals; (d) all buildings comply with all statutory and local authority requirements including building, fire and health and safety regulations;
(e) only minor or inconsequential costs will be incurred if any modifications or alterations are necessary in order for occupiers of each Property to comply with the provisions of the relevant disability discrimination legislation; (f) there are no tenant’s improvements that will materially affect our opinion of the rent that would be obtained on review or renewal;
(g) tenants will meet their obligations under their leases and are responsible for insurance, payment of business rates, and all repairs, whether directly or by means of a service charge;
(h) there are no user restrictions or other restrictive covenants in leases which would adversely affect value;
(i) where appropriate, permission to assign the interest being valued herein would not be withheld by the landlord where required;
(j) vacant possession can be given of all accommodation which is unlet or is let on a service occupancy, and
(k) wherever rent reviews or lease renewals are impending, all notices have been fully validly served within the appropriate time limits.
VALUATION REPORT 30
3 ECONOMIC & MARKET COMMENTARIES
ECONOMIC & MARKET COMMENTARIES 31
GENERAL ECONOMIC OVERVIEW
Average Gross Domestic Product (GDP) growth of 7.5% per annum was achieved in Ireland during the 1990’s and an average of 6.0% per annum was achieved between 2000 and 2007. In this period, real GDP per head of population more than doubled, net employment increased by almost 1 million people and unemployment fell from 14% to less than 5%. This helped make Ireland one of the ten richest countries in the world. An over-reliance on the construction sector in the years leading up to the recession as well as the ready availability of cheap credit fuelled what was known as the Celtic Tiger boom. This led Ireland to become particularly vulnerable when the international financial crisis emerged. Indeed, the global credit crunch and recession hit Ireland harder than most of its European counterparts. The unravelling of the Irish construction sector, which caused huge problems in the banking sector and the wider global downturn, led to GDP falling by 13% from the peak at the end of 2007 and almost 300,000 net jobs being lost during the recession. The Irish economy was the first Eurozone country to officially enter recession. Following three successive annual decreases in GDP during the years 2008 to 2010, there was somewhat of an improvement evidenced in 2011 when GDP increased by 0.7% on an annual basis, primarily due to service export growth. The performance of the Irish economy in the first half of 2012 was threatened by downside risks from Europe which weakened growth expectations for the year. However, some improvement in domestic economic conditions and in particular strong export performance in the second half of 2012 meant that slightly higher than anticipated GDP growth of 0.9% was achieved in 2012. This momentum continued into 2013 with a host of different indicators showing signs of improvement over the course of the year. Ireland formally exited the IMF/EU bailout towards the end of 2013 and sentiment towards Ireland has continued to improve in 2014. At this juncture, the Irish economy looks set to have achieved growth of 1.5% per annum during 2013 with stronger growth in excess of 2.0% forecast for 2014. In the near term, the continued recovery is forecast to come entirely from net trade which will be influenced by the increased competitiveness of the country’s reduced unit labour costs, allowing Ireland to benefit from more competitive domestically produced goods. Apart from ongoing problems in the Irish banking sector and the public finances, the most significant problem for the Irish economy over the last number of years has been the weak labour market. Having achieved nearly full employment in the middle of the last decade (an unemployment rate of approximately 4.5%), the Irish unemployment rate rose rapidly over the last few years reaching a peak of 15.1% in 2012. However, over the last 12 month period, there has been a notable improvement in the labour market. The number of people on the live register fell 2,300 in January 2014 on a seasonally adjusted basis. This is the 19th consecutive monthly decrease and brings the cumulative fall since January 2013 to 29,800, which reflects a 7% decline in the 12 month period and sees the estimated unemployment rate fall to 12.3% in January 2014 (from 13.9% in January 2013). The unemployment rate has been falling since its peak of 15.1% in February 2012 and is back at levels last experienced in 2009. The live register data
ECONOMIC & MARKET COMMENTARIES 32
indicates that the positive trends in the Irish labour market that have provided one of the most tangible signs of economic recovery in 2013 remain in train at the start of 2014. In an effort to counteract weakness in the labour market, there has been a renewed focus by the Government, Enterprise Ireland and the Industrial Development Authority (IDA) to attract increased levels of foreign direct investment to Ireland, aided considerably by the availability of a favourable 12.5% rate of corporation tax and improved competitiveness. IDA Ireland, the Irish Government agency responsible for attracting foreign direct investment, has reported the creation of 13,367 new jobs by client companies during 2013. When job losses are taken into account, the net increase in employment was 7,071, the highest level of job creation in over a decade. Total employment at IDA client companies now stands at 161,112 people, the highest level in the history of IDA Ireland. Demonstrating the improvement in sentiment that has occurred over the last 12 month period, the overall KBC Ireland/ESRI Consumer Sentiment Index increased to 84.6 in January 2014, from 79.8 in December and 64.2 in January 2013. The 3-month moving average increased from 75.7 last month to 78.5 in January. Several of the Purchasing Managers Indices have also demonstrated improved performance over the last 12 months. Retail sales figures for December 2013 were also up 3% on a year earlier while house prices have shown clear signs of improvement year-on-year. House prices rose 0.1% in December, bringing annual inflation to 6% - the highest pace of annual growth since July 2007. House prices are now down 44.8% from peak. In Dublin, the recovery has been starker with annual house prices inflation in the capital up 15.3% year-on- year.
Socio-Economic Overview
A young and highly-skilled population is one the major attractions for employers setting up operations in Ireland. According to the most recent Census of Population from 2011, the country’s population continued to grow at a steady pace of 8.2% over the five year inter-censal period from 2006, to stand at 4.58 million persons in 2011. This strong level of growth is somewhat surprising given the volume of emigration over recent years, however positive net migration and immigration figures demonstrate that Ireland is still attracting non-Irish and returning nationals.
ECONOMIC & MARKET COMMENTARIES 33
Fig 1: Irish Population Change 1926 - 2011
Population (Number) 5.0 15 % Change Since Previous Census 4.5
4.0 10
3.5
3.0 5 %Change
2.5
Million Persons 2.0 0
1.5
1.0 (5)
0.5
0.0 (10) 1926 1946 1956 1966 1979 1986 1996 2006
Source: CBRE, September 2012
The latest Census of Population also shows that Ireland continues to have one of the youngest demographics in Europe. 44% of the Irish population is aged within the most economically advantageous bracket of between 15 and 44 years of age, while a further 23% are aged between 45 and 64 years of age.
ECONOMIC & MARKET COMMENTARIES 34
Fig 2: 2011 Irish Population Age Profile
65 years and over 12% 0 - 14 years 21%
45 - 64 years 23% 15 - 24 years 13%
25 - 44 years 31%
Source: CSO
An analysis of the skill-set of employees throughout the country shows that 42% of those employed at the time of the latest Census were either in management or professional roles, while a further 24% of the population worked in non-manual employment. A further review of the sectors of employment shows that in the last five years the greatest increase in employment has occurred in social work (28%), teaching (21%) and more interestingly, in scientific and technical industry (19%). Table 1: Population aged over 15 years by Occupation
2006 2011 Growth Social workers and related occupations 17,694 22,702 28% Teachers 80,898 97,954 21% Scientific and technical occupations 58,978 70,218 19% Managers and executives 125,398 148,316 18% Personal service and childcare workers 205,197 240,065 17% Other gainful occupations (incl. not stated) 230,918 269,633 17% Health and related workers 93,065 108,661 17% Central and local government workers 58,072 66,813 15% Sales occupations 205,102 235,181 15% Business and commerce occupations 79,062 90,500 14% Garda Síochána 12,325 13,797 12% Other professional workers 42,289 47,266 12% Computer software occupations 45,588 50,282 10% Army occupations 7,442 8,183 10%
ECONOMIC & MARKET COMMENTARIES 35
DUBLIN Dublin is the administrative and business capital of Ireland with the vast majority of public and private companies headquartered in the city. Until about 15 years ago the city had a low volume of high-density development compared to other European capitals. However, significant population growth in recent decades has led low-density apartment development throughout the city in order to curb the onset of urban sprawl outside the commuter belt. According to the latest Census of Population 2011, there are over 1.27 million persons living in the county of Dublin, accounting for 28% of the total national population. Since 2002, the population of Dublin has increased at a slower rate than the national average of 8.2%. Despite this however, the capital’s population increased by its strongest rate for over two decades between 2006 and 2011, growing by an average of 7.2% over the inter-censal period. Since 1972, Dublin has comprised four local authority areas, Dublin City); Dun Laoghaire Rathdown; South Dublin and Fingal. According to the latest Census of Population, over 527,000 persons lived within the Dublin City local authority area in 2011, accounting for 41% of the capital’s population, while just over 206,000 persons lived in the Dun Laoghaire Rathdown local authority area.
FigDublin 3: Dublin Population Population by by Local County Authority Council Area, 2011 Area
South Dublin 21%
Dublin City 41%
Fingal 22%
Dún Laoghaire- Rathdown 16% Source: CSO Over 52% of the population of the Dublin City region is aged between 15 and 45 years of age, a profile which is highly attractive for retail and office occupiers seeking a skilled workforce and young consumer profile. Similarly in the Dun Laoghaire Rathdown local authority area, over 50% of the population is within this age bracket.
ECONOMIC & MARKET COMMENTARIES 36
Fig 4: Dublin Population Age Profile by Local Authority Area
Fingal 24% 12% 37% 20% 7%
South Dublin 23% 13% 33% 22% 9%
DLR 18% 14% 30% 24% 14%
Dublin City 15% 15% 37% 21% 13%
Dublin 19% 14% 35% 21% 11%
0% 20% 40% 60% 80% 100% 0-14 15-24 25-44 45-64 65 +
Source: CSO
A high percentage of the population in Dublin have completed further education after secondary level in comparison to the national average. Indeed, 32% or over 405,000 persons living in the Irish capital on the date of the last Census have completed some form of tertiary qualifications, compared to the national average of 28%. A large proportion of the Dublin workforce are highly skilled. Indeed, 47% are employed as managers or professionals while a further 27% of those employed are working in non- manual skilled roles.
ECONOMIC & MARKET COMMENTARIES 37
MARKET OVERVIEW
Residential Investment Market
Investment in residential property in Ireland has traditionally taken the form of private ‘buy to let’ investors acquiring a small number of properties and letting them on short term leases of up to one year duration. These non-professional investors typically manage the units themselves and in most cases source tenants directly. The trend of institutional and corporate investors purchasing entire residential schemes for investment purposes is not one that has traditionally been witnessed in an Irish context despite being a trend in many other jurisdictions such as the US, UK and mainland Europe. However, over the last two years the emergence of a professional residential or multi-family investment class has materialised in the Irish market. Between 2012 and the first half of 2014 over €865 million was invested in the Irish multi-family residential market1.
Irish Residential Investment Transactions >€1 million in value
450
400 Millions 350
300
250
200
150
100
50
0 2012 2013 2014
Mixed Use Residential Residential
Source: CBRE
1 Includes some mixed use transactions that contain residential accommodation.
ECONOMIC & MARKET COMMENTARIES 38
With a large number of modern purpose-built apartment and housing schemes distressed following the residential housing market crash in Ireland, professional residential investors have emerged looking for opportunities to invest as a result of which, a new investment sector for Ireland emerged. Professional residential investors, aware of the extent to which house prices in Ireland have fallen from peak obviously perceive opportunity in the Irish market and this is driving demand for residential investment opportunities. The Irish residential rental market is strong and this is likely to continue with the lack of new residential property in the pipeline; the restriction on mortgage lending from the banks for first time buyers; and the potential for repossessions to escalate in the buy to let sector and on the personal insolvency practitioner front. Examples of some of the high-profile residential investment transactions completed over the last three years include the sale of 640 apartments as part of the €65million Gemini mixed use portfolio to a private Irish investor (Q2 2013); the sale of 421 apartments at Clancy Barracks and adjoining 8.5 acre site in Dublin 8 to Kennedy Wilson for approximately €82 million (Q2 2013); the sale of 338 apartments to Canadian pension fund Capreit for €43 million; the sale of 272 apartments as part of a €311 million mixed use transaction at Central Park Leopardstown to Green REIT, Pimco and Kennedy Wilson (Q1 2014); the sale of 210 apartments in The Alliance building in Dublin 4 to Kennedy Wilson for €40 million (Q2 2012); the sale of 119 apartments at Sandford Lodge in Ranelagh, Dublin 6 to Kennedy Wilson for €26 million (Q4 2012) and the sale of 84 units at the Marker Residences in Grand Canal Square as part of a €50.1 million mixed use transaction purchased by IRES REIT in Q2 2014. One of the most recent transactions in this sector which is due to close by the end of August 2014 is the Orange Collection portfolio, a mixed-use collection of 761 apartments, over 3,000 sqm commercial accommodation and four development sites extending to approximately 1.74 acres located across four properties – Charlestown, Landsdowne Gate, Beacon South Quarter and Bakers Yard. The residential rental income from this portfolio is over €10 million per annum, which along with the commercial elements are likely to sell for over €200 million. In addition to the fact that house prices in Ireland declined by more than 50% from peak which is generating attractively priced properties which are in most cases trading for less than replacement cost, investors in this sector are also encouraged by Ireland’s improving economic profile and favourable demographic factors. In addition to population growth, the age profile of the Irish population and falling average household sizes are proving attractive to such investors. The strong rental sector, particularly in urban locations is another significant driver of demand in this sector.
39 ECONOMIC & MARKET COMMENTARIES
Residential Bulk Sales
In arriving at our opinion of the market value for the subject property, we have considered the following bulk sales.
PROPERTY LOCATION NO. VALUE VALUE EST. NIY DATE COMMENT OF PER UNIT UNITS
William Beckett House Dublin 4 24 €6,100,000 €254,166 5.23% Q2 2013 Modern development, well located, full let.
GIY – 6.83%
Agent - DTZ
The Laurels, Dundrum Dundrum 80 €7,000,000 €87,500 n/a Q2 2013 Evacuated and sold vacant as it Dublin 14 did not comply with fire regulations. Remedy est. at €5m
Camac Crescent Dublin 8 90 €9,900,000 €110,000 7% Q3 2013 Modern development, almost fully let.
Comprises 1 Block of larger scheme
GIY – 9.5%
Agent - Savills
Grande Central Dublin 18 63 €10,900,000 €155,000 6.25% Q3 2013 Modern development almost fully let.
1 Block of larger scheme
GIY – 8.25%
Agent - Savills
Kings Court Dublin 7 83 €12,850,000 €130,000 6.35% Q3 2013 Modern development almost fully let.
Entire block was sold.
Overall Sale Price - €13,200,000 – commercial element removed.
GIY – 8.25%
Agent - Savills
40 ECONOMIC & MARKET COMMENTARIES
Priorsgate Dublin 24 102 €8,750,000 €70,000 9% Q3 2013 Modern mixed plus 8 use development. retail units The sale included 102 of the 198 Apartments. They are close to full occupancy while
4 of the retail units are vacant.
Overall Sale Price - €9,250,000 – commercial element removed.
GIY – 12%
Agent - Savills
Alto Vetro Grand 26 plus €11,080,000 €426,000 4.61% Q4 2013 Modern high spec Canal 2 retail development. Square, Dublin 4 Entire block sold and the sale included 2 retail units.
Overall Sale Price –
€12,000,000 – commercial element removed.
GIY – 5.7%
Liffey Trust Building Dublin 1 81 €14,750,000 €182,000 6.15% Q2 2014 Modern Development. 9 of which The sale included are Part 81 of a total of V 96 apartments.
9 of the 81 Units have been allocated for affordable Part V units, a 50% discount in rental income has been applied in our analysis for these units.
GIY – 8.22%
Agent – Hooke & McDonald
41 ECONOMIC & MARKET COMMENTARIES
Oxmantown Green Dublin 7 25 Units €5,500,000 €220,000 4.56% Q2 2014 Modern plus 2 Development retail almost fully let. units We understand that the property sold at an overall Sale Price of - €6,000,000 – commercial element removed.
GIY – 6.51%
Agent - Savills
The Marker Residences Grand 84 Units €41,132,000 €490,000 5.41% Q2 2014 High Quality Canal Modern Square, development next Dublin 2 to The Marker Hotel.
Entire Block Sold.
GIY – 6.35%
Agent - Savills
The Laurels, Tallaght The Laurels, 19 Units €2,125,000 €111,842 6.7% Q2 2014 Modern Main Street, Development Tallaght, almost fully let Dublin 24 Full sale price €2,250,000 – included vacant
retail unit.
GIY – 9.45%
Agent – Hooke & McDonald
HSQ Phase 2 HSQ Phase 264 €75,640,000 €286,515 4.55% Q3 2014 Modern 2, Dublin 8 Units Development fully let.
Full sale price €129,000,000 –
included commercial buildings & development site.
GIY – 6.7%
Agent - Savills
ECONOMIC & MARKET COMMENTARIES 42
Residential Rental Market
Renting as opposed to buying has become more common in the Irish Market, either by choice or necessity. Renting offers more flexibility in terms of choice and mobility, as well as relieving the occupier of responsibility for repairs and maintenance. The change in this market trend has also been driven by the significant lack of funding available in the market which has left first time and step up purchasers little choice other than to consider renting. In urban locations, demand for suitable rental accommodation is also coming from an improved job creation market, as workers seek flexible living arrangements in close proximity to their employment. Also as a result of steep falls in value and combined increases in taxation on second homes and investment properties the residential market landscape has changed considerably. According to the CSO CPI Private Rent Index, average residential rents declined by 26% from peak in 2007 to their lowest point at the end of 2010. Since then private rents have rebounded and increased by 20% between 2010 and July 2014 and by 8.2% over the last 12 month period alone.
CSO Private Rent Index 2003-July 2014
140
130 All items Private rents
120
Index Base Dec 2011=100 Index Base 110
100
90
80
70
60 2003M01 2003M04 2003M07 2003M10 2004M01 2004M04 2004M07 2004M10 2005M01 2005M04 2005M07 2005M10 2006M01 2006M04 2006M07 2006M10 2007M01 2007M04 2007M07 2007M10 2008M01 2008M04 2008M07 2008M10 2009M01 2009M04 2009M07 2009M10 2010M01 2010M04 2010M07 2010M10 2011M01 2011M04 2011M07 2011M10 2012M01 2012M04 2012M07 2012M10 2013M01 2013M04 2013M07 2013M10 2014M01 2014M04 2014M07
Source: CSO, August 2014
Another barometer of rental growth comes from the DAFT Residential Rent survey which measures asking rents across the market. According to this report, in Q2 2014 average residential rents in Dublin had increased by 15.3% year on year to stand at an average of €1,298 per month, while nationally rents increased by 10.2% to stand at an average of €910 per month. In Munster rents had increased by 2% year on year in Q2 2014 to stand at €595 per month, while Connacht-Ulster recorded a decline in rents by -0.2% to an average €522 per month.
ECONOMIC & MARKET COMMENTARIES 43
DAFT Average Residential Rents 2006-Q2 2014
1,600 € 1,400
1,200
1,000
AverageRent Monthly 800
600
400
200
0
National Dublin Leinster Munster Connacht-Ulster
Source: DAFT.ie
A big driver in any rental growth being experienced across the country is the contracting supply of suitable properties. According to DAFT, in Dublin the number of rental properties on offer has declined by -24% in the year to June 2014, while in the rest of the country the rental stock has declined by an even greater -49% over the year.
ECONOMIC & MARKET COMMENTARIES 44
DAFT Dublin Rental Market Stock vs Rent Q2 2014
9,000 1600 Stock Rent 8,000
1400 per month € 7,000
No of Rental Units Rentalof No 1200 6,000 1000 5,000 800 4,000 600 3,000 400 2,000
1,000 200
0 0 2006 q1 2006 q3 2006 q1 2007 q3 2007 q1 2008 q3 2008 q1 2009 q3 2009 q1 2010 q3 2010 q1 2011 q3 2011 q1 2012 q3 2012 q1 2013 q3 2013 q1 2014
Source: DAFT.ie
RESIDENTIAL HOUSE PRICES A contracting supply of residential units available for purchase is also leading to a bottoming out of house price decline in some locations throughout the country. At the peak of the market in 2006, over 93,000 residential units were constructed throughout the country, over 21,000 of which were located in Dublin. Indeed the annual average number of residential units completed in the State between 2001 and 2008 was close to 70,000 units. In recent years however, residential development across the country has dramatically decreased, as areas throughout the country have grappled with an oversupply of units and banks ceased funding development in the sector. In 2013, just 8,300 residential units were constructed throughout the State and just 1,360 units in Dublin specifically. This has had implications for values which having reached the bottom of their cycle in some locations in 2013, now appear to be cautiously recovering.
ECONOMIC & MARKET COMMENTARIES 45
Irish Residential Construction 2001-2013
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 State Dublin
Source: DoEHLG
A recovery in the Dublin housing market, where supply has been severely constrained over the last number of years is particularly acute with house prices now showing double digit annual increases albeit from a low base. Indeed, house prices in Dublin increased by 24.4% on an annualised basis in the year to June 2014 according to the most recent Residential Property Price Index (RPPI) produced by the Central Statistics Office (CSO) while house prices nationally increased by more than 12.5% in the period. Apartments in Dublin increased by 18.2% in the year to June 2014, while apartments nationally grew by 13.8% in the 12 month period. Despite the rapid turnaround in pricing over recent months, house prices in Dublin are still 42.7% lower than their peak in 2007 while apartments in Dublin remain more than 50% below peak values in 2007.
ECONOMIC & MARKET COMMENTARIES 46
CSO Residential Property Price Index
160 Dublin - all residential properties Dublin - houses Dublin - apartments National - all residential properties 140
120
100
80
Base = M012005 Base 60
40
20
0 2005M06 2005M10 2006M02 2006M06 2006M10 2007M02 2007M06 2007M10 2008M02 2008M06 2008M10 2009M02 2009M06 2009M10 2010M02 2010M06 2010M10 2011M02 2011M06 2011M10 2012M02 2012M06 2012M10 2013M02 2013M06 2013M10 2014M02 2014M06
Source: CSO, July 2014
Retail Market
Against a backdrop of improved consumer spending, activity in the retail property market has been brisk over the last six months with considerable leasing and sales activity occurring, particularly in the Dublin market, with a number of retailers actually now finding it difficult to secure stores in their preferred high street and shopping centre locations. However, this is clearly not the case in provincial locations where conditions remain difficult. Prime Zone A rents on Grafton Street which had fallen in 2013, rebounded slightly in Q2 2014 to stand at approximately €4,500 per square metre per annum, which is a level that is -55% down on the peak values which prevailed between 2006 and 2008. Prime Zone A rents on Dublin’s Henry Street are in the order of €3,500 per annum while rents in Dublin shopping centres range from between approximately €1,500 per square metre per annum in St. Stephen’s Green to approximately €3,500 per square metre per annum in Dundrum Town Centre. Prime rents are now beginning to strengthen in some locations although significant rental growth is likely to remain elusive in this sector for some time yet. Figures provided by the Dublin Business Improvement District (BID) show that footfall on Dublin’s high streets has remained consistently strong over 2014 and in most instances showed a year on year monthly improvement on 2013 and indeed 2012. In June 2014 the weekly average footfall level ranged from over 500,000 at the bottom of Grafton Street, to over 300,000 a week on Henry Street and just 40,000 a week on Dame Court.
ECONOMIC & MARKET COMMENTARIES 47
Dublin City BID Footfall June 2014
Source: Source text
Despite good underlying letting and sales activity over the last number of months, there has been little change in retail high street vacancy rates on many of the country’s high streets over the last six month period. Of the nine retail locations studied, five continued to demonstrate double digit levels of ground floor vacancy compared to six months ago, while just one location, Kilkenny, experienced a contraction in ground floor vacancy since Q3 2013. Retail vacancy levels contracted on Grafton Street over the last six month period from 10.8% to 7.5% in Q1 2014 and are set to fall further when new occupiers commence trading over the coming months. On Dublin’s Henry Street ground floor vacancy levels increased in the last six month period from 4.3% in Q3 2013 to 12.8% in Q1 2014, although similarly there are a number of transactions underway and in active negotiation which will see this vacancy contract over the coming months.
ECONOMIC & MARKET COMMENTARIES 48
Regional High Street Vacancy Levels 2012 - 2014
25%
21.6% 20% High Street Vacancy % Vacancy Street High
16.3% 15% 14.3% 12.5% 12.3% 10% 8.3%
5% 3.3% 2.8% 2.0% 0% Q3 2012 Q1 2013 Q3 2013 Q1 2014
Cork Limerick Kilkenny Belfast Sligo Galway Athlone Killarney Dublin
Source: CBRE
Over the last number of years investment transactions in the Irish market have been largely focused on the office and multi-family sectors, however this was not reflective of the appetite for retail investments, rather the lack of retail investment products on the market. As the process of deleveraging has continued and the market appetite tested, more retail property has come to the market and in turn transacted. In 2013, just 8% or €142 million of the investment spend transacted in the Irish market comprised retail properties. However, this level of spend has increased substantially in the first half of 2014, as 24% of the spend or €335 million was invested in retail properties. One large transaction in particular outweighed the others, which was the 72.8% share of Liffey Valley Shopping Centre which was sold to HINES and HWBC Alternative Investments for €250 million at a yield of 7.8%. 22 other retail transactions accounted for the remainder of investment spend in the sector in the first half of 2014. As a number of assets are currently on the market as part of portfolio sales, we expect to see further strong activity in this sector.
In line with trends in other sectors of the Irish investment market, prime retail yields have hardened over the last twelve month period. This has become particularly more evident given the increased transparency that has been brought to the market by the number of transactions signing or in negotiations. Prime high street retail yields are currently in the order of 4.75%, having peaked in 2006/2007 at 2.5% and troughed in 2008/2009 at 6.5%. In contrast, prime shopping centre yields are in the order of 5.75%, having peaked in 2006/2007 at 3.5% and troughed in 2009/2010 at 8.5%.
ECONOMIC & MARKET COMMENTARIES 49
Irish Prime Retail Yields 2000 - 2014
Prime High Street Prime Shopping Centre 9.00 8.00
Prime Yield % Yield Prime 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0
Source: CBRE
Having achieved strong double digit returns for many years, the retail sector saw total returns decline for four consecutive years between 2008 and 2009 according to the Investment Property Databank (IPD). Returns in 2013 remained flat at 0.1%, however total returns have rebounded strongly in the first half of 2014 to stand at 18.8% fuelled largely by a strong rate of capital growth. We expect investor appetite to continue to fuel this growth over the coming months, despite the fact that rental growth will not be prevalent in the sector for the foreseeable future.
ECONOMIC & MARKET COMMENTARIES 50
IPD Total Retail Returns 2003 – 2014 H1
40
30 Total Return % ReturnTotal 20
10
0
(10)
(20)
(30)
(40)
(50) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: IPD
AUBURN PARK, CASTLEKNOCK, DUBLIN 15 51
4 PROPERTY REPORTS
AUBURN PARK, CASTLEKNOCK, DUBLIN 15 52
REPORT 1
AUBURN PARK, CASTLEKNOCK, DUBLIN 15
AUBURN PARK, CASTLEKNOCK, DUBLIN 15 53
PROPERTY DETAILS
Location
Castleknock is situated approximately 8km north-west of Dublin City Centre and is very well served by public transport. The village is located just inside the city's M50 motorway ring road, bordered to the west by the village of Blanchardstown and to the east by the Phoenix Park. Castleknock is an affluent residential suburb and houses a variety of small local businesses and restaurants. Blanchardstown shopping centre is located nearby off the M3. The subject property is situated on the junction of the old Navan Road and Auburn Avenue, just north of Castleknock Village. The surrounding area is residential in character interspersed with a small number of commercial properties including two car showrooms.
Description
The subject property was constructed circa 2008 and comprises a residential development which consists of 45 apartment units and basement level car park. A total of 36 apartment units form part of this valuation, the further 9 units are under third party ownership. The property is of concrete frame construction and is part four and part five storeys. It is laid out around five central cores with central stairwells and four 8 person passenger lifts provided giving access to all floors and the basement car park level. There are 4 one bed apartments, 30 two bed apartments and 2 three bed apartments each with balcony areas. The units are accessed from the Old Navan Road via electronically controlled pedestrian and vehicular gates. The basement car park area provides 69 car spaces in total and the refuse bin stores. A total of 54 spaces are subject to this valuation. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013.
Accommodation
We carried out check measurements of a number of the residential units on our previous inspection and we can confirm that we are satisfied with the floor areas provided to us by the borrower. These check measurements were undertaken in accordance with the SCS/IAVI Code of Measuring Practice.
AUBURN PARK, CASTLEKNOCK, DUBLIN 15 54
In summary, the gross internal floor areas are as follows:
AUBURN PARK, CASTLEKNOCK Apt No Unit Description Floor Floor Area Sq Ft Floor Area Sq M 1 2 Bedroom Grd Floor 936.00 86.96 3 2 Bedroom Grd Floor 868.00 80.64 4 2 Bedroom Grd Floor 856.00 79.52 6 2 Bedroom Grd Floor 868.00 80.64 7 2 Bedroom Grd Floor 825.00 76.64 8 2 Bedroom Grd Floor 825.00 76.64 9 2 Bedroom Grd Floor 867.00 80.55 10 2 Bedroom Grd Floor 809.00 75.16
14 2 Bedroom 1st Floor 868.00 80.64 15 2 Bedroom 1st Floor 856.00 79.52 16 2 Bedroom 1st Floor 868.00 80.64 17 2 Bedroom 1st Floor 871.00 80.92 18 2 Bedroom 1st Floor 879.00 81.66 19 2 Bedroom 1st Floor 906.00 84.17 20 2 Bedroom 1st Floor 853.00 79.25
23 2 Bedroom 2nd Floor 936.00 86.96 24 1 Bedroom 2nd Floor 623.00 57.88 25 2 Bedroom 2nd Floor 868.00 80.64 26 2 Bedroom 2nd Floor 856.00 79.52 27 1 Bedroom 2nd Floor 623.00 57.88 28 2 Bedroom 2nd Floor 868.00 80.64 29 2 Bedroom 2nd Floor 871.00 80.92 30 2 Bedroom 2nd Floor 879.00 81.66 31 2 Bedroom 2nd Floor 906.00 84.17 32 2 Bedroom 2nd Floor 853.00 79.25
35 3 Bedroom 3rd Floor 1,210.00 112.41 36 3 Bedroom 3rd Floor 1,280.00 118.92 37 2 Bedroom 3rd Floor 856.00 79.52 38 1 Bedroom 3rd Floor 623.00 57.88 39 2 Bedroom 3rd Floor 868.00 80.64 40 2 Bedroom 3rd Floor 871.00 80.92 41 2 Bedroom 3rd Floor 879.00 81.66 42 2 Bedroom 3rd Floor 906.00 84.17
43 2 Bedroom 4th Floor 936.00 86.96 44 2 Bedroom 4th Floor 898.00 83.43 45 1 Bedroom 4th Floor 592.00 55.00 Total 31,156 2,895
AUBURN PARK, CASTLEKNOCK, DUBLIN 15 55
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our previous inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
At the time of our previous valuation a Phase 1 Environmental Review was prepared by Environ, Bath, UK and dated 29 August 2013. The report concluded that the site represents an overall low environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard.
AUBURN PARK, CASTLEKNOCK, DUBLIN 15 56
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our last valuation and confirm that we have read this together with the Executive Summary. The property is held leasehold, held pursuant to the lease of each apartment. The legal report notes that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
The property is currently 90% occupied under 33 separate standard residential letting agreements of 12 months. The property is generating a gross income of approximately €475,800 per annum (at 90% occupancy) as at the valuation date.
AUBURN PARK, CASTLEKNOCK, DUBLIN 15 57
COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area: 6 Collegefort, Castleknock, Dublin 15. 3 Bedroom Duplex Apartment of 1,094 sq ft with own door access. Sold in Q3 2014 for €250,000 equating to €228 per sq ft. Agent – Flynn & Associates. 81 Millrace Road, Castleknock, Dublin 15. Two bedroom apartment of 807 sq ft. Sold in Q3 2014 for €220,000 equating to €272 per sq ft. Agent – DNG Residential Lettings
We have listed below a number of recent letting transactions of similar apartment units in the surrounding area: Millrace Road, Phoenix Park Racecourse, Castleknock, Dublin 15. One 2 bedroom apartment here at 1st floor level. A letting agreed here in August 2014 at a rent of €1,350 per month. Kavanagh Hall, Collegewood, Castleknock, Dublin 15. Large 3 bedroom apartment that let in August 2014 at €1,300 per month.
AUBURN PARK, CASTLEKNOCK, DUBLIN 15 58
VALUATION CONSIDERATIONS
Income Analysis
The residential element of the subject property is currently 90% occupied providing a current income of €475,800 per annum. Having regard to the comparable evidence as outlined within our report, in addition to the rents which are currently being paid for the apartments, we have arrived at a Market Rent for the property of €497,100 per annum. Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Barry Comer. This schedule is provided at Appendix A. We are of the opinion that the day to day running costs for the development are reasonable and we are prepared to rely on these costs. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €60,836. To this service charge cost of €60,836 we have added the following elements as market standard, using a turnover in tenants of 40% due to the properties performance and location: Letting Fees @ 4% of rent (40% turnover pa) €7,556 Management Fees @ 15% of service charge €9,125 *PRTB @ €90 (40% turnover pa) €1,296 Property Tax @ €494 per unit €17,784 **Capex @ €200 per unit €7,200 The summation of these outgoings equates to €103,797 or €2,883 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into cost schedule provided.
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Valuation Methodology
Market Value (Investment) We have used the investment method of valuation in valuing the subject properties for valuation A. We were supplied with rental income figures and management costs which we have relied upon. We have also considered recent bulk residential sales, individual apartment sales and recent lettings. On analysing the subject units on a full occupancy basis we would be of the opinion that the ERV equates to approximately €497,100 per annum. In total the rental income on a 95% occupancy basis equates to €472,245 per annum exclusive. We have chosen an occupancy level of 95% as there will be vacancies and refurbishment programs. We capitalised the net income of €368,450 at a net initial yield of 4.75% having taken the comparables into account. This was applied to the net income (after deducting outgoings) generated from the scheme. We deducted purchasers’ costs giving a final value of €7,475,914, say €7,476,000 or €207,664 per unit. Our valuation printout setting out our methodology is outlined in Appendix B.
Market Rent In arriving at our opinion of Estimated Rental Value of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report. We have applied an Estimated Rental Value of €925 PCM for the one bed units, €1,150 to €1,250 PCM for the two bed units and €1,500 PCM for the three bed units, giving a combined ERV on a full occupancy basis of approximately €497,100 per annum. A full breakdown of the ERV’s for each apartment is outlined in the table below;
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APARTMENTS Apt No Floor Unit Size Sq Ft ERV Per ERV Per Description Month Annum
1 Grd Floor 2 Bedroom 936.00 1,150 13,800 3 Grd Floor 2 Bedroom 868.00 1,150 13,800 4 Grd Floor 2 Bedroom 856.00 1,150 13,800 6 Grd Floor 2 Bedroom 868.00 1,150 13,800 7 Grd Floor 2 Bedroom 825.00 1,150 13,800 8 Grd Floor 2 Bedroom 825.00 1,150 13,800 9 Grd Floor 2 Bedroom 867.00 1,150 13,800 10 Grd Floor 2 Bedroom 809.00 1,150 13,800 14 1st Floor 2 Bedroom 868.00 1,200 14,400 15 1st Floor 2 Bedroom 856.00 1,200 14,400 16 1st Floor 1 Bedroom 868.00 1,200 14,400 17 1st Floor 2 Bedroom 871.00 1,200 14,400 18 1st Floor 2 Bedroom 879.00 1,200 14,400 19 1st Floor 2 Bedroom 906.00 1,200 14,400 20 1st Floor 2 Bedroom 853.00 1,200 14,400 23 2nd Floor 2 Bedroom 936.00 1,200 14,400 24 2nd Floor 1 Bedroom 623.00 1,200 14,400 25 2nd Floor 2 Bedroom 868.00 1,200 14,400 26 2nd Floor 2 Bedroom 856.00 1,200 14,400 27 2nd Floor 1 Bedroom 623.00 925 11,100 28 2nd Floor 2 Bedroom 868.00 1,200 14,400 29 2nd Floor 2 Bedroom 871.00 1,200 14,400 30 2nd Floor 2 Bedroom 879.00 1,200 14,400 31 2nd Floor 2 Bedroom 906.00 1,200 14,400 32 2nd Floor 2 Bedroom 853.00 1,200 14,400 35 3rd Floor 3 Bedroom 1,210.00 1,500 13,200 36 3rd Floor 3 Bedroom 1,280.00 1,500 13,200 37 3rd Floor 2 Bedroom 856.00 1,250 13,200 38 3rd Floor 1 Bedroom 623.00 925 13,200 39 3rd Floor 2 Bedroom 868.00 1,250 13,200 40 3rd Floor 2 Bedroom 871.00 1,250 13,200 41 3rd Floor 2 Bedroom 879.00 1,250 13,200 42 3rd Floor 2 Bedroom 906.00 1,250 13,200 43 4th Floor 2 Bedroom 936.00 1,250 13,200 44 4th Floor 2 Bedroom 898.00 1,250 13,200 45 4th Floor 1 Bedroom 592.00 925 13,200 Total €497,100
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Vacant Possession Value (Aggregate of Unit Sales) We have used the comparison method of valuation in our assessment of the vacant possession value (aggregate market value) for the subject units. In considering our valuation we have had regard to the comparables section showing properties recently sold and properties currently on the market, taking into account their location, age, size and accommodation. We would therefore apply the following values per unit. The properties are fully furnished and our values take this into account along with 1 car space per unit which is included in our pricing. (With the exception of some 2 & 3 bed units which have 2 car spaces.)
APARTMENTS Apt No Unit Description Car Size Sq ft Market Value MV Per Sq ft Floor Spaces
1 Grd Floor 2 Bedroom 936.00 €265,000 283.12 3 Grd Floor 2 Bedroom 868.00 €260,000 299.54 4 Grd Floor 2 Bedroom 856.00 €260,000 303.74 6 Grd Floor 2 Bedroom 868.00 €260,000 299.54 7 Grd Floor 2 Bedroom 825.00 €260,000 315.15 8 Grd Floor 2 Bedroom 825.00 €260,000 315.15 9 Grd Floor 2 Bedroom 867.00 €260,000 299.88 10 Grd Floor 2 Bedroom 809.00 €260,000 321.38 14 1st Floor 2 Bedroom 868.00 €265,000 305.30 15 1st Floor 2 Bedroom 856.00 €265,000 309.58 16 1st Floor 2 Bedroom 868.00 €265,000 305.30 17 1st Floor 2 Bedroom 871.00 €265,000 304.25 18 1st Floor 2 Bedroom 879.00 €265,000 301.48 19 1st Floor 2 Bedroom 906.00 €275,000 303.53 20 1st Floor 2 Bedroom 853.00 €265,000 310.67 23 2nd Floor 2 Bedroom 936.00 €275,000 293.80 24 2nd Floor 1 Bedroom 623.00 €205,000 329.05 25 2nd Floor 2 Bedroom 868.00 €270,000 311.06 26 2nd Floor 2 Bedroom 856.00 €270,000 315.42 27 2nd Floor 1 Bedroom 623.00 €200,000 321.03 28 2nd Floor 2 Bedroom 868.00 €270,000 311.06 29 2nd Floor 2 Bedroom 871.00 €270,000 309.99 30 2nd Floor 2 Bedroom 879.00 €270,000 307.17 31 2nd Floor 2 Bedroom 906.00 €275,000 303.53 32 2nd Floor 2 Bedroom 853.00 €270,000 316.53 35 3rd Floor 3 Bedroom 1,210.00 €310,000 256.20 36 3rd Floor 3 Bedroom 1,280.00 €310,000 242.19 37 3rd Floor 2 Bedroom 856.00 €275,000 321.26 38 3rd Floor 1 Bedroom 623.00 €200,000 321.03 39 3rd Floor 2 Bedroom 868.00 €275,000 316.82
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40 3rd Floor 2 Bedroom 871.00 €275,000 315.73 41 3rd Floor 2 Bedroom 879.00 €275,000 312.86 42 3rd Floor 2 Bedroom 906.00 €280,000 309.05 43 4th Floor 2 Bedroom 936.00 €290,000 309.83 44 4th Floor 2 Bedroom 898.00 €275,000 306.24 45 4th Floor 1 Bedroom 592.00 €205,000 346.28 Total Aggregate Market Value €9,495,000 The aggregate market value of the subject apartments on an individual basis: €9,495,000 / (Average: €263,750 per apartment). The vacant possession value exceeds the investment value in this instance. This is a significant amount and illustrates the strong pricing of individual units in the location for a good scheme of this quality. It should be noted that sales of individual units would require significant time to achieve, costs to market and sell, necessity to obtain vacant possession with a loss of rental income and a risk of some less attractive units not selling prolonging the process.
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OPINION OF VALUE
Market Value - Investment
We are of the opinion that the Market Value of the long leasehold interest in the subject property, with the benefit of existing tenancies, as at the date of this report is: €7,476,000 inclusive of VAT (Seven Million Four Hundred and Seventy Six Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 4.75% Gross Initial Yield 6.09%
Market Rental Value (ERV)
We are of the opinion that the Market Rental Value of the long leasehold interest in the subject property, as at the date of this report is: €497,100 per annum (Four Hundred and Ninety Seven Thousand One Hundred Euro)
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the aggregate Market Value of the individual apartments in the property on the special assumption that the property has full vacant possession as at the date of this report is: €9,495,000 inclusive of VAT (Nine Million Four Hundred and Ninety Five Thousand Euro)
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A SERVICE CHARGE SCHEDULE
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SERVICE CHARGE SCHEDULE
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B VALUATION PRINTOUT
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VALUATION PRINTOUT
68
REPORT 2
CLONCOURT, CLONEE, CO MEATH
CLONCOURT, CLONEE, CO MEATH 69
PROPERTY DETAILS
Location
The subject property is located in Clonee, Co Meath approximately 15 km north-west of Dublin City Centre. Clonee is situated directly on the border of Dublin and Meath. This location is served by the M3 and is approximately 7 km north-west of the M50 which is linked by the N3. It is also served by a number of regional roads including the R149 Clonee to Lucan Road and the R156 Clonee to Summerhill Road. The subject property is situated to the centre of the Main Street of Clonee. The retail units front onto the main street and neighbouring commercial occupiers include Lidl, Aldi and public houses such as McDonalds and The Grasshopper. The property is situated approximately 5 km north-west of Blanchardstown Shopping Centre, Ireland’s largest retail and leisure centre with 100,000 sq m of retail space, a further 200,000 sq m of leisure which includes a theatre and Ireland’s largest public library.
Description
The subject property was constructed in circa 2000 and comprises a mixed use development arranged in two separate blocks. Block 1 fronts onto Clonee’s Main Street and provides retail units at ground floor level and residential and office accommodation at first floor level. Block 2 is situated to the rear of Block 1 and provides additional residential accommodation. Block 1 provides a total of 8 retail units at ground floor level with 7 residential units provided overhead. One of the apartments, Unit 12, is currently being refurbished in order to make it available for letting. Block 2 is situated to the rear of Block 1 and provides for a further 6 residential units; three two bedroom ground floor apartments and three two bedroom duplexes which are laid out over first and second floor levels. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013.
Accommodation
We were provided with measurements by the borrower for both the residential apartments and the commercial units. Check measurements were taken on the day of inspection in a number of the residential and commercial units to ensure that we were satisfied to professionally rely on the floor areas provided. These check measurements were undertaken in accordance with the SCSI Measuring Practice Guidance Notes.
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In summary, the gross internal floor areas of the residential units are as follows: BLOCK 1
Apt No Unit Description Floor Sq Ft Sq M
7 2 Bedroom 1st Floor 617.52 57.37 8 2 Bedroom 1st Floor 617.52 57.37 9 2 Bedroom 1st Floor 617.52 57.37 10 2 Bedroom 1st Floor 617.52 57.37 11 2 Bedroom 1st & 2nd Floor 654.45 60.80 12 3 Bedroom 1st & 2nd Floor 1,171.33 108.82 15 2 Bedroom 1st Floor 871.88 81.00 TOTAL 5,167.74 480.10
BLOCK 2
Apt No Unit Description Floor Sq Ft Sq M
1 2 Bedroom Ground Floor 708.91 65.86 2 2 Bedroom Ground Floor 752.50 69.91 3 2 Bedroom Ground Floor 708.59 65.83 4 2 Bedroom 1st & 2nd Floor 935.38 86.90 5 2 Bedroom 1st & 2nd Floor 935.38 86.90 6 2 Bedroom 1st & 2nd Floor 935.38 86.90 TOTAL 4,976.14 462.30
In summary, the net internal floor areas of the commercial units are as follows: COMMERCIAL Unit Number Description Sq M Sq Ft Ground Floor Unit 1 - Paddy Power Retail 75.71 815 Unit 2 & 3 - Flames Restaurant 131.73 1,418 Unit 4 - Diaz Hair & Beauty Salon Retail 63.82 687 Units 5, 6 & 7 Dehli Darbar Restaurant 186.26 2,005 Restaurant Unit 8 - Clonee Auto Parts Retail 75.90 817 TOTAL 533.42 5,742
First Floor Unit 2 - Medical Centre Medical Suite 63.82 687 Unit 3 - Muldowney Solicitors Office 90.95 979 TOTAL 154.77 1,666
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State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated 23 August 2013. The report concludes that the site represents an overall low environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All commercial rents and capital values stated in this report are exclusive of VAT.
CLONCOURT, CLONEE, CO MEATH 72
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our previous valuation and confirm that we have read this together with the Executive Summary. The property is held freehold subject to leasehold interests in the commercial units and the tenancy agreements of the residential units. The legal report notes that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
Residential The residential element of the property is currently 92% occupied under residential letting agreements of 12 months, with the exception of Unit 12 in Block 2 which is currently vacant as it is in the process of being refurbished. This element is generating a gross income of approximately €103,440 per annum, as at the valuation date. Commercial The commercial element of the property is currently 100% occupied under 7 separate letting agreements and is producing a rental income of €139,340 per annum, as at the valuation date. A breakdown of the individual rents being paid for each of the units is outlined in the table below; TENANCY SCHEDULE Unit Area Tenant Lease Lease Rent Rent sq ft Start Date Term pa psqft Ground Floor Unit 1 815 Paddy Power 28/02/2001 25 years €36,752 €45.09 Unit 2 & 3 1,418 Flames 01/02/2001 25 years €24,000 €16.93 Unit 4 687 Diaz Hair & Beauty 01/11/2000 25 years €18,000 €26.20 Salon Units 5, 6 & 7 2,005 Dehli Darbar 01/08/2012 5 years €24,996 €12.47 Restaurant Unit 8 817 Clonee Auto Parts 01/09/2010 5 years €15,996 €19.58 First Floor Unit 2 687 Medical Centre 01/06/2012 5 years €9,600 €13.97 Unit 3 979 Muldowney Solicitors 01/08/2006 5 years €9,996 €10.21 TOTAL 7,408 €139,340 €18.81 The total rental income for the entire property is approximately €242,780 per annum.
CLONCOURT, CLONEE, CO MEATH 73
COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area: 52 Summerseat Court, Clonee, Co. Meath: This property comprises a ground floor two bedroom apartment located in a superior and more modern development than the subject development. The property extends to approximately 707 sq ft and sold in Q3 2014 for €143,500, which equates to €202 per sq ft. Source: The Property Shop. 1 Clonee Court, Clonee, Co. Meath: This property comprises a 1 bedroom apartment which is situated in a superior development to the subject development. It sold for €80,000 in Q2 2014. Source: Property Price Register. Residential Lettings
We have listed below a number of housing units within the surrounding area which are currently on the market to let, we are not aware of apartment lettings. Bramfield Court, Clonee, Co. Meath. This two bedroom terraced house is currently on the market to let at €1,100 per month. Source: Robert Lowry Properties. Phibblestown Wood, Clonee, Co. Meath. This three bedroom semi-detached home is currently on the market to let at €1,200 per month. Source: Lloyd Daly Auctioneers.
CLONCOURT, CLONEE, CO MEATH 74
Retail Lettings
We have listed below a number of recent lettings in Clonee and properties available in the market. Unit 4, Abbey House, Clonee, Co. Meath: This property comprises a ground floor self-contained retail unit extending to approximately 725 sq ft, which is located opposite the subject development. The property is on the market to let at a quoting rent of €14 per sq ft and according to the letting agent they currently are satisfied they will achieve this level. Source: Sherry Fitzgerald Sherry. Unit 5, Abbey House, Clonee, Co. Meath: This property comprises a ground floor self-contained retail unit extending to approximately 1,001 sq ft, situated to the rear of this development. The property was let at the end of 2013 under a 4 year 9 month lease to ‘Kidz Cook’ at a rent of €10,000 per annum which equates to €10 per sq ft. Source: Sherry Fitzgerald Sherry. 1A Ard Cluan, Clonee, Co Meath: This property comprises an office unit extending to approximately 1,938 sq ft which is situated off Main Street in Clonee. The unit is currently on the market to let at a rent of €17,500 per annum, which equates to €9 per sq ft. This unit is in shell and core condition and has been on the market for some time with little interest. Source: Sherry Fitzgerald Sherry. Unit 8 Abbey House: This property comprises a first floor office extending to approximately 820 sq ft, situated across from the subject development. The property was let in May 2014 under a 1 year lease to an accountancy practice at a rent of €9,000 per annum which equates to €11 per sq ft. Source: Sherry Fitzgerald Sherry.
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VALUATION CONSIDERATIONS
Income Analysis
The residential element of the property is currently fully let with the exception of Unit 12 which is currently being refurbished. The apartments / duplexes are let for between €600 and €850 per month totalling €103,440 at 92% occupancy. Having regard to the comparable evidence as outlined within our report, we are of the opinion that the current rents being paid are broadly in line with our opinion of Estimated Rental Values. This gives a combined market rent of €122,400 per annum for the 13 apartments / duplexes. The commercial element of the property is 100% occupied with a current income of €139,340 per annum. Having regard to the comparable evidence as outlined within this report, we are of the opinion that this entire element is over-rented with the exception of Unit 5, 6 & 8 which is currently slightly under-rented. We have applied an Estimated Rental Value of €15 per sq ft to Unit 1 and Unit 2 & 3, €12.50 per sq ft to Unit 4, Units 5, 6 & 7, Unit 8 and Unit 2 on the first floor and €10 per sq ft to Unit 3 on the first floor. This gives a combined ERV of €95,737 per annum for the commercial units, which we have rounded to €95,700 per annum. The total Estimated Rental Value of the entire property therefore equates to €218,100 per annum, on the basis of 100% occupancy.
Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Barry Comer. This schedule is provided at Appendix A. We are of the opinion that the day to day running costs for the development are reasonable and we are prepared to rely on these costs. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €18,252. To this service charge cost of €18,252 we have added the following elements as market standard: Letting Fees @ 4% of rent (50% turnover pa) €2,326 Management Fees €4,000 *PRTB @ €90 (50% turnover pa) €585 Property Tax @ €224 per unit €2,912 **Capex @ €0 per unit €0 The summation of these outgoings equates to €28,075 or €2,159 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum). **Full Capex built into cost schedule provided. Contents of the building surveying report do not impact upon Capex requirement.
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Valuation Methodology
Market Value Residential In arriving at our opinion of market value of the residential units, we have had regard to their location, specification, condition and the current tenancies in place, in addition to the comparable evidence as outlined within our report. We have used the investment method of valuation for Valuation A and have relied upon rental income figures and management costs which were provided by the borrower. We have valued the units on the basis of 95% occupancy which equates to €116,280 per annum. We have chosen an occupancy level of 95% as there will be vacancies and refurbishment programs. We have then applied a yield of 6.5% to the net income (after deducting outgoings) generated from the scheme and a one off cost for the refurbishment of Unit 12. Having deducted appropriate costs, we arrived at a market value of €1,292,056 which we have rounded to €1,290,000 which equates to an average price of €99,389 per unit. Commercial In arriving at our opinion of value for the commercial, we have used the investment method of valuation. For retail unit 1 which is let to Paddy Power, we have capitalised the ERV of €12,255 per annum at a yield of 7.5% into perpetuity and have valued the over-rented portion (€24,527 per annum) at a higher yield of 9.5% up until the end of the lease. We have factored in an expiry void of 18 months on the expiry of the lease to allow for a re-letting and rent free void. For retail unit 2 & 3 which is let to Flames, we have capitalised the ERV of €21,270 per annum at a yield of 8.5% into perpetuity and have valued the over-rented portion (€2,730 per annum) at a higher yield of 10.5% up until the end of the lease. We have factored in an expiry void of 18 months on the expiry of the lease to allow for a re-letting and rent free void. For retail unit 4 which is let to Diaz Hair & Beauty Salon, we have capitalised the ERV of €8,588 per annum at a yield of 8.5% into perpetuity and have valued the over-rented portion (€9,412 per annum) at a higher yield of 10.5% up until the end of the lease. We have factored in an expiry void of 18 months on the expiry of the lease to allow for a re-letting and rent free void. For retail unit 5, 6 & 7 which is let to Dehli Darbar Restaurant, we have valued the current rent of €24,996 per annum at a yield of 8.5% into perpetuity and have valued the under-rented portion (€67 per annum) at a yield of 8.5% up until the end of the lease. We have factored in an expiry void of 18 months on the expiry of the lease to allow for a re-letting and rent free void.
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For retail unit 8 which is let to Clonee Auto Parts, we have capitalised the ERV of €10,213 per annum at a yield of 8.5% into perpetuity and have valued the over-rented portion (€5,783 per annum) at a higher yield of 10.5% up until the end of the lease. We have factored in an expiry void of 18 months on the expiry of the lease to allow for a re-letting and rent free void. For office unit 2 which is let to the Medical Centre, we have capitalised the ERV of €8,588 per annum at a yield of 9% into perpetuity and have valued the over-rented portion (€1,012 per annum) at a higher yield of 11% up until the end of the lease. We have factored in an expiry void of 18 months on the expiry of the lease to allow for a re- letting and rent free void. For office unit 3 which is let to Muldowney Solicitors, we have capitalised the ERV of €9,790 per annum at a yield of 9% into perpetuity and have valued the over-rented portion (€206 per annum) at a higher yield of 11% up until the end of the lease. We have factored in an expiry void of 18 months on the expiry of the lease to allow for a re- letting and rent free void. Having deducted appropriate costs of 4.46%, this equates to a total market value of €1,245,000. This gives a total market value of €2,535,000 for the entire property. Valuation printouts of the above are provided in Appendix B.
Market Rents Residential In arriving at our opinion of Estimated Rental Value of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report.
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A full breakdown of the ERV’s for each unit is outlined in the table below;
BLOCK 1 Apt No Unit Description Size Sq Ft ERV Per Month ERV Per Annum 7 2 Bedroom 617.52 €700 €8,400 8 2 Bedroom 617.52 €700 €8,400 9 2 Bedroom 617.52 €700 €8,400 10 2 Bedroom 617.52 €700 €8,400 11 2 Bedroom 654.45 €850 €10,200 12 3 Bedroom 1,171.33 €950 €11,400 15 2 Bedroom 871.88 €850 €10,200 TOTAL 5,167.74
BLOCK 2
Apt No Unit Description Size Sq Ft ERV Per Month ERV Per Annum
1 2 Bedroom 708.91 €850 €10,200 2 2 Bedroom 752.50 €850 €10,200 3 2 Bedroom 708.59 €850 €10,200 4 2 Bedroom 935.38 €500 €6,000 5 2 Bedroom 935.38 €850 €10,200 6 2 Bedroom 935.38 €850 €10,200 TOTAL 4,976.14
The total ERV for the residential element equates to €122,400,000 per annum. Commercial In arriving at our opinion of Estimated Rental Value of the commercial units, we have had regard to the comparable evidence as outlined within this report. We are of the opinion that this entire element is over-rented with the exception of Unit 5, 6 & 8 which is currently slightly under-rented. We have applied Estimated Rental Values of €15 per sq ft to retail unit 1 and retail unit 2 & 3, €12.50 per sq ft to retail unit 4, retail units 5, 6 & 7, retail unit 8 and office unit 2 and €10 per sq ft to office unit 3. This gives a combined ERV of €95,737 per annum for the commercial units, which we have rounded to €95,700 per annum. The total Estimated Rental Value of the entire property therefore equates to €215,700 per annum, on the basis of 100% occupancy.
Vacant Possession Value Residential In arriving at our opinion of the vacant possession value of the residential units, we have had regard to the fact that they are fully furnished and they all include one car parking space. We have also had regard to similar types of apartments which have recently sold in the area. Following this, we arrived at a total vacant possession value of €1,275,000 for the 13 units. This already allows for a deduction of €25,000 to allow for the cost of refurbishing Unit 12. This gives a total vacant possession value of €1,250,000.
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A full breakdown of the individual values are outlined in the table below;
BLOCK 1
Apt No Unit Description Size Sq Ft Market Value Market Value Per Sq ft
7 2 Bedroom 617.52 €90,000 €145.74 8 2 Bedroom 617.52 €90,000 €145.74 9 2 Bedroom 617.52 €90,000 €145.74 10 2 Bedroom 617.52 €90,000 €145.74 11 2 Bedroom 654.45 €95,000 €145.16 12 3 Bedroom 1,171.33 €120,000 €102.45 15 2 Bedroom 871.88 €100,000 €114.70 TOTAL 5,167.74
BLOCK 2
Apt No Unit Description Size Sq Ft Market Value Market Value Per Sq Ft
1 2 Bedroom 708.91 €95,000 €134.01 2 2 Bedroom 752.50 €95,000 €126.25 3 2 Bedroom 708.59 €95,000 €134.07 4 2 Bedroom 935.38 €105,000 €112.25 5 2 Bedroom 935.38 €105,000 €112.25 6 2 Bedroom 935.38 €105,000 €112.25 TOTAL 4,976.14
Commercial In arriving at our opinion of value for the commercial units, we have used the investment method of valuation. We have applied Estimated Rental Values of €15 per sq ft to retail unit 1 and retail unit 2 & 3, €12.50 per sq ft to retail unit 4, retail units 5, 6 & 7, retail unit 8 and office unit 2 and €10 per sq ft to office unit 3 and have capitalised these values at various yields ranging from 10%-10.50% into perpetuity having first allowed for 18 month letting voids and 12 month rent free periods. We have deducted service charge costs for the 18 month period where the units will remain vacant while they are being marketed. Having deducted appropriate costs of 4.46%, we have arrived at a market value of €699,000 which we have rounded to €700,000. This equates to a capital value of €94.36 per sq ft. This gives a combined vacant possession value of €1,950,000 for the entire property. A valuation printout of the commercial element is also provided in Appendix B.
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OPINION OF VALUE
Market Values - Investment
We are of the opinion that the Market Values of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as at the date of this report is:
Residential: €1,290,000 inclusive of VAT (One Million Two Hundred and Ninety Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 6.62% Gross Initial Yield 8.73% Commercial: €1,245,000 exclusive of VAT (One Million Two Hundred and Forty Five Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 10.71% Equivalent Yield 8.57% Reversionary Yield 7.36% Total: €2,535,000 mixed VAT (Two Million Five Hundred and Thirty Five Thousand Euro)
CLONCOURT, CLONEE, CO MEATH 81
Market Rents
We are of the opinion that the Market Rents of the property, as at the date of this report are: Residential: €122,400 per annum (One Hundred and Twenty Two Thousand Four Hundred Euro) Commercial: €95,700 per annum (Ninety Five Thousand Seven Hundred Euro)
Total: €218,100 per annum (Two Hundred and Eighteen Thousand One Hundred Euro)
Market Values with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the property on the special assumption that the property has the benefit of vacant possession as at the date of this report is:
Residential: €1,250,000 inclusive of VAT (One Million Two Hundred and Fifty Thousand Euro)
Commercial: €700,000 exclusive of VAT (Seven Hundred Thousand Euro)
Total:
€1,950,000 mixed VAT (One Million Nine Hundred and Fifty Thousand Euro)
CLONCOURT, CLONEE, CO MEATH 82
A SERVICE CHARGE SCHEDULE
CLONCOURT, CLONEE, CO MEATH 83
SERVICE CHARGE SCHEDULE
CLONCOURT, CLONEE, CO MEATH 84
B VALUATION PRINTOUTS
CLONCOURT, CLONEE, CO MEATH 85
MARKET VALUES
Residential Element
CLONCOURT, CLONEE, CO MEATH 86
Commercial Element
CLONCOURT, CLONEE, CO MEATH 87
CLONCOURT, CLONEE, CO MEATH 88
CLONCOURT, CLONEE, CO MEATH 89
CLONCOURT, CLONEE, CO MEATH 90
CLONCOURT, CLONEE, CO MEATH 91
CLONCOURT, CLONEE, CO MEATH 92
CLONCOURT, CLONEE, CO MEATH 93
CLONCOURT, CLONEE, CO MEATH 94
Vacant Possession - Commercial Element
CLONCOURT, CLONEE, CO MEATH 95
CLONCOURT, CLONEE, CO MEATH 96
CLONCOURT, CLONEE, CO MEATH 97
CLONCOURT, CLONEE, CO MEATH 98
CLONCOURT, CLONEE, CO MEATH 99
CLONCOURT, CLONEE, CO MEATH 100
CLONCOURT, CLONEE, CO MEATH 101
FALCON VIEW, BLANCHARDSTOWN, 1
REPORT 3
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 103
PROPERTY DETAILS Location
The subject property is located approximately 1.4 km north west of Blanchardstown Village and 10 km northwest of Dublin City Centre. The development is directly opposite Blanchardstown Shopping Centre and connected to the Crowne Plaza 4 star hotel. There is excellent access to public and private transport with the N3 linking to the M50 (c. 4 km) and the M3 (c. 4 km). Numerous Dublin bus routes serve Blanchardstown Centre including no. 17a, 37, 39, 39a, 76a, 220, 236 and 238. Coolmine train station is c. 3 km south of the subject property providing links to Dublin city centre. The immediate surrounding area is predominantly commercial. Blanchardstown is Ireland’s largest retail and leisure centre with 100,000 sq m of retail space, a further 200,000 sq m of leisure which includes a theatre and Ireland’s largest public library. Office occupiers adjacent to the development include eBay, Liberty Insurance and Fingal County Council. Description
The subject property was constructed circa 2008 and comprises a residential development which consists of 96 apartment units and double basement level car park. The property is of steel reinforced concrete construction and is arranged over two basement levels, first and eleven upper floors. It is laid out around three central cores with central stairwells and an 8 person passenger lifts provided in each core giving access to all floors and the basement car park level. There are a total of 96 two bedroom apartments provided. The units are accessed from a slip road off the M3 and access is shared with the Crown Plaza Hotel. The basement car park area provides up to 250 car spaces in total and the refuse bin stores. A total of 136 spaces located in basement level -2 are subject to this valuation. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013. Accommodation
We carried out check measurements of a number of the residential units on our previous inspection. We then cross checked these and can confirm that we are satisfied with the floor areas provided to us by the borrower. These check measurements were undertaken in accordance with the SCS/IAVI Code of Measuring Practice. In summary, the complex comprised entirely of 96 two bedroom apartments with an average gross internal floor area of 73.5 m sq and 136 car spaces in basement level -2 and refuse bin stores. Other parts of the property including all car spaces at basement - 1 level are held separately by Crown Plaza Hotel. A full schedule of accommodation can be viewed in Appendix A.
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 104
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated 23 August 2013. The report concludes that the site represents an overall low environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard.
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 105
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our last valuation and confirm that we have read this together with the Executive Summary. The property is held leasehold, held pursuant to a lease dated 20 December 2011 between (1) Green Property Investment Fund plc; (2) the owner and (3) Blanchardstown Hotel Management Limited for a term of 500 years from 20 December 2011 subject to the payment of an annual rent of €10 per annum, together with service charges. The legal report notes that the property enjoys a good and marketable title. Basement -1 level is owned separately by the Crowne Plaza Hotel and we assume there is right of way access over the property for the use of the spaces at Basement -2 level. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
The property is currently 98% occupied under standard residential letting agreements of 12 months. The property is generating a gross income of approximately €1,301,868 per annum (at 98% occupancy) as at the valuation date.
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 106
COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area:
37 Grove Court, Blanchardstown, Dublin 15. Two bedroom apartment extending to approximately 750 sq ft. The property sold in Q2 2014 for €155,000, equating to €206 per sq ft. Agent – Unknown, detail provided from Property Price Register.
96 Waterville Terrace, Blanchardstown, Dublin 15. Two bedroom apartment extending to approximately 800 sq ft. The property sold in Q3 2014 for €152,000 this equates to €190 per sq ft. Agent – Murphy Mullan Roberts
Residential Lettings
We have listed below a number of recent letting transactions of similar apartment units in the surrounding area:
Westend Village, Blanchardstown, Dublin 15. This three bed apartment has recently been let for €1,300 per month equating to €15,600 a year.
Scariff Hall, Waterville, Blanchardstown, Dublin 15. This two bed apartment is achieving a rent of €1,200 per month equating to €14,400 a year.
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 107
VALUATION CONSIDERATIONS
Income Analysis
The residential element of the subject property is currently 98% occupied. The apartment units, all two bedrooms, are renting from between €1,100 to €1,300 PCM. Having regard to the comparable evidence as outlined within our report, in addition to the rents which are currently being paid for the apartments, we have arrived at an Estimated Rental Value of €1,250 PCM for each of the two bed units, giving a combined ERV on a full occupancy basis of approximately €1,440,000 per annum. Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Barry Comer. This schedule is provided at Appendix B. We are of the opinion that the day to day running costs for the development are reasonable and we are prepared to rely on these costs. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €113,682. To this service charge cost of €113,682 we have added the following elements as market standard, using a turnover of 40% due to the properties performance and location: Letting Fees @ 4% of rent (40% turnover pa) €21,888 Management Fees @ 15% of service charge €17,052 *PRTB @ €90 (40% turnover pa) €3,456 Property Tax @ €224 per unit €21,504 **Capex @ €250 per unit €24,000 The summation of these outgoings equates to €201,582 or €2,099 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into cost schedule provided. Contents of the building surveying report do not impact upon Capex requirement.
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 108
Valuation Methodology
Market Value (Investment) We have used the investment method of valuation in valuing the subject property for Valuation A. We were supplied with rental income figures and management costs which we have relied upon. We have also considered recent bulk residential sales, individual apartment sales and recent lettings. On analysing the subject units on a full occupancy basis we would be of the opinion that the ERV equates to approximately €1,440,000 per annum. In total the rental income on a 95% occupancy basis equates to €1,368,000 per annum exclusive as a constant level of vacancy would be expected. We capitalised this income at a net initial yield of 5.7% having taken the above comparables into account. This was applied to the net income (after deducting outgoings) generated from the scheme. Our valuation printout setting out our methodology is outlined in Appendix C.
Market Rents In arriving at our opinion of Estimated Rental Value of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report. We have applied Estimated Rental Values of €1,250 PCM for each of the two bed units, giving a combined total of €1,440,000. A full breakdown of the ERV’s for each apartment is outlined in the table below; APARTMENTS Apt No Floor Unit Description Floor Area Floor Area ERV Per ERV Per Sq Ft Sq M Month Annum 1 1st Floor 2 Bedroom 818.06 76.00 1,250 15,000 2 1st Floor 2 Bedroom 785.76 73.00 1,250 15,000 3 1st Floor 2 Bedroom 807.29 75.00 1,250 15,000 4 2nd Floor 2 Bedroom 818.06 76.00 1,250 15,000 5 2nd Floor 2 Bedroom 785.76 73.00 1,250 15,000 6 2nd Floor 2 Bedroom 807.29 75.00 1,250 15,000 7 3rd Floor 2 Bedroom 818.06 76.00 1,250 15,000 8 3rd Floor 2 Bedroom 785.76 73.00 1,250 15,000 9 3rd Floor 2 Bedroom 807.29 75.00 1,250 15,000 10 4th Floor 2 Bedroom 818.06 76.00 1,250 15,000 11 4th Floor 2 Bedroom 785.76 73.00 1,250 15,000 12 4th Floor 2 Bedroom 807.29 75.00 1,250 15,000 14 5th Floor 2 Bedroom 818.06 76.00 1,250 15,000 15 5th Floor 2 Bedroom 785.76 73.00 1,250 15,000 16 5th Floor 2 Bedroom 807.29 75.00 1,250 15,000 17 6th Floor 2 Bedroom 818.06 76.00 1,250 15,000 18 6th Floor 2 Bedroom 785.76 73.00 1,250 15,000 19 6th Floor 2 Bedroom 807.29 75.00 1,250 15,000 20 7th Floor 2 Bedroom 818.06 76.00 1,250 15,000
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 109
21 7th Floor 2 Bedroom 785.76 73.00 1,250 15,000 22 7th Floor 2 Bedroom 807.29 75.00 1,250 15,000 23 8th Floor 2 Bedroom 818.06 76.00 1,250 15,000 24 8th Floor 2 Bedroom 785.76 73.00 1,250 15,000 25 8th Floor 2 Bedroom 807.29 75.00 1,250 15,000 26 9th Floor 2 Bedroom 818.06 76.00 1,250 15,000 27 9th Floor 2 Bedroom 785.76 73.00 1,250 15,000 28 9th Floor 2 Bedroom 807.29 75.00 1,250 15,000 29 10th Floor 2 Bedroom 818.06 76.00 1,250 15,000 30 10th Floor 2 Bedroom 785.76 73.00 1,250 15,000 31 10th Floor 2 Bedroom 807.29 75.00 1,250 15,000 32 11th Floor 2 Bedroom 818.06 76.00 1,250 15,000 33 11th Floor 2 Bedroom 785.76 73.00 1,250 15,000 34 11th Floor 2 Bedroom 807.29 75.00 1,250 15,000 35 12th Floor 2 Bedroom 818.06 76.00 1,250 15,000 36 12th Floor 2 Bedroom 785.76 73.00 1,250 15,000 37 12th Floor 2 Bedroom 807.29 75.00 1,250 15,000 38 1st Floor 2 Bedroom 796.53 74.00 1,250 15,000 39 1st Floor 2 Bedroom 785.76 73.00 1,250 15,000 40 1st Floor 2 Bedroom 807.29 75.00 1,250 15,000 41 2nd Floor 2 Bedroom 796.53 74.00 1,250 15,000 42 2nd Floor 2 Bedroom 785.76 73.00 1,250 15,000 43 2nd Floor 2 Bedroom 807.29 75.00 1,250 15,000 44 3rd Floor 2 Bedroom 796.53 74.00 1,250 15,000 45 3rd Floor 2 Bedroom 785.76 73.00 1,250 15,000 46 3rd Floor 2 Bedroom 807.29 75.00 1,250 15,000 47 4th Floor 2 Bedroom 796.53 74.00 1,250 15,000 48 4th Floor 2 Bedroom 785.76 73.00 1,250 15,000 49 4th Floor 2 Bedroom 807.29 75.00 1,250 15,000 50 5th Floor 2 Bedroom 796.53 74.00 1,250 15,000 51 5th Floor 2 Bedroom 785.76 73.00 1,250 15,000 52 5th Floor 2 Bedroom 807.29 75.00 1,250 15,000 53 6th Floor 2 Bedroom 796.53 74.00 1,250 15,000 54 6th Floor 2 Bedroom 785.76 73.00 1,250 15,000 55 6th Floor 2 Bedroom 807.29 75.00 1,250 15,000 56 7th Floor 2 Bedroom 796.53 74.00 1,250 15,000 57 7th Floor 2 Bedroom 785.76 73.00 1,250 15,000 58 7th Floor 2 Bedroom 807.29 75.00 1,250 15,000 59 8th Floor 2 Bedroom 796.53 74.00 1,250 15,000 60 8th Floor 2 Bedroom 785.76 73.00 1,250 15,000 61 8th Floor 2 Bedroom 807.29 75.00 1,250 15,000 62 9th Floor 2 Bedroom 796.53 74.00 1,250 15,000 63 9th Floor 2 Bedroom 785.76 73.00 1,250 15,000 64 9th Floor 2 Bedroom 807.29 75.00 1,250 15,000 65 10th Floor 2 Bedroom 796.53 74.00 1,250 15,000 66 10th Floor 2 Bedroom 785.76 73.00 1,250 15,000 67 10th Floor 2 Bedroom 807.29 75.00 1,250 15,000 68 11th Floor 2 Bedroom 796.53 74.00 1,250 15,000 69 11th Floor 2 Bedroom 785.76 73.00 1,250 15,000 70 11th Floor 2 Bedroom 807.29 75.00 1,250 15,000 71 12th Floor 2 Bedroom 796.53 74.00 1,250 15,000
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 110
72 12th Floor 2 Bedroom 785.76 73.00 1,250 15,000 73 12th Floor 2 Bedroom 807.29 75.00 1,250 15,000 74 1st Floor 2 Bedroom 764.24 71.00 1,250 15,000 75 1st Floor 2 Bedroom 796.53 74.00 1,250 15,000 76 2nd Floor 2 Bedroom 764.24 71.00 1,250 15,000 77 2nd Floor 2 Bedroom 796.53 74.00 1,250 15,000 78 3rd Floor 2 Bedroom 764.24 71.00 1,250 15,000 79 3rd Floor 2 Bedroom 796.53 74.00 1,250 15,000 80 4th Floor 2 Bedroom 764.24 71.00 1,250 15,000 81 4th Floor 2 Bedroom 796.53 74.00 1,250 15,000 82 5th Floor 2 Bedroom 764.24 71.00 1,250 15,000 83 5th Floor 2 Bedroom 796.53 74.00 1,250 15,000 84 6th Floor 2 Bedroom 764.24 71.00 1,250 15,000 85 6th Floor 2 Bedroom 796.53 74.00 1,250 15,000 86 7th Floor 2 Bedroom 764.24 71.00 1,250 15,000 87 7th Floor 2 Bedroom 796.53 74.00 1,250 15,000 88 8th Floor 2 Bedroom 764.24 71.00 1,250 15,000 89 8th Floor 2 Bedroom 796.53 74.00 1,250 15,000 90 9th Floor 2 Bedroom 764.24 71.00 1,250 15,000 91 9th Floor 2 Bedroom 796.53 74.00 1,250 15,000 92 10th Floor 2 Bedroom 764.24 71.00 1,250 15,000 93 10th Floor 2 Bedroom 796.53 74.00 1,250 15,000 94 11th Floor 2 Bedroom 764.24 71.00 1,250 15,000 95 11th Floor 2 Bedroom 796.53 74.00 1,250 15,000 96 12th Floor 2 Bedroom 764.24 71.00 1,250 15,000 97 12th Floor 2 Bedroom 796.53 74.00 1,250 15,000 Total €1,440,000
Vacant Possession Value We have used the comparison method of valuation in our assessment of the vacant possession value (aggregate market value) for the subject units. In considering our valuation we have had regard to the comparables section showing properties recently sold and properties currently on the market, taking into account their location, age, size and accommodation. We would therefore apply the following values per unit. The properties are fully furnished and our values take this into account along with 1 car space per unit which is included in our pricing.
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 111
APARTMENTS Apt No Floor Description Size Sq Ft Market Value MV Per Sq ft
1 1st Floor 2 Bedroom 818.06 €155,000 189.47 2 1st Floor 2 Bedroom 785.76 €150,000 190.90 3 1st Floor 2 Bedroom 807.29 €155,000 192.00 4 2nd Floor 2 Bedroom 818.06 €155,000 189.47 5 2nd Floor 2 Bedroom 785.76 €150,000 190.90 6 2nd Floor 2 Bedroom 807.29 €155,000 192.00 7 3rd Floor 2 Bedroom 818.06 €155,000 189.47 8 3rd Floor 2 Bedroom 785.76 €150,000 190.90 9 3rd Floor 2 Bedroom 807.29 €155,000 192.00 10 4th Floor 2 Bedroom 818.06 €160,000 195.59 11 4th Floor 2 Bedroom 785.76 €155,000 197.26 12 4th Floor 2 Bedroom 807.29 €160,000 198.19 14 5th Floor 2 Bedroom 818.06 €160,000 195.59 15 5th Floor 2 Bedroom 785.76 €155,000 197.26 16 5th Floor 2 Bedroom 807.29 €160,000 198.19 17 6th Floor 2 Bedroom 818.06 €160,000 195.59 18 6th Floor 2 Bedroom 785.76 €155,000 197.26 19 6th Floor 2 Bedroom 807.29 €160,000 198.19 20 7th Floor 2 Bedroom 818.06 €165,000 201.70 21 7th Floor 2 Bedroom 785.76 €160,000 203.62 22 7th Floor 2 Bedroom 807.29 €165,000 204.39 23 8th Floor 2 Bedroom 818.06 €165,000 201.70 24 8th Floor 2 Bedroom 785.76 €160,000 203.62 25 8th Floor 2 Bedroom 807.29 €165,000 204.39 26 9th Floor 2 Bedroom 818.06 €165,000 201.70 27 9th Floor 2 Bedroom 785.76 €160,000 203.62 28 9th Floor 2 Bedroom 807.29 €165,000 204.39 29 10th Floor 2 Bedroom 818.06 €170,000 207.81 30 10th Floor 2 Bedroom 785.76 €165,000 209.99 31 10th Floor 2 Bedroom 807.29 €170,000 210.58 32 11th Floor 2 Bedroom 818.06 €170,000 207.81 33 11th Floor 2 Bedroom 785.76 €165,000 209.99 34 11th Floor 2 Bedroom 807.29 €170,000 210.58 35 12th Floor 2 Bedroom 818.06 €170,000 207.81 36 12th Floor 2 Bedroom 785.76 €165,000 209.99 37 12th Floor 2 Bedroom 807.29 €170,000 210.58
38 1st Floor 2 Bedroom 796.53 €155,000 194.59 39 1st Floor 2 Bedroom 785.76 €150,000 190.90 40 1st Floor 2 Bedroom 807.29 €155,000 192.00 41 2nd Floor 2 Bedroom 796.53 €155,000 194.59 42 2nd Floor 2 Bedroom 785.76 €150,000 190.90 43 2nd Floor 2 Bedroom 807.29 €155,000 192.00
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 112
44 3rd Floor 2 Bedroom 796.53 €155,000 194.59 45 3rd Floor 2 Bedroom 785.76 €150,000 190.90 46 3rd Floor 2 Bedroom 807.29 €155,000 192.00 47 4th Floor 2 Bedroom 796.53 €160,000 200.87 48 4th Floor 2 Bedroom 785.76 €155,000 197.26 49 4th Floor 2 Bedroom 807.29 €160,000 198.19 50 5th Floor 2 Bedroom 796.53 €160,000 200.87 51 5th Floor 2 Bedroom 785.76 €155,000 197.26 52 5th Floor 2 Bedroom 807.29 €160,000 198.19 53 6th Floor 2 Bedroom 796.53 €160,000 200.87 54 6th Floor 2 Bedroom 785.76 €155,000 197.26 55 6th Floor 2 Bedroom 807.29 €160,000 198.19 56 7th Floor 2 Bedroom 796.53 €165,000 207.15 57 7th Floor 2 Bedroom 785.76 €160,000 203.62 58 7th Floor 2 Bedroom 807.29 €165,000 204.39 59 8th Floor 2 Bedroom 796.53 €165,000 207.15 60 8th Floor 2 Bedroom 785.76 €160,000 203.62 61 8th Floor 2 Bedroom 807.29 €165,000 204.39 62 9th Floor 2 Bedroom 796.53 €165,000 207.15 63 9th Floor 2 Bedroom 785.76 €160,000 203.62 64 9th Floor 2 Bedroom 807.29 €165,000 204.39 65 10th Floor 2 Bedroom 796.53 €170,000 213.43 66 10th Floor 2 Bedroom 785.76 €165,000 209.99 67 10th Floor 2 Bedroom 807.29 €170,000 210.58 68 11th Floor 2 Bedroom 796.53 €170,000 213.43 69 11th Floor 2 Bedroom 785.76 €165,000 209.99 70 11th Floor 2 Bedroom 807.29 €170,000 210.58 71 12th Floor 2 Bedroom 796.53 €170,000 213.43 72 12th Floor 2 Bedroom 785.76 €165,000 209.99 73 12th Floor 2 Bedroom 807.29 €170,000 210.58
74 1st Floor 2 Bedroom 764.24 €150,000 196.27 75 1st Floor 2 Bedroom 796.53 €155,000 194.59 76 2nd Floor 2 Bedroom 764.24 €150,000 196.27 77 2nd Floor 2 Bedroom 796.53 €155,000 194.59 78 3rd Floor 2 Bedroom 764.24 €150,000 196.27 79 3rd Floor 2 Bedroom 796.53 €155,000 194.59 80 4th Floor 2 Bedroom 764.24 €155,000 202.82 81 4th Floor 2 Bedroom 796.53 €160,000 200.87 82 5th Floor 2 Bedroom 764.24 €155,000 202.82 83 5th Floor 2 Bedroom 796.53 €160,000 200.87 84 6th Floor 2 Bedroom 764.24 €155,000 202.82 85 6th Floor 2 Bedroom 796.53 €160,000 200.87 86 7th Floor 2 Bedroom 764.24 €160,000 209.36 87 7th Floor 2 Bedroom 796.53 €165,000 207.15 88 8th Floor 2 Bedroom 764.24 €160,000 209.36
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 113
89 8th Floor 2 Bedroom 796.53 €165,000 207.15 90 9th Floor 2 Bedroom 764.24 €160,000 209.36 91 9th Floor 2 Bedroom 796.53 €165,000 207.15 92 10th Floor 2 Bedroom 764.24 €165,000 215.90 93 10th Floor 2 Bedroom 796.53 €170,000 213.43 94 11th Floor 2 Bedroom 764.24 €165,000 215.90 95 11th Floor 2 Bedroom 796.53 €170,000 213.43 96 12th Floor 2 Bedroom 764.24 €165,000 215.90 97 12th Floor 2 Bedroom 796.53 €170,000 213.43
Total Aggregate Market Value €15,420,000
We have added a further €200,000 to this aggregate value given that there are an excess of parking spaces provided of 40. We would estimate a value of €5,000 for each of these spaces. This brings the overall aggregate value to €15,620,000. The aggregate market value of the subject apartments on an individual basis: €15,620,000 / (Average: €162,708 per apartment).
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 114
OPINION OF VALUE
Market Value - Investment
We are of the opinion that the Market Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as the date of this report is: €19,706,000 inclusive of VAT (Nineteen Million Seven Hundred and Six Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 5.70% Gross Initial Yield 6.69%
Market Rental Value (ERV)
We are of the opinion that the Market Rent of the subject property, as the date of this report is: €1,440,000 per annum (One Million Four Hundred and Forty Thousand Euro)
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the aggregate Market Value of the individual apartments in the property on the special assumption that the property has full vacant possession as at the date of this report is: €15,620,000 inclusive of VAT (Fifteen Million Six Hundred and Twenty Thousand Euro)
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 115
A FLOOR AREA SCHEDULE
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 116
FLOOR AREA SCHEDULE
Falcon View, Blanchardstown Apt No Unit Description Floor Floor Area Sq Ft Floor Area Sq M 1 2 Bedroom 1st Floor 818.06 76.00 2 2 Bedroom 1st Floor 785.76 73.00 3 2 Bedroom 1st Floor 807.29 75.00 4 2 Bedroom 2nd Floor 818.06 76.00 5 2 Bedroom 2nd Floor 785.76 73.00 6 2 Bedroom 2nd Floor 807.29 75.00 7 2 Bedroom 3rd Floor 818.06 76.00 8 2 Bedroom 3rd Floor 785.76 73.00 9 2 Bedroom 3rd Floor 807.29 75.00
10 2 Bedroom 4th Floor 818.06 76.00 11 2 Bedroom 4th Floor 785.76 73.00 12 2 Bedroom 4th Floor 807.29 75.00 14 2 Bedroom 5th Floor 818.06 76.00 15 2 Bedroom 5th Floor 785.76 73.00 16 2 Bedroom 5th Floor 807.29 75.00 17 2 Bedroom 6th Floor 818.06 76.00 18 2 Bedroom 6th Floor 785.76 73.00 19 2 Bedroom 6th Floor 807.29 75.00
20 2 Bedroom 7th Floor 818.06 76.00 21 2 Bedroom 7th Floor 785.76 73.00 22 2 Bedroom 7th Floor 807.29 75.00 23 2 Bedroom 8th Floor 818.06 76.00 24 2 Bedroom 8th Floor 785.76 73.00 25 2 Bedroom 8th Floor 807.29 75.00 26 2 Bedroom 9th Floor 818.06 76.00 27 2 Bedroom 9th Floor 785.76 73.00 28 2 Bedroom 9th Floor 807.29 75.00
29 2 Bedroom 10th Floor 818.06 76.00 30 2 Bedroom 10th Floor 785.76 73.00 31 2 Bedroom 10th Floor 807.29 75.00 32 2 Bedroom 11th Floor 818.06 76.00 33 2 Bedroom 11th Floor 785.76 73.00 34 2 Bedroom 11th Floor 807.29 75.00 35 2 Bedroom 12th Floor 818.06 76.00 36 2 Bedroom 12th Floor 785.76 73.00 37 2 Bedroom 12th Floor 807.29 75.00 38 2 Bedroom 1st Floor 796.53 74.00 39 2 Bedroom 1st Floor 785.76 73.00
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 117
40 2 Bedroom 1st Floor 807.29 75.00 41 2 Bedroom 2nd Floor 796.53 74.00 42 2 Bedroom 2nd Floor 785.76 73.00 43 2 Bedroom 2nd Floor 807.29 75.00 44 2 Bedroom 3rd Floor 796.53 74.00 45 2 Bedroom 3rd Floor 785.76 73.00 46 2 Bedroom 3rd Floor 807.29 75.00
47 2 Bedroom 4th Floor 796.53 74.00 48 2 Bedroom 4th Floor 785.76 73.00 49 2 Bedroom 4th Floor 807.29 75.00 50 2 Bedroom 5th Floor 796.53 74.00 51 2 Bedroom 5th Floor 785.76 73.00 52 2 Bedroom 5th Floor 807.29 75.00 53 2 Bedroom 6th Floor 796.53 74.00 54 2 Bedroom 6th Floor 785.76 73.00 55 2 Bedroom 6th Floor 807.29 75.00
56 2 Bedroom 7th Floor 796.53 74.00 57 2 Bedroom 7th Floor 785.76 73.00 58 2 Bedroom 7th Floor 807.29 75.00 59 2 Bedroom 8th Floor 796.53 74.00 60 2 Bedroom 8th Floor 785.76 73.00 61 2 Bedroom 8th Floor 807.29 75.00 62 2 Bedroom 9th Floor 796.53 74.00 63 2 Bedroom 9th Floor 785.76 73.00 64 2 Bedroom 9th Floor 807.29 75.00
65 2 Bedroom 10th Floor 796.53 74.00 66 2 Bedroom 10th Floor 785.76 73.00 67 2 Bedroom 10th Floor 807.29 75.00 68 2 Bedroom 11th Floor 796.53 74.00 69 2 Bedroom 11th Floor 785.76 73.00 70 2 Bedroom 11th Floor 807.29 75.00 71 2 Bedroom 12th Floor 796.53 74.00 72 2 Bedroom 12th Floor 785.76 73.00 73 2 Bedroom 12th Floor 807.29 75.00
74 2 Bedroom 1st Floor 764.24 71.00 75 2 Bedroom 1st Floor 796.53 74.00 76 2 Bedroom 2nd Floor 764.24 71.00 77 2 Bedroom 2nd Floor 796.53 74.00 78 2 Bedroom 3rd Floor 764.24 71.00 79 2 Bedroom 3rd Floor 796.53 74.00
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 118
80 2 Bedroom 4th Floor 764.24 71.00 81 2 Bedroom 4th Floor 796.53 74.00 82 2 Bedroom 5th Floor 764.24 71.00 83 2 Bedroom 5th Floor 796.53 74.00 84 2 Bedroom 6th Floor 764.24 71.00 85 2 Bedroom 6th Floor 796.53 74.00
86 2 Bedroom 7th Floor 764.24 71.00 87 2 Bedroom 7th Floor 796.53 74.00 88 2 Bedroom 8th Floor 764.24 71.00 89 2 Bedroom 8th Floor 796.53 74.00 90 2 Bedroom 9th Floor 764.24 71.00 91 2 Bedroom 9th Floor 796.53 74.00
92 2 Bedroom 10th Floor 764.24 71.00 93 2 Bedroom 10th Floor 796.53 74.00 94 2 Bedroom 11th Floor 764.24 71.00 95 2 Bedroom 11th Floor 796.53 74.00 96 2 Bedroom 12th Floor 764.24 71.00 97 2 Bedroom 12th Floor 796.53 74.00
Total 76,338 7,092
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 119
B SERVICE CHARGES SCHEDULE
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 120
SERVICE CHARGES SCHEDULE
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 121
C VALUATION PRINTOUT
FALCON VIEW, BLANCHARDSTOWN, DUBLIN 15 122
VALUATION PRINTOUT
1
REPORT 4
HAMPTON RISE, NAVAN, CO MEATH
HAMPTON RISE, NAVAN, CO MEATH 124
PROPERTY DETAILS
Location
The subject property is located approximately 50m North of the River Boyne in County Meath. Navan is the biggest town in the county and is located approximately 45 km North West of Dublin City Centre. It is the largest urban centre in County Meath and is served by the R147 which leads directly to the M3 motorway. Key land-use activities in Navan include the Courts Service which facilitates hearings of the District and Circuit Courts. The Health Service Executive oversees the operation of Navan Hospital which is a major employer and service provider for the town. Navan is also home to a range of criminal justice bodies, including the Probation Service at Athlumney House. The Hampton Rise development is situated next to the Hillcrest Housing Estate to the North of the River Boyne.
Description
The subject property was constructed circa 2006 and comprises a mixed use retail and residential development which consists of 37 apartment units, 5 retail units and basement level car park. A total of 29 apartment units and 4 retail units form part of this valuation, the remaining units are under third party ownership. This can be calculated as a 78% ownership. The property is of concrete frame construction and is arranged over two blocks which each comprise basement, ground and four upper floors. There is 1 one bed apartment, 32 two bed apartments and 4 retail units. The units are accessed from Mill Lane with vehicular access via an electronically controlled gate to the basement car park area. The retail units are all vacant and are in a shell and core state. We understand from the borrower that Planning Permission has been received from Navan Town Council, planning register number NT/130019 for the change of use of existing 5 no ground floor commercial units to 5 no residential units (4 no 2 bed units and 1 no 1 bedroom unit). This permission will bring the total number of 1 bedroom units to 2 and 2 bedroom units to 35. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013.
Accommodation
We carried out check measurements of a number of the residential units at the time of our previous valuation, we then cross checked these and can confirm that we are satisfied with the floor areas provided to us by the borrower. These check measurements were undertaken in accordance with the SCS/IAVI Code of Measuring Practice.
HAMPTON RISE, NAVAN, CO MEATH 125
In summary, the gross internal floor areas are as follows:
Hampton Rise, Navan Apt No Unit Description Floor Floor Area Sq Ft Floor Area Sq M 1 2 Bedroom Grd Floor 709.00 65.87 2 2 Bedroom Grd Floor 722.00 67.08 3 2 Bedroom Grd Floor 722.00 67.08 4 2 Bedroom Grd Floor 722.00 67.08 5 2 Bedroom Grd Floor 722.00 67.08 6 1 Bedroom Grd Floor 602.00 55.93 7 2 Bedroom Grd Floor 722.00 67.08 8 2 Bedroom Grd Floor 722.00 67.08 10 2 Bedroom Grd Floor 722.00 67.08 11 2 Bedroom 1st Floor 709.00 65.87 12 2 Bedroom 1st Floor 722.00 67.08 13 2 Bedroom 1st Floor 722.00 67.08 14 2 Bedroom 1st Floor 722.00 67.08 15 2 Bedroom 1st Floor 722.00 67.08 16 1 Bedroom 1st Floor 602.00 55.93 17 2 Bedroom 1st Floor 722.00 67.08 18 2 Bedroom 1st Floor 722.00 67.08 20 2 Bedroom 1st Floor 722.00 67.08 22 2 Bedroom 2nd Floor 722.00 67.08 23 2 Bedroom 2nd Floor 722.00 67.08 24 2 Bedroom 2nd Floor 722.00 67.08 25 2 Bedroom 2nd Floor 722.00 67.08 27 2 Bedroom 2nd Floor 722.00 67.08 28 2 Bedroom 2nd Floor 722.00 67.08 31 2 Bedroom 3rd Floor 709.00 65.87 32 2 Bedroom 3rd Floor 722.00 67.08 33 2 Bedroom 3rd Floor 722.00 67.08 34 2 Bedroom 3rd Floor 722.00 67.08 35 2 Bedroom 3rd Floor 722.00 67.08 37 2 Bedroom 3rd Floor 722.00 67.08 38 2 Bedroom 3rd Floor 722.00 67.08 39 2 Bedroom 3rd Floor 722.00 67.08 40 2 Bedroom 3rd Floor 722.00 67.08 Total 23,547 2,187.59
Please note that the above schedule of accommodation assumes that all 4 retail units have been re-developed to provide for apartment units – No’s 6, 7, 8 & 10 which are all at the ground floor level and include a 1 bed unit and three 2 bed units. We inspected the retail units at the time of our previous valuation and can confirm that they are currently finished in a shell and core condition.
HAMPTON RISE, NAVAN, CO MEATH 126
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use. We would however point out that extensive cleaning is required to some of the rear external areas. These works would be covered under the service charge.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated September 2013. The report concludes that the site represents an overall moderate environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard.
HAMPTON RISE, NAVAN, CO MEATH 127
LEGAL CONSIDERATIONS Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our last valuation and confirm that we have read this together with the Executive Summary. The property is held freehold, subject to leasehold interests in individual residential units. The legal report notes that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
The residential element of the property is currently 88% occupied under 26 separate standard residential letting agreements of 12 months. The property is currently generating a gross income of approximately €170,400 per annum (at 88% occupancy) for its residential element, as at the valuation date. The commercial element of the property is currently vacant. We understand that planning permission has been granted for the change of use of these units to apartments. This would bring the number of residential units subject to our valuation to 33 (removing the retail element).
HAMPTON RISE, NAVAN, CO MEATH 128
COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area: 69 Academy Square, Navan, Co. Meath. Large two bedroom apartment. Sold in August 2014 for €85,000. Agent: Unknown (Myhome.ie) 17 The Steeples, Timmons Hill, Navan, Co. Meath. Two bedroom apartment. While the location is superior to that of the subject development, the development itself is an older one. The apartment was sold at the beginning of 2014 for €51,500 with a designated car parking space. Agent: Unknown (Myhome.ie) 56 The Steeples, Timmons Hill, Navan, Co. Meath. Ground floor one bedroom apartment. The property is located in the same development as above. It was sold in May 2014 for €35,000 with a designated car parking space. Agent: Unknown (Myhome.ie)
Residential Lettings
We have listed below a number of similar properties on the market in the surrounding area: Leighsbrook Lodge, Navan, Co. Meath. This two bed ground floor apartment is on the market to let at €575 per month. Agent: Sherry Fitzgerald Reilly Rivermill View, Navan, Co. Meath. This two bed apartment is on the market to let at €650 per month. Agent: Anthony Byrne Property Consultants
HAMPTON RISE, NAVAN, CO MEATH 129
VALUATION CONSIDERATIONS
Income Analysis
The residential element of the subject property was 88% occupied with income of €170,400 per annum as at August 2014. The one bed apartment is rented for €525 PCM and the two bedroom apartments are let for between €500 to €600 PCM. In our opinion this is the best guide for the estimated rent and similar to the rental levels being achieved in nearby schemes. On analysing the subject units on a full occupancy basis, and on the assumption that the 4 retail units have been converted to 4 apartments, we would be of the opinion that the ERV equates to approximately €233,100 per annum. Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Barry Comer. This schedule is provided at Appendix A. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €27,476. As we have valued the property on the basis of 33 apartments (assuming 4 retail units are converted to residential) we have adjusted this figure accordingly to reflect an increase in charges. To this adjusted service charge of €31,265 we have added the following elements as market standard: Letting Fees @ 4% of rent (50% turnover pa) €4,196 Management Fees @ 15% of service charge €4,690 *PRTB @ €90 (50% turnover pa) €1,485 Property Tax @ €90 per unit €2,970 **Capex @ €250 per unit €8,250 The summation of these outgoings equates to €52,856 or €1,601 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into cost schedule provided. Contents of the building surveying report do not impact upon Capex requirement.
HAMPTON RISE, NAVAN, CO MEATH 130
Valuation Methodology
Market Value (Investment) We have used the investment method of valuation in valuing the subject property for Valuation A. We were supplied with rental income figures and management costs which we have relied upon. We have also considered recent bulk residential sales, individual apartment sales and recent lettings. The majority of comparables mentioned above presented a cleaner investment opportunity to the market they comprise the sale of an entire development with no capital expenditure works or conversion cost required. We would also have some concern in relation to the vacant ground floor area which we feel investors would look at this cautiously. Taking these points into account we have used a yield of 7.5% when considering the subject property. On analysing the subject units on a full occupancy basis (and on the basis of 33 units) we would be of the opinion that the ERV equates to approximately €233,100 per annum. In total the rental income on a 90% occupancy basis equates to €209,790 per annum exclusive. We have chosen a 90% occupancy rate based on the location of the property in Navan town, outside of a city centre location. We capitalised the net income of €156,934 at a net initial yield of 7.5%. This was applied to the net income (after deducting outgoings of €52,856) generated from the scheme. We have then removed the cost of converting the retail units to residential, estimating this cost at €35,000 per unit plus the planning contributions of €60,440, total cost of €200,440 giving a gross value of €1,892,019. We finally deducted costs of purchase equating to an investment value of €1,823,552, say €1,825,000 or €55,260 per unit. Our valuation printout setting out our methodology is outlined in Appendix B. Market Rent In arriving at our opinion of Estimated Rental Value of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report. We have applied Estimated Rental Values of €525 per month for the 1 bedroom apartments and between €575 and €600 per month for the 2 bedroom apartments, giving a combined total of €233,100 per annum. A full breakdown of the ERV’s for each apartment is outlined in the table below;
HAMPTON RISE, NAVAN, CO MEATH 131
APARTMENTS Apt No Floor Unit Description Floor Area Sq Ft ERV Per Month ERV Per Annum
1 Grd Floor 2 Bedroom 709.00 575 6,900 2 Grd Floor 2 Bedroom 722.00 575 6,900 3 Grd Floor 2 Bedroom 722.00 575 6,900 4 Grd Floor 2 Bedroom 722.00 575 6,900 5 Grd Floor 2 Bedroom 722.00 575 6,900 6 Grd Floor 1 Bedroom 602.00 500 6,000 7 Grd Floor 2 Bedroom 722.00 575 6,900 8 Grd Floor 2 Bedroom 722.00 575 6,900 10 Grd Floor 2 Bedroom 722.00 575 6,900 11 1st Floor 2 Bedroom 709.00 600 7,200 12 1st Floor 2 Bedroom 722.00 600 7,200 13 1st Floor 2 Bedroom 722.00 600 7,200 14 1st Floor 2 Bedroom 722.00 600 7,200 15 1st Floor 2 Bedroom 722.00 600 7,200 16 1st Floor 1 Bedroom 602.00 525 6,300 17 1st Floor 2 Bedroom 722.00 600 7,200 18 1st Floor 2 Bedroom 722.00 600 7,200 20 1st Floor 2 Bedroom 722.00 600 7,200 22 2nd Floor 2 Bedroom 722.00 600 7,200 23 2nd Floor 2 Bedroom 722.00 600 7,200 24 2nd Floor 2 Bedroom 722.00 600 7,200 25 2nd Floor 2 Bedroom 722.00 600 7,200 27 2nd Floor 2 Bedroom 722.00 600 7,200 28 2nd Floor 2 Bedroom 722.00 600 7,200 31 3rd Floor 2 Bedroom 709.00 600 7,200 32 3rd Floor 2 Bedroom 722.00 600 7,200 33 3rd Floor 2 Bedroom 722.00 600 7,200 34 3rd Floor 2 Bedroom 722.00 600 7,200 35 3rd Floor 2 Bedroom 722.00 600 7,200 37 3rd Floor 2 Bedroom 722.00 600 7,200 38 3rd Floor 2 Bedroom 722.00 600 7,200 39 3rd Floor 2 Bedroom 722.00 600 7,200 40 3rd Floor 2 Bedroom 722.00 600 7,200 Total 23,547 233,100
Vacant Possession Value (Aggregate of Unit Sales) We have used the comparison method of valuation in our assessment of the vacant possession value (aggregate market value) for the subject units. In considering our valuation we have had regard to the comparables section showing properties recently sold and properties currently on the market, taking into account their location, age, size and accommodation. We would therefore apply the following values per unit. The properties are fully furnished and our values take this into account along with 1 car space per unit which is included in our pricing. We have assumed that the retail units have been converted to residential to a similar specification and are fully furnished.
HAMPTON RISE, NAVAN, CO MEATH 132
APARTMENTS Apt No Floor Unit Floor Area Market Value Market Value Description Sq Ft Per Sq ft
1 Grd Floor 2 Bedroom 709.00 €70,000 98.73
2 Grd Floor 2 Bedroom 722.00 €70,000 96.95
3 Grd Floor 2 Bedroom 722.00 €70,000 96.95
4 Grd Floor 2 Bedroom 722.00 €70,000 96.95
5 Grd Floor 2 Bedroom 722.00 €70,000 96.95
6 Grd Floor 1 Bedroom 602.00 €55,000 91.36
7 Grd Floor 2 Bedroom 722.00 €70,000 96.95
8 Grd Floor 2 Bedroom 722.00 €70,000 96.95
10 Grd Floor 2 Bedroom 722.00 €70,000 96.95
11 1st Floor 2 Bedroom 709.00 €75,000 105.78
12 1st Floor 2 Bedroom 722.00 €75,000 103.88
13 1st Floor 2 Bedroom 722.00 €75,000 103.88
14 1st Floor 2 Bedroom 722.00 €75,000 103.88
15 1st Floor 2 Bedroom 722.00 €75,000 103.88
16 1st Floor 1 Bedroom 602.00 €60,000 99.67
17 1st Floor 2 Bedroom 722.00 €75,000 103.88
18 1st Floor 2 Bedroom 722.00 €75,000 103.88
20 1st Floor 2 Bedroom 722.00 €75,000 103.88
22 2nd Floor 2 Bedroom 722.00 €75,000 103.88
23 2nd Floor 2 Bedroom 722.00 €75,000 103.88
24 2nd Floor 2 Bedroom 722.00 €75,000 103.88
25 2nd Floor 2 Bedroom 722.00 €75,000 103.88
27 2nd Floor 2 Bedroom 722.00 €75,000 103.88
28 2nd Floor 2 Bedroom 722.00 €75,000 103.88
31 3rd Floor 2 Bedroom 709.00 €75,000 105.78
32 3rd Floor 2 Bedroom 722.00 €75,000 103.88
33 3rd Floor 2 Bedroom 722.00 €75,000 103.88
34 3rd Floor 2 Bedroom 722.00 €75,000 103.88
35 3rd Floor 2 Bedroom 722.00 €75,000 103.88
37 3rd Floor 2 Bedroom 722.00 €75,000 103.88
HAMPTON RISE, NAVAN, CO MEATH 133
38 3rd Floor 2 Bedroom 722.00 €75,000 103.88
39 3rd Floor 2 Bedroom 722.00 €75,000 103.88
40 3rd Floor 2 Bedroom 722.00 €75,000 103.88 Total Aggregate Market Value €2,400,000
The aggregate market value of the subject apartments on an individual basis: €2,400,000 / (Average: €72,727 per apartment). Finally, we have deducted the cost of converting the retail units to residential, estimating this cost at €200,440 overall. This provided us with our final value of €2,199,560 or say €2,200,000. It should be noted that sales of individual units would require significant time to achieve, costs to market and sell, necessity to obtain vacant possession with a loss of rental income and a risk of some less attractive units not selling prolonging the process.
HAMPTON RISE, NAVAN, CO MEATH 134
OPINION OF VALUE
Market Value - Investment
We are of the opinion that the Market Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as the date of this report is: €1,825,000 inclusive of VAT (One Million Eight Hundred and Twenty Five Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 7.50% Gross Initial Yield 10.03%
Market Rental Value (ERV)
We are of the opinion that the Market Rental Value of the freehold / long leasehold interest in the subject property, as the date of this report is: €233,100 per annum (Two Hundred and Thirty Three Thousand One Hundred Euro)
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the property on the special assumption that the property has full vacant possession as at the date of this report is: €2,200,000 inclusive of VAT (Two Million Two Hundred Thousand Euro)
HAMPTON RISE, NAVAN, CO MEATH 135
A SERVICE CHARGE
SCHEDULE
HAMPTON RISE, NAVAN, CO MEATH 136
SERVICE CHARGE SCHEDULE
HAMPTON RISE, NAVAN, CO MEATH 137
B VALUATION PRINTOUT
HAMPTON RISE, NAVAN, CO MEATH 138
VALUATION PRINTOUT
HAMPTON RISE, NAVAN, CO MEATH 139
C PLANNING PERMISSION
HAMPTON RISE, NAVAN, CO MEATH 140
PLANNING PERMISSION
HAMPTON RISE, NAVAN, CO MEATH 141
SCHEDULE OF CONDITIONS
HAMPTON RISE, NAVAN, CO MEATH 142
HAMPTON RISE, NAVAN, CO MEATH 143
HAMPTON RISE, NAVAN, CO MEATH 144
1
REPORT 5
HOWLEY SQUARE, ORANMORE, CO GALWAY
HOWLEY SQUARE, ORANMORE, CO GALWAY 146
PROPERTY DETAILS
Location
The subject property is located in the centre of Oranmore at the junction of Main Street and Dublin Road. Oranmore is a busy coastal town approximately 10 kilometres east of Galway City Centre and approximately 4 kilometres south of the M6 motorway which connects Galway and Dublin. The hinterland of Oranmore is primarily agricultural in nature however there are also several business parks and commercial developments north of the town such as Oranmore Business Park and Glennascaul Business Park. Oranmore has a population of 4,799 according to Census 2011. The population of the town has grown in recent years due to its proximity to Galway City and suburbs. Oranmore Train Station which connects Galway to Dublin City opened in July 2013 with regular rail services to both Galway and Dublin.
Description
The subject property was constructed circa 2009 and comprises a mixed use development of 11 apartments, 10 retail units (retail unit 4 is sold and not included in the report and valuation) and 7 office suites. There is a gated underground car park. Howley Square is a part 2/part 3 storey over basement development with additional office accommodation in a detached office building to the rear. The apartment units comprise of three 1 Bed units and eight 2 Bed units. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013. Accommodation
We carried out check measurements of retail units 7, 8 &10 (30%) and apartments 5, 8 & 9, (27%) (according to the numbering system of the floor plans provided) and all the offices at the time of our previous valuation, which were broadly in line with those provided to us by the architects Sean Dockry & Associates.
HOWLEY SQUARE, ORANMORE, CO GALWAY 147
These check measurements were undertaken in accordance with the SCS/IAVI Code of Measuring Practice. In summary, the gross internal floor areas of the apartments and the net internal area of the shops and offices are as follows:
APARTMENTS
HOWLEY SQUARE Unit No Description Sq M Sq Ft Apt 4 First floor 2 bed 65.68 707 Apt 5 First floor 2 bed 64.66 696 Apt 6 First floor 2 bed 64.66 696 Apt 7 Second floor 1 bed 54.72 589 Apt 8 Second floor 1 bed 54.26 584 Apt 9 Second floor 2 bed 94.39 1,016 Apt 10 Second floor 2 bed 73.02 786 Apt 11 Second floor 2 bed 74.79 805 Apt 12 Second floor 2 bed 60.76 654 Apt 13 Second floor 2 bed 79.80 859 Apt 14 Second floor 1 bed 76.65 825
Total 763.39 8,217
COMMERCIAL UNITS
HOWLEY SQUARE Unit No Description Sq M Sq Ft Retail Unit 1 Bank of Ireland 464.52 5,000 Retail Unit 2 Sticky Bakes 92.07 991 Retail Unit 3 Polish Shop 111.95 1,205 Retail Unit 4 Sold 0 0 Retail Unit 5 Gotta Run 189.99 2,045 Retail Unit 6 Undertaker 37.16 400 Retail Unit 7 Vacant 199.00 2,142 Retail Unit 8 Melissa Naughton 86.96 936 Retail Unit 9 Vacant 140.93 1,517 Retail Unit 10 Café-Pearla Na Mara 146.97 1,582 Office Unit 1 Vacant first floor office 367.83 3,959 Office Unit 2 Vacant first floor office 148.96 1,603 Office Unit 3 Vacant first floor office 213.91 2,303 Office Unit 4 Vacant first floor office 281.00 3,025 Office Unit 5 Vacant first floor office 162.53 1,749 Office Unit 6 Vacant Detached office 346.91 3,734 Office unit 7 Vacant second floor office 31.52 339
Total 3,022.21 32,530
HOWLEY SQUARE, ORANMORE, CO GALWAY 148
State of Repair
CBRE London have undertaken a building survey of the subject properties dated September 2013 but none of the services have been tested. We have reviewed the report and note below the budgeted item of expenditure which we have had regard to in our valuation. Investigate and remedy water ingress to basement car park Budgeted Cost - €50,000 We would comment that from our inspection for valuation purposes the property was in an overall good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK dated 23 August 2013. The report concludes that the site represents an overall low to moderate environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All commercial rents and capital values stated in this report are exclusive of VAT.
HOWLEY SQUARE, ORANMORE, CO GALWAY 149
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our previous valuation and can confirm that we have read this together with the Executive Summary. The property is held freehold. The legal report notes that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
The residential element of the property is currently 100% occupied under 11 separate residential letting agreements and this corresponds with the monthly average from January 2014 to July 2014 as supplied to us. The property is currently generating a gross income of approximately €96,960 per annum (at 100% occupancy) for its residential element, as at the valuation date. This is based on €734.54 pcm each with a range of €650pcm to €775pcm. The commercial element of the property is currently 44% occupied under 8 separate letting agreements. 77.77% of the retail space is occupied and 9.59% of the office space. These areas are currently generating a gross contracted income of approximately €320,986 per annum, as at the valuation date. This includes an O2 mast which generates an annual rent of €7,500.
TENANCY SCHEDULE Unit Area Tenant Lease Start Lease Term Rent Rent sq ft Date pa psq ft Unit 1 5,000 Bank of Ireland 30/03/2010 25 years €225,000 €45.00 Unit 2 991 Sticky Bakes 07/12/2012 10 years €11,000 €13.65 Unit 3 1205 Polish Shop 01/01/2011 10 years €18,000 €10.21 Unit 5 2,045 Gotta Run 01/12/2010 20 years €12,010 €7.22 Unit 6 400 Undertaker 25/09/2009 5 years- €5,000 €14.16 Unit 8 936 Melissa 01/09/2012 10 years €5,980 € 7.84 Naughton Unit 10 1,582 Café Pearla Na 01/10/10 25 years €22,764 €17.70 Mara Office 2 1603 Digital Media 01/01/2011 4 yrs 9 mths €13,732 €8.56 Mast N/A O2 01/01/2014 10 years €7,500 - 13,762 €320,986 €23.32
HOWLEY SQUARE, ORANMORE, CO GALWAY 150
COMPARABLE EVIDENCE
Residential Sales
The apartment market in Oranmore is small with limited transactions. There are also some holiday home apartments along coastal margins however it could be argued that these may not be entirely comparable. From the limited number of transactions there appears to be no consistency in terms of values achieved for residential properties. There is also a significant difference between guide prices and prices achieved in the Oranmore area. We have set out hereunder some comparable property sales that have taken place this year. 19 Riverdale, Oranmore Village, Co. Galway. First floor apartment within walking distance of Oranmore Village. The apartment which has 2 bedrooms is 800 sq ft and sold on the 5 August 2014 for €98,000 or €122.50 per sq ft. The development was constructed c.2007 and while no.19 is in good condition it is arguably not as attractive as the subject apartments. Howley Square in our opinion would be a superior development. Source O’ Donnellan & Joyce. 70 Frenchpark, Oranmore, Co. Galway. Semi-detached two bedroom house with off street parking. While there is greater demand for houses rather than apartments Howley Square is arguably more attractive that the development at Frenchpark. The property is 950 sq ft and sold for €130,000 (€137 psf) in June 2014, 2 months prior to the valuation date. Source O’ Donnellan & Joyce. 41 Abhainn Na Ri, Oranmore, Co. Galway, 3 bedroom duplex apartment close to the town centre. The apartment which is 950 sq ft was sold in an arguably slightly quieter market for €136,000 or €143.16 per sq ft in April 2014. The property was in good condition and had the benefit of off street parking. Some of the subject properties are of a similar size with a more attractive layout. Howley Square is a more central development with a more attractive design. Source: DNG Maxwell Heaslip & Leonard.
Residential Lettings
Set out below are three properties currently for rent in Oranmore on Daft.ie. There have been few transactions in the area in recent months. Main Street, Oranmore, Co. Galway, 2 bedroom apartment available to let on Main Street, Oranmore. The apartment which is in good condition is a first floor apartment opposite the subject property. We have not been provided with an exact address and it is being let privately. The landlord is quoting €800 pcm or €9,600 pa. Oranmore, Co. Galway. Ground floor 1 bedroom apartment to let approximately 1 kilometre from Main Street Oranmore. The apartment is in good condition and has the benefit of secure parking. It does not have the benefit of a balcony/terrace. The apartment is being let privately and is quoting €600 pcm or €7,200 pa.
HOWLEY SQUARE, ORANMORE, CO GALWAY 151
Apartment to let at Moneymore East, Oranmore, Co. Galway – 1 bedroom ground floor apartment to let. The apartment is an own door apartment in a rural location approximately 5 kilometres south east of Oranmore Village. The apartment which is in good condition is available for €400 pcm or €4,800 per annum. The location is somewhat remote and we do not envisage good interest. The apartment is being let by the owner.
Retail Lettings
There are several vacant retail units in Oranmore however we are not aware of any recent transactions. The most recent transactions in the subject unit have taken place in the subject development albeit in 2012.
Office Market
Oranmore is not an office location however there are units at Oranmore Business Park and Glenascaul Business Park., both north of Oranmore. Attracting office tenants to this location is difficult particularly for the larger floor plates. There may be some demand from smaller users eg local solicitors, accountants. Many office occupiers would prefer Galway City where much of the commercial activity is centred along with labour and amenities for staff. Demand for space is weak and consequently there is a high vacancy rate for office accommodation. Digital Media have taken one of the offices within the development at a rent of approximately €8.52 psf on a 1,603 sq ft suite.
HOWLEY SQUARE, ORANMORE, CO GALWAY 152
VALUATION CONSIDERATIONS
Income Analysis
The residential element of the subject property is currently 100% occupied. The one bedroom apartments are let for between €650 - €700 pcm and the two bedroom apartments are let for between €730 pcm to €775 pcm providing a current annualised income of €96,960. In our opinion this is the best guide for the estimated rent and similar to the rental levels being achieved in nearby schemes although we are of the opinion that slightly stronger rents could be achieved. On analysing the subject units on a full occupancy basis we are of the opinion that the Market Rent (100% occupancy) equates to approximately €97,500 per annum (based on €750 - €850 pcm for two beds and €625pcm for the one beds). Generally market rental levels are increasing due to prospective buyers being driven back into the rental market with the difficulties in securing finance to purchase their own homes. The commercial element of the subject property is partially let producing a contracted annual income of €320,986 per annum. Bank of Ireland is paying the bulk of this income with an annual rent of €225,000. Only one office is occupied producing an annual rent of €13,732. This represents only 9.59% of all the office space. Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Barry Comer. This schedule is provided at Appendix D. We are of the opinion that the day to day running costs for the development are reasonable and we are prepared to rely on these costs. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €18,700.
HOWLEY SQUARE, ORANMORE, CO GALWAY 153
To this service charge cost of €18,700 we have added the following elements as market standard, using a turnover of 40% of lettings each year due to the property’s performance and location: Letting Fees @ 4% of Market Rent (40% turnover pa) €1,560 Management Fees (minimum fee) €4,000 *PRTB @ €90 (40% turnover pa) € 396 Property Tax @ €224 per unit €2,464 **Capex @ €100 per unit €1,100 €9,520 The summation of these outgoings equates to €28,220 or €2,565.45 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into cost schedule provided. Contents of the building surveying report refer to an element of Capex, a cost which has been attributed to the commercial section of the development.
HOWLEY SQUARE, ORANMORE, CO GALWAY 154
Valuation Methodology
Market Value Residential In arriving at our opinion of market value of the apartments, we have had regard to their location, specification, condition and the current tenancies in place, in addition to the comparable evidence as outlined within our report. We have used the investment method of valuation and have relied upon rental income figures and management costs which were provided by the borrower. While the apartments are fully let at present, we have valued them on the basis of 95% occupancy and on our opinion of market rent which equates to €92,625 per annum, full occupancy equates to €97,500 per annum. We have capitalised the net income (after deduction of landlord’s outgoings of €28,220) of €64,405 at a yield of 6.75%. Having deducted appropriate costs, we arrived at a market value of €928,368which we have rounded to say €928,500 which equates to an average price of €84,397 per unit. Commercial
We understand that the current rental income of Howley Square retail units to be €320,986 pa. Our opinion of Market Rent is €286,207 for all of the commercial space including the offices. The Market Rent for the retail units is €189,507pa which is indicating that it is over rented by 63%. The Bank of Ireland letting is for a long unexpired term of 20 years and 8 months and we valued the core income at 7.5% and the froth at 7.75% to expiry. For the occupied units we used a core capitalisation rate on the Market Rent of 10% and 12% on froth to expiry. On the vacant office units we placed a yield of 12%. We have applied 7.5% to the income from the mast. TENANT NAME TOTAL AREA (FT²) MARKET RENT MARKET RENT PA (PER FT²) Bank Of Ireland 5,000 €15.00 €75,000 Sticky Bakes 991 €15.04 €14,900 Polish Shop 1,205 €12.50 €15,062 Gotta Run 2,045 €8.00 €16,360 Undertaker 400 €20.00 €8,000 Vacant 2,142 €7.50 €16,065 Melissa Naughton 936 €14.00 €13,100 Vacant 1,517 €10.02 €15,200 Cafe Pearla Na Mara 1,582 €10.00 €15,820 Digital Media Office 2 1,603 €5.00 €8,020 Office no 5 - 12 15,108 €5.00 €75,500 Mast €7,500 32,530 €8.62 €280,527
HOWLEY SQUARE, ORANMORE, CO GALWAY 155
For the retail units that are vacant we allowed a 12 month void period and assumed a lease period of 4 years and 9 months, for the office accommodation we allowed a void period of 2 years and assumed leases of 2 years and 9 months. We have subtracted fit out costs for the office of €20 per sq ft or €334,240. We also deducted the budgeted cost for the investigation and remedy works to the basement car park area as advised in the CBRE Building Survey Report of €50,000. This total cost of €384,240 has been subtracted off the overall value in our circle report and not the individual office valuation. This equates to a value of €3,582,000 for the commercial units which is equivalent to €110 psf. The net initial yield is 6.79%, the equivalent yield is 9.02% and the reversionary yield is 6.80%.
Market Rent Residential In arriving at our opinion of Market Rent of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report to be €97,500 per annum with 100% occupancy. This is based largely on the evidence generated within the subject scheme and is based on 2 bed units at €750 - €850 pcm and 1 bed units at €625 pcm each.
MARKET MARKET APT UNIT RENT PER RENT PER NO DESCRIPTION FLOOR MONTH ANNUM 4 2 Bedroom 1st 775 €9,300 5 2 Bedroom 1st 775 €9,300 6 2 Bedroom 1st 750 €9,000 7 1 Bedroom 2nd 625 €7,500 8 1 Bedroom 2nd 625 €7,500 9 2 Bedroom 2nd 850 €10,200 10 2 Bedroom 2nd 775 €9,300 11 2 Bedroom 2nd 775 €9,300 12 2 Bedroom 2nd 775 €9,300 13 2 Bedroom 2nd 775 €9,300 14 1 Bedroom 2nd 625 €7,500 €97,500
HOWLEY SQUARE, ORANMORE, CO GALWAY 156
Commercial
In arriving at our opinion of Market Rent of the commercial properties, we have had regard to their location, specification and condition. The market rent of the commercial units equates to €280,527per annum with the assumption that all retail and offices units will be fully let once completed. We have valued the cost of useable office space to be €5 per sq ft assuming fit out.
Vacant Possession Value
Residential In arriving at our opinion of vacant possession value of the apartments, we have had regard to the fact that they are fully furnished with parking. We have taken into account the possibility that vacant office would not appeal to potential purchasers. We have also had regard to similar types of apartments which have recently sold in the area. Following this, we arrived at a total vacant possession value of €1,090,000 for the 11 apartments.
HOWLEY SQUARE, ORANMORE, CO GALWAY 157
Full breakdowns of the individual values are outlined in the table below;
UNIT BED FLOOR FLOOR FLOOR MARKET CAR SPACE MARKET NO ROOMS AREA AREA VALUE VALUE PER SQ FT SQ M SQ FT
4 2 1st 706.95 65.68 €110,000 yes €156 5 2 1st 695.65 64.63 €110,000 yes €158 6 2 1st 695.65 64.63 €110,000 yes €158 7 1 2nd 589.41 54.76 €70,000 yes €119 8 1 2nd 583.92 54.25 €70,000 yes €120 9 2 2nd 1,016.08 94.40 €110,000 yes €108 10 2 2nd 785.74 73.00 €110,000 yes €140 11 2 2nd 805.33 74.82 €110,000 yes €137 12 2 2nd 653.78 60.74 €110,000 yes €168 13 2 2nd 859.47 79.85 €110,000 yes €128 14 1 2nd 824.92 76.64 €70,000 yes €85 €1,090,000
Commercial In order to obtain the vacant possession value we used the investment method of valuation to value the commercial element of the subject property. We have applied a capitalised at a yield of 11% into perpetuity on the retail space and 12% on the office space, having first allowed for a 1-2 year letting void. We have deducted service charge costs for the 2 year period where the units will remain vacant while they are being marketed. Having deducted appropriate costs of 4.46%, we have arrived at an aggregate vacant possession value of €2,073,000.
HOWLEY SQUARE, ORANMORE, CO GALWAY 158
OPINION OF VALUE
Market Values
We are of the opinion that the Market Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies on the basis of an investment sale as a single lot, as the date of this report is:
Residential: €928,500 inclusive of VAT (Nine Hundred and Twenty Eight Thousand Five Hundred Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 6.75%
Commercial: €3,582,000 exclusive of VAT (Three Million Five Hundred and Eighty Two Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 6.68% Equivalent Yield 9.00% Reversionary Yield 6.83%
Total: €4,510,500 mixed VAT (Four Million Five Hundred and Ten Thousand Five Hundred Euro)
HOWLEY SQUARE, ORANMORE, CO GALWAY 159
Market Rent
We are of the opinion that the Market Rental Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as the date of this report is:
Residential: €97,500 per annum (Ninety Seven Thousand Five Hundred Euro) Commercial: €280,527 per annum (Two Hundred and Eighty Thousand Five Hundred and Twenty Seven Euro)
Total: €378,027 per annum (Three Hundred and Seventy Eight Thousand and Twenty Seven Euro)
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the property on the special assumption that the property has full vacant possession as at the date of this report is:
Residential: €1,090,000 inclusive of VAT (One Million & Ninety Thousand Euro)
Commercial: €2,073,000 exclusive of VAT (Two Million and Seventy Three Thousand Euro)
Total: €3,163,000 mixed VAT (Three Million One Hundred and Sixty Three Thousand Euro)
SERVICE CHARGE SCHEDULE
A SERVICE CHARGE SCHEDULE
HOWLEY SQUARE, ORANMORE, CO GALWAY 161 SERVICE CHARGE SCHEDULE
HOWLEY SQUARE, ORANMORE, CO GALWAY 162
B VALUATION PRINTOUT
HOWLEY SQUARE, ORANMORE, CO GALWAY 163
VALUATION PRINTOUT
Residential
HOWLEY SQUARE, ORANMORE, CO GALWAY 164
Commercial Element
HOWLEY SQUARE, ORANMORE, CO GALWAY 165
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HOWLEY SQUARE, ORANMORE, CO GALWAY 178
Vacant Possession - Commercial Element
HOWLEY SQUARE, ORANMORE, CO GALWAY 179
HOWLEY SQUARE, ORANMORE, CO GALWAY 180
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HOWLEY SQUARE, ORANMORE, CO GALWAY 188
HOWLEY SQUARE, ORANMORE, CO GALWAY 189
REPORT 6
KINGSTON HALL, KNOCKNACARA, SALTHILL, CO GALWAY
KINGSTON HALL, SALTHILL, CO GALWAY 191
PROPERTY DETAILS
Location
The subject property is located on Kingston Road, Knocknacarra approximately 0.5 km west of Galway Golf Club. Knocknacarra has evolved over the last 20 years to become a large suburb of Galway City. The Knocknacarra/Salthill area of Galway is within a short distance of Galway City Centre and has some of Galway’s most desirable residential properties. The area is well served by schools, shops and recreational amenities. The current retail units are occupied by a Medical Centre, Restaurant, Hair Stylists and a Polish Food Store. There is a neighbourhood shopping centre approx. 200m west of the subject property. There has been a significant level of residential building in west Galway City in the last 15 years. A location map is attached in Appendix A.
Description
The subject property was constructed c. 2008 and comprises a mixed use development which consists of 35 residential units (34 two beds and 1, one bed) over 7 ground floor retail units and one office unit. There are 40 basement level car park spaces and 12 surface spaces. The property is of concrete frame construction and is part 3/part 4 stories. Externally the property is partly cladded on the southern and western elevations. The majority of the property is plastered and painted with red wood trim surrounding some balconies. At ground floor level the majority of the façade is glazed, with a public footpath giving access to retail units. The third floor penthouse balconies are part glazed and part timber construction which incorporates a rooftop garden situated on the eastside of the development. There are 7 commercial units at ground floor level of which 6 are occupied. The combined unit’s net internal floor area (NIA) is approximately 8,635 sq ft, with unit 6 being irregular in shape. We have assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013.
Accommodation
We carried out check measurements of a number of the residential units on the day of inspection; we then cross checked these and can confirm that we are satisfied with the floor areas provided to us by the borrower. These check measurements were undertaken in accordance with the SCS/IAVI Code of Measuring Practice. In summary, the gross internal floor areas are as follows:
KINGSTON HALL, SALTHILL, CO GALWAY 192
APARTMENTS Unit Number Description Sq M Sq Ft 7 - 1st Floor 2 Bedroom 68.93 742 8 - 1st Floor 2 Bedroom 74.98 807 9 - 1st Floor 2 Bedroom 71.00 764 10 - 1st Floor 2 Bedroom 78.99 850 11 - 1st Floor 2 Bedroom 67.93 731 12 - 1st Floor 2 Bedroom 75.00 807 13 - 1st Floor 2 Bedroom 75.00 807 14- 1st Floor 2 Bedroom 75.00 807 15 - 1st Floor 2 Bedroom 75.00 807 16 -1st Floor 2 Bedroom 75.00 807 17 – 1st Floor 2 Bedroom 75.00 807 18 – 1st Floor 2 Bedroom 75.00 807 19 – 1st Floor 2 Bedroom 68.94 742 20 – 1st Floor 2 Bedroom 65.96 710 21 - 2nd Floor 2 Bedroom 68.94 742 22 - 2nd Floor 2 Bedroom 75.00 807 23 – 2nd Floor 2 Bedroom 71.00 764 24 – 2nd Floor 2 Bedroom 78.99 850 25 – 2nd Floor 2 Bedroom 67.93 731 26 - 2nd Floor 2 Bedroom 75.00 807 27 – 2nd Floor 2 Bedroom 89.96 968 28 – 2nd Floor 2 Bedroom 75.00 807 29 – 2nd Floor 2 Bedroom 75.00 807 30 – 2nd Floor 2 Bedroom 75.00 807 31 – 2nd Floor 2 Bedroom 75.00 807 32 – 2nd Floor 2 Bedroom 75.00 807 33 – 2nd floor 2 Bedroom 68.94 742 34 – 2nd floor 2 Bedroom 65.98 710 35 – 3rd Floor 1 Bedroom 71.00 764 36 – 3rd Floor 2 Bedroom 77.97 839 37 – 3rd Floor 2 Bedroom 76.02 818 38 – 3rd Floor 2 Bedroom 71.00 764 39 – 3rd Floor 2 Bedroom 69.98 753 40 – 3rd Floor 2 Bedroom 69.98 753 41 – 3rd Floor 2 Bedroom 71.00 764 Total 2,564.82 27,607
The commercial units were measured by Niall Deegan MRICS MSCSI on the date of inspection and the floor areas have been calculated in accordance with the SCSI/IAVI Code of Measuring Practice.
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In summary, the net internal floor areas are as follows: COMMERCIAL Unit Number Description Sq M Sq Ft Unit 1 Retail (Capones) 156.07 1,680
Unit 2 Office (Vacant) 78.99 850
Unit 3 Retail (SOLD)
Unit 4 a Retail (Skelp Polski) 78.99 850
Unit 4 b Retail (Kingston Medical) 78.99 850
Unit 5 Retail (Dariusz Jalowiecka) 130.06 1,400
Unit 6 a Reail (Vacant) 169.08 1,820
Unit 6 b Retail (Vacant) 108.69 1,170
Total 800.87 8,620 Unit 3 has been sold and does not form part of this valuation, it is 77.57 sq m (835 sq ft)
State of Repair
CBRE London have undertaken a building survey dated September 2013 however none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated 23 August 2013. The report concludes that the site represents an overall low to moderate environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE gives no warranty as to the absence of such environmental risk factors.
KINGSTON HALL, SALTHILL, CO GALWAY 194
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All commercial rents and capital values stated in this report are exclusive of VAT.
KINGSTON HALL, SALTHILL, CO GALWAY 195
LEGAL CONSIDERATIONS
Tenure
We have been provided with a Legal Due Diligence Report from the lender and confirm that we have read this together with the Executive Summary. The property is held freehold. The legal report notes that the property enjoys a good and marketable title. There are a number of charges remaining over the property as outlined within the Executive Summary. These have been noted with Deutsche Bank and as agreed we have not taken account of these areas in our valuation. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
The residential element of the property is currently 100% occupied under 35 separate residential letting. The property is currently generating a gross income of approximately €373,680 per annum for its residential element, as at the valuation date. This is based on a range of €700pcm to €850pcm. The commercial element of the property is currently 85.71% occupied under 6 separate letting agreements. These areas are currently generating a gross contracted income of approximately €105,830 per annum.
TENANCY SCHEDULE Area Lease Rent Lease Unit Tenant Start Rent psqft sq ft Term pa Date Unit 1 (Retail) 1,680 Capones 15/12/2009 20 years €28,000.00 €16.67 Unit 2 850 Vacant
Skelp Polski (breaks Unit 4a (Retail) 850 01/06/2012 15 years €12,000.00 €14.12 at years 2 & 5) Unit 4b (Retail) 850 Kingston Medical 06/08/2009 25 years €20,487.00 €24.10 Unit 5 (Retail) 1,400 Dariusz Jalowiecka 05/07/2013 20 years €14,763.00 €10.55 Unit 6a (Retail) 1,820 Time Machine Limited 01/11/2013 10 years €16,380.00 €9.00 Honest to Goodness Unit 6b (Retail) 1,185 18/08/2014 10 years €14,200.00 €12.14 (break at year 3) Total 8,635 €105,830.00 €10.08
KINGSTON HALL, SALTHILL, CO GALWAY 196
COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area: 39 Drisin, Ballymoneen Road, Knocknacarra, Galway, Co. Galway. Ground floor one bedroom apartment with designated parking. There is a ground floor terrace. The apartment is 580 sq ft sold for €90,000 in April 2014 which equates to €155.17 per sq ft. Drisin is an attractive development although on the western fringes of Galway City in a semi-rural location. Kingston Hall is more central with more amenities within walking distance. Source O Donnellan & Joyce 9 An Logan, Western Distributor Road, Knocknarra, Co. Galway 2 bedroom ground floor maisonette apartment with outdoor terrace and ample parking. The apartment which is approximately 678 sq ft was sold for €105,000 or €154.87 per sq ft at the end of April 2014. The agent was Mullery Auctioneers. The subject property is a superior development in an arguably more sought after development. 83 Altan, Western Distributor Road, Knocknacarra, Galway City. 2 bedroom ground floor apartment approximately 807 sq ft. The apartment is in good condition and comes with the benefit of a designated parking space. It was sold at the beginning of July 2014 for €104,000 or €128.87 psf. The subject development is superior in an arguably better location. Source O’ Donnellan Joyce Auctioneers.
Residential Lettings
We have shown below a recent letting transaction of a unit in the surrounding area: Mount Eaton House, Taylors Hill, Co. Galway 1 bedroom fully furnished apartment 753 sq ft available to rent guiding €1,000 per calendar month. Very impressive building close to subject property in a luxury scheme, Source Michael Baine concierge Fort Lorenzo House, fort Lorenzo Taylors Hill Co. Galway – 2 bedroom first floor apartment with parking. Quoting €910 pcm or €10,920 per annum. Good interest in the property and agent expects to agree a letting within weeks. Source All Properties Galway Kingston Hall, Taylor's Hill, Co. Galway Two bed apartment situated on the third floor - €950 monthly
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Retail Lettings
We have shown below a recent letting transaction of a commercial unit in the surrounding area: 4 Ros Ard, Cappagh Road, Knocknacarra, Co. Galway 37sq m (400 sq ft) A compact ground floor retail unit divided into 2 rooms in addition to toilet facilities that will allow for a wide variety of retail uses. The unit provides good profile with frontage to the entrance of this busy residential location. Neighbouring units include doctors surgery, dental surgery, Cappagh Chinese takeaway and Cappagh stores. Currently available at €9,000 pa (€242.20 per sq. m (€22.50 per sq. ft) per year. The unit is situated approx. 2.5km from the subject property
KINGSTON HALL, SALTHILL, CO GALWAY 198
VALUATION CONSIDERATIONS
Income Analysis
The residential element of the subject property is currently 100% occupied, the two bedroom apartments are let for between €725 pcm to €950 pcm providing a current annualised income of €373,680. In our opinion this is the best guide for the estimated rent and similar to the rental levels being achieved in nearby schemes. On analysing the subject units on a full occupancy basis we would be of the opinion that the market rent (100% occupancy) equates to approximately €396,300 per annum (based on €950pcm for two beds and €725pcm for the one bed). Generally market rental levels are increasing due to prospective buyers being driven back into the rental market with the difficulties in security finance. The commercial element of the subject property is partially let producing a contracted annual income of €91,630 per annum.
Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Mr. Barry Comer. This schedule is provided at Appendix A. We have stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing these service charges to €45,934. To this service charge cost of €45,934 we have added the following elements as market standard: Letting Fees @ 4% of rent (50% turnover pa) €7,962 Management Fees @ 15% of service charge €6,890 *PRTB @ €45 (50% turnover pa) €1,575 Property Tax @ €112 per unit €3,920 **Capex @ €350 per unit €8,750 The summation of these outgoings equates to €75,031 or €2,144 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into cost schedule provided. Contents of the building surveying report do not impact upon Capex requirement.
KINGSTON HALL, SALTHILL, CO GALWAY 199
Valuation Methodology
Market Value (Investment) Residential In arriving at our opinion of market value of the apartments, we have had regard to their location, specification, condition and the current tenancies in place, in addition to the comparable evidence as outlined within our report. We have used the investment method of valuation and have relied upon rental income figures and management costs which were provided by the borrower. While the apartments are fully let at present, we have valued them on the basis of 95% occupancy which equates to €376,485 per annum. We have chosen an occupancy level of 95% as there will be vacancies and refurbishment programs. We have then removed costs of €75,031 to arrive at our net income of €301,454 which we have capitalised the net income at a yield of 6.50%. In considering the choice of yield, we have had regard to the residential bulk sales evidence outlined within our report. This yield was applied to the net income (after deducting outgoings) generated from the scheme. Having deducted appropriate costs, we arrived at a market value of €4,473,837 which we have rounded to €4,475,000. This equates to €127,824 per unit.
Commercial When placing a value on the commercial element of Kingston Hall we placed a Market Rent of €97,780 on the property.
COMMERCIAL Unit Number Description Market Rent psf Rental Value pa Unit 1 Retail (Capones) €10.00 €16,800
Unit 2 Office (Vacant) €14.00 €11,900
Unit 4 a Retail (Skelp Polski) €14.00 €11,900
Unit 4 b Retail (Kingston Medical) €14.00 €11,900
Unit 5 Retail ( Dariusz Jalowiecka) €10.50 €14,700
Unit 6 a Time Machine Limited €9.00 €16,380
Unit 6 b Honest To Goodness €12.00 €14,200
Total €97,780
KINGSTON HALL, SALTHILL, CO GALWAY 200
Capones and Kingston Medical are currently over rented. We have placed a yield of 9% on the passing rent and 12% on the froth which relates to the over rented units. For unit 2 which is currently vacant we have allowed a 12 month void period and assumed a lease period of 4 years and nine months. Market Rents varied between €9-€14 psf. This equates to a gross value of €1,202,000 for the commercial units which is equivalent to €139.20 psf. The net initial yield is 7.22%, the equivalent yield is 9.30% and the reversionary yield is 7.79%.
Market Rent Residential In arriving at our opinion of Market Rent of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report. We relied on the actual evidence of lettings within the subject scheme because of the volume of lettings and the reasonably consistent rents that were achieved however we averaged the rents in our opinion of market rent for all the two bedroom units irrespective of size of units and kept the rent of the one bedroom apartment the same. We also took into account the comparable property mentioned in previous section of the report.
KINGSTON HALL, SALTHILL, CO GALWAY 201
APARTMENTS Unit Number Description Size Sq Market Rent Market Rent Ft Per Month Per Annum 7 2 Bedroom 742 € 950 €11,400 8 2 Bedroom 807 € 950 €11,400 9 2 Bedroom 764 € 950 €11,400 10 2 Bedroom 850 € 950 €11,400 11 2 Bedroom 731 € 950 €11,400 12 2 Bedroom 807 € 950 €11,400 13 2 Bedroom 807 € 950 €11,400 14 2 Bedroom 807 € 950 €11,400 15 2 Bedroom 807 € 950 €11,400 16 2 Bedroom 807 € 950 €11,400 17 2 Bedroom 807 € 950 €11,400 18 2 Bedroom 807 € 950 €11,400 19 2 Bedroom 742 € 950 €11,400 20 2 Bedroom 710 € 950 €11,400 21 2 Bedroom 742 € 950 €11,400 22 2 Bedroom 807 € 950 €11,400 23 2 Bedroom 764 € 950 €11,400 24 2 Bedroom 850 € 950 €11,400 25 2 Bedroom 731 € 950 €11,400 26 2 Bedroom 807 € 950 €11,400 27 2 Bedroom 968 € 950 €11,400 28 2 Bedroom 807 € 950 €11,400 29 2 Bedroom 807 € 950 €11,400 30 2 Bedroom 807 € 950 €11,400 31 2 Bedroom 807 € 950 €11,400 32 2 Bedroom 807 € 950 €11,400 33 2 Bedroom 742 € 950 €11,400 34 2 Bedroom 710 € 950 €11,400 35 1 Bedroom 764 € 725 €8,700 36 2 Bedroom 839 € 950 €11,400 37 2 Bedroom 818 € 950 €11,400 38 2 Bedroom 764 € 950 €11,400 39 2 Bedroom 753 € 950 €11,400 40 2 Bedroom 753 € 950 €11,400 41 2 Bedroom 764 € 950 €11,400 Total 27,607 €396,300
KINGSTON HALL, SALTHILL, CO GALWAY 202
Commercial The overall Market Rent of the commercial units equates to €97,780 pa, please refer to schedule below:
COMMERCIAL Unit Number Description Market Rent psf Rental Value pa Unit 1 Retail (Capones) €10.00 €16,800
Unit 2 Office (Vacant) €14.00 €11,900
Unit 4 a Retail (Skelp Polski) €14.00 €11,900
Unit 4 b Retail (Kingston Medical) €14.00 €11,900
Unit 5 Retail ( Dariusz Jalowiecka) €10.50 €14,700
Unit 6 a Time Machine Limited €9.00 €16,380
Unit 6 b Honest To Goodness €12.00 €14,200
Total €97,780
Vacant Possession Value Residential In arriving at our opinion of the vacant possession value of the apartments, we have had regard to the fact that they are fully furnished and with parking. We have also had regard to similar types of apartments which have recently sold in the area. A full breakdown of the individual values are outlined in the table below;
KINGSTON HALL, SALTHILL, CO GALWAY 203
UNIT UNIT FLOOR AREA SQ INCLUSIVE OF MARKET VALUE NO UNIT TYPE DESCRIPTION FLOOR FT FLOOR AREA SQ M MARKET VALUE € CAR SPACE PER SQ FT € 7 Apartment 2 Bedroom 1st 742 68.94 €130,000 €168.46 Floor 8 Apartment 2 Bedroom 1st 807 74.98 €130,000 €161.09 Floor 9 Apartment 2 Bedroom 1st 764 70.98 €130,000 €163.61 Floor 10 Apartment 2 Bedroom 1st 850 78.97 €140,000 €158.82 Floor 11 Apartment 2 Bedroom 1st 731 67.91 €130,000 €171.00 Floor 12 Apartment 2 Bedroom 1st 807 74.98 €130,000 €161.09 Floor 13 Apartment 2 Bedroom 1st 807 74.98 €130,000 €161.09 Floor 14 Apartment 2 Bedroom 1st 807 74.98 130,000 161.09 Floor € € 15 Apartment 2 Bedroom 1st 807 74.98 €130,000 €161.09 Floor 16 Apartment 2 Bedroom 1st 807 74.98 €130,000 €161.09 Floor 17 Apartment 2 Bedroom 1st 807 74.98 €130,000 €161.09 Floor 18 Apartment 2 Bedroom 1st 807 74.98 €130,000 €161.09 Floor 19 Apartment 2 Bedroom 1st 742 68.94 130,000 175.20 Floor € € 20 Apartment 2 Bedroom 1st 710 65.96 €130,000 €183.10 Floor 21 Apartment 2 Bedroom 2nd 742 68.94 €130,000 €175.20 Floor 22 Apartment 2 Bedroom 2nd 807 74.98 €135,000 €167.29 Floor 23 Apartment 2 Bedroom 2nd 764 70.98 €135,000 €176.70 Floor 24 Apartment 2 Bedroom 2nd 850 78.97 €135,000 €152.94 Floor 25 Apartment 2 Bedroom 2nd 731 67.91 €135,000 €177.84 Floor 26 Apartment 2 Bedroom 2nd 807 74.98 €135,000 €167.29 Floor 27 Apartment 2 Bedroom 2nd 968 89.93 €150,000 €154.96 Floor 28 Apartment 2 Bedroom 2nd 807 74.98 €135,000 €167.29 Floor 29 Apartment 2 Bedroom 2nd 807 74.98 €135,000 €167.29 Floor 30 Apartment 2 Bedroom 2nd 807 74.98 €135,000 €167.29 Floor 31 Apartment 2 Bedroom 2nd 807 74.98 €135,000 €167.29 Floor 32 Apartment 2 Bedroom 2nd 807 74.98 €135,000 €167.29 Floor 33 Apartment 2 Bedroom 2nd 742 68.94 130,000 175.20 Floor € €
KINGSTON HALL, SALTHILL, CO GALWAY 204
34 Apartment 2 Bedroom 2nd 710 65.96 €130,000 €183.10 Floor 35 Apartment 1 Bedroom 3rd 764 70.98 €130,000 €170.16 Floor 36 Apartment 2 Bedroom 3rd 839 77.95 €145,000 €172.82 Floor 37 Apartment 2 Bedroom 3rd 818 76.00 €145,000 €171.15 Floor 38 Apartment 2 Bedroom 3rd 764 70.98 €140,000 €176.70 Floor 39 Apartment 2 Bedroom 3rd 753 69.96 €140,000 €179.28 Floor 40 Apartment 2 Bedroom 3rd 753 69.96 €140,000 €179.28 Floor 41 Apartment 2 Bedroom 3rd 764 70.98 €140,000 €176.70 Floor Total €4,700,000
Commercial In order to obtain the vacant possession value we used the investment method of valuation to value the commercial element of the subject property. We assumed all units are let on a 5 year leases with a 12 month void period. We applied an estimated rental value of €97,780 per annum and a yield of 10%. We also deducted holding costs on all vacant units. This equates to a gross value of €888,563 and a net value of €850,599 after costs, say €850,600 or (€103.08 psf). This equates to an aggregate vacant possession value of €5,550,600.
KINGSTON HALL, SALTHILL, CO GALWAY 205
OPINION OF VALUE
Market Value
We are of the opinion that the Market Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as the date of this report is: Residential: €4,475,000 inclusive of VAT (Four Million, Four Hundred & Seventy Five Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 6.50%
Commercial: €1,202,000 exclusive of VAT (One Million Two Hundred & Two Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 7.22% Equivalent Yield 9.30% Reversionary Yield 7.79% Total: €5,677,000 mixed VAT (Five Million Six Hundred & Seventy Seven Thousand Euro)
KINGSTON HALL, SALTHILL, CO GALWAY 206
Market Rental Value (ERV)
We are of the opinion that the Market Rent for the subject property, as the date of this report is: Residential: €396,300 per annum (Three Hundred & Ninety Six Thousand Three Hundred Euro) Commercial: €97,780 per annum (Ninety Eight Thousand Three Hundred Euro) Total: €494,080 per annum (Four Hundred & Ninety Four Thousand and Eighty Euro)
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the property on the special assumption that the property has full vacant possession as at the date of this report is: Residential: €4,700,000 inclusive of VAT (Four Million Seven Hundred Thousand Euro) Commercial: €850,600 exclusive of VAT (Eight Hundred & Fifty Thousand Six Hundred Euro) Total: €5,550,600 mixed VAT (Five Million Five Hundred & Fifty Thousand Six Hundred Euro)
KINGSTON HALL, SALTHILL, CO GALWAY 207
A SERVICE CHARGE SCHEDULE
KINGSTON HALL, SALTHILL, CO GALWAY 208
SERVICE CHARGE SCHEDULE
KINGSTON HALL, KNOCKNACARRA, C0-GALWAY 35 APARTMENTS Fully let / 6 RETAIL 5 let /1 Office 0 let
MANAGEMENT & MAINTENANCE COSTS 2014
Expected Annual Gross Rental Income Residential At 95% Occupancy: €354,600 Expected Annual Net Rental Income Commercial At Current Occupancy VAT (23%) : €75,706 Expected Annual Gross Rental Income Residential At 95% Occupancy & Net Commercial At Current Occupancy VAT (23%) : €430,306 Net Rental Income for Hostel (23% VAT) No Management Cost: €135,000
BLOCK MANAGEMENT 2014 € Block Insurance 8,449 Waste Disposal 6,100 External Landscape and carpark maintenance 2,500 AOV Maintenance 800 Water Pump Maintenance 600 Water Tank Test & Clean 1,796 Window Cleaning 600 ESB common areas 6,400 CCTV Maintenance 600 Cleaning common areas 3,405 Emergency Light Maintenance 300 Fire alarm maintenance & repairs 600 Lift Maintenance Contract 1,124 Lift Line 148 Block Health & Safety Statement 200 General electrical & lighting repair & Maint Bulbs etc 800 Roof & Gutter Maintainence 1,500 Internal & External Drainage maintenance 1,000 General communal area repairs & maintenance carpentry 1,000 Gates/Ext door maintenance/ door entry 1,300 Decoration/touch ups 1,600 Audit fees 1,400 Miscellaneous (0.5% gross annual rent) 2,152
TOTAL 44,373
INTERNAL APARTMENT MAINTENANCE 2014
Plumbing callouts & repairs 2,500 Electrican call outs & repairs 550 Comer call out & repairs 2,000 Appliance Repairs & Replacements 1,600 Furniture Repairs & Repalcements 1,800 Decoration, painting etc. 1,500
TOTAL 9,950
Re- Letting, Apt Clean, PRTB Fees 2014
Re- letting fees, 4% of annual rent + Vat@ 23% avg rent €800 Approx 17 no 8,030 Cleaning of apartment for new tenant, €80 per apt 1,360 Re-decoration /painting 1,400 Misc Replacements, Bulbs, Lamps etc 150 PRTB Fees, €90 per new let 1,530 Vacant / Void Period Allowance (2% gross annual rent) 5,319 This Figure is an over estimate Bad Debt (tenants leaving w ithout notice, unpaid rent) 1% gross annual rent 3,546 This Figure is an over estimate
TOTAL 21,335
Government Charges
Property Tax 35 apts x €90 3,150
TOTAL 3,150
Incoming management fee, Commercial Units
OVERALL MAINT./MNGT.COST OF KINGSTON HALL 2013 78,808 18.31%
KINGSTON HALL, SALTHILL, CO GALWAY 209
B VALUATION PRINTOUT
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VALUATION PRINTOUT
KINGSTON HALL, SALTHILL, CO GALWAY 211
Commercial Element
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Vacant Possession - Commercial Element
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REPORT 7
MILNERS SQUARE, SANTRY, DUBLIN 9
229
PROPERTY DETAILS
Location
The Milners Square development is located on Shanowen Road in Santry approximately 7.3 km north of Dublin’s City Centre. The City Centre is accessible within 15 minutes via The Port Tunnel. The M50 Ringroad is approximately 3.3 km north and Dublin Airport is approximately 5.1 km of Milner’s Square. The surrounding area consists of a mix of commercial, retail, industrial and residential uses. Key land-use activities in the immediate vicinity include Dublin City University which provide approximately 65 courses. Ikea is a major employer in the area which has staff of approximately 500 people.
Description
Milners Square is understood to have been constructed between 2007 & 2010 and is arranged over two blocks, Block E and Block F. Block E contains 73 residential units, all of which form part of this valuation. Block F houses a similar number of units although only 12 form part of this valuation. Each block is arranged over basement and four upper floors and contains 5 cores, each with 8 person lifts accessing all floors including the basement areas. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013. East of Blocks E and F there is an inactive construction site where the construction of Blocks A, B, C and D has begun. This area is boarded restricting access to the development site. The ramp leading to the car park at basement level of Blocks E and F will, upon completion, be shared between all blocks. At present, the basement level beneath Blocks A, B, C and D is boarded and inaccessible. Mr Barry Comer has confirmed that they own the freehold of the site although this area does not form part of the valuation.
MILNERS SQUARE, SANTRY, DUBLIN 9 230
Accommodation
We carried out check measurements of a number of the residential units at the time of our previous valuation, we then cross checked these and can confirm that we are satisfied with the floor areas provided to us by the borrower. These check measurements were undertaken in accordance with the SCS/IAVI Code of Measuring Practice. In summary, the gross internal floor areas are as follows:
BLOCK E Description Total 1 Bed Apartment (average 57 m²/ 613.5 ft²) 3 2 Bed Apartment (average 81.53 m²/ 877.6 ft²) 57 3 Bed Apartment (average 100 m²/ 1,076.4 ft²) 7 2 Bed Duplex (average 97 m² /1,047 ft²) 6 TOTAL 73
A full schedule of accommodation for Block E is attached at Appendix A.
BLOCK F Apt No Unit Description Floor Floor Area Floor Area Sq Ft Sq M Block F 5 2 Bedroom 2nd Floor 806.00 74.88 7 2 Bedroom 3rd Floor 818.00 75.99 12 2 Bedroom 2nd Floor 870.00 80.83 15 2 Bedroom 3rd Floor 875.00 81.29 16 2 Bedroom 3rd Floor 788.00 73.21 20 1 Bedroom Grd Floor 528.00 49.05 21 2 Bedroom Duplex Grd Floor 1,145.00 106.37 24 3 Bedroom 2nd Floor 1,051.00 97.64 41 1 Bedroom 3rd Floor 561.00 52.12 45 2 Bedroom Duplex Grd Floor 998.00 92.72 48 2 Bedroom 1st Floor 800.00 74.32 57 2 Bedroom Grd Floor 998.00 92.72
Total 10,238 951
MILNERS SQUARE, SANTRY, DUBLIN 9 231
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated 29 August 2013. The report concludes that the site represents an overall moderate environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard.
MILNERS SQUARE, SANTRY, DUBLIN 9 232
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of the previous valuation and can confirm that we have read this together with the Executive Summary. The property is held part freehold/part long leasehold. The legal report notes that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
Block E is currently 92% occupied under standard residential letting agreements of 12 months. The property is generating a gross income of approximately €951,240 per annum (at 92% occupancy) as at the valuation date. The 12 Units at Block F which are the subject of this valuation are currently fully occupied generating approximately €165,000 per annum.
MILNERS SQUARE, SANTRY, DUBLIN 9 233
COMPARABLE EVIDENCE Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area: 38 Temple Lawns, Santry, Dublin 9. This two bed property extends to 753 sq. ft. In June 2014 the apartment for sold €169,500 equating to €255 per sq ft. Source: Guardian Properties 117 Parklands, Northwood, Santry, Dublin 9. This two bed property extends to 699 sq ft and was sold for €165.500 in July 2014. This equates to €237 per sq. ft. Source: Flynn & Associates 60 Parklands, Northwood, Santry, Dublin 9. This one bed property extends to 525 sq ft and was sold for €135,000 in Aug 2014. This equates to €257 per sq. ft. Source: Hunters Residential Lettings
We have listed below a number of recent letting transactions of units within the subject block and also similar apartment units in the surrounding area: Carrington, Northwood, Santry, Dublin 9. Two bedroom apartment with a secure parking space. Currently on the market to let at €1,250 per month. The Square, Larchill, Santry, Dublin 9. Two bedroom apartment with a secure parking space. Currently on the market to let at €1,200 per month. Parklands, Santry, Dublin 9. Two bedroom apartment with a secure parking space. Currently on the market to let at €1,250 per month.
MILNERS SQUARE, SANTRY, DUBLIN 9 234
VALUATION CONSIDERATIONS
Income Analysis
Block E is currently 92% occupied. The one bed apartments are rented for between €975- €1,100 PCM, the two bedroom apartments and duplexes are let for between €1,100 to €1,300 PCM and the three bedroom units are let for between €1,250 to €1,350 PCM, providing a current income of €951,240 per annum. In our opinion this is the best guide for the estimated rent and similar to the rental levels being achieved in nearby schemes. On analysing the subject units on a full occupancy basis (100%) we would be of the opinion that the ERV equates to approximately €1,072,200 per annum. Block F units are let at similar levels and currently these 12 units are 100% occupied and are generating an income of €165,000 per annum. Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of Block E for 2014 by Barry Comer. This schedule is provided at Appendix B. We are of the opinion that the day to day running costs for the development are reasonable and we are prepared to rely on these costs. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €116,620. To this cost of €116,620 we have added the following elements: Letting Fees @ 4% of rent (50% turnover pa) €20,372 Management Fees @ 15% of service charge €17,493 *PRTB @ €90 (50% turnover pa) €3,285 Property Tax @ €247 per unit €16,352 **Capex @ €250 per unit €18,250 The summation of these outgoings equates to €192,372 or €2,635 per unit for Block E only. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into cost schedule provided. Contents of the building surveying report do not impact upon Capex requirement.
MILNERS SQUARE, SANTRY, DUBLIN 9 235
Valuation Methodology
Market Value (Investment) We have used the investment method of valuation in valuing Block E. We were supplied with rental income figures and management costs which we have relied upon. We have also considered recent bulk residential sales, individual apartment sales and recent lettings. On analysing Block E on a full occupancy basis we would be of the opinion that the ERV equates to approximately €1,072,200 per annum. In total the rental income on a 95% occupancy basis equates to €1,018,590 per annum exclusive. We have chosen an occupancy level of 95% as there will be vacancies and refurbishment programs. We have then removed total outgoings to come to a net income of €826,218 per annum. We capitalised this net income at a net initial yield of 5.4% having taken the above comparables into account. This was applied to the net income (after deducting outgoings) generated from the scheme. Our valuation printout setting out our methodology is outlined in Appendix C. In regard to Block F we are of the view that these 12 units should be treated separately and therefore we have outlined below our opinion of these units on a vacant possession basis.
Vacant Possession Value (Aggregate of unit sales) We have used the comparison method of valuation in our assessment of the vacant possession value (aggregate market value) for the subject units at both Blocks E and Block F. In considering our valuation we have had regard to the comparables section showing properties recently sold and properties currently on the market, taking into account their location, age, size and accommodation. Block E We would therefore apply the following values per unit. The properties are fully furnished and our values take this into account along with 1 car space per unit which is included in our pricing.
MILNERS SQUARE, SANTRY, DUBLIN 9 236
APARTMENTS – BLOCK E Unit Number Description Size Sq ft Market Value MV per Sq ft
1 2 Bedroom 1,007 €170,000 168.82 2 2 Bedroom 1,002 €170,000 169.66 3 2 Bedroom 769 €160,000 208.06 4 2 Bedroom 883 €165,000 186.86 5 2 Bedroom 912 €170,000 186.40 6 2 Bedroom 936 €170,000 181.62 7 1 Bedroom 560 €135,000 241.07 8 2 Bedroom 926 €170,000 183.59 9 2 Bedroom 999 €170,000 170.17
10 2 Bedroom 1,004 €170,000 169.32 11 2 Bedroom 765 €160,000 209.15 12 2 Bedroom 872 €165,000 189.22 13 2 Bedroom 836 €165,000 197.37 14 2 Bedroom 923 €170,000 184.18 15 2 Bedroom 769 €165,000 214.56 16 2 Bedroom 877 €170,000 193.84 17 2 Bedroom 837 €170,000 203.11 18 2 Bedroom 923 €170,000 184.18 19 2 Bedroom 823 €165,000 200.49
20 2 Bedroom 872 €165,000 189.22 21 2 Bedroom 836 €165,000 197.37 22 2 Bedroom 923 €170,000 184.18 23 3 Bedroom 1,162 €210,000 180.72 24 2 Bedroom 837 €170,000 203.11 25 2 Bedroom 923 €170,000 184.18 26 3 Bedroom 1,040 €210,000 201.92 27 3 Bedroom 1,052 €210,000 199.62 28 3 Bedroom 1,088 €210,000 193.01 29 2 Bedroom 877 €165,000 188.14 30 2 Bedroom 789 €160,000 202.79
31 2 Bedroom 877 €165,000 188.14 32 2 Bedroom 877 €170,000 193.84 33 2 Bedroom 789 €165,000 209.13
34 2 Bedroom 877 €170,000 193.84 35 2 Bedroom 877 €170,000 193.84 36 2 Bedroom 789 €165,000 209.13
MILNERS SQUARE, SANTRY, DUBLIN 9 237
37 2 Bedroom 877 €170,000 193.84 38 2 Bedroom 877 €170,000 193.84 39 2 Bedroom 789 €165,000 209.13 40 2 Bedroom 877 €170,000 193.84 41 3 Bedroom 972 €205,000 210.91 42 3 Bedroom 1,120 €210,000 187.50 43 2 Bedroom 877 €165,000 188.14 44 2 Bedroom 789 €160,000 202.79 45 2 Bedroom 877 €165,000 188.14 46 2 Bedroom 877 €170,000 193.84 47 2 Bedroom 789 €165,000 209.13
48 2 Bedroom 877 €170,000 193.84 49 2 Bedroom 877 €170,000 193.84 50 2 Bedroom 789 €165,000 209.13 51 2 Bedroom 877 €170,000 193.84 52 2 Bedroom 877 €170,000 193.84 53 2 Bedroom 789 €165,000 209.13 54 2 Bedroom 877 €170,000 193.84 55 3 Bedroom 1,120 €210,000 187.50 56 2 Bedroom 972 €170,000 174.90 57 1 Bedroom 594 €130,000 218.86
58 2 Bedroom 854 €165,000 193.21 59 2 Bedroom 975 €170,000 174.36 60 2 Bedroom 972 €175,000 180.04 61 2 Bedroom 756 €165,000 218.25 62 2 Bedroom 980 €175,000 178.57 63 2 Bedroom 852 €170,000 199.53 64 2 Bedroom 975 €175,000 179.49 65 2 Bedroom 972 €175,000 180.04 66 2 Bedroom 756 €165,000 218.25 67 2 Bedroom 980 €175,000 178.57 68 2 Bedroom 855 €170,000 198.83
69 2 Bedroom 975 €175,000 179.49 70 2 Bedroom 972 €175,000 180.04 71 2 Bedroom 756 €165,000 218.25 72 1 Bedroom 829 €170,000 205.07 73 2 Bedroom 983 €170,000 172.94 Total Aggregate Market Value €12,500,000
MILNERS SQUARE, SANTRY, DUBLIN 9 238
Block F The properties are fully furnished and our values take this into account along with 1 car space per unit which is included in our pricing. We would therefore apply the following values per unit.
APARTMENTS – BLOCK F Unit Number Description Size Sq ft Market Value MV per Sq ft
5 2 Bedroom 806 €170,000 210.9 7 2 Bedroom 818 €170,000 207.8 12 2 Bedroom 870 €170,000 195.4 15 2 Bedroom 875 €170,000 194.3
16 2 Bedroom 788 €170,000 215.7 20 1 Bedroom 528 €130,000 246.2 21 2 Bedroom 1,145 €195,000 170.3 24 3 Bedroom 1,051 €200,000 190.3 41 1 Bedroom 561 €130,000 231.7 45 2 Bedroom 998 €170,000 170.3 48 2 Bedroom 800 €165,000 206.3 57 2 Bedroom 998 €170,000 170.3 Total Aggregate Market Value €2,010,000
MILNERS SQUARE, SANTRY, DUBLIN 9 239
Market Rents
Residential In arriving at our opinion of Market Rent of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report. We have applied Estimated Rental Values of €1,000 per month for the 1 bedroom apartments, between €1,200 and €1,300 per month for the 2 bedroom apartments and €1,350 for the three bed units giving a combined total of €1,072,200 per annum for the 73 apartments. A full breakdown of the ERV’s for each apartment is outlined in the table below; APARTMENTS Unit Number Description Size Sq Ft ERV Per Month ERV Per Annum 1 2 Bedroom 1,007 1,300 15,600 2 2 Bedroom 1,002 1,300 15,600 3 2 Bedroom 769 1,200 14,400 4 2 Bedroom 883 1,200 14,400 5 2 Bedroom 912 1,250 15,000 6 2 Bedroom 936 1,250 15,000 7 1 Bedroom 560 1,000 12,000 8 2 Bedroom 926 1,250 15,000 9 2 Bedroom 999 1,300 15,600 10 2 Bedroom 1,004 1,300 15,600 11 2 Bedroom 765 1,200 14,400 12 2 Bedroom 872 1,200 14,400 13 2 Bedroom 836 1,200 14,400 14 2 Bedroom 923 1,250 15,000 15 2 Bedroom 769 1,200 14,400 16 2 Bedroom 877 1,200 14,400 17 2 Bedroom 837 1,200 14,400 18 2 Bedroom 923 1,250 15,000 19 2 Bedroom 823 1,200 14,400 20 2 Bedroom 872 1,200 14,400 21 2 Bedroom 836 1,200 14,400 22 2 Bedroom 923 1,250 15,000 23 3 Bedroom 1,162 1,300 15,600 24 2 Bedroom 837 1,200 14,400 25 2 Bedroom 923 1,250 15,000 26 3 Bedroom 1,040 1,350 16,200
MILNERS SQUARE, SANTRY, DUBLIN 9 240
27 3 Bedroom 1,052 1,350 16,200 28 3 Bedroom 1,088 1,350 16,200 29 2 Bedroom 877 1,200 14,400 30 2 Bedroom 789 1,200 14,400 31 2 Bedroom 877 1,200 14,400 32 2 Bedroom 877 1,200 14,400 33 2 Bedroom 789 1,200 14,400 34 2 Bedroom 877 1,200 14,400 35 2 Bedroom 877 1,200 14,400 36 2 Bedroom 789 1,200 14,400 37 2 Bedroom 877 1,200 14,400 38 2 Bedroom 877 1,200 14,400 39 2 Bedroom 789 1,200 14,400 40 2 Bedroom 877 1,200 14,400 41 3 Bedroom 972 1,350 16,200 42 3 Bedroom 1,120 1,350 16,200 43 2 Bedroom 877.00 1,200 14,400 44 2 Bedroom 789.00 1,200 14,400 45 2 Bedroom 877.00 1,200 14,400 46 2 Bedroom 877.00 1,200 14,400 47 2 Bedroom 789.00 1,200 14,400 48 2 Bedroom 877.00 1,200 14,400 49 2 Bedroom 877.00 1,200 14,400 50 2 Bedroom 789.00 1,200 14,400 51 2 Bedroom 877.00 1,200 14,400 52 2 Bedroom 877.00 1,200 14,400 53 2 Bedroom 789.00 1,200 14,400 54 2 Bedroom 877.00 1,200 14,400 55 3 Bedroom 1,120.00 1,350 16,200 56 2 Bedroom 972.00 1,250 15,000 57 1 Bedroom 594.00 1,000 12,000 58 2 Bedroom 854.00 1,200 14,400 59 2 Bedroom 975.00 1,250 15,000 60 2 Bedroom 972.00 1,250 15,000 61 2 Bedroom 756.00 1,200 14,400 62 2 Bedroom 980.00 1,250 15,000 63 2 Bedroom 852.00 1,200 14,400 64 2 Bedroom 975.00 1,250 15,000
MILNERS SQUARE, SANTRY, DUBLIN 9 241
65 2 Bedroom 972.00 1,250 15,000 66 2 Bedroom 756.00 1,200 14,400 67 2 Bedroom 980.00 1,250 15,000 68 2 Bedroom 855.00 1,200 14,400 69 2 Bedroom 975.00 1,250 15,000 70 2 Bedroom 972.00 1,250 15,000 71 2 Bedroom 756.00 1,200 14,400 72 1 Bedroom 829.00 1,100 13,200 73 2 Bedroom 983.00 1,250 15,000 Total €1,072,200
Apartments Block F Unit Number Description Size Sq Ft ERV Per Month ERV Per Annum 5 2 Bedroom 806 1,200 14,400 7 2 Bedroom 818 1,200 14,400 12 2 Bedroom 870 1,200 14,400 15 2 Bedroom 875 1,200 14,400 16 2 Bedroom 788 1,200 14,400 20 1 Bedroom 528 1,000 12,000 21 2 Bedroom 1,145 1,300 15,600 24 3 Bedroom 1,051 1,300 15,600 41 1 Bedroom 561 1,000 12,000 45 2 Bedroom 998 1,250 15,000 48 2 Bedroom 800 1,200 14,400 57 2 Bedroom 998 1,250 15,000 Total €171,600
MILNERS SQUARE, SANTRY, DUBLIN 9 242
OPINION OF VALUE
Market Value - Investment
We are of the opinion that the Market Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as the date of this report is: Block E €14,735,000 inclusive of VAT (Fourteen Million Seven Hundred and Thirty Five Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 5.40% Gross Initial Yield 6.66% Block F (Sold as Individual Unit Investments) €2,100,000 inclusive of VAT (Two Million One Hundred Thousand Euro)
Market Rent
We are of the opinion that the Market Rent, as the date of this report is: Block E €1,072,200 per annum (One Million and Seventy Two Thousand Two Hundred Euro) Block F €171,000 per annum (One Hundred and Seventy One Thousand Euro)
MILNERS SQUARE, SANTRY, DUBLIN 9 243
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the property on the special assumption that the property has full vacant possession as at the date of this report is: Block E €12,500,000 inclusive of VAT (Twelve Million Five Hundred Thousand Euro)
Block F (Sold as Individual Units)
€2,100,000 inclusive of VAT (Two Million One Hundred Thousand Euro)
MILNERS SQUARE, SANTRY, DUBLIN 9 244
A SERVICE CHARGE SCHEDULE
MILNERS SQUARE, SANTRY, DUBLIN 9 245
SERVICE CHARGE SCHEDULE
MILNERS SQUARE, SANTRY, DUBLIN 9 246
F VALUATION PRINTOUT
MILNERS SQUARE, SANTRY, DUBLIN 9 247
VALUATION PRINTOUT
REPORT 8
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 249
PROPERTY DETAILS
Location
The property is located on the northern side of Chancery Lane in Dublin 8. The surrounding area comprises a mix of residential and commercial uses with the Olde Dock apartment development situated to the north, the Chancery Court mixed use development to the west and The Chancery commercial development to the south. The property is located approximately 750 metres north-west of Grafton Street, the main shopping street in Dublin, and approximately 1.3 km south-west of Henry Street. The area benefits from good private and public transport links with the N81 situated approximately 250 metres to the west and the nearest Red Line Luas stop located approximately 850 metres to the north-west at the Four Courts.
Description
The property comprises a 6 storey over basement mixed use modern development of steel frame construction under a flat roof. The property provides a total of 11 car spaces at basement level, 2 retail units at ground floor level and 17 apartments at first to fifth floor level. The retail units front onto Chancery Lane and are situated on either side of the main entrance to the front of the development. The apartments are situated on the first to fifth floors of the development and are accessed via the main entrance on Chancery Lane. There are 17 apartments in total; six one bedroom apartments and eleven two bedroom apartments. A total of 11 car parking spaces are provided at basement level. Vehicular access to the car park is provided along Bride Street to the north-west of the development. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013.
Accommodation
We were provided with measurements by the borrower for both the residential apartments and the commercial units. Check measurements were taken at the time of our previous valuation in three of the apartments (no’s 7, 12 and 15) and one of the retail units (unit 2) to ensure that we were satisfied to professionally rely on the floor areas provided. These check measurements were undertaken in accordance with the SCSI Measuring Practice Guidance Notes.
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 250
In summary, the gross internal floor areas of the apartments are as follows: APARTMENTS Unit Number Description Sq M Sq Ft 1 – First Floor 2 Bedroom 66.70 717.95 2 – First Floor 2 Bedroom 67.30 724.41 3 – First Floor 2 Bedroom 75.00 807.29 4 – Second Floor 2 Bedroom 66.70 717.95 5 – Second Floor 1 Bedroom 46.80 503.75 6 – Second Floor 1 Bedroom 47.60 512.36 7 – Second Floor 1 Bedroom 46.30 498.37 8 – Third Floor 2 Bedroom 66.70 717.95 9 – Third Floor 2 Bedroom 67.30 724.41 10 – Third Floor 2 Bedroom 75.00 807.29 11 – Fourth Floor 2 Bedroom 66.70 717.95 12 – Fourth Floor 1 Bedroom 46.80 503.75 13 – Fourth Floor 1 Bedroom 47.60 512.36 14 – Fourth Floor 1 Bedroom 46.30 498.37 15 – Fifth Floor 2 Bedroom 66.70 717.95 16 – Fifth Floor 2 Bedroom 67.30 724.41 17 – Fifth Floor 2 Bedroom 75.00 807.29 Total 1,041.80 11,214 In summary, the net internal floor areas of the retail units are as follows: COMMERCIAL Unit Number Description Sq M Sq Ft 1 – Ground Floor Retail 110 1,184 2 – Ground Floor Retail 125 1,345 Total 235 2,529
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 251
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated 29 August 2013. The report concludes that the site represents an overall low environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All commercial rents and capital values stated in this report are exclusive of VAT.
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 252
LEGAL CONSIDERATIONS
Tenure
We were provided with Legal Due Diligence Reports from the lender at the time of our previous valuation and confirm that we have read these together with the Executive Summary. The property is held freehold. The Property comprised in Folios 52335F, 176688F and 186549F County Dublin. The legal report notes that the property enjoys a good and marketable title. We understood that financial contributions were outstanding of €110,000 at the time of our previous valuation. We have been advised by Barry Comer that these contributions have now been paid in full and we have therefore not taken account of these in our valuation.
Tenancies
Residential The residential element of the property is currently 90% occupied under 15 separate residential letting agreements and is generating a gross income of approximately €267,360 per annum (at 90% occupancy), as at the valuation date. Commercial Unit 1 is currently vacant while Unit 2 is currently let. We understand that Unit 2 is let to Paul McDermott on a 1 year lease (with an option to extend) at a rent of €10,000 per annum which equates to €7.44 per sq ft (€80 per sq m). Barry Comer has confirmed that this tenant is still in occupation for a further 1 year.
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 253
COMPARABLE EVIDENCE Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area: Apartment 5 La Rochelle, Christchurch, Dublin 8: This property comprises a 2 bedroom, second floor apartment extending to 753 sq ft. The property sold in Q3 2014 for €195,000 which equates to €259 per sq ft. Agent: Kelly Bradshaw Dalton Apartment 69 La Rochelle, Christchurch, Dublin 8: This property comprises a 1 bedroom apartment also situated within the La Rochelle development extending to 441 sq ft. The property sold in Q2 2014 for €130,000 which equates to €295 per sq ft. Agent: Colman Grimes
Residential Lettings
We have listed below details of an apartment which recently let in the surrounding area: Christchurch View, Christchurch, Dublin 8: This 1 bedroom apartment is currently on the market to let at €1,250 per month. Christchurch, Dublin 8: This 2 bedroom apartment is currently on the market to let at €1,800 per month.
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 254
VALUATION CONSIDERATIONS Income Analysis
The residential element of the subject property is currently 90% occupied. The one bedroom apartments are let for between €1,200 and €1,300 per month while the two bedroom apartments are let for between €1,250 and €1,800 per month giving a total of €267,360. Having regard to the comparable evidence as outlined within our report, in addition to the rents which are currently being paid for the apartments, we have arrived at an Estimated Rental Value of €1,250 per month for the 1 bedroom apartments and €1,750 per month for the 2 bedroom apartments, giving a combined total of €321,000 per annum for the 17 apartments. A full list of rents is shown in the table on page 37 of this report. The commercial element of the subject property is 50% occupied. Unit 2 was let on a 1 year lease from August 2013 at a rent of €10,000 per annum, which equates to €7.44 per sq ft. Having regard to this letting and the comparable evidence as outlined within our report, we have applied an ERV of €7.44 per sq ft to Unit 1 also which equates to approximately €8,810 per annum. This gives a combined ERV of €18,810 per annum for the two units. The total Estimated Rental Value of the entire property therefore equates to €339,810 per annum, on the basis of 100% occupancy.
Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Barry Comer. This schedule is provided at Appendix A. We have stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing these service charges to €30,600 for the residential element. To this service charge cost of €30,600 we have added the following elements as market standard, using a turnover of 40% due to the properties performance and location: Service Charge €30,600 Letting Fees @ 4% of rent (40% turnover pa) €4,879 Management Fees @ 15% of service charge €4,590 *PRTB @ €90 (40% turnover pa) €612 Property Tax @ €224 per unit €3,808 **Capex @ €200 per unit €3,400 The summation of these outgoings equates to €47,889 or €2,817 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into service charge. Contents of the building surveying report do not impact upon Capex requirement.
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 255
Valuation Methodology
Market Value Residential In arriving at our opinion of market value of the apartments, we have had regard to their location, specification, condition and the current tenancies in place, in addition to the comparable evidence as outlined within our report. We have used the investment method of valuation and have relied upon rental income figures and management costs which were provided by the borrower. We have valued them on the basis of 95% occupancy which equates to €304,950 per annum. We have chosen an occupancy level of 95% as there will be vacancies and refurbishment programs. We have capitalised this income at a yield of 5.4%. This yield was applied to the net income (after deducting outgoings of €47,889) generated from the scheme. After deducting appropriate costs, we arrived at a market value of €4,591,871, which we have rounded to €4,590,000.
Commercial In arriving at our opinion of value for the two retail units, we have used the investment method of valuation. For Unit 1, we have applied an Estimated Rental Value of €8,810 per annum which we have capitalised at a yield of 9% into perpetuity having first allowed for a 2 year letting void and a 12 month rent free period. We have deducted service charge costs for the 2 year void period where the property will remain vacant while it is being marketed. For Unit 2, we have capitalised the current rent of €10,000 per annum, which is in line with our opinion of ERV, at a yield of 8.5% up until the end of the lease in 1 years’ time. The lower yield applied reflects the fact that this unit has a tenancy in place and is not vacant. We have then allowed for an 18 month re-letting and rent free void on the expiry of the lease. Having deducted appropriate costs of 4.46%, we have arrived at a combined value of €170,100 for the two units, which we have rounded to €170,000. This equates to a capital value of €67 per sq ft. This gives a total market value of €4,760,000 for the entire property. Valuation printouts of the above are provided in Appendix B.
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 256
Market Rents Residential In arriving at our opinion of Estimated Rental Value of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report. We have applied Estimated Rental Values of €1,250 per month for the 1 bedroom apartments and €1,750 per month for the 2 bedroom apartments, giving a combined total of €321,000 per annum for the 17 apartments. A full breakdown of the ERV’s for each apartment is outlined in the table below; APARTMENTS Unit Number Description Size Sq Ft ERV Per Month ERV Per Annum 1 – First Floor 2 Bedroom plus 1 car space 717.95 €1,750 €21,000 2 – First Floor 2 Bedroom plus 1 car space 724.41 €1,750 €21,000 3 – First Floor 2 Bedroom plus 1 car space 807.29 €1,750 €21,000 4 – Second Floor 2 Bedroom plus 1 car space 717.95 €1,750 €21,000 5 – Second Floor 1 Bedroom 503.75 €1,250 €15,000 6 – Second Floor 1 Bedroom 512.36 €1,250 €15,000 7 – Second Floor 1 Bedroom 498.37 €1,250 €15,000 8 – Third Floor 2 Bedroom plus 1 car space 717.95 €1,750 €21,000 9 – Third Floor 2 Bedroom plus 1 car space 724.41 €1,750 €21,000 10 – Third Floor 2 Bedroom plus 1 car space 807.29 €1,750 €21,000 11 – Fourth Floor 2 Bedroom plus 1 car space 717.95 €1,750 €21,000 12 – Fourth Floor 1 Bedroom 503.75 €1,250 €15,000 13 – Fourth Floor 1 Bedroom 512.36 €1,250 €15,000 14 – Fourth Floor 1 Bedroom 498.37 €1,250 €15,000 15 – Fifth Floor 2 Bedroom plus 1 car space 717.95 €1,750 €21,000 16 – Fifth Floor 2 Bedroom plus 1 car space 724.41 €1,750 €21,000 17 – Fifth Floor 2 Bedroom plus 1 car space 807.29 €1,750 €21,000 Total 11,214 €321,000 Commercial Having particular regard to the letting of Unit 2 which is the best available comparable evidence, we have applied an ERV of €7.74 per sq ft to both of the retail units which equates to €8,810 per annum for Unit 1 and €10,000 per annum for Unit 2. This gives a combined ERV of €18,810 per annum. This gives a combined ERV of €339,880 per annum for the entire property.
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 257
Vacant Possession Value (Aggregate) Residential In arriving at our opinion of the vacant possession value of the apartments, we have had regard to the fact that they are fully furnished and that the two bedroom apartments include one car parking space each. We have also had regard to similar types of apartments which have recently sold in the area. Following this, we arrived at a total vacant possession value of €3,015,000. A full breakdown of the individual values are outlined in the table below; APARTMENTS Unit Number Description Size Sq Ft Market Value MV per Sq Ft 1 – First Floor 2 Bedroom plus 1 car space 717.95 €175,000 €243.75 2 – First Floor 2 Bedroom plus 1 car space 724.41 €175,000 €241.58 3 – First Floor 2 Bedroom plus 1 car space 807.29 €190,000 €235.35 4 – Second Floor 2 Bedroom plus 1 car space 717.95 €180,000 €250.71 5 – Second Floor 1 Bedroom 503.75 €155,000 €307.69 6 – Second Floor 1 Bedroom 512.36 €155,000 €302.52 7 – Second Floor 1 Bedroom 498.37 €155,000 €311.01 8 – Third Floor 2 Bedroom plus 1 car space 717.95 €185,000 €257.68 9 – Third Floor 2 Bedroom plus 1 car space 724.41 €185,000 €255.38 10 – Third Floor 2 Bedroom plus 1 car space 807.29 €195,000 €241.55 11 – Fourth Floor 2 Bedroom plus 1 car space 717.95 €190,000 €264.64 12 – Fourth Floor 1 Bedroom 503.75 €160,000 €317.62 13 – Fourth Floor 1 Bedroom 512.36 €160,000 €312.28 14 – Fourth Floor 1 Bedroom 498.37 €160,000 €321.05 15 – Fifth Floor 2 Bedroom plus 1 car space 717.95 €195,000 €271.61 16 – Fifth Floor 2 Bedroom plus 1 car space 724.41 €195,000 €269.18 17 – Fifth Floor 2 Bedroom plus 1 car space 807.29 €205,000 €253.94 Total 11,214 €3,015,000 Commercial In arriving at our opinion of vacant possession value for the two retail units, we have used the investment method of valuation. For both units we have applied an Estimated Rental Value of €7.74 per sq ft, which we have capitalised at a yield of 9% into perpetuity having first allowed for a 2 year letting void and a 12 month rent free period. We have deducted service charge costs for the 2 year period where the units will remain vacant while they are being marketed. Having deducted appropriate costs of 4.46%, we have arrived at a market value of €127,731 which we have rounded to €148,000. This equates to a capital value of €58.84 per sq ft. This gives a combined vacant possession value of €3,163,000 for the entire property. A valuation printout of the commercial element is provided in Appendix B.
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 258
OPINION OF VALUE
Market Values
We are of the opinion that the Market Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as an investment on a single sale basis, as at the date of this report is:
Residential: €4,590,000 inclusive of VAT (Four Million Five Hundred and Ninety Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 5.4% Gross Initial Yield 6.4% Commercial: €170,000 exclusive of VAT (One Hundred & Seventy Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 5.51% Equivalent Yield 8.72% Reversionary Yield 10.41% Total: €4,760,000 mixed VAT (Four Million Seven Hundred and Sixty Thousand Euro)
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 259
Market Rents
We are of the opinion that the Market Rent of the subject property, as at the date of this report is: Residential: €321,000 per annum (Three Hundred and Twenty One Thousand Euro)
Commercial:
€18,810 per annum (Eighteen Thousand Eight Hundred & Ten Euro)
Total: €339,880 per annum (Three Hundred & Thirty Nine Eight Hundred and Eighty Euro)
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the property on the special assumption that the property has the benefit of vacant possession on an individual sale basis as at the date of this report is:
Residential: €3,015,000 inclusive of VAT (Three Million and Fifteen Thousand Euro)
Commercial: €148,000 exclusive of VAT (One Hundred & Forty Eight Thousand Euro)
Total: €3,163,000 mixed VAT (Three Million One Hundred and Sixty Three Thousand Euro)
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 260
A SERVICE CHARGE SCHEDULE
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 261
SERVICE CHARGE SCHEDULE
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 262
B VALUATION PRINTOUTS
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 263
MARKET VALUE
Residential Element
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 264
Commercial Element
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 265
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 266
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 267
Vacant Possession - Commercial Element
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 268
WYNDHAM COURT, CHANCERY LANE, DUBLIN 8 269
IVY 1
REPORT 9
IVY LEAF, RATHDRUM, CO WICKLOW
IVY LEAF, RATHDRUM, CO WICKLOW 271
PROPERTY DETAILS
Location
The subject property is located on the outskirts of Rathdrum village overlooking the Avonmore River and approximately 500 meters north of the main street of Rathdrum town. Rathdrum is a rural town with a population of 6,826 according to the 2011 Census and is located approximately 16.7 km south-west of Wicklow Town and approximately 60 km south of Dublin City. Rathdrum town centre comprises a number of mainly local retail occupiers. The area surrounding the development is mixed in nature, with Hidden Valley Holiday Park situated directly to the north.
Description
The subject property was constructed in circa 2009 and comprises a mixed use development comprising a total of 29 residential units, 5 ground floor retails units and a double basement level car park. The development is laid out over two blocks, Block A and Block B, which are situated around a central open air courtyard at first floor level. Block A is two storey in nature and is situated to the front of the development, overlooking Avonmore River and Lower Street. This block comprises a total of 5 retail units at ground floor level and 10 two bedroom apartments at first and second floor levels. Block B is three storey in nature and is situated to the rear of the development. This block comprises a total of 19 apartments (8 one bedroom apartments and 11 two bedroom apartments). 35 car parking spaces are provided in a double basement level car park which is accessed via the side street adjacent to the Avonmore River. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013.
Accommodation
We were provided with measurements by the borrower for both the residential apartments and the commercial units. Check measurements were taken at the time of our previous valuation in a number of the apartments and retail units to ensure that we were satisfied to professionally rely on the floor areas provided. These check measurements were undertaken in accordance with the SCSI Measuring Practice Guidance Notes.
IVY LEAF, RATHDRUM, CO WICKLOW 272
In summary, the gross internal floor areas of the residential apartments are as follows: APARTMENTS Unit Number Description Sq M Sq Ft Block A 1 – 1st Floor 2 Bedroom 77.31 832.16 3 - 1st Floor 2 Bedroom 77.35 832.59 5 - 1st Floor 2 Bedroom 77.35 832.59 7 - 1st Floor 2 Bedroom 77.30 832.05 9 - 1st Floor 2 Bedroom 77.35 832.59 2 – 2nd Floor 2 Bedroom 76.38 822.15 4 – 2nd Floor 2 Bedroom 76.41 822.47 6 – 2nd Floor 2 Bedroom 79.02 850.56 8 – 2nd Floor 2 Bedroom 76.38 822.15 10 - 2nd Floor 2 Bedroom 76.35 821.82 Block B 11 – 1st Floor 2 Bedroom 78.57 845.72 12 - 1st Floor 2 Bedroom 76.43 822.68 13 - 1st Floor 2 Bedroom 76.08 818.92 14 – 1st Floor 2 Bedroom 75.97 817.73 15 – 1st Floor 1 Bedroom 63.68 685.45 16 – 1st Floor 2 Bedroom 81.44 876.61 17 - 1st Floor 1 Bedroom 56.79 611.28 18 – 1st Floor 1 Bedroom 56.77 611.07 19 – 2nd Floor 2 Bedroom 82.59 888.99 20 - 2nd Floor 2 Bedroom 80.44 865.85 21 – 2nd Floor 2 Bedroom 80.44 865.85 22 – 2nd Floor 2 Bedroom 80.09 862.08 23 – 2nd Floor 1 Bedroom 63.68 685.45 24 – 2nd Floor 2 Bedroom 81.44 876.61 25 – 2nd Floor 1 Bedroom 56.98 613.33 26- 2nd Floor 1 Bedroom 57.02 613.67 27- 3rd Floor 2 Bedroom 82.27 885.55 28- 3rd Floor 1 Bedroom 44.64 480.50 29- 3rd Floor 1 Bedroom 44.67 480.82 Total 29 units 2,091.19 22,510 In summary, the net internal floor areas of the retail units are as follows; COMMERCIAL Unit Number Description Sq M Sq Ft 1 Retail – Vacant 54.81 590 2 Retail – Vacant 150.30 1,618 3 Retail – Vacant 71.99 775 4 Retail – Vacant 194.53 2,094 5 Retail – Vacant 102.84 1,107 Total 574.47 6,184
IVY LEAF, RATHDRUM, CO WICKLOW 273
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated September 2013. The report concludes that the site represents an overall low to moderate environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All commercial rents and capital values stated in this report are exclusive of VAT.
IVY LEAF, RATHDRUM, CO WICKLOW 274
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our previous valuation and confirm that we have read this together with the Executive Summary. The property is held long leasehold. The legal report notes that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
The residential element of the property is currently 100% occupied under residential letting agreements of varying lengths, while the commercial element is completely vacant. The property is currently generating a total gross income of approximately €237,900 per annum as at the valuation date. We have not been supplied with copies of the residential leases and have assumed that they are typical one year residential lettings.
IVY LEAF, RATHDRUM, CO WICKLOW 275
COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of residential units in the surrounding area. 28 The Woods, Rathdrum, Co. Wicklow. This property is a four bed detached house located in a new development just a few minutes’ walk from Rathdrum village. The property extends to approximately 1,320 sq ft. The property sold for €215,000 in Q3 2014, equating to €163 per sq ft. Agents: O’Neill & Flanagan. Penny Lane, Parnell Park, Rathdrum, Co. Wicklow. This property comprises a detached one bedroom home situated just off the Main Street at Rathdrum. The property extends to 904 sq ft and sold in Q2 2014 for €125,000 which equates to €138 per sq ft. Agents: Forkin Estates. Residential Lettings
We have listed below a number of recent letting transactions of units within the subject block: 18 Ivy Leaf: One bed apartment in the Ivy Leaf which was let at the end of May 2014 on a 12 month lease at a rent of €625 per month. 19 Ivy Leaf: Two bed apartment in the Ivy Leaf which was let at the end of May 2014 on a 12 month lease at a rent of €750 per month. Retail Lettings
We are unaware of any recent retail lettings within the town of Rathdrum but we are aware of a retail premises, the former Gala convenience store at Rathdrum, which has recently been brought to the market to let. The property extends to 1,700 sq ft and the agents Fenelon Properties are guiding a rent of €21,600 per annum which equates to €12.70 per sq ft. We must note however that the property is a fully fitted out convenience store ready for occupation and as such you would expect the rent achievable on this unit to be at a higher level given the equipment provided including Fridge Wall, Hot Deli Counter and Cold room to the rear.
IVY LEAF, RATHDRUM, CO WICKLOW 276
VALUATION CONSIDERATIONS Income Analysis
The residential element of the subject property was 100% occupied as at the valuation date. The one bed apartments are let for between €600 and €625 per month while the two bedroom apartments are let for between €650 and €750 per month. The total income is currently €237,900, removing income from Apartment 5. Having regard to the most recent lettings within the development we have arrived at an Estimated Rental Value of €625 per month for the 1 bedroom apartments and €750 per month for the 2 bedroom apartments, giving a combined total of €249,000 per annum. The commercial element of the subject property is currently 100% vacant. The units have been vacant for some time and the market is very slow in this location. We have therefore applied nominal ERV’s of €5 per sq ft to each of the retail units which gives a combined ERV of €30,920 per annum for the five units, which we have rounded to €30,900 per annum. The total Estimated Rental Value of the entire property therefore equates to €279,900 per annum, on the basis of 100% occupancy. Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Barry Comer. This schedule is provided at Appendix A. We are of the opinion that the day to day running costs for the development are reasonable and we are prepared to rely on these costs. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €37,620. To this service charge cost of €37,620 we have added the following elements as market standard: Letting Fees @ 4% of rent (50% turnover pa) €4,482 Management Fees (minimum fee) €4,000 *PRTB @ €90 (50% turnover pa) €1,305 Property Tax @ €90 per unit €2,610 **Capex @ €350 per unit €10,150 The summation of these outgoings equates to €60,167 or €2,075 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum). **Element of Capex built into cost schedule provided. Contents of the building surveying report do not impact upon Capex requirement.
IVY LEAF, RATHDRUM, CO WICKLOW 277
Valuation Methodology
Market Value Residential In arriving at our opinion of market value of the apartments, we have had regard to their location, specification, condition and the current tenancies in place, in addition to the comparable evidence as outlined within our report. We have used the investment method of valuation and have relied upon rental income figures and management costs which were provided by the borrower. We have valued the apartments on the basis of 90% occupancy which equates to a gross income of €224,100 per annum. We have capitalised this income at a yield of 7.5%. This yield was applied to the net income (after deducting outgoings) generated from the scheme. Having deducted appropriate costs, we arrived at a market value of €2,113,807, which we have rounded to €2,114,000 which equates to an average price of approximately €72,890 per unit. Commercial In arriving at our opinion of value for the five retail units, we have used the investment method of valuation. For each unit we have applied an Estimated Rental Value of €5 per sq ft, which we have capitalised at a yield of 11.5% into perpetuity having first allowed for a 2 year letting void and a 12 month rent free period. We have deducted service charge costs for the 2 year period where the units will remain vacant while they are being marketed. We have also deducted costs for fit-out contributions to each of the units. Having deducted appropriate purchasers costs of 4.46%, we have arrived at a market value of €111,300 which we have rounded to €110,000. This equates to a capital value of €18 per sq ft. This gives a combined value of €2,224,000 for the entire property. A valuation printout of the above is provided in Appendix B.
IVY LEAF, RATHDRUM, CO WICKLOW 278
Market Rents Residential Having regard to the most recent lettings within the development we have arrived at an Estimated Rental Value of €625 per month for the 1 bedroom apartments and €750 per month for the 2 bedroom apartments, giving a combined total of €249,000 per annum. A full breakdown of the ERV’s for each apartment is outlined in the table below;
APARTMENTS Unit No. Unit Floor Size Sq Ft ERV Per Month ERV Per Description Annum Block A 1 2 Bedroom 1st Floor 832.16 €750 €9,000 3 2 Bedroom 1st Floor 832.59 €750 €9,000 5 2 Bedroom 1st Floor 832.59 €750 €9,000 7 2 Bedroom 1st Floor 832.05 €750 €9,000 9 2 Bedroom 1st Floor 832.59 €750 €9,000 2 2 Bedroom 2nd Floor 822.15 €750 €9,000 4 2 Bedroom 2nd Floor 822.47 €750 €9,000 6 2 Bedroom 2nd Floor 850.56 €750 €9,000 8 2 Bedroom 2nd Floor 822.15 €750 €9,000 10 2 Bedroom 2nd Floor 821.82 €750 €9,000
11 2 Bedroom 1st Floor 845.72 €750 €9,000 12 2 Bedroom 1st Floor 822.68 €750 €9,000 13 2 Bedroom 1st Floor 818.92 €750 €9,000 14 2 Bedroom 1st Floor 817.73 €750 €9,000 15 1 Bedroom 1st Floor 685.45 €625 €7,500 16 2 Bedroom 1st Floor 876.61 €750 €9,000 17 1 Bedroom 1st Floor 611.28 €625 €7,500 18 1 Bedroom 1st Floor 611.07 €625 €7,500 Block B 19 2 Bedroom 2nd Floor 888.99 €750 €9,000 20 2 Bedroom 2nd Floor 865.85 €750 €9,000 21 2 Bedroom 2nd Floor 865.85 €750 €9,000 22 2 Bedroom 2nd Floor 862.08 €750 €9,000 23 1 Bedroom 2nd Floor 685.45 €625 €7,500 24 2 Bedroom 2nd Floor 876.61 €750 €9,000 25 1 Bedroom 2nd Floor 613.33 €625 €7,500 26 1 Bedroom 2nd Floor 613.76 €625 €7,500
27 2 Bedroom 3rd Floor 885.55 €750 €9,000 28 1 Bedroom 3rd Floor 480.50 €625 €7,500 29 1 Bedroom 3rd Floor 480.82 €625 €7,500 Total €249,000
IVY LEAF, RATHDRUM, CO WICKLOW 279
Commercial In arriving at our opinion of Estimated Rental Value of the retail units, we have had regard to their location, specification and condition, in addition to the comparable evidence as outlined within this report. The commercial element of the subject property is currently 100% vacant. The units have been vacant for some time and the market is very slow in this location. We have therefore applied nominal ERV’s of €5 per sq ft to each of the retail units which gives a combined ERV of €30,920 per annum for the five units, which we have rounded to €30,000 per annum. The total Estimated Rental Value of the entire property therefore equates to €279,000 per annum, on the basis of 100% occupancy.
Vacant Possession Value (Aggregate) Residential In arriving at our opinion of the vacant possession value of the apartments, we have used the comparable method of valuation having regard to the fact that they are fully furnished and that each apartment includes one car parking space. We have also had regard to similar types of apartments which have recently sold in the area. Following this, we arrived at a total vacant possession value of €1,860,000 for the 29 apartments.
IVY LEAF, RATHDRUM, CO WICKLOW 280
A full breakdown of the individual values are outlined in the table below;
APARTMENTS Unit No. Unit Floor Size Sq Ft Market Value MV per Sq Ft Description Block A 1 2 Bedroom 1st Floor 832.16 €65,000 €78.11 3 2 Bedroom 1st Floor 832.59 €65,000 €78.07 5 2 Bedroom 1st Floor 832.59 €65,000 €78.07 7 2 Bedroom 1st Floor 832.05 €65,000 €78.12 9 2 Bedroom 1st Floor 832.59 €65,000 €78.07 2 2 Bedroom 2nd Floor 822.15 €65,000 €79.06 4 2 Bedroom 2nd Floor 822.47 €65,000 €79.03 6 2 Bedroom 2nd Floor 850.56 €70,000 €82.30 8 2 Bedroom 2nd Floor 822.15 €65,000 €79.06 10 2 Bedroom 2nd Floor 821.82 €65,000 €79.09
11 2 Bedroom 1st Floor 845.72 €65,000 €76.86 12 2 Bedroom 1st Floor 822.68 €65,000 €79.01 13 2 Bedroom 1st Floor 818.92 €65,000 €79.37 14 2 Bedroom 1st Floor 817.73 €65,000 €79.49 15 1 Bedroom 1st Floor 685.45 €60,000 €87.53 16 2 Bedroom 1st Floor 876.61 €70,000 €79.85 17 1 Bedroom 1st Floor 611.28 €55,000 €89.97 18 1 Bedroom 1st Floor 611.07 €55,000 €90.01 Block B 19 2 Bedroom 2nd Floor 888.99 €70,000 €78.74 20 2 Bedroom 2nd Floor 865.85 €70,000 €80.85 21 2 Bedroom 2nd Floor 865.85 €70,000 €80.85 22 2 Bedroom 2nd Floor 862.08 €70,000 €81.20 23 1 Bedroom 2nd Floor 685.45 €60,000 €87.53 24 2 Bedroom 2nd Floor 876.61 €70,000 €79.85 25 1 Bedroom 2nd Floor 613.33 €55,000 €89.67 26 1 Bedroom 2nd Floor 613.76 €55,000 €89.61
27 2 Bedroom 3rd Floor 885.55 €75,000 €84.69 28 1 Bedroom 3rd Floor 480.50 €55,000 €114.46 29 1 Bedroom 3rd Floor 480.82 €55,000 €114.39 Total €1,860,000 Commercial As the commercial element of the property is still 100% vacant our investment value and vacant possession value for this portion of the property are equal at €110,000. This gives a combined vacant possession value of €1,905,000 for the entire property. A valuation printout of the above is provided in Appendix B.
IVY LEAF, RATHDRUM, CO WICKLOW 281
OPINION OF VALUE
Market Values
We are of the opinion that the Market Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as at the date of this report is:
Residential: €2,114,000 inclusive of VAT (Two Million One Hundred and Fourteen Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 7.5% Gross Initial Yield 10.25% Commercial: €110,000 exclusive of VAT (One Hundred and Ten Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 0.00% Equivalent Yield 11.5% Reversionary Yield 15.94%
Total: €2,224,000 mixed VAT (Two Million Two Hundred and Twenty Four Thousand Euro)
IVY LEAF, RATHDRUM, CO WICKLOW 282
Market Rents
We are of the opinion that the Market Rent of the subject property, as at the date of this report is:
Residential: €249,000 per annum (Two Hundred & Forty Nine Thousand Euro)
Commercial:
€30,900 per annum (Thirty Thousand Nine Hundred Euro)
Total: €279,900 per annum (Two Hundred & Seventy Nine Thousand Nine Hundred Euro)
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the property on the special assumption that the property has the benefit of vacant possession as at the date of this report is:
Residential: €1,860,000 inclusive of VAT (One Million Eight Hundred and Sixty Thousand Euro)
Commercial: €110,000 exclusive of VAT (One Hundred and Ten Thousand Euro)
Total: €1,970,000 mixed VAT (One Million Nine Hundred and Seventy Thousand Euro)
IVY LEAF, RATHDRUM, CO WICKLOW 283
A SERVICE CHARGE SCHEDULE
IVY LEAF, RATHDRUM, CO WICKLOW 284
SERVICE CHARGE SCHEDULE
B VALUATION PRINTOUTS
IVY LEAF, RATHDRUM, CO WICKLOW 286
MARKET VALUE
Residential Element
IVY LEAF, RATHDRUM, CO WICKLOW 287
Commercial Element
IVY LEAF, RATHDRUM, CO WICKLOW 288
IVY LEAF, RATHDRUM, CO WICKLOW 289
IVY LEAF, RATHDRUM, CO WICKLOW 290
IVY LEAF, RATHDRUM, CO WICKLOW 291
IVY LEAF, RATHDRUM, CO WICKLOW 292
1
REPORT 10
SNOOZLES HOSTEL, FORSTER STREET, GALWAY
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 294
PROPERTY DETAILS
Location
The subject property is located on Forster Street, Galway just off Eyre Square, which is the centre of Galway City. Galway is the principle town in the province of Connaught and is the administrative capital of County Galway. Galway City with a population of 75,414 (Census 2011) is the fourth most populous City in the Republic. The city is situated approximately 208 km west of Dublin, 197 km north of Cork and 322 km south-west of Belfast. Galway is well established as a tourist destination and has a strong leisure market. It benefits from a number of high profile annual events including Galway Race Week, the Arts Festival, two Oyster Festivals and it hosted the Volvo Ocean Race in 2009. The hostel is well served by public transport with Galway train station terminal approximately 250m to the south of the hostel and a number of buses passing the area.
Location for Trading
From a trading perspective, the location can be summarised as: The property is located in the centre of the city and is within walking distance of the city’s main shopping, entertainment, tourist and business districts. Positioned in close proximity to Eyre Square, a focal point to Galway City Centre. Forster Street is within walking distance of all major shopping areas of Galway, including Galway's famous bustling market which trades in nearby Church lane by St Nicholas' Church in the centre of the city. The property has the benefit of being close to the city’s train station while the city’s coach station is located on Forster Street.
Description
The property has been leased by Snoozles Limited since the 8th of September 2008 and has been functioning as a hostel ever since. The property comprises a detached building of concrete frame construction with painted concrete rendered walls and brickwork finishes. The building which was built c.2006/7consists of four floors and is serviced by a lift and stairs. The hostel extends to approximately 947.52 sq m (10,199 sq ft). The ground floor level consists of a kitchen, dining room, common/TV room as well as reception, office, laundry room and toilet. The upper floors consist of 27 bedrooms with a total of 130 bed spaces. All rooms are en suite with some top floor rooms having the benefit of a terrace/balcony. There is limited off street parking with two spaces situated to the rear. Car parking is also available on street; however this is metred. There is a decked patio area to the rear of the property with outdoor seating. The property is on a site area of 0.10 acres.
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 295
This is a desktop valuation as the property was previously inspected on 16 August 2013. We have been advised by the borrower there have been no material changes to the property since our last valuation. ROOM TYPE NUMBER OF ROOMS NUMBER OF BED SPACES Dorm 10 beds 2 20 Dorm 6 beds 9 54 Dorm 4 beds 12 48 Twin 4 8 TOTAL 27 130
Communal areas Common and Large open plan areas with floor to ceiling glass divides in places. Wooden flooring dining room through-out lounge and common area. Dining area is located off the reception area adjoins kitchen and common area, well finished with ample seating available. Common room comes equipped with leather seating, satellite TV, video games, board games, pool table and juke box. Common area gives access to BBQ terrace with additional seating. Kitchen facilities Fully equipped kitchen with two electric hob cookers. Finished to a good standard with lino flooring and pale granite worktops. Laundry 3 Washers and 3 dryers Other facilities Lockers, luggage storage, coffee and vending machines, low cost pay phone, Free secure motorbike and bicycle parking
Services provided Wi-Fi Provided through the hostel free of charge. Linen Included in bed rate Reception 24 hour Security 24 hour, key card access and security staff Air Handling Provided in public areas.
Back of house and plant and machinery Back of house Staff offices are located on the ground floor off the reception area. offices Heating / Hot Gas fired central heating with radiators throughout. Water Fire and Life Emergency lighting, fire alarm, smoke/heat detectors, sprinklers hose-reels, dry-risers, and escape routes. Safety Lifts 1 passenger lift serving all floors CCTV All communal areas Staff No staff accommodation is provided on site accommodation Source: CBRE Inspection, 2013
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 296
State of Repair
CBRE London has undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use. The hostel appears to have addressed its obligations under the local disability legislation.
Environmental
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated 29 August 2013. The report concludes that the site represents an overall low environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All rents and capital values stated in this report are exclusive of VAT.
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 297
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our previous valuation and confirm that we have read this together with the Executive Summary. The property is held leasehold. The legal report notes that the property enjoys a good and marketable title. Please refer to our valuation report dated 30 August 2013 for full details on title.
Tenancies
We have been provided with a copy of the occupational lease dated 9th of September 2008. This lease is for a term of 10 years from 8th of September 2008 with 5 yearly reviews at an agreed rent of €325,000 per annum. We have also been provided with a copy of a deed of variation dated 15th December 2011, providing agreed rent from 1st March 2012 at €135,000 on upward and downward review terms.
TENANT TERMS RENT PER ANNUM Snoozles The property is let on agreed lease terms €135,000 which commenced 8th September 2008.
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 298
The Property Snoozles Hostel, Forster Street, Galway Lease Dated: 9 September 2008 Commencement Date 8 September 2008 Landlord: Michael Burke Tenant: Snoozles Limited Guarantor: None Demised Premises: Snoozles Hostel, Forster Street, Galway Lease Term: Ten years Initial Rent: €325,000 plus VAT
Rent Reviews: Every Five years Expiry Date: 8 September 2018 Break Option: None Permitted User: Not to use for any purpose other than that permitted by An Bord Pleanala Planning Reference PL61.216098 or Planning Reference 05/802 ie Hostel. Alienation: Landlords Consent Required Deed of Variation Dated 15 December 2011, to reduce the rent to €135,000 per annum from 1 March 2012.
Operating Licences and Certificates
Our valuation is prepared on the assumption that the hostel complies with all relevant statutory enactments, operational licences and Building Acts and Regulations and that a valid and Fire Risk Assessment has been performed (and recommendations carried out). Your legal advisor should confirm that they are in existence, are valid and are transferable. Not all the licences necessary for the operation of the hostel were available for inspection.
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 299
COMPARABLE EVIDENCE
We have listed below a number of recent transactions and hostel properties on the market as follows: The Railway Hostel, Fair Hill, Killarney, Co. Kerry
Location The subject property is located off the R876 Park Road, directly opposite the Killarney Rail Station and approximately 500 metres from Killarney Town Centre. Description The property comprises a reception room, dining room, resident’s lounge, kitchen, luggage store, laundry room, common toilets and 28 bedrooms (101 beds), 17 of which are en-suite. Size 650 sq m 6,996 sq ft Car Parking Parking for approximately 8 cars Specification 28 bedrooms with accommodation for 101 guests Transaction Date December 2011 Sale Price Sold in the region of €1,169 per sq m €760,000 €108.63 per sq ft €27,143 per bedroom €7,525 per bed space Source HT Meagher O’Reilly Comment The exact sale price was not disclosed and this is a somewhat dated comparable. Snoozles would be considered a superior location and product to this comparable. The market has also strengthened since this property was sold. This property was sold with vacant possession.
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 300
Kinlay House, Eyre Square, Galway
Location The property is located on the corner of Merchants Road and Eyre Square in the centre of Galway City. Description 49 bedroom hostel with capacity for 225 guests Transaction Date August 2011 Sale Price Sold in excess of €2,000,000 Sale Analysis €40,816 per room (2.56 times turnover) €8,888 per bed space (6.59 times EBITDA) Turnover 2010 €780,000 EBITDA 2010 €317,000 (40.60% of turnover) Source CBRE Comment Very well located hostel with almost double the bedspaces. Also a dated comparable and we believe the market has strengthened since this sale. This hostel was also sold with vacant possession i.e. no lease in place
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 301
Fox’s Bar and Galway City Hostel, Eyre Square, Galway.
Location The subject properties are located on the south eastern side of Eyre Square in Galway’s city centre, next to the main exit from Ceannt Rail and Bus station. Eyre Square is Galway’s longest established retail, office and licensed premises location. Other occupiers in the immediate vicinity include Park House Hotel, Forster Court Hotel, Garveys Public House, The Meyrick Hotel, Rabbitte’s Bar, An Pucan, Ceannt Station and the Eyre Square shopping centre. Description Fox’s bar comprises of the ground floor and basement level of a three storey building. The bar occupies a corner site with double frontage to Eyre Square. Internally the property is laid out on the ground floor to provide an open plan bar area incorporating a bar and kitchen area. The property also has a small external smoking area to the side. The basement accommodation is laid out to provide a cold storage facility, toilets and is accessed via an internal stairs from the ground floor. Galway City Hostel comprises of a four storey building and accommodates 13 dormitories which are laid out over three floors providing 76 bed spaces. Transaction Date November 2013 Transaction Price €1.25 million Analysis €16,447 per bedspace- analysis on the overall so distorted Source DTZ
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 302
VALUATION CONSIDERATIONS
Historic Trading Summary
We have been provided with actual historic profit and loss figures for 2011 and 2012 and draft figures the years ending 2013.
We have outlined these figures below.
2011 2012 2013 (Draft) Total Revenue €496,480 €546,678 €600,435 Total Costs €15,725 €23,781 €30,213 Gross Profit €480,755 €522,897 €570,222 Undistributed Costs €184,780 €262,890 €232,253 Gross Operating €295,975 €260,007 €337,969 Profit Net Operating €176,961 €140,993 €220,806 Income* Rent €164,000 €112,500 €135,000 EBITDA €12,962 €28,493 €85,806
* Net Operating Income is stated after a management charge of approximately €86,000.
Projected Trading Summary
We have not been provided with projected trading.
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 303
Valuation Methodology
Estimated Rental Value In considering rental evidence for properties such as hotels, hostels etc. rents are normally calculated as a proportion of the potential profit or EBITDAR (earnings before interest, tax, depreciation, amortisation and rent) that can be generated from the business. We also analyse the rent on a price per room or bed space and crosscheck on a rent per sq m. When calculating the rental value of a hotel or hostel, a potential tenant/operator would normally examine historic trading information to give an indication of how much EBITDAR could be generated and from there apply a “tenant’s bid”. This is normally a percentage of EBITDAR which provides them with a fair return for their efforts in running the business after they have paid the rent. This percentage of profit will depend on various factors such as location, demand from other operators to get into this location, quality of the property, fit-out and growth prospects for the business. The percentage generally ranges from 50% to 70% of stabilised EBITDAR. We have based our rental valuation on draft trading figures for 2013, with an EBITDAR of €220,806 and we have added back €50,000 of the management charge equating to an EBITDAR of €270,000. Given its location in Galway city and quality of product, we have adopted 65.0% of this as rent payable to the landlord. This equates to an ERV in the region of €175,000 pa. This is equivalent to €6,481 per room or €1,346 per bed. The current passing rent is €135,000 and this suggests that the investment is under rented by €40,000 or 29.63%.
Market Value (Investment) We have used the investment method of valuation in considering the market value of the subject property. We have firstly capitalised the current rent of €135,000 at a yield of 8.5% up until the end of the lease in 4 years’ time. We have then applied a re-letting void of 6 months at the end of the lease and finally reverted to the Estimated Rental Value of €175,000 capitalised at 9.0% into perpetuity. Having deducted appropriate costs of 4.46%, we have arrived at a net market value of €1,686,649, which we have rounded to €1,700,000. The initial yield is 7.66%, the equivalent yield is 8.97% and the reversionary yield is 9.93%. The valuation printout of the above is provided at Appendix A.
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 304
Market Value subject with vacant possession (as a going concern) Hostels are generally valued on a multiple of the fair maintainable EBITDA or potential EBITDA that could be generated by a competent operator and this was our approach to the valuation with vacant possession, fully equipped as an operational entity. The hostel has been valued as a fully operational trading entity, inclusive of fixtures, fittings, equipment and goodwill on the special assumption that the lease does not exist. We have adopted a stabilised EBITDA of €270,000. This is based on the €220,000 achieved in 2013 with an addback of €50,000 for some of the management fee included in the profit and loss account. We have applied a multiple of 7 times to arrive at a gross value of €1,890,000. After transaction costs of 4.46% are deducted, we arrive at our value for Snoozles of about €1,809,305, say €1,800,000. This equates to €13,846 per bed space, €66,667 per room and 3.0 times turnover/7 times EBITDA. This shows an uplift of €200,000 (12.5%) over the investment value which represents the goodwill associated with the trading entity. When compared to Kinlay at 2.56 times turnover and 6.59 times EBITDA or €40,816 per room, however this is a dated comparable as it traded in August 2011.
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 305
OPINION OF VALUE
Market Value - Investment
We are of the opinion that the Market Value of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancy, as at the date of this report is: €1,700,000 exclusive of VAT (One Million Seven Hundred Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 7.66% Equivalent Yield 8.97% Reversionary Yield 9.93%
Market Rental Value (ERV)
We are of the opinion that the Market Rental Value of the property, as at the date of this report is: €175,000 per annum (One Hundred and Seventy Five Thousand Euro)
Market Value with Vacant Possession
We are of the opinion that the Market Value of the freehold property, with the special assumption of vacant possession, as a fully equipped and operational entity inclusive of fixtures, fittings, and goodwill but exclusive of stock at valuation, as at the valuation date, is: €1,800,000 exclusive of VAT (One Million Eight Hundred Thousand Euro)
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 306
A VALUATION PRINTOUT
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 307
VALUATION PRINTOUT
SNOOZLES HOSTEL, FORSTER STREET, GALWAY 308
REPORT 11
TALLAGHT CROSS EAST, DUBLIN 24
TALLAGHT CROSS EAST, DUBLIN 24 310
PROPERTY DETAILS
Location
The subject property is located in Tallaght, Dublin 24 which has a population of 71,467 according to the census 2011. Tallaght is 13 km southwest of Dublin city, in the foothills of the Dublin Mountains. It is located southwest of Templeogue, running west towards Saggart, towards Bohernabreena and Glenasmole in the south, Firhouse to the southeast, Knocklyon to the east, and to the southern edges of Clondalkin in the northwest and Walkinstown in the northeast. It lies outside the M50 Dublin motorway, and in effect forms an irregular circle either side of the N81 Dublin-Blessington road. Tallaght Cross East is located in the middle of Tallaght, the scheme is strategically located opposite The Square Shopping Centre, Tallaght which has 120 stores and enjoys an average weekly footfall of approximately 220,000 visitors. Description
The subject property comprises both residential and commercial units and a hotel which has ceased trading. The residential aspect is made up of a mixture of 1, 2 and 3 bedroom units of varying sizes, layouts and aspects. The development is divided into three blocks and a hotel block over basement level car park. Apartments The scheme provides a total of 441 apartments (345 of which are subject to this valuation) which are sub-divided in five individual blocks namely Alexander House, Alexandra Court, Broadfield Hall, Broadfield House and Talbot House. Each building has a combination of 1 and 2 bedroom apartments with Talbot House and Alexander House providing a number of 3 bedroom apartments. Three of the buildings have landscaped courtyards. We have been advised and therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013. Retail The majority of the commercial units are vacant. Marks and Spencer currently have a lease on 5,269 sq. m. of retail space. They were the anchor tenant up until August 2013 when they decided to close the store. There is a tenant break option in 2017. Units D2/D3/D4/D5 have been let to The Beacon Medical Centre on a 10 year lease. Hotel The Glashaus Hotel which is currently vacant but fully fitted, comprises 48 bedrooms, bar / lounge and restaurant facilities.
TALLAGHT CROSS EAST, DUBLIN 24 311
Car Park The car park extends to the entire footprint of the scheme and comprises of 841 car parking spaces over 3 basement levels. South Dublin County Council have 393 spaces at Level -3. SDCC Access to the car park is located on the Belgard Square West Road while stair cores and lifts allow for access to and from the retail units and apartments.
Accommodation
We carried out check measurements of a number of the residential units at the time of our previous valuation; we then cross checked these and can confirm that we are satisfied with the floor areas provided to us by the borrower. These check measurements were undertaken in accordance with the SCSI/IAVI Code of Measuring Practice. A full schedule of accommodation can be found in the schedule of market rents at Appendix B In summary, the gross internal floor areas are as follows:
RESIDENTIAL Alexander House (Block A) Total 1 Bed Apartment (average 48 m²/ 516.66 ft²) 70 2 Bed Apartment (average 75 m²/ 807.29 ft²) 65 3 Bed Apartment (average 106.30 m²/ 1,144.20 ft²) 12 Crèche (537 m²/ 5,780.21 ft²) 1 TOTAL 147
RESIDENTIAL Alexander Court (Block B) Total 1 Bed Apartment (average 47 m²/ 505.90 ft²) 32 2 Bed Apartment (average 75m²/ 807.29 ft²) 58 3 Bed Apartment 0 TOTAL 90
RESIDENTIAL Broadfield Hall (Block D) Total 1 Bed Apartment (average 44 m²/ 472.51 ft²) 27 2 Bed Apartment (average 65 m²/ 699.65 ft²) 46 2 Bed/Study (average 108.7 m²/ 1,170.03 ft²) 1 TOTAL 74
RESIDENTIAL Broadfield House (Block E) Total 1 Bed Apartment (average 44 m²/ 473.61 ft²) 16 2 Bed Apartment (average 65 m²/ 699.65 ft²) 28
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3 Bed Apartment 0 TOTAL 44
RESIDENTIAL Talbot House (Block F) Total 1 Bed Apartment (average 47 m²/ 504.733 ft²) 30 2 Bed Apartment (average 75 m²/ 807.29 ft²) 52 3 Bed Apartment (average 90.1 m²/969.82 ft²) 4 TOTAL 86
RESIDENTIAL Totals within the development Total Total 1 Beds 173 Total 2 Beds 251 Total 3 Beds 17 Crèche 1 Total Residential 441
A section of the commercial units were check measured by Bruce Campbell MRICS MSCSI at the time of our previous valuation and the floor areas have been calculated in accordance with the SCSI/IAVI Code of Measuring Practice. In summary, the net internal floor areas are as follows: COMMERCIAL BLOCK A Unit Number Description Sq M Sq Ft A1 Retail (M&S) 5,254.54 56,560 A2 Retail - Vacant 3,601.00 38,761 A3 Retail - Vacant 542.00 5,8334 A 4 Retail - Vacant 240.00 2,583 Total 9,637.54 103,738
COMMERCIAL BLOCK D Unit Number Description Sq M Sq Ft D1 Retail - Vacant 2,499 26,899 D2 Retail - Vacant 88 947 D3/D4/D53 Retail – Letting agreed with The 680 7,319 Beacon Medical Group D6 Retail - Vacant 179 1,927 D7 Retail - Vacant 282 3,035 Total 3,728 40,127
COMMERCIAL BLOCK E Unit Number Description Sq M Sq Ft E1 Retail - Vacant 1,996.00 21,484.83 E2 Retail - Vacant 289.30 3,114.01
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Hotel Vacant 2,455.00 26,425.37 Total 4,740.30 51,024.11
COMMERCIAL BLOCK F Unit Number Description Sq M Sq Ft F1 Retail – Formally Starbucks 280 3,013.89 F2 Retail - Vacant 56 602.77 F3 (Not part of Valuation) South Dublin County Council 152 1,636.11 F4 Retail - Spar 134 1,442.36 F5 Retail 1,919 20,656 Total 2,541 27,351.06
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated 29 August 2013. The report concludes that the site represents an overall low environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All commercial rents and capital values stated in this report are exclusive of VAT.
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LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our previous valuation and confirm that we have read this together with the Executive Summary. The property is held leasehold, held pursuant to a lease dated 19 July 2008 between (1) South Dublin County Council; and (2) Keenbury Properties for a term of 999 years from 1 January 2008 subject to the payment of an annual rent of €63.49 for the first five years of the term. The legal report also noted that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
The residential element of the property is currently 98% occupied under 345 separate residential letting agreements of varying lengths of either 6 or 12 months. The property is currently generating a gross income of approximately €3,428,771 per annum (at 98% occupancy) for its residential element, as at the valuation date. The commercial element of the property is mostly vacant with Units D2/D3/D4/D5 let to The Beacon Medical Centre on a 10 year lease. Unit A1 is currently let to Marks and Spencer’s who have recently closed their doors. Unit F4 is currently let to Spar who has also closed their doors but the lease is still in place. These tenancies are outline in the table below.
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TENANCY SCHEDULE Unit Area Tenant Lease Lease Lease Rent Rent sq ft Start Date Term expiration or pa psqft break option A1 56,424 Marks and 04/03/2007 20 years Break -03/09/2017 €449,128 €10.44 Spencers & 03/09/2022 F4 1,442.36 Triode 30/06/2008 25 years Expiration €40,000 €27.73 Newhill 29/06/2033 Talbot House, Tallaght Limited t/a Spar Car Park 36979 Euro Car 01/08/2012 3 years Expiration €0 €0 Parks Terminated 31/07/2015 (Ireland) after 1 year Limited subject to 3 month notice D2/D3/ 7,829 sq The 17/09/2013 10 years Expiration Step rent €5.57per sq D4/D5 ft Beacon The tenant is 17/092023 From ft/€8.99 per Medical granted a €54,845 for the first sq ft Group break option in four years years 7,8 and €70,515 From year 9 5 - 10
Tenant Covenant Strength (Commercial)
Detailed financial investigations of the tenant are outside the scope of this report. We believe that the property investment market would view the tenant company Beacon Medical Group as providing strong security. Beacon Medical Group was founded by Cardiothoracic Surgeon Professor J Mark Redmond and Mr. Michael Cullen in 2002 to advance Professor Redmond’s philosophy and vision of healthcare excellence in Ireland. Its first major initiative was the Beacon Medical Campus, located in Beacon Court in Sandyford, Dublin. This comprises Beacon Hospital, Beacon Renal, Beacon Dermatology, Beacon Consultants Clinic and Beacon Consultants Concourse. The Beacon Medical Mall houses specialist centres in eye laser treatment, dentistry and weight-loss as well as The Irish Maternal Fetal Foundation and a pharmacy.
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COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of similar individual apartment units in the surrounding area: Apartment 40 Tuansgate, The Square, Tallaght, Dublin 24 is situated within walking distance to the Square Shopping Centre, Tallaght Hospital, a host of restaurants, night life as well as leisure facilities. The apartment comprises of two bedroom, third floor apartment c. 61 sq.m/657 sq.ft. Accommodation briefly comprises of entrance hallway, closet, open plan kitchen/living room with balcony off. Master bedroom with walk-in wardrobe area & en-suite, double bedroom and main bathroom. Features include car parking, under floor gas fired central heating. The apartment went sale agreed in August 2014 for €147,000 (€223.74 per sq ft). (Souce J.P & M Doyle) Apartment 46 Tuansgate, Tallaght, Dublin 24 is situated within walking distance to the Square Shopping Centre, Tallaght Hospital, a host of restaurants, night life as well as leisure facilities. The property comprises of a third floor one bedroomed apartment of 50.6 sq m/ 545 sq.ft. presented in good condition and with a large balcony. The property went sale agreed 01 September 2014 for €100,000 (€183.48 per sq ft). (Source Property Team O’Mahony Auctioneers) 40 Exchange Hall, Tallaght, Dublin 24 is situated adjacent to the Tallaght Hospital, Tallaght IT, The Square, The Library, The Luas, local convenience stores and a selection of eateries and bars etc., The N81 and M50 provide ease of access to various routes. The property comprises 3 Bedroom (Master En-Suite) with a floor area of 55.85 sq m/ 601.17 sq ft and is located on the 3rd Floor. The property has its own parking space. The property went sale agreed in May 2014 for €155,000 (€258 per sq ft). (Source Thomas J O’Driscoll & Associates) Residential Lettings
We have listed below a number of recent letting transactions of similar apartment units in the surrounding area: Virginia Hall, Belgard Square West, Tallaght, Dublin 24. 1 Bedroom apartment at 1st floor level. The letting was agreed in September 2014 at a rent of €950 per month. Exchange Hall, Tallaght, Dublin 24. 2 Bedroom apartment at 1st floor level. The letting was agreed in August 2014 at a rent of €1,250 per annum. Aengus Hall, Belgard Square West, Tallaght, Dublin 24. 3 Bedroom apartment (1 single, 2 double). The letting was agreed in September 2014 at a rent of €1,300 per month.
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Retail Lettings
We have listed below a number of recent letting transactions of commercial units in the surrounding area as follows: Retail Unit 1, Tuansgate, Tallaght, Dublin 24: The subject property comprises a corner ground floor retail unit which forms part of a modern six storey mixed use building. The development benefits from a unique location beside a number of large commercial developments including The Square Shopping Centre, Tallaght Regional Hospital and the Institute of Technology. The unit which was formerly traded as a convenience store is laid out in a regular format extending to approximately 368 sq m/ 3,961.11 sq ft over ground and basement level. There are high rates on the property of €17,800 as well as a service charge of €6,800 which has deterred interest. The property let in Q 2 2014 for €14,000 per annum (€3.53 per sq ft). The agent who is dealing with this property informed us that there is a substantial difference in rents achieved in units within the Square Shopping Centre and units independent of the Shopping Centre. This information was sourced from CBRE. A Retail unit in Belgard Square, Tallaght, Dublin 24 has been let for €11,000 per annum (€12 per sq ft). The unit has a floor area of 900 sq ft, it has suspended ceilings, recessed lighting, carpet floors and air conditioning. Belgard Square is situated adjacent to The Square Shopping Centre and is within close proximity to the Tallaght Hospital and the subject property. This information was given to use by Guardian Property Asset Management. Unit 122 The Square, Tallaght, Dublin 24: The property occupies a high profile location at one of the entrance points to The Square Town Centre, Tallaght. The Square Town Centre provides approximately 430,000 sq. ft. of retail accommodation comprising 130 stores trading over three levels, in addition to a 13 Screen Cinema and a variety of cafés and restaurants. The scheme is anchored by Tesco, Dunnes Stores and Debenhams Department Store. Unit 122 is situated on Level 1 and enjoys the benefit of strong footfall and external frontage due to its position adjacent to one of the centre’s main entrances. The unit is currently fitted to a standard specification ready for tenants fit out. The unit comprises a regular ground floor plate of approximately 83.81 sq. m (902 sq. ft.) in total. The main concern for potential tenants will be the high outgoing costs associated with the unit; we understand that the annual service charges, including insurance, amounts to approximately €13,504.80 (inclusive of VAT) and the local authority rates are in the order of €16,900. CBRE are currently quoting €45,000 per annum €14.79 per sq ft. There has been limited interest in the property.
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Hotel Lettings
The Travel Lodge have leased a hotel on Mercer Street in Dublin City Centre under a 10 year lease with a 5 year break clause and are paying a rent of €200,000 per annum. The hotel comprise 41 bedrooms with a bar and restaurant area. Mercer Street is located within close proximity to Stephens Green and Grafton Street one of Ireland’s leading shopping streets. This would be a far more superior location to that of the subject property; the size of the hotel would be a good comparison to the subject property. This information was sourced from CBRE. The Maldron Hotel, Arena, Tallaght is located within currently on a 15 year lease from November 2013 with a tenant break option in 2023. The hotel offers 119 guest rooms, including 3 executive suites, 6 wheelchair accessible rooms, Stir Bar & Restaurant 9 state-of-the-art conference & meeting suites, Wedding suite with a capacity for 300 guests 4 conference rooms with natural daylight Complimentary Wi-Fi internet access Complimentary secure underground car parking, Full access to Tallaght Leisure Centre Travel.
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VALUATION CONSIDERATIONS
Income Analysis
The residential element of the subject property is currently 98% occupied. The one bed apartments are rented from €825 – €950 PCM, the two bedroom apartments are let from €900 – €1,200 PCM and the three bedroom units from €1,150 - €1,300 PCM. In our opinion this is the best guide for the estimated rent and similar to the rental levels being achieved in nearby schemes. On analysing the subject units on a full occupancy basis we would be of the opinion that the ERV equates to approximately €4,390,200. The commercial element of the subject property is mostly vacant, Unit D2/D3/D4/D5 has recently been let to The Beacon Medical Group on a 10 year lease. There are also two leases still in place, one being Marks and Spencer’s who closed their doors in August 2013 and the other lease is with Triode Newhill Talbot House Tallaght Limited t/a Spar who closed their doors in December 2011. The commercial element of the development is currently producing an annual income of €554,873 per annum. On analysing the subject units on a full occupancy basis we would be of the opinion that the ERV equates to approximately €1,268,400 The summation of both commercial and residential elements equates to a potential ERV on the basis of 100% occupancy at €5,658,600 per annum. The majority of the commercial space had been vacant since the scheme was constructed. All of the tenants which have entered the centre have subsequently ceased trading, the last of which is Marks and Spencers who would have been perceived as an anchor store and a draw for other tenants. It is therefore anticipated that it will take some time to secure any future tenants and that the landlord will have to offer considerable incentives to attract occupies through contributions to tenant fit-out costs in the current market. Most retailers will choose to be located within the Square Complex which commands greater footfall figures.
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Management Costs Summary (Service Charge)
We have been provided with a costs schedule for the running of the development for 2014 by Barry Comer. This schedule is provided at Appendix A We are of the opinion that the day to day running costs for the development are reasonable and we are prepared to rely on these costs. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €492,164. To this service charge cost of €492,164 we have added the following elements as market standard: Letting Fees @ 4% of rent (50% turnover pa) €87,804 Management Fees (10% of Service Charge) €49,216 *PRTB @ €90 (50% turnover pa) €7,763 Property Tax @ €136 per unit €46,856 Capex @ €375 per unit €129,375
The summation of these outgoings equates to €787,303 or €2,282 per unit. *Private Residential Tenancies Board fee of €90 for each letting. 30 of the individual apartments which have been sold do not contribute to service charge. This payment was waived in return for the owners not taking car spaces in the underground car park.
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Valuation Methodology
In arriving at our opinion of market value of the apartments, we have had regard to their location, specification, condition and the current tenancies in place, in addition to the comparable evidence as outlined within our report. We have used the investment method of valuation and have had regard to rental income figures and management costs which were provided by the borrower. While the apartments are 98% occupied at present, we have valued them on the basis of 85% occupancy which equates to €3,731,670 per annum. We have used 85% occupancy to reflect the volume of apartments in Tallaght in particular Tallaght Cross West which we understand is approximately 400 apartments that are in need of refurbishment and remedial works. Once these properties are released it will have a negative impact on rents that can be achieved and occupancy levels. We have capitalised this income at a yield of 8%. In considering the choice of yield, we have had regard to the residential bulk sales evidence outlined within our report. Multi- Family residential investments have only recently become a recognised investment product in Ireland and most of the transactions to date have taken place in the Greater Dublin area where greater demand would be. The subject property comprising 345 units comprises a particularly large lot size which may eliminate some of the smaller investors. There had been an oversupply of apartments in the Tallaght region during the boom. In particular Tallaght Cross West is currently vacant pending remedial works which when completed will represent further supply onto the market. Therefore we have applied a yield of 8% to the subject property. This yield was applied to the net income (after deducting outgoings) generated from the scheme. Having deducted appropriate costs, we arrived at a market value of €35,434,417 say €35,435,000, which equates to an average price of €102,708 per unit say €102,700 per unit. Commercial Unit 1 is currently let to Marks and Spencer who currently have a lease on 56,424 sq. m. of retail space, they were the anchor tenant up until Q2 2013 when they decided to close the store. They are currently paying a rent of €449,128 per annum. We have applied a Market Rent of €282,100 (€5 per sq ft) per annum. We have applied a yield of 9.5% to the ERV and 13% to the froth element to reflect the fact that Marks and Spencer’s are no longer trading. We have assumed that Marks and Spencers will exercise their break option in 2017 and allowed for a void period of 3 years before capitalising an ERV of €282,100 into perpetuity at 9.5%. For Unit A2, we have applied a Market Rent of €193,804.8 (€5 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months. For Unit A3, we have applied a Market Rent of €29,170 (€5 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months.
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For Unit A4, we have applied a Market Rent of €20,666 (€8 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a 1 year rent free period. For Unit D1, we have applied a Market Rent of €134,495 (€5 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months. For Unit D2/D3/D4/D5 comprising approximately 7,836.11 sq ft has been let to The Beacon Clinic on a 10 year full repairing and insuring lease from September 2013, there was 4 month rent free period. The tenant will be granted a break option at the end of years 7,8 and 9. The tenant has provided 9 months written notice of their intention to exercise any of the break options. The rent will be stepped as follows:
Year Rent per annum Year 1-5 €54,845 Year 6-10 €70,515 Source: CBRE They have also been allocated 20 car parking spaces by way of an annual licence agreement at a rent of €500 per space. We have applied a yield of 9.5% to the core income and 11.5% to the froth element valuing to the first break option. For Unit E1, we have applied a Market Rent of €107,424 (€5 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months. For Unit E2, we have applied a Market Rent of €107,424 (€5 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months. For the Hotel, we have applied a Market Rent of €100,000 per annum (€2,083 per room per annum) which we have capitalised at a yield of 11% into perpetuity having first allowed for a 12 month letting void and a rent free period for 6 months. For Unit F1, we have applied a Market Rent of €15,100 (€5 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months. For Unit F2, we have applied a Market Rent of €4,820 (€8 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months. For Unit F3, we have applied a Market Rent of €8,180 (€5 per sq ft) per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months. For Unit F4, is currently let to Spar at a rent of €50,900 we have applied a Market Rent of €11,500 (€8 per sq ft) per annum which we have capitalised at a yield of 9.5% into perpetuity. We have valued the froth element of the rent at a yield of 13% to the end of the lease.
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For Unit F5, we have applied a Market Rent of €103,300 (€5 per sq ft) per annum which we have capitalised at a yield of 9.5% into perpetuity having first allowed for a 36 months letting void and a rent free period for 18 months. For these units which are in a shell and core finish we have a cost of €25 per square foot as a landlord’s expense in order to bring the units to a lettable condition. Having deducted appropriate costs of 4.46%, we have arrived at a value of €5,166,000 for the commercial units. This equates to a capital value of €36.91 per sq ft. This gives a total market value of €40,600,417 say €40,600,000 for the entire property. Valuation printouts of the above are provided in Appendix H.
Market Rents Residential In arriving at our opinion of Market Rent of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid. We relied on the actual evidence of lettings within the subject scheme because of the volume of lettings and the reasonably consistent rents that were achieved, we changed the market rent depending on size and floor area where this information was provided. Having regard to the above, we have applied combined Market Rent based on full occupancy of €4,390,200 per annum for the 345 apartments. A full breakdown of the individual values is outlined in the table shown in Appendix F Commercial In arriving at our opinion of Market Rent of the commercial units, we have had regard to their location, specification and condition, in addition to the comparable evidence as outlined within this report. Retail Unit 1, Tuansgate, Tallaght, Dublin 24 is a good comparable in terms of its location and it being a part of a mixed use development. The subject property comprises a corner ground floor retail unit which forms part of a modern six storey mixed use building. The development benefits from a unique location beside a number of large commercial developments including The Square Shopping Centre, Tallaght Regional Hospital and the Institute of Technology. The unit which was formerly traded as a convenience store is laid out in a regular format extending to approximately 368 sq m over ground and basement level. As with the above comparable there are high rate on the property of €18,450 as well as a service charge of €6,800 which has deterred interest. The property let in Q 2 2014 for €14,000 per annum (€3.53 per sq ft). CBRE are dealing with this property and have informed us that there is a substantial difference in rents achieved in units within the Square Shopping Centre and units independent of the Shopping Centre. This information was sourced from CBRE.
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A unit in Belgard Square, Tallaght, Dublin 24 has been let for €11,000 per annum (€12 per sq ft). The unit has a floor area of 900 sq ft, it has suspended ceilings, recessed lighting, carpet floors and air conditioning. Belgard Square is situated adjacent to The Square Shopping Centre and is within close proximity to the Tallaght Hospital and the subject property. This information was sourced from Guardian Property Asset Management. Hotel In arriving at our opinion of Market Rent of the Hotel, we have had regard to its location, specification and condition, in addition to the comparable evidence as outlined within this report. The hotel is fully fitted and has traded, however due to insufficient business and competition in the area it has ceased trading. The Travel Lodge have leased a hotel on Mercer Street under a 10 year lease with a 5 year break clause and are paying a rent of €200,000. The hotel comprise 41 bedrooms with a bar and restaurant area. Mercer Street is located within close proximity to Stephens Green and Grafton Street one of Irelands leading shopping street. This would be a far more superior location to that of the subject property; the size of the hotel would be a good comparison to the subject property. This information was sourced from CBRE. Taking the above comparable into consideration we would apply a Market Rent of €100,000 per annum to the subject property. This rent reflects the location of the property and the fact that if it was to be let it would be one of five hotels operating in the area and therefore will have to demand interest through incentives such as special offers. The Tallaght Cross Hotel is currently on the market for sale with vacant possession and has offers at €3.6 million. The purpose built hotel forms part of the Tallaght Cross West Development. It has 186 rooms and is fitted out to a high standard.
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Vacant Possession Value (Aggregate) Residential In arriving at our opinion of the vacant possession value of the apartments, we have had regard to the fact that they are fully furnished. We have assumed that each apartment comes with one car parking space with the remaining car spaces being available for the retail units and public use. We have also had regard to similar types of apartments which have recently sold in the area. Following this, we arrived at a total aggregate vacant possession value of €39,730,000 for the 345 apartments. This is equate to an average per apartment of 1 Bedroom: €100,000 2 Bedroom: €125,000 3 Bedroom: €145,000 A full breakdown of the individual values is outlined in the table shown in Appendix G. In practice it would take a significant number of years to dispose of all of these units if it was attempted to sell the units on an individual basis.
Commercial In arriving at our opinion of value for the retail units, we have used the investment method of valuation. This is the same approach as we adopted on the basis of the sale of the entire commercial scheme. Following this we arrived at a total aggregate vacant possession value of €3,840,000. This gives a combined value for the entire scheme of €43,570,000. The vacant possession value exceeds the investment value in this instance. This illustrates the strong pricing of individual units and the increase in the residential market. It should be noted that sales of individual units would require significant time to achieve, costs to market and sell, necessity to obtain vacant possession with a loss of rental income and a risk of some less attractive units not selling prolonging the process. Valuation printouts of the above are provided in Appendix B.
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OPINION OF VALUE
Market Value
We are of the opinion that the Market Value of the freehold/long leasehold interest in the subject property with the benefit of the existing tenants as at the date of this report is: Residential: €35,435,000 inclusive of VAT (Thirty Five Million Four Hundred and Thirty Five Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 8% Gross Initial Yield 10.07% Commercial: €5,166,000 exclusive of VAT (Five Million One Hundred and Sixty Six Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 5.99% Equivalent Yield 10.49% Reversionary Yield 13.7% Total: €40,600,000 mixed VAT (Forty Million Six Hundred Thousand Euro)
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Market Rents
Our opinion of rental value on the commercial space assumes that the Landlord contributes to the fit-out of the individual units. We are of the opinion that the Market Rent of freehold/long leasehold interest in the subject property, as at the date of this report is: Residential: €4,390,200 per annum (Four Million Three Hundred & Ninety Thousand Two Hundred Euro) Commercial: €1,268,400per annum (One Million Two Hundred and Sixty Eight Thousand Four Hundred Euro) Total: €5,658,600 per annum (Five Million Six Hundred and Fifty Eighty Thousand Six Hundred Euro) Our opinion of rental value on the commercial space assumes that the Landlord contributes to the fit-out of the individual units
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the freehold/ long leasehold interest in the property on the special assumption that the property has the benefit of vacant possession on an individual sale basis as at the date of this report is: Residential: €39,930,000 inclusive of VAT (Thirty Nine Million Seven Hundred and Thirty Thousand Euro) Commercial: €3,840,000 exclusive of VAT (Three Million Eight Hundred and Forty Thousand Euro) Total:
€43,770,000 mixed VAT (Forty Three Million Seven Hundred and Seventy Thousand Euro)
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A SERVICE CHARGE TABLE
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B MARKET RENTAL VALUE TABLE
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MARKET RENT
Alexander House (Block A) Apt No Tenant Unit Type Unit Floor Floor Area Floor Gross Rent Gross Rent ERV Per ERV Per Description Sq Ft Area Sq Per Month Per Annum Month Annum M
1 Residential Tenant Apartment 2 Bedroom 1st Floor 816.98 75.90 975 11,700 1,150 13,800
2 Residential Tenant Apartment 1 Bedroom 1st Floor 516.67 48.00 700 8,400 900 10,800
3 Residential Tenant Apartment 2 Bedroom 1st Floor 914.93 85.00 800 9,600 1,150 13,800
4 Residential Tenant Apartment 2 Bedroom 1st Floor 758.85 70.50 800 9,600 1,150 13,800
5 Residential Tenant Apartment 3 Bedroom 1st Floor 1,144.20 106.30 1,150 13,800 1,500 18,000
6 Vacant Apartment 1 Bedroom 1st Floor 638.30 59.30 0 0 900 10,800
7 Residential Tenant Apartment 2 Bedroom 2nd Floor 816.98 75.90 975 11,700 1,150 13,800
8 Vacant Apartment 1 Bedroom 2nd Floor 516.67 48.00 0 0 900 10,800
9 Residential Tenant Apartment 2 Bedroom 2nd Floor 914.93 85.00 800 9,600 1,150 13,800
10 Residential Tenant Apartment 2 Bedroom 2nd Floor 758.85 70.50 800 9,600 1,150 13,800
11 Residential Tenant Apartment 3 Bedroom 2nd Floor 1,144.20 106.30 2,150 25,800 1,300 15,600
12 Residential Tenant Apartment 1 Bedroom 2nd Floor 638.30 59.30 700 8,400 925 11,100
13 Residential Tenant Apartment 2 Bedroom 3rd Floor 816.98 75.90 800 9,600 1,300 15,600
14 Residential Tenant Apartment 1 Bedroom 3rd Floor 516.67 48.00 700 8,400 925 11,100
15 Residential Tenant Apartment 2 Bedroom 3rd Floor 914.93 85.00 975 11,700 1,150 13,800
16 Residential Tenant Apartment 2 Bedroom 3rd Floor 758.85 70.50 875 10,500 1,150 13,800
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17 Vacant Apartment 3 Bedroom 3rd Floor 1,144.20 106.30 0 0 1,300 15,600
18 Residential Tenant Apartment 1 Bedroom 3rd Floor 638.30 59.30 825 9,900 900 10,800
19 Residential Tenant Apartment 2 Bedroom 4th Floor 816.98 75.9 975 11,700 1,150 13,800
20 Residential Tenant Apartment 1 Bedroom 4th Floor 516.67 48 700 8,400 900 10,800
21 Residential Tenant Apartment 2 Bedroom 4th Floor 914.93 85 800 9,600 1,150 13,800
22 Residential Tenant Apartment 2 Bedroom 4th Floor 758.85 70.5 975 11,700 1,150 13,800
23 Residential Tenant Apartment 3 Bedroom 4th Floor 1,144.20 106.3 2,150 25,800 1,300 15,600
24 Residential Tenant Apartment 1 Bedroom 4th Floor 638.30 59.3 825 9,900 900 10,800
25 Vacant Apartment 2 Bedroom 5th Floor 769.62 71.50 0 0 1,150 13,800
26 Vacant Apartment 1 Bedroom 5th Floor 481.15 44.70 0 0 1,150 13,800
27 Residential Tenant Apartment 2 Bedroom 5th Floor 552.19 51.30 975 11,700 1,150 13,800
28 Residential Tenant Apartment 3 Bedroom 5th Floor 922.47 85.70 1,000 12,000 1,400 16,800
29 Residential Tenant Apartment 3 Bedroom 5th Floor 1,182.95 109.90 1,150 13,800 1,400 16,800
30 Residential Tenant Apartment 1 Bedroom 1st Floor 516.67 48.00 825 9,900 900 10,800
31 Residential Tenant Apartment 1 Bedroom 1st Floor 639.38 59.40 825 9,900 900 10,800
32 Residential Tenant Apartment 1 Bedroom 1st Floor 579.10 53.80 825 9,900 900 10,800
33 Residential Tenant Apartment 2 Bedroom 1st Floor 727.64 67.60 975 11,700 1,150 13,800
34 Residential Tenant Apartment 1 Bedroom 1st Floor 508.06 47.20 825 9,900 1,150 13,800
35 Residential Tenant Apartment 1 Bedroom 2nd Floor 516.67 48.00 825 9,900 900 10,800
36 Residential Tenant Apartment 2 Bedroom 2nd Floor 767.47 71.30 975 11,700 1,050 12,600
37 Residential Tenant Apartment 1 Bedroom 2nd Floor 580.17 53.90 775 9,300 900 10,800
TALLAGHT CROSS EAST, DUBLIN 24 333
38 Residential Tenant Apartment 2 Bedroom 2nd Floor 726.56 67.50 975 11,700 1,150 13,800
39 Residential Tenant Apartment 1 Bedroom 2nd Floor 508.06 47.20 825 9,900 900 10,800
40 Sold
41 Sold
42 Residential Tenant Apartment 1 Bedroom 3rd Floor 580.17 53.90 825 9,900 900.00 10,800.00
43 Residential Tenant Apartment 2 Bedroom 3rd Floor 726.56 67.50 975 11,700 1,150.00 13,800.00
44 Sold
45 Residential Tenant Apartment 1 Bedroom 4th Floor 516.67 48.00 825 9,900 900.00 10,800.00
46 Residential Tenant Apartment 2 Bedroom 4th Floor 767.47 71.30 775 9,300 1150 13,800
47 Residential Tenant Apartment 1 Bedroom 4th Floor 558.65 51.90 825 9,900 900 10,800
48 Sold 67.30
49 Residential Tenant Apartment 1 Bedroom 4th Floor 516.67 48.00 825 9,900 900 9,900
50 Residential Tenant Apartment 1 Bedroom 5th Floor 475.76 44.20 775 9,300 850 9,300
51 Residential Tenant Apartment 2 Bedroom 5th Floor 666.28 61.90 925 11,100 1150 11,100
52 Residential Tenant Apartment 1 Bedroom 5th Floor 496.22 46.10 825 9,900 850 9,900
53 Residential Tenant Apartment 2 Bedroom 5th Floor 688.89 64.00 925 11,100 1150 11,100
54 Vacant Apartment 1 Bedroom 5th Floor 472.53 43.90 0 0 800
55 Residential Tenant Apartment 1 Bedroom 1st Floor 508.06 47.20 825 9,900 900 10,800
56 Residential Tenant Apartment 2 Bedroom 1st Floor 721.18 67.00 975 11,700 1150 13,800
57 Residential Tenant Apartment 1 Bedroom 1st Floor 579.10 53.80 825 9,900 900 10,800
58 Residential Tenant Apartment 1 Bedroom 1st Floor 639.38 59.40 825 9,900 900 10,800
TALLAGHT CROSS EAST, DUBLIN 24 334
59 Residential Tenant Apartment 1 Bedroom 1st Floor 516.67 48.00 825 9,900 900 10,800
60 Residential Tenant Apartment 1 Bedroom 2nd Floor 508.06 47.20 825 9,900 900 10,800
61 Residential Tenant Apartment 2 Bedroom 2nd Floor 727.64 67.60 975 11,700 1150 13,800
62 Residential Tenant Apartment 1 Bedroom 2nd Floor 579.10 53.80 825 9,900 900 10,800
63 Residential Tenant Apartment 2 Bedroom 2nd Floor 767.47 71.30 975 11,700 1150 13,800
64 Residential Tenant Apartment 1 Bedroom 2nd Floor 484.38 45.00 825 9,900 900 10,800
65 Residential Tenant Apartment 1 Bedroom 3rd Floor 508.06 47.20 825 9,900 900 10,800
66 Residential Tenant Apartment 2 Bedroom 3rd Floor 727.64 67.60 900 10,800 1150 13,800
67 Residential Tenant Apartment 1 Bedroom 3rd Floor 579.10 53.80 825 9,900 900 10,800
68 Vacant Apartment 2 Bedroom 3rd Floor 767.47 71.3 0 0 1150 13,800
69 Residential Tenant Apartment 1 Bedroom 3rd Floor 484.38 45 825 9,900 900 10,800
70 Residential Tenant Apartment 1 Bedroom 4th Floor 508.06 47.2 825 9,900 900 10,800
71 Residential Tenant Apartment 2 Bedroom 4th Floor 727.64 67.6 900 10,800 1150 13,800
72 Residential Tenant Apartment 1 Bedroom 4th Floor 579.10 53.8 825 9,900 900 10,800
73 Residential Tenant Apartment 2 Bedroom 4th Floor 767.47 71.3 975 11,700 1150 13,800
74 Vacant Apartment 1 Bedroom 4th Floor 484.38 45.00 0 0 900 10,800
75 Residential Tenant Apartment 1 Bedroom 5th Floor 465.00 43.20 825 9,900 900 10,800
76 Residential Tenant Apartment 2 Bedroom 5th Floor 688.89 64.00 975 11,700 1150 13,800
77 Residential Tenant Apartment 1 Bedroom 5th Floor 495.14 46.00 750 9,000 900 10,800
78 Residential Tenant Apartment 2 Bedroom 5th Floor 666.28 61.9 900 10,800 1150 13,800
79 Residential Tenant Apartment 1 Bedroom 5th Floor 481.15 44.70 750 9,000 900 10,800
TALLAGHT CROSS EAST, DUBLIN 24 335
80 Residential Tenant Apartment 2 Bedroom 1st Floor 727.64 67.60 925 11,100 950 11,400
81 Residential Tenant Apartment 3 Bedroom 1st Floor 1,048.40 97.40 1,000 12,000 1150 13,800
82 No Information Apartment 1st Floor 950 11,400
83 Residential Tenant Apartment 2 Bedroom 1st Floor 867.57 80.60 900 10,800 1150 13,800
84 Residential Tenant Apartment 1 Bedroom 1st Floor 516.67 48.00 750 9,000 875 10,500
85 Residential Tenant Apartment 2 Bedroom 1st Floor 816.98 75.90 900 10800 950 11,400
86 Sold
87 Sold
88 No information Apartment 2nd Floor
89 Sold
90 Sold
91 Sold
92 Residential Tenant Apartment 2 Bedroom 3rd Floor 727.64 67.60 900 10,800 1150 13,800
93 Residential Tenant Apartment 3 Bedroom 3rd Floor 1,048.40 97.40 1,150 13,800 1150 13,800
94 No Information 950 11,400
95 Residential Tenant Apartment 2 Bedroom 3rd Floor 866.49 80.50 900 10,800 1150 13,800
96 Residential Tenant Apartment 1 Bedroom 3rd Floor 516.67 48.00 750 9,000 900 10,800
97 Residential Tenant Apartment 2 Bedroom 3rd Floor 816.98 75.90 975 11,700 1150 13,800
98 Residential Tenant Apartment 2 Bedroom 3rd Floor 726.56 67.50 900 10,800 1150 13,800
99 Residential Tenant Apartment 3 Bedroom 4th Floor 1,048.40 97.40 1,000 12,000 1200 14,400
100 Residential Tenant Apartment 0
TALLAGHT CROSS EAST, DUBLIN 24 336
101 Vacant Apartment 2 Bedroom 4th Floor 858.96 79.80 0 1150 11,700
102 Residential Tenant Apartment 1 Bedroom 4th Floor 516.67 48.00 825 9,900 900 10,800
103 Residential Tenant Apartment 2 Bedroom 4th Floor 816.98 75.90 975 11,700 1150 13,800
104 Residential Tenant Apartment 2 Bedroom 5th Floor 687.81 63.90 975 11,700 1150 13,800
105 Residential Tenant Apartment 3 Bedroom 5th Floor 969.82639 90.1 1,150 13,800 1300 15,600
106 No Information Apartment 0 950 11,400
107 Residential Tenant Apartment 2 Bedroom 5th Floor 694.27 64.5 975 11,700 1150 13,800
108 Residential Tenant Apartment 1 Bedroom 5th Floor 481.15 44.7 750 9,000 900 10,800
109 Residential Tenant Apartment 2 Bedroom 5th Floor 769.62 71.5 900 10,800 1150 13,800
110 Crèche Crèche 1st Floor 5780.21 537
111 Sold
112 Sold
113 Sold
114 Sold
115 Sold
116 Residential Tenant Apartment 1 Bedroom 3rd Floor 579.10 53.8 825 9,900 950 11,400
117 Residential Tenant Apartment 2 Bedroom 3rd Floor 741.63 68.9 975 11,700 1150 13,800
118 Residential Tenant Apartment 1 Bedroom 3rd Floor 516.67 48 750 9,000 950 11,400
119 Residential Tenant Apartment 1 Bedroom 3rd Floor 516.67 48 825 9,900 950 11,400
120 Residential Tenant Apartment 2 Bedroom 3rd Floor 727.64 67.6 900 10,800 1150 13,800
121 Residential Tenant Apartment 1 Bedroom 4th Floor 579.10 53.8 825 9,900 950 11,400
TALLAGHT CROSS EAST, DUBLIN 24 337
122 Sold
123 Vacant Apartment 1 Bedroom 4th Floor 516.67 48 0 0 950 9,900
124 Residential Tenant Apartment 1 Bedroom 4th Floor 516.67 48 775 9,300 900 10,800
125 Residential Tenant Apartment 2 Bedroom 4th Floor 727.64 67.6 900 10,800 1150 13,800
126 Residential Tenant Apartment 1 Bedroom 5th Floor 580.17 53.9 828 9,930 950 11,400
127 Residential Tenant Apartment 2 Bedroom 5th Floor 687.81 63.9 925 11,100 1150 13,800
128 Vacant Apartment 1 Bedroom 5th Floor 481.15 44.7 0 0 875 10,500
129 Residential Tenant Apartment 1 Bedroom 5th Floor 481.15 44.7 775 9,300 950 11,400
130 Vacant Apartment 2 Bedroom 5th Floor 687.81 63.9 0 0 950 11,400
131 Residential Tenant Apartment 2 Bedroom 1st Floor 956.91 88.9 975 11,700 1150 13,800
132 Residential Tenant Apartment 1 Bedroom 1st Floor 602.78 56 825 9,900 950 11,400
133 Sold
134 Sold
135 Sold
136 Sold
137 Sold
138 Residential Tenant Apartment 2 Bedroom 3rd Floor 1057.01 98.2 900 10,800 1150 13,800
139 Residential Tenant Apartment 1 Bedroom 3rd Floor 602.78 56 825 9,900 950 11,400
140 Residential Tenant Apartment 1 Bedroom 3rd Floor 578.02 53.7 825 9,900 950 11,400
141 Residential Tenant Apartment 1 Bedroom 3rd Floor 516.67 48 825 9,900 950 11,400
142 Sold
TALLAGHT CROSS EAST, DUBLIN 24 338
143 Residential Tenant Apartment 1 Bedroom 3rd Floor 580.17 53.9 825 9,900 950 11,400
144 Residential Tenant Apartment 2 Bedroom 4th Floor 1054.86 98 975 11,700 1150 13,800
145 Residential Tenant Apartment 1 Bedroom 4th Floor 602.78 56 825 9,900 950 11,400
146 Residential Tenant Apartment 1 Bedroom 4th Floor 578.02 53.7 825 9,900 950 11,400
147 Residential Tenant Apartment 1 Bedroom 4th Floor 516.67 48 825 9,900 950 11,400
148 Residential Tenant Apartment 2 Bedroom 4th Floor 727.64 67.6 925 11,100 1150 13,800
149 Residential Tenant Apartment 1 Bedroom 4th Floor 580.17 53.9 825 9,900 950 11,400
150 Residential Tenant Apartment 3 bedroom 5th Floor 1580.14 146.8 1,225 14,700 1250 15,000
151 Residential Tenant Apartment 2 Bedroom 5th Floor 882.64 82 900 10,800 1000 12,000
152 Residential Tenant Apartment 2 Bedroom 5th Floor 687.81 63.9 975 11,700 1150 13,800
153 Residential Tenant Apartment 1 Bedroom 5th Floor 579.10 53.8 825 9,900 900 10,800
Total €102,553 €1,230,630 €134,250 1,590,300
TALLAGHT CROSS EAST, DUBLIN 24 339
Alexander Court (Block B) Apt No Tenant Unit Type Unit Description Floor Floor Area Sq Ft Floor Area Sq M Gross Rent Per Gross Rent Per ERV Per Month ERV Per Annum Month Annum
1 Residential Tenant Apartment 2 Bedroom 1st Floor 769.62 71.50 900 10,800 1,050 12,600
2 Residential Tenant Apartment 2 Bedroom 1st Floor 835.28 77.60 900 10,800 1,050 12,600
3 Residential Tenant Apartment 1 Bedroom 1st Floor 512.36 47.60 725 8,700 875 10,500
4 Residential Tenant Apartment 2 Bedroom 1st Floor 797.60 74.10 900 10,800 1,050 12,600
5 Residential Tenant Apartment 2 Bedroom 1st Floor 978.44 90.90 900 10,800 1,050 12,600
6 Residential Tenant Apartment 2 Bedroom 1st Floor 1,029.03 95.60 900 10,800 875 10,500
7 Sold
8 Residential Tenant Apartment 1 Bedroom 1st Floor 512.36 47.60 815 9,780 875 10,500
9 Apartment in use as Apartment 2 Bedroom 1st Floor 727.64 67.60 0 0 1,050 12,600 Office
10 Sold
11 Sold
12 Sold
13 Sold
14 Sold
15 Sold
16 Sold
17 Sold
TALLAGHT CROSS EAST, DUBLIN 24 340
18 Sold
19 Residential Tenant Apartment 2 Bedroom 3rd Floor 769.62 71.5 900 10,800 1,150 13,800
20 Residential Tenant Apartment 2 Bedroom 3rd Floor 835.28 77.6 900 10,800 925 11,100
21 Residential Tenant Apartment 1 Bedroom 3rd Floor 512.36 47.6 750 9,000 1,100 13,200
22 Residential Tenant Apartment 2 Bedroom 3rd Floor 797.60 74.1 900 10,800 1,100 13,200
23 Residential Tenant Apartment 2 Bedroom 3rd Floor 978.44 90.9 925 11,100 1,150 13,800
24 Residential Tenant Apartment 2 Bedroom 3rd Floor 1,029.03 95.6 930 11,160 1,100 13,200
25 Residential Tenant Apartment 2 Bedroom 3rd Floor 778.23 72.30 925 11,100 925 11,100
26 Residential Tenant Apartment 1 Bedroom 3rd Floor 512.36 47.60 750 9,000 1,100 13,200
27 Residential Tenant Apartment 2 Bedroom 3rd Floor 727.64 67.60 900 10,800 1,100 13,200
28 Residential Tenant Apartment 2 Bedroom 4th Floor 769.62 71.50 900 10,800 1,100 13,200
29 Residential Tenant Apartment 2 Bedroom 4th Floor 835.28 77.60 900 10,800 925 11,100
30 Residential Tenant Apartment 1 Bedroom 4th Floor 512.36 47.60 750 9,000 1,100 13,200
31 Vacant Apartment 2 Bedroom 4th Floor 797.60 74.10 0 0 1,150 13,800
32 Residential Tenant Apartment 2 Bedroom 4th Floor 978.44 90.90 950 11,400 1,150 13,800
33 Residential Tenant Apartment 2 Bedroom 4th Floor 1,029.03 95.60 925 11,100 1,100 13,200
34 Residential Tenant Apartment 2 Bedroom 4th Floor 799.76 74.30 900 10,800 1100 13200
35 Sold
36 Residential Tenant Apartment 2 Bedroom 4th Floor 727.64 67.60 925 11,100 1,100 13,200
37 Vacant Apartment 1 Bedroom 5th Floor 613.54 57.00 0 0 950 11,400
38 Residential Tenant Apartment 2 Bedroom 5th Floor 711.49 66.10 920 11,040 1,100 13,200
TALLAGHT CROSS EAST, DUBLIN 24 341
39 Residential Tenant Apartment 1 Bedroom 5th Floor 489.76 45.50 725 8,700 1150 13,800
40 Residential Tenant Apartment 2 Bedroom 5th Floor 675.97 62.80 900 10,800 1150 13,800
41 Residential Tenant Apartment 2 Bedroom 5th Floor 977.36 90.80 950 11400 1100 13,200
42 Residential Tenant Apartment 2 Bedroom 5th Floor 1,026.88 95.40 925 11100 1050 12,600
43 Residential Tenant Apartment 2 Bedroom 5th Floor 675.97 62.80 965 11580 875 10,500
44 Residential Tenant Apartment 1 Bedroom 5th Floor 488.68 45.40 750 9000 1050 12,600
45 Residential Tenant Apartment 2 Bedroom 5th Floor 687.81 63.90 900 10800 950 11,400
46 Residential Tenant Apartment 2 Bedroom 1st Floor 724.41 67.30 900 10800 950 11,400
47 Residential Tenant Apartment 1 Bedroom 1st Floor 575.87 53.50 750 9000 875 10,500
48 Residential Tenant Apartment 2 Bedroom 1st Floor 727.64 67.60 900 10800 1050 12,600
49 Residential Tenant Apartment 1 Bedroom 1st Floor 512.36 47.60 750 9000 950 11,400
50 Residential Tenant Apartment 1 Bedroom 1st Floor 512.36 47.60 750 9000 950 11,400
51 Sold
52 Sold
53 Sold
54 Sold
55 Sold
56 Residential Tenant Apartment 2 Bedroom 3rd Floor 724.41 67.30 900 10800 1100 13,200
57 Residential Tenant Apartment 1 Bedroom 3rd Floor 575.87 53.50 750 9000 950 11,400
58 Residential Tenant Apartment 2 Bedroom 3rd Floor 727.64 67.60 900 10800 1100 13,200
59 Residential Tenant Apartment 1 Bedroom 3rd Floor 512.36 47.60 750 9000 950 11,400
TALLAGHT CROSS EAST, DUBLIN 24 342
60 Residential Tenant Apartment 1 Bedroom 3rd Floor 512.36 47.60 725 8700 950 11,400
61 Residential Tenant Apartment 2 Bedroom 4th Floor 724.41 67.30 900 10800 1100 13,200
62 Residential Tenant Apartment 1 Bedroom 4th Floor 575.87 53.50 750 9000 950 11,400
63 Residential Tenant Apartment 2 Bedroom 4th Floor 727.64 67.60 900 10800 1150 13,800
64 Residential Tenant Apartment 1 Bedroom 4th Floor 512.36 47.60 725 8700 950 11,400
65 Residential Tenant Apartment 1 Bedroom 4th Floor 512.36 47.60 750 9000 950 11,400
66 Residential Tenant Apartment 2 Bedroom 5th Floor 687.81 63.90 900 10800 1150 13,800
67 Residential Tenant Apartment 1 Bedroom 5th Floor 580.17 53.90 750 9000 950 11,400
68 Residential Tenant Apartment 2 Bedroom 5th Floor 687.81 63.90 900 10800 1150 13,800
69 Residential Tenant Apartment 1 Bedroom 5th Floor 488.68 45.40 725 8700 875 10,500
70 Residential Tenant Apartment 1 Bedroom 5th Floor 488.68 45.4 750 9000 875 10,500
71 Residential Tenant Apartment 2 Bedroom 1st Floor 720.10 66.9 900 10800 1150 13,800
72 Residential Tenant Apartment 2 Bedroom 1st Floor 908.47 84.4 900 10800 1150 13,800
73 Residential Tenant Apartment 2 Bedroom 1st Floor 724.41 67.3 900 10800 1150 13,800
74 Residential Tenant Apartment 1 bedroom 1st Floor 512.36 47.6 750 9000 900 10,800
75 Residential Tenant Apartment 2 Bedroom 2nd Floor 720.10 66.9 900 10800 1150 13,800
76 Residential Tenant Apartment 2 Bedroom 2nd Floor 908.47 84.4 900 10800 1100 13,200
77 Residential Tenant Apartment 2 Bedroom 2nd Floor 724.41 67.3 900 10800 1150 13,800
78 Residential Tenant Apartment 1 bedroom 2nd Floor 512.36 47.6 775 9300 950 11,400
79 Residential Tenant Apartment 2 Bedroom 3rd Floor 720.10 66.9 900 10800 1150 13,800
80 Residential Tenant Apartment 2 Bedroom 3rd Floor 908.47 84.4 925 11100 1050 12,600
TALLAGHT CROSS EAST, DUBLIN 24 343
81 Residential Tenant Apartment 2 Bedroom 3rd Floor 724.41 67.3 900 10800 1150 13,800
82 Residential Tenant Apartment 1 bedroom 3rd Floor 512.36 47.6 750 9000 950 11,400
83 Residential Tenant Apartment 2 Bedroom 4th Floor 720.10 66.9 900 10800 1150 13,800
84 Residential Tenant Apartment 2 Bedroom 4th Floor 908.47 84.4 900 10800 1150 13,800
85 Residential Tenant Apartment 2 Bedroom 4th Floor 724.41 67.3 900 10800 1150 13,800
86 Residential Tenant Apartment 1 bedroom 4th Floor 512.36 47.6 750 9000 900 10,800
87 Residential Tenant Apartment 1 bedroom 5th Floor 613.54 57 775 9300 900 10,800
88 Residential Tenant Apartment 2 Bedroom 5th Floor 909.55 84.5 950 11400 1050 12,600
89 Residential Tenant Apartment 2 Bedroom 5th Floor 687.81 63.9 900 10800 1150 13,800
90 Residential Tenant Apartment 1 bedroom 5th Floor 488.68 45.4 725 8700 875 10,500
Total €60,530 €726,360 €76,875 €922,500
TALLAGHT CROSS EAST, DUBLIN 24 344
Broadfield Hall (Block C) Apt Tenant Unit Type Unit Floor Floor Floor Area Gross Rent Gross Rent ERV Per ERV Per Annum No Description Area Sq Sq M Per Month Per Annum Month Ft
1 Sold 0
2 Sold
3 Sold
4 Sold
5 Sold
6 Sold
7 Sold
8 Sold
9 Sold
10 Sold
11 Sold
12 Sold
13 Sold
14 Residential Tenant Apartment 2 Bedroom 5th Floor (Duplex) 1,170.03 108.70 0 0 1,150 13,800
15 Sold
16 Residential Tenant Apartment 2 Bedroom 5th Floor 806.22 74.90 925 11,100 1,150 13,800
17 Sold
18 Sold
TALLAGHT CROSS EAST, DUBLIN 24 345
19 Sold
20 Sold
21 Sold
22 Sold
23 Sold
24 Sold
25 Sold
26 Sold
27 Sold
28 Sold
29 Sold
30 Sold
31 Sold
32 Residential Tenant Apartment 2 Bedroom 5th Floor 684.58 63.60 875 10,500 1,150 13,800
33 Residential Tenant Apartment 1 Bedroom 5th Floor 466.08 43.30 730 8,760 1,150 13,800
34 Residential Tenant Apartment 2 Bedroom 5th Floor 684.58 63.60 900 10,800 1,150 13,800
35 Residential Tenant Apartment 2 Bedroom 5th Floor 979.51 91.00 925 10,500 1,150 13,800
36 Sold
37 Sold
38 Sold
39 Sold
TALLAGHT CROSS EAST, DUBLIN 24 346
40 Sold
41 Sold
42 Sold
43 Sold
44 Sold
45 Sold
46 Sold
47 Sold
48 Sold
49 Sold
50 Sold
51 Residential Tenant Apartment 2 Bedroom 5th Floor 985.97 91.6 875 10,500 1,150 13,800
52 Residential Tenant Apartment 2 Bedroom 5th Floor 686.73 63.8 925 11,100 1,150 13,800
53 Residential Tenant Apartment 1 Bedroom 5th Floor 466.07 43.3 700 8,400 950 11,400
54 Residential Tenant Apartment 2 Bedroom 5th Floor 688.88 64 900 10,800 1,150 13,800
55 Sold
56 Sold
57 Sold
58 Sold
59 Sold
60 Sold
TALLAGHT CROSS EAST, DUBLIN 24 347
61 Sold
62 Sold
63 Sold
64 Sold
65 Sold
66 Sold
67 Sold
68 Sold
69 Sold
70 Residential Tenant Apartment 1 Bedroom 5th Floor 468.22 43.5 725 8,700 950 11,400
71 Residential Tenant Apartment 2 Bedroom 5th Floor 688.88 64 875 10,500 1150 13,800
72 Residential Tenant Apartment 1 Bedroom 5th Floor 468.22 43.5 750 9,000 950 11,400
73 Residential Tenant Apartment 1 Bedroom 5th Floor 468.22 43.5 700 8,400 950 11,400
74 Residential Tenant Apartment 2 Bedroom 5th Floor 694.27 64.5 900 10800 1150 13,800
Total €16,000 €139,860 €16,450 €197,400
TALLAGHT CROSS EAST, DUBLIN 24 348
Broadfield House (Block D) Apt No Tenant Unit Type Unit Floor Floor Area Sq Ft Floor Area Gross Rent Per Gross Rent Per Annum ERV Per Month ERV Per Annum Description Sq M Month
1 Residential Tenant Apartment 2 Bedroom 4th Floor 784.69 72.90 975 11,700.00 1,125 13,500
2 Residential Tenant Apartment 2 Bedroom 4th Floor 957.99 89.00 900 10,800.00 1,150 13,800
3 Residential Tenant Apartment 1 Bedroom 4th Floor 621.08 57.70 825 9,900.00 950 11,400
4 Residential Tenant Apartment 2 Bedroom 4th Floor 837.43 77.80 975 11,700.00 1,150 13,800
5 Residential Tenant Apartment 2 Bedroom 4th Floor 801.91 74.50 1,875 22,500.00 1,150 13,800
6 Residential Tenant Apartment 2 Bedroom 4th Floor 782.53 72.70 975 11,700.00 1,150 13,800
7 Residential Tenant Apartment 2 Bedroom 4th Floor 934.31 86.80 900 10,800.00 1,150 13,800
8 Residential Tenant Apartment 1 Bedroom 4th Floor 516.67 48.00 825 9,900.00 950 11,400
9 Residential Tenant Apartment 1 Bedroom 4th Floor 516.67 48.00 825 9,900.00 950 11,400
10 Residential Tenant Apartment 2 Bedroom 4th Floor 722.26 67.10 900 10,800.00 1,150 13,800
11 Residential Tenant Apartment 1 Bedroom 4th Floor 541.42 50.30 825 9,900.00 950 11,400
12 Residential Tenant Apartment 2 Bedroom 5th Floor 784.69 72.90 925 11,100.00 1,150 13,800
13 Residential Tenant Apartment 2 Bedroom 5th Floor 957.99 89.00 900 10,800.00 1,150 13,800
14 Residential Tenant Apartment 1 Bedroom 5th Floor 621.08 57.70 750 9,000.00 950 11,400
15 Residential Tenant Apartment 2 Bedroom 5th Floor 837.43 77.80 900 10,800.00 1,150 13,800
16 Residential Tenant Apartment 2 Bedroom 5th Floor 801.91 74.50 975 11,700.00 1,150 13,800
17 Residential Tenant Apartment 2 Bedroom 5th Floor 782.53 72.70 975 11,700.00 1,150 13,800
18 Residential Tenant Apartment 2 Bedroom 5th Floor 934.31 86.80 900 10,800.00 1,150 13,800
TALLAGHT CROSS EAST, DUBLIN 24 349
19 Residential Tenant Apartment 1 Bedroom 5th Floor 516.67 48.00 825 9,900.00 950 11,400
20 Residential Tenant Apartment 1 Bedroom 5th Floor 516.67 48.00 1,593 19,121.92 950 11,400
21 Residential Tenant Apartment 2 Bedroom 5th Floor 722.26 67.1 950 11,400.00 1,150 13,800
22 Residential Tenant Apartment 1 Bedroom 5th Floor 541.42 50.3 825 9,900.00 950 11,400
23 Residential Tenant Apartment 2 Bedroom 6th Floor 784.69 72.9 975 11,700.00 1,150 13,800
24 Residential Tenant Apartment 2 Bedroom 6th Floor 957.99 89 975 11,700.00 1,150 13,800
25 Residential Tenant Apartment 1 Bedroom 6th Floor 621.08 57.7 750 9,000.00 950 11,400
26 Residential Tenant Apartment 2 Bedroom 6th Floor 837.43 77.8 900 10,800.00 1,150 13,800
27 Residential Tenant Apartment 2 Bedroom 6th Floor 801.91 74.50 975 11,700.00 1,150 13,800
28 Residential Tenant Apartment 2 Bedroom 6th Floor 782.53 72.70 975 11,700.00 1,150 13,800
29 Residential Tenant Apartment 2 Bedroom 6th Floor 934.31 86.80 900 10,800.00 1,150 13,800
30 Residential Tenant Apartment 1 Bedroom 6th Floor 516.67 48.00 825 9,900.00 950 11,400
31 Residential Tenant Apartment 1 Bedroom 6th Floor 516.67 48.00 825 9,900.00 950 11,400
32 Residential Tenant Apartment 2 Bedroom 6th Floor 722.26 67.10 975 11,700.00 1,150 13,800
33 Residential Tenant Apartment 1 Bedroom 6th Floor 541.42 50.30 825 9,900.00 950 11,400
34 Vacant Apartment 2 Bedroom 7th Floor 784.69 72.90 0 - 1,150 13,800
35 Vacant Apartment 2 Bedroom 7th Floor 957.99 89.00 0 - 1,150 13,800
36 Residential Tenant Apartment 1 Bedroom 7th Floor 621.08 57.70 825 9,900.00 950 11,400
37 Residential Tenant Apartment 2 Bedroom 7th Floor 837.43 77.80 975 11,700.00 1,150 13,800
38 Residential Tenant Apartment 2 Bedroom 7th Floor 801.909723 74.5 900 10,800.00 1,150 13,800
39 Residential Tenant Apartment 2 Bedroom 7th Floor 782.53 72.70 975 11,700.00 1,150 13,800
TALLAGHT CROSS EAST, DUBLIN 24 350
40 Residential Tenant Apartment 2 Bedroom 7th Floor 934.31 86.80 975 11,700.00 1,150 13,800
41 Residential Tenant Apartment 1 Bedroom 7th Floor 516.67 48.00 825 9,900.00 950 11,400
42 Vacant Apartment 1 Bedroom 7th Floor 516.67 48.00 0 - 950 11,400
43 Residential Tenant Apartment 1 Bedroom 7th Floor 722.26 67.10 825 9,900.00 950 11,400
44 Residential Tenant Apartment 1 Bedroom 7th Floor 541.42 50.30 825 9,900.00 950 11,400
Total €38,343 €460,121 €47,175 €566,100
TALLAGHT CROSS EAST, DUBLIN 24 351
Talbot House (Block E)
Apt Tenant Unit Type Unit Floor Floor Area Sq Ft Floor Area Sq M Gross Rent Gross Rent Per ERV Per ERV Per Annum No Description Per Month Annum Month
1 Residential Tenant Apartment 1 Bedroom 2nd Floor 514.51 47.80 700 8,400 925 11,100
2 Apartment in use as Office Apartment 2 Bedroom 2nd Floor 738.40 68.60 0 0 1,100 13,200
3 Residential Tenant Apartment 2 Bedroom 2nd Floor 706.11 65.60 850 10,200 1,100 13,200
4 Residential Tenant Apartment 2 Bedroom 2nd Floor 886.94 82.40 860 10,320 1,100 13,200
5 Residential Tenant Apartment 1 Bedroom 2nd Floor 514.51 47.80 725 8,700 925 11,100
6 Residential Tenant Apartment 1 Bedroom 2nd Floor 514.51 47.80 750 9,000 925 11,100
7 Residential Tenant Apartment 1 Bedroom 2nd Floor 514.51 47.80 700 8,400 925 11,100
8 Residential Tenant Apartment 1 Bedroom 2nd Floor 514.51 47.80 725 8,700 925 11,100
9 Residential Tenant Apartment 2 Bedroom 2nd Floor 857.88 79.70 850 10,200 1,100 13,200
10 Residential Tenant Apartment 2 Bedroom 2nd Floor 714.72 66.40 850 10,200 1,100 13,200
11 Residential Tenant Apartment 2 Bedroom 2nd Floor 764.24 71.00 850 10,200 1,100 13,200
12 Residential Tenant Apartment 2 Bedroom 2nd Floor 652.29 60.60 850 10,200 1,100 13,200
13 Residential Tenant Apartment 1 Bedroom 3rd Floor 514.51 47.80 725 8,700 950 11,400
14 Residential Tenant Apartment 2 Bedroom 3rd Floor 738.40 68.60 850 10,200 1,150 13,800
15 Residential Tenant Apartment 2 Bedroom 3rd Floor 706.11 65.60 850 10,200 1,150 13,800
16 Residential Tenant Apartment 2 Bedroom 3rd Floor 886.94 82.40 850 10,200 1,150 13,800
17 Residential Tenant Apartment 1 Bedroom 3rd Floor 514.51 47.80 725 8,700 950 11,400
TALLAGHT CROSS EAST, DUBLIN 24 352
18 Residential Tenant Apartment 1 Bedroom 3rd Floor 514.51 47.80 725 8,700 950 11,400
19 Residential Tenant Apartment 1 Bedroom 3rd Floor 514.51 47.80 725 8,700 950 11,400
20 Residential Tenant Apartment 1 Bedroom 3rd Floor 514.51 47.80 700 8,400 950 11,400
21 Residential Tenant Apartment 2 Bedroom 3rd Floor 857.88 79.7 875 10,500 1,150 13,800
22 Residential Tenant Apartment 2 Bedroom 3rd Floor 714.72 66.4 850 10,200 1,150 13,800
23 Residential Tenant Apartment 2 Bedroom 3rd Floor 764.24 71 850 10,200 1,150 13,800
24 Residential Tenant Apartment 2 Bedroom 3rd Floor 652.29 60.6 850 10,200 950 11,400
25 Residential Tenant Apartment 1 Bedroom 3rd Floor 514.51 47.8 725 8,700 1,150 13,800
26 Residential Tenant Apartment 2 Bedroom 3rd Floor 749.17 69.6 850 10,200 1,150 13,800
27 Residential Tenant Apartment 2 Bedroom 4th Floor 706.11 65.60 850 10,200 1,150 13,800
28 Residential Tenant Apartment 2 Bedroom 4th Floor 886.94 82.40 850 10,200 950 11,400
29 Residential Tenant Apartment 1 Bedroom 4th Floor 514.51 47.80 700 8,400 950 11,400
30 Residential Tenant Apartment 1 Bedroom 4th Floor 514.51 47.80 700 8,400 950 11,400
31 Residential Tenant Apartment 1 Bedroom 4th Floor 514.51 47.80 700 8,400 950 11,400
32 Residential Tenant Apartment 1 Bedroom 4th Floor 514.51 47.80 700 8,400 950 11,400
33 Residential Tenant Apartment 2 Bedroom 4th Floor 857.88 79.70 850 10,200 1,150 13,800
34 Residential Tenant Apartment 2 Bedroom 4th Floor 714.72 66.40 850 10,200 1,150 13,800
35 Vacant Apartment 2 Bedroom 4th Floor 763.16 70.90 0 0 950 11,400
36 Residential Tenant Apartment 2 Bedroom 4th Floor 652.29 60.60 850 10,200 1,150 13,800
37 Residential Tenant Apartment 1 Bedroom 4th Floor 514.51 47.80 700 8,400 950 11,400
38 Residential Tenant Apartment 2 Bedroom 4th Floor 745.94 69.30 850 10,200 1,150 13,800
TALLAGHT CROSS EAST, DUBLIN 24 353
39 Residential Tenant Apartment 2 Bedroom 5th Floor 713.65 66.30 850 10,200 1,150 13,800
40 Residential Tenant Apartment 2 Bedroom 5th Floor 886.94 82.40 875 10,500 1,150 13,800
41 Residential Tenant Apartment 1 Bedroom 5th Floor 514.51 47.80 725 8,700 950 11,400
42 Residential Tenant Apartment 1 Bedroom 5th Floor 514.51 47.80 725 8,700 950 11,400
43 Residential Tenant Apartment 1 Bedroom 5th Floor 514.51 47.80 725 8,700 950 11,400
44 Residential Tenant Apartment 1 Bedroom 5th Floor 514.51 47.80 700 8,400 950 11,400
45 Residential Tenant Apartment 2 Bedroom 5th Floor 857.88 79.70 850 10,200 1,150 13,800
46 Residential Tenant Apartment 2 Bedroom 5th Floor 717.95 66.70 850 10,200 1,150 13,800
47 Residential Tenant Apartment 2 Bedroom 5th Floor 771.77 71.70 850 10,200 1,150 13,800
48 Residential Tenant Apartment 2 Bedroom 5th Floor 699.65 65.00 850 10,200 1,150 13,800
49 Residential Tenant Apartment 1 Bedroom 6th Floor 514.51 47.80 700 8,400 950 11,400
50 Residential Tenant Apartment 2 Bedroom 6th Floor 745.94 69.30 875 10,500 1,150 13,800
51 Residential Tenant Apartment 2 Bedroom 6th Floor 713.65 66.30 850 10,200 1,150 13,800
52 Residential Tenant Apartment 2 Bedroom 6th Floor 886.94 82.40 850 10,200 950 11,400
53 Residential Tenant Apartment 1 Bedroom 6th Floor 514.51 47.80 700 8,400 950 11,400
54 Residential Tenant Apartment 1 Bedroom 6th Floor 514.51 47.80 800 9,600 950 11,400
55 Residential Tenant Apartment 1 Bedroom 6th Floor 514.51 47.80 700 8,400 950 11,400
56 Residential Tenant Apartment 1 Bedroom 6th Floor 514.51 47.80 700 8,400 950 11,400
57 Residential Tenant Apartment 2 Bedroom 6th Floor 857.88 79.70 850 10,200 1,150 13,800
58 Residential Tenant Apartment 2 Bedroom 6th Floor 717.95 66.70 850 10,200 1,150 13,800
59 Residential Tenant Apartment 2 Bedroom 6th Floor 771.77 71.70 850 10,200 1,150 13,800
TALLAGHT CROSS EAST, DUBLIN 24 354
60 Residential Tenant Apartment 2 Bedroom 6th Floor 699.65 65.00 850 10,200 1,150 13,800
61 Residential Tenant Apartment 1 Bedroom 7th Floor 514.51 47.80 700 8,400 950 11,400
62 Residential Tenant Apartment 2 Bedroom 7th Floor 745.94 69.30 850 10,200 1,150 13,800
63 Residential Tenant Apartment 2 Bedroom 7th Floor 713.65 66.30 850 10,200 1,150 13,800
64 Residential Tenant Apartment 2 Bedroom 7th Floor 886.94 82.40 850 10,200 1,150 13,800
65 Residential Tenant Apartment 1 Bedroom 7th Floor 514.51 47.80 700 8,400 950 11,400
66 Residential Tenant Apartment 1 Bedroom 7th Floor 514.51 47.80 750 9,000 950 11,400
67 Residential Tenant Apartment 1 Bedroom 7th Floor 514.51 47.80 800 9,600 950 11,400
68 Residential Tenant Apartment 1 Bedroom 7th Floor 514.51 47.80 725 8,700 950 11,400
69 Residential Tenant Apartment 2 Bedroom 7th Floor 857.88 79.70 850 10,200 1,150 13,800
70 Residential Tenant Apartment 2 Bedroom 7th Floor 717.95 66.70 850 10,200 1,150 13,800
71 Residential Tenant Apartment 2 Bedroom 7th Floor 771.77 71.70 850 10,200 1,150 13,800
72 Residential Tenant Apartment 2 Bedroom 7th Floor 699.65 65.00 850 10,200 1,200 14,400
73 Residential Tenant Apartment 2 Bedroom 8th Floor 794.38 73.80 850 10,200 1,200 14,400
74 Residential Tenant Apartment 2 Bedroom 8th Floor 836.35 77.70 900 10,800 1,150 13,800
75 Residential Tenant Apartment 2 Bedroom 8th Floor 819.13 76.10 950 11,400 1,500 18,000
76 Residential Tenant Apartment 2 Bedroom 8th Floor 945.07 87.80 950 11,400 1,200 14,400
77 Residential Tenant Apartment 2 Bedroom 8th Floor 835.28 77.60 900 10,800 1,500 18,000
78 Residential Tenant Apartment 2 Bedroom 8th Floor 720.10 66.90 850 10,200 1,150 13,800
79 Residential Tenant Apartment 2 Bedroom 8th Floor 947.22 88.00 850 10,200 1,150 13,800
80 Residential Tenant Apartment 2 Bedroom 8th Floor 1,011.81 94.00 1,075 12,900 1,150 13,800
TALLAGHT CROSS EAST, DUBLIN 24 355
81 Residential Tenant Apartment 2 Bedroom 8th Floor 839.58 78.00 850 10,200 1,150 13,800
82 Residential Tenant Apartment 3 Bedroom 8th Floor 937.53 87.10 1,100 13,200 1,200 14,400
83 Residential Tenant Apartment 2 Bedroom 8th Floor 807.29 75.00 850 10,200 1,150 13,800
84 Residential Tenant Apartment 3 Bedroom 8th Floor 1,020.42 94.80 1,050 12,600 1,200 14,400
85 Residential Tenant Apartment 2 Bedroom 8th Floor 841.74 78.20 900 10,800 1,150 13,800
86 Residential Tenant Apartment 3 Bedroom 8th Floor 909.55 84.50 1,050 12,600 1,200 14,400
Total €68,785 €825,420 €92,825 €1,113,900
TALLAGHT CROSS EAST, DUBLIN 24 356
B MARKET VALUE TABLE
TALLAGHT CROSS EAST, DUBLIN 24 357
Alexander House (Block A) Apt No Unit Type Unit Description Floor Floor Area Sq Ft Floor Area Sq M Market Value Market Value Per Sq ft €
1 Apartment 2 Bedroom 1st Floor 816.98 75.90 €125,000 153.00
2 Apartment 1 Bedroom 1st Floor 516.67 48.00 €100,000 193.55
3 Apartment 2 Bedroom 1st Floor 914.93 85.00 €125,000 136.62
4 Apartment 2 Bedroom 1st Floor 758.85 70.50 €125,000 164.72
5 Apartment 3 Bedroom 1st Floor 1,144.20 106.30 €145,000 126.73
6 Apartment 1 Bedroom 1st Floor 638.30 59.30 €100,000 156.67
7 Apartment 2 Bedroom 2nd Floor 816.98 75.90 €125,000 153.00
8 Apartment 1 Bedroom 2nd Floor 516.67 48.00 €100,000 153.00
9 Apartment 2 Bedroom 2nd Floor 914.93 85.00 €125,000 125.69
10 Apartment 2 Bedroom 2nd Floor 758.85 70.50 €125,000 164.72
11 Apartment 3 Bedroom 2nd Floor 1,144.20 106.30 €145,000 126.73
12 Apartment 1 Bedroom 2nd Floor 638.30 59.30 €100,000 156.67
13 Apartment 2 Bedroom 3rd Floor 816.98 75.90 €125,000 153.00
14 Apartment 1 Bedroom 3rd Floor 516.67 48.00 €100,000 193.55
15 Apartment 2 Bedroom 3rd Floor 914.93 85.00 €125,000 136.62
16 Apartment 2 Bedroom 3rd Floor 758.85 70.50 €125,000 164.72
17 Apartment 3 Bedroom 3rd Floor 1,144.20 106.30 €145,000 126.73
18 Apartment 1 Bedroom 3rd Floor 638.30 59.30 €100,000 156.67
TALLAGHT CROSS EAST, DUBLIN 24 358
19 Apartment 2 Bedroom 4th Floor 816.98 75.9 €125,000 153.00
20 Apartment 1 Bedroom 4th Floor 516.67 48 €100,000 193.55
21 Apartment 2 Bedroom 4th Floor 914.93 85 €125,000 136.62
22 Apartment 2 Bedroom 4th Floor 758.85 70.5 €125,000 164.72
23 Apartment 3 Bedroom 4th Floor 1,144.20 106.3 €145,000 126.73
24 Apartment 1 Bedroom 4th Floor 638.30 59.3 €100,000 156.67
25 Apartment 2 Bedroom 5th Floor 769.62 71.50 €125,000 162.42
26 Apartment 1 Bedroom 5th Floor 481.15 44.70 €100,000 207.84
27 Apartment 2 Bedroom 5th Floor 552.19 51.30 €125,000 226.37
28 Apartment 3 Bedroom 5th Floor 922.47 85.70 €145,000 157.19
29 Apartment 3 Bedroom 5th Floor 1,182.95 109.90 €145,000 122.57
30 Apartment 1 Bedroom 1st Floor 516.67 48.00 €100,000 193.55
31 Apartment 1 Bedroom 1st Floor 639.38 59.40 €100,000 156.40
32 Apartment 1 Bedroom 1st Floor 579.10 53.80 €100,000 172.68
33 Apartment 2 Bedroom 1st Floor 727.64 67.60 €125,000 171.79
34 Apartment 1 Bedroom 1st Floor 508.06 47.20 €100,000 196.83
35 Apartment 1 Bedroom 2nd Floor 516.67 48.00 €100,000 193.55
36 Apartment 2 Bedroom 2nd Floor 767.47 71.30 €125,000 162.87
37 Apartment 1 Bedroom 2nd Floor 580.17 53.90 €100,000 172.36
38 Apartment 2 Bedroom 2nd Floor 726.56 67.50 €125,000 172.04
39 Apartment 1 Bedroom 2nd Floor 508.06 47.20 €100,000 196.83
TALLAGHT CROSS EAST, DUBLIN 24 359
40 Sold
41 Sold
42 Apartment 1 Bedroom 3rd Floor 580.17 53.90 €100,000 172.36
43 Apartment 2 Bedroom 3rd Floor 726.56 67.50 €125,000 172.04
44 Sold
45 Apartment 1 Bedroom 4th Floor 516.67 48.00 €100,000 193.55
46 Apartment 2 Bedroom 4th Floor 767.47 71.30 €125,000 162.87
47 Apartment 1 Bedroom 4th Floor 558.65 51.90 €100,000 179.00
48 Sold
49 Apartment 1 Bedroom 4th Floor 516.67 48.00 €100,000 193.55
50 Apartment 1 Bedroom 5th Floor 475.76 44.20 €100,000 210.19
51 Apartment 2 Bedroom 5th Floor 666.28 61.90 €125,000 187.61
52 Apartment 1 Bedroom 5th Floor 496.22 46.10 €100,000 201.53
53 Apartment 2 Bedroom 5th Floor 688.89 64.00 €125,000 181.45
54 Apartment 1 Bedroom 5th Floor 472.53 43.90 €100,000 211.62
€100,000 196.83
€125,000 173.33
55 Apartment 1 Bedroom 1st Floor 508.06 47.20 €100,000 172.68
56 Apartment 2 Bedroom 1st Floor 721.18 67.00 €100,000
57 Apartment 1 Bedroom 1st Floor 579.10 53.80 €100,000 172.36
58 Apartment 1 Bedroom 1st Floor 639.38 59.40 €125,000 172.04
TALLAGHT CROSS EAST, DUBLIN 24 360
59 Apartment 1 Bedroom 1st Floor 516.67 48.00 €100,000 193.55
60 Apartment 1 Bedroom 2nd Floor 508.06 47.20 €100,000 196.83
61 Apartment 2 Bedroom 2nd Floor 727.64 67.60 €125,000 171.79
62 Apartment 1 Bedroom 2nd Floor 579.10 53.80 €100,000 172.68
63 Apartment 2 Bedroom 2nd Floor 767.47 71.30 €125,000 162.87
64 Apartment 1 Bedroom 2nd Floor 484.38 45.00 €100,000 206.45
65 Apartment 1 Bedroom 3rd Floor 508.06 47.20 €100,000 196.83
66 Apartment 2 Bedroom 3rd Floor 727.64 67.60 €125,000 171.79
67 Apartment 1 Bedroom 3rd Floor 579.10 53.80 €100,000 172.68
68 Apartment 2 Bedroom 3rd Floor 767.47 71.3 €125,000 162.87
69 Apartment 1 Bedroom 3rd Floor 484.38 45 €100,000 206.45
70 Apartment 1 Bedroom 4th Floor 508.06 47.2 €100,000 196.83
71 Apartment 2 Bedroom 4th Floor 727.64 67.6 €125,000 171.79
72 Apartment 1 Bedroom 4th Floor 579.10 53.8 €100,000 172.68
73 Apartment 2 Bedroom 4th Floor 767.47 71.3 €125,000 162.87
74 Apartment 1 Bedroom 4th Floor 484.38 45.00 €100,000 206.45
75 Apartment 1 Bedroom 5th Floor 465.00 43.20 €100,000 215.05
76 Apartment 2 Bedroom 5th Floor 688.89 64.00 €125,000 181.45
77 Apartment 1 Bedroom 5th Floor 495.14 46.00 €100,000 201.96
78 Apartment 2 Bedroom 5th Floor 666.28 61.9 €125,000 187.61
79 Apartment 1 Bedroom 5th Floor 481.15 44.70 €100,000 207.84
TALLAGHT CROSS EAST, DUBLIN 24 361
80 Apartment 2 Bedroom 1st Floor 727.64 67.60 €125,000 171.79
81 Apartment 3 Bedroom 1st Floor 1,048.40 97.40 €145,000
82 Apartment 1st Floor €125,000
83 Apartment 2 Bedroom 1st Floor 867.57 80.60 €100,000 115.26
84 Apartment 1 Bedroom 1st Floor 516.67 48.00 €125,000 241.94
85 Apartment 2 Bedroom 1st Floor 816.98 75.90
86 Sold
87 Sold
88 No information 2nd Floor
89 Sold
90 Sold
91 Sold €125,000
92 Apartment 2 Bedroom 3rd Floor 727.64 67.60 €145,000 199.27
93 Apartment 3 Bedroom 3rd Floor 1,048.40 97.40 €125,000 119.23
94 No information 3rd Floor €100,000
95 Apartment 2 Bedroom 3rd Floor 866.49 80.50 €125,000 144.26
96 Apartment 1 Bedroom 3rd Floor 516.67 48.00 €125,000 241.94
97 Apartment 2 Bedroom 3rd Floor 816.98 75.90 €145,000 177.48
98 Apartment 2 Bedroom 3rd Floor 726.56 67.50 €125,000 171.79
99 Apartment 3 Bedroom 4th Floor 1,048.40 97.40 €145,000
100 No information €85,000
TALLAGHT CROSS EAST, DUBLIN 24 362
101 Apartment 2 Bedroom 4th Floor 858.96 79.80 €125,000 172.04
102 Apartment 1 Bedroom 4th Floor 516.67 48.00 €100,000 95.38
103 Apartment 2 Bedroom 4th Floor 816.98 75.90 €125,000
104 Apartment 2 Bedroom 5th Floor 687.81 63.90 €125,000 145.53
105 Apartment 3 Bedroom 5th Floor 969.83 90.1 €145,000 280.65
106 Apartment €125,000 153.00
107 Apartment 2 Bedroom 5th Floor 694.27 64.5 €100,000 145.39
108 Apartment 1 Bedroom 5th Floor 481.15 44.7 €125,000 128.89
109 Apartment 2 Bedroom 5th Floor 769.62 71.5
110 Crèche 1st Floor 5780.21 537
111 Sold
112 Sold
113 Sold €100,000
114 Sold €125,000
115 Sold €100,000
116 Apartment 1 Bedroom 3rd Floor 579.10 53.8 €100,000
117 Apartment 2 Bedroom 3rd Floor 741.63 68.9 €100,000
118 Apartment 1 Bedroom 3rd Floor 516.67 48 €125,000
119 Apartment 1 Bedroom 3rd Floor 516.67 48 €100,000 172.68
120 Apartment 2 Bedroom 3rd Floor 727.64 67.6 €125,000 172.04
121 Apartment 1 Bedroom 4th Floor 579.10 53.8 €100,000 95.38
TALLAGHT CROSS EAST, DUBLIN 24 363
122 Sold
123 Apartment 1 Bedroom 4th Floor 516.67 48 €100,000 193.55
124 Apartment 1 Bedroom 4th Floor 516.67 48 €100,000 193.55
125 Apartment 2 Bedroom 4th Floor 727.64 67.6 €125,000 171.79
126 Apartment 1 Bedroom 5th Floor 580.17 53.9 €100,000 172.68
127 Apartment 2 Bedroom 5th Floor 687.81 63.9 €125,000
128 Apartment 1 Bedroom 5th Floor 481.15 44.7 €100,000 193.55
129 Apartment 1 Bedroom 5th Floor 481.15 44.7 €100,000 193.55
130 Apartment 2 Bedroom 5th Floor 687.81 63.9 €125,000 171.79
€125,000 215.45
€100,000 145.39
131 Apartment 2 Bedroom 1st Floor 956.91 88.9
132 Apartment 1 Bedroom 1st Floor 602.78 56
133 Sold
134 Sold
135 Sold €125,000
136 Sold €100,000
137 Sold €100,000
138 Apartment 2 Bedroom 3rd Floor 1057.01 98.2 €100,000
139 Apartment 1 Bedroom 3rd Floor 602.78 56 €100,000 193.55
140 Apartment 1 Bedroom 3rd Floor 578.02 53.7 €100,000 193.55
TALLAGHT CROSS EAST, DUBLIN 24 364
141 Apartment 1 Bedroom 3rd Floor 516.67 48 €100,000
142 Sold
143 Apartment 1 Bedroom 3rd Floor 580.17 53.9 €100,000
144 Apartment 2 Bedroom 4th Floor 1054.86 98 €125,000 207.37
145 Apartment 1 Bedroom 4th Floor 602.78 56 €100,000 173.00
146 Apartment 1 Bedroom 4th Floor 578.02 53.7 €100,000 193.55
147 Apartment 1 Bedroom 4th Floor 516.67 48 €10,000
148 Apartment 2 Bedroom 4th Floor 727.64 67.6 €125,000 215.45
149 Apartment 1 Bedroom 4th Floor 580.17 53.9 €100,000 94.80
150 Apartment 3 bedroom 5th Floor 1580.14 146.8 €145,000 240.55
151 Apartment 2 Bedroom 5th Floor 882.64 82 €125,000 216.26
152 Apartment 2 Bedroom 5th Floor 687.81 63.9 €125,000 241.94
153 Apartment 1 Bedroom 5th Floor 579.10 53.8 €100,000 137.43
Total €11,944,500
TALLAGHT CROSS EAST, DUBLIN 24 365
Alexander Court (Block B) Apt No Unit Type Unit Description Floor Floor Area Sq Ft Floor Area Sq M Market Value € Market Value Per Sq ft €
1 Apartment 2 Bedroom 1st Floor 769.62 71.50 €125,000 162.42
2 Apartment 2 Bedroom 1st Floor 835.28 77.60 €125,000 149.65
3 Apartment 1 Bedroom 1st Floor 512.36 47.60 €100,000 195.17
4 Apartment 2 Bedroom 1st Floor 797.60 74.10 €125,000 156.72
5 Apartment 2 Bedroom 1st Floor 978.44 90.90 €125,000 127.75
6 Apartment 2 Bedroom 1st Floor 1,029.03 95.60 €125,000 121.47
7 Sold
8 Apartment 1 Bedroom 1st Floor 512.36 47.60 €100,000 195.17
9 Apartment 2 Bedroom 1st Floor 727.64 67.60 €125,000 171.79
10 Sold
11 Sold
12 Sold
13 Sold
14 Sold
15 Sold
16 Sold
17 Sold
18 Sold
TALLAGHT CROSS EAST, DUBLIN 24 366
19 Apartment 2 Bedroom 3rd Floor 769.62 71.5 €125,000 162.42
20 Apartment 2 Bedroom 3rd Floor 835.28 77.6 €125,000 149.65
21 Apartment 1 Bedroom 3rd Floor 512.36 47.6 €100,000 195.17
22 Apartment 2 Bedroom 3rd Floor 797.60 74.1 €100,000 125.38
23 Apartment 2 Bedroom 3rd Floor 978.44 90.9 €100,000 102.20
24 Apartment 2 Bedroom 3rd Floor 1,029.03 95.6 €125,000 121.47
25 Apartment 2 Bedroom 3rd Floor 778.23 72.30 €125,000 160.62
26 Apartment 1 Bedroom 3rd Floor 512.36 47.60 €100,000 195.17
27 Apartment 2 Bedroom 3rd Floor 727.64 67.60 €125,000 171.79
28 Apartment 2 Bedroom 4th Floor 769.62 71.50 €125,000 162.42
29 Apartment 2 Bedroom 4th Floor 835.28 77.60 €125,000 149.65
30 Apartment 1 Bedroom 4th Floor 512.36 47.60 €100,000 195.17
31 Apartment 2 Bedroom 4th Floor 797.60 74.10 €125,000 156.72
32 Apartment 2 Bedroom 4th Floor 978.44 90.90 €125,000 127.75
33 Apartment 2 Bedroom 4th Floor 1,029.03 95.60 €125,000 121.47
34 Apartment 2 Bedroom 4th Floor 799.76 74.30 €125,000 156.30
35 Sold 1 Bedroom 4th Floor
36 Apartment 2 Bedroom 4th Floor 727.64 67.60 €125,000 171.79
37 Apartment 1 Bedroom 5th Floor 613.54 57.00 €100,000 162.99
38 Apartment 2 Bedroom 5th Floor 711.49 66.10 €125,000 175.69
39 Apartment 1 Bedroom 5th Floor 489.76 45.50 €100,000 204.18
TALLAGHT CROSS EAST, DUBLIN 24 367
40 Apartment 2 Bedroom 5th Floor 675.97 62.80 €125,000 184.92
41 Apartment 2 Bedroom 5th Floor 977.36 90.80 €125,000 127.90
42 Apartment 2 Bedroom 5th Floor 1,026.88 95.40 €125,000 121.73
43 Apartment 2 Bedroom 5th Floor 675.97 62.80 €125,000 184.92
44 Apartment 1 Bedroom 5th Floor 488.68 45.40 €100,000 204.63
45 Apartment 2 Bedroom 5th Floor 687.81 63.90 €125,000 181.74
46 Apartment 2 Bedroom 1st Floor 724.41 67.30 €125,000 172.55
47 Apartment 1 Bedroom 1st Floor 575.87 53.50 €100,000 173.65
48 Apartment 2 Bedroom 1st Floor 727.64 67.60 €125,000 171.79
49 Apartment 1 Bedroom 1st Floor 512.36 47.60 €100,000 195.17
50 Apartment 1 Bedroom 1st Floor 512.36 47.60 €100,000 195.17
51 Sold
52 Sold
53 Sold
54 Sold
55 Sold
56 Apartment 2 Bedroom 3rd Floor 724.40 67.30 €125,000 172.55
57 Apartment 1 Bedroom 3rd Floor 575.86 53.50 €100,000 173.65
58 Apartment 2 Bedroom 3rd Floor 727.63 67.60 €125,000 171.79
TALLAGHT CROSS EAST, DUBLIN 24 368
59 Apartment 1 Bedroom 3rd Floor 512.36 47.60 €100,000 195.17
60 Apartment 1 Bedroom 3rd Floor 512.36 47.60 €100,000 195.17
61 Apartment 2 Bedroom 4th Floor 724.40 67.30 €125,000 172.55
62 Apartment 1 Bedroom 4th Floor 575.86 53.50 €100,000 173.65
63 Apartment 2 Bedroom 4th Floor 727.63 67.60 €125,000 171.79
64 Apartment 1 Bedroom 4th Floor 512.36 47.60 €100,000 195.17
65 Apartment 1 Bedroom 4th Floor 512. 47.60 €100,000 195.17
66 Apartment 2 Bedroom 5th Floor 687. 63.90 €125,000 181.74
67 Apartment 1 Bedroom 5th Floor 580. 53.90 €100,000 172.36
68 Apartment 2 Bedroom 5th Floor 688 63.90 €125,000 181.74
69 Apartment 1 Bedroom 5th Floor 488. 45.40 €100,000 204.63
70 Apartment 1 Bedroom 5th Floor 488 45.4 €100,000 204.63
71 Apartment 2 Bedroom 1st Floor 720 66.9 €125,000 173.59
72 Apartment 2 Bedroom 1st Floor 908. 84.4 €125,000 137.59
73 Apartment 2 Bedroom 1st Floor 724 67.3 €125,000 172.55
74 Apartment 1 bedroom 1st Floor 512 47.6 €100,000 195.17
75 Apartment 2 Bedroom 2nd Floor 720 66.9 €125,000 173.59
76 Apartment 2 Bedroom 2nd Floor 908. 84.4 €125,000 137.59
77 Apartment 2 Bedroom 2nd Floor 724 67.3 €125,000 172.55
TALLAGHT CROSS EAST, DUBLIN 24 369
78 Apartment 1 bedroom 2nd Floor 512 47.6 €100,000 195.17
79 Apartment 2 Bedroom 3rd Floor 720 66.9 €125,000 173.59
80 Apartment 2 Bedroom 3rd Floor 908 84.4 €125,000 137.59
81 Apartment 2 Bedroom 3rd Floor 724 67.3 €125,000 172.55
82 Apartment 1 bedroom 3rd Floor 512 47.6 €100,000 195.17
83 Apartment 2 Bedroom 4th Floor 720 66.9 €125,000 173.59
84 Apartment 2 Bedroom 4th Floor 908 84.4 €125,000 137.59
85 Apartment 2 Bedroom 4th Floor 724 67.3 €125,000 172.55
86 Apartment 1 bedroom 4th Floor 512 47.6 €100,000 195.17
87 Apartment 1 bedroom 5th Floor 613. 57 €100,000 162.99
88 Apartment 2 Bedroom 5th Floor 909. 84.5 €125,000 137.43
89 Apartment 2 Bedroom 5th Floor 687 63.9 €125,000 181.74
90 Apartment 1 bedroom 5th Floor 488. 45.4 €100,000 204.63
Total €8,550,000
TALLAGHT CROSS EAST, DUBLIN 24 370
Broadford Hall (Block D) Apt Unit Type Unit Description Floor Floor Area Sq Ft Floor Area Sq M Market Value € Market Value Per Sq ft € No
1 Sold
2 Sold
3 Sold
4 Sold
5 Sold
6 Sold
7 Sold
8 Sold
9 Sold
10 Sold
11 Sold
12 Sold
13 Sold
14 Apartment 2 Bedroom 5th Floor (Duplex) 1,170.03 108.70 €125,000 106.83
15 Sold
16 Apartment 2 Bedroom 5th Floor 806.22 74.90 €125,000 155.05
17 Sold
18 Sold
TALLAGHT CROSS EAST, DUBLIN 24 371
19 Sold
20 Sold
21 Sold
22 Sold
23 Sold
24 Sold
25 Sold
26 Sold
27 Sold
28 Sold
29 Sold
30 Sold
31 Sold
32 Apartment 2 Bedroom 5th Floor 684.58 63.60 €125,000 182.59
33 Apartment 1 Bedroom 5th Floor 466.08 43.30 €100,000 214.56
34 Apartment 2 Bedroom 5th Floor 684.58 63.60 €100,000 146.07
35 Apartment 2 Bedroom 5th Floor 979.51 91.00 €100,000 102.09
36 Sold
37 Sold
TALLAGHT CROSS EAST, DUBLIN 24 372
38 Sold
39 Sold
40 Sold
41 Sold
42 Sold
43 Sold
44 Sold
45 Sold
46 Sold
47 Sold
48 Sold
49 Sold
50 Sold
51 Apartment 2 Bedroom 5th Floor 985.97 91.60 €125,000 126.78
52 Apartment 2 Bedroom 5th Floor 686.74 63.80 €125,000 182.02
53 Apartment 1 Bedroom 5th Floor 466.08 43.30 €100,000 214.56
54 Apartment 2 Bedroom 5th Floor 688.89 64.00 €125,000 181.45
55 Sold
56 Sold
57 Sold
58 Sold
TALLAGHT CROSS EAST, DUBLIN 24 373
59 Sold
60 Sold
61 Sold
62 Sold
63 Sold
64 Sold
65 Sold
66 Sold
67 Sold
68 Sold
69 Sold
70 Apartment 1 Bedroom 5th Floor 468.23 43.50 €100,000 213.57
71 Apartment 2 Bedroom 5th Floor 688.89 64.00 €125,000 181.45
72 Apartment 1 Bedroom 5th Floor 468.23 43.5 €100,000 213.57
73 Apartment 1 Bedroom 5th Floor 468.23 43.5 €100,000 213.57
74 Apartment 2 Bedroom 5th Floor 694.27 64.5 €125,000 180.05
Total €1,700,000
TALLAGHT CROSS EAST, DUBLIN 24 374
Broadfield House Apt No Unit Type Unit Description Floor Floor Area Sq Ft Floor Area Sq M Market Value Market Value Per Sq ft
1 Apartment 2 Bedroom 4th Floor 784.69 72.90 €125,000 159.30
2 Apartment 2 Bedroom 4th Floor 957.99 89.00 €125,000 130.48
3 Apartment 1 Bedroom 4th Floor 621.08 57.70 €100,000 161.01
4 Apartment 2 Bedroom 4th Floor 837.43 77.80 €125,000 149.27
5 Apartment 2 Bedroom 4th Floor 801.91 74.50 €125,000 155.88
6 Apartment 2 Bedroom 4th Floor 782.53 72.70 €125,000 159.74
7 Apartment 2 Bedroom 4th Floor 934.31 86.80 €125,000 133.79
8 Apartment 1 Bedroom 4th Floor 516.67 48.00 €100,000 193.55
9 Apartment 1 Bedroom 4th Floor 516.67 48.00 €100,000 193.55
10 Apartment 2 Bedroom 4th Floor 722.26 67.10 €125,000 173.07
11 Apartment 1 Bedroom 4th Floor 541.42 50.30 €100,000 184.70
12 Apartment 2 Bedroom 5th Floor 784.69 72.90 €125,000 159.30
13 Apartment 2 Bedroom 5th Floor 957.99 89.00 €125,000 130.48
14 Apartment 1 Bedroom 5th Floor 621.08 57.70 €100,000 161.01
15 Apartment 2 Bedroom 5th Floor 837.43 77.80 €125,000 149.27
16 Apartment 2 Bedroom 5th Floor 801.91 74.50 €125,000 155.88
17 Apartment 2 Bedroom 5th Floor 782.53 72.70 €125,000 159.74
18 Apartment 2 Bedroom 5th Floor 934.31 86.80 €125,000 133.79
TALLAGHT CROSS EAST, DUBLIN 24 375
19 Apartment 1 Bedroom 5th Floor 516.67 48.00 €100,000 193.55
20 Apartment 1 Bedroom 5th Floor 516.67 48.00 €100,000 193.55
21 Apartment 2 Bedroom 5th Floor 722.26 67.1 €125,000 173.07
22 Apartment 1 Bedroom 5th Floor 541.42 50.3 €100,000 184.70
23 Apartment 2 Bedroom 6th Floor 784.69 72.9 €125,000 159.30
24 Apartment 2 Bedroom 6th Floor 957.99 89 €125,000 130.48
25 Apartment 1 Bedroom 6th Floor 621.08 57.7 €100,000 161.01
26 Apartment 2 Bedroom 6th Floor 837.43 77.8 €125,000 149.27
27 Apartment 2 Bedroom 6th Floor 801.91 74.50 €125,000 155.88
28 Apartment 2 Bedroom 6th Floor 782.53 72.70 €125,000 159.74
29 Apartment 2 Bedroom 6th Floor 934.31 86.80 €125,000 133.79
30 Apartment 1 Bedroom 6th Floor 516.67 48.00 €100,000 193.55
31 Apartment 1 Bedroom 6th Floor 516.67 48.00 €100,000 193.55
32 Apartment 2 Bedroom 6th Floor 722.26 67.10 €125,000 173.07
33 Apartment 1 Bedroom 6th Floor 541.42 50.30 €100,000 184.70
34 Vacant 2 Bedroom 7th Floor 784.69 72.90 €125,000 159.30
35 Vacant 2 Bedroom 7th Floor 957.99 89.00 €125,000 130.48
36 Apartment 1 Bedroom 7th Floor 621.08 57.70 €100,000 161.01
37 Apartment 2 Bedroom 7th Floor 837.43 77.80 €125,000 149.27
38 Apartment 2 Bedroom 7th Floor 801.909723 74.5 €125,000 155.88
39 Apartment 2 Bedroom 7th Floor 782.53 72.70 €125,000 159.74
TALLAGHT CROSS EAST, DUBLIN 24 376
40 Apartment 2 Bedroom 7th Floor 934.31 86.80 €125,000 133.79
41 Apartment 1 Bedroom 7th Floor 516.67 48.00 €100,000 193.55
42 Vacant 1 Bedroom 7th Floor 516.67 48.00 €100,000 193.55
43 Apartment 1 Bedroom 7th Floor 722.26 67.10 €100,000 138.45
44 Apartment 1 Bedroom 7th Floor 541.42 50.30 €100,000 184.70
1 Apartment 2 Bedroom 4th Floor 784.69 72.90 €125,000 159.74
Total €5,075,000
TALLAGHT CROSS EAST, DUBLIN 24 377
Talbot House Apt No Unit Type Unit Description Floor Floor Area Sq Ft Floor Area Sq M Market Value Market Value Per Sq ft €
1 Apartment 1 Bedroom 2nd Floor 514.51 47.80 €100,000 194.36
2 Apartment 2 Bedroom 2nd Floor 738.40 68.60 €125,000 169.28
3 Apartment 2 Bedroom 2nd Floor 706.11 65.60 €125,000 177.03
4 Apartment 2 Bedroom 2nd Floor 886.94 82.40 €125,000 140.93
5 Apartment 1 Bedroom 2nd Floor 514.51 47.80 €100,000 194.36
6 Apartment 1 Bedroom 2nd Floor 514.51 47.80 €100,000 194.36
7 Apartment 1 Bedroom 2nd Floor 514.51 47.80 €100,000 194.36
8 Apartment 1 Bedroom 2nd Floor 514.51 47.80 €100,000 194.36
9 Apartment 2 Bedroom 2nd Floor 857.88 79.70 €125,000 145.71
10 Apartment 2 Bedroom 2nd Floor 714.72 66.40 €125,000 174.89
11 Apartment 2 Bedroom 2nd Floor 764.24 71.00 €125,000 163.56
12 Apartment 2 Bedroom 2nd Floor 652.29 60.60 €100,000 153.31
13 Apartment 1 Bedroom 3rd Floor 514.51 47.80 €125,000 242.95
14 Apartment 2 Bedroom 3rd Floor 738.40 68.60 €100,000 135.43
15 Apartment 2 Bedroom 3rd Floor 706.11 65.60 €100,000 141.62
16 Apartment 2 Bedroom 3rd Floor 886.94 82.40 €100,000 112.75
17 Apartment 1 Bedroom 3rd Floor 514.51 47.80 €100,000 194.36
TALLAGHT CROSS EAST, DUBLIN 24 378
18 Apartment 1 Bedroom 3rd Floor 514.51 47.80 €100,000 194.36
19 Apartment 1 Bedroom 3rd Floor 514.51 47.80 €100,000 194.36
20 Apartment 1 Bedroom 3rd Floor 514.51 47.80 €100,000 194.36
21 Apartment 2 Bedroom 3rd Floor 857.88 79.7 €125,000 145.71
22 Apartment 2 Bedroom 3rd Floor 714.72 66.4 €125,000 174.89
23 Apartment 2 Bedroom 3rd Floor 764.24 71 €125,000 163.56
24 Apartment 2 Bedroom 3rd Floor 652.29 60.6 €125,000 191.63
25 Apartment 1 Bedroom 3rd Floor 514.51 47.8 €100,000 194.36
26 Apartment 2 Bedroom 3rd Floor 749.17 69.6 €125,000 166.85
27 Apartment 2 Bedroom 4th Floor 706.11 65.60 €125,000 177.03
28 Apartment 2 Bedroom 4th Floor 886.94 82.40 €125,000 140.93
29 Apartment 1 Bedroom 4th Floor 514.51 47.80 €100,000 194.36
30 Apartment 1 Bedroom 4th Floor 514.51 47.80 €100,000 194.36
31 Apartment 1 Bedroom 4th Floor 514.51 47.80 €100,000 194.36
32 Apartment 1 Bedroom 4th Floor 514.51 47.80 €100,000 194.36
33 Apartment 2 Bedroom 4th Floor 857.88 79.70 €125,000 145.71
34 Apartment 2 Bedroom 4th Floor 714.72 66.40 €125,000 174.89
35 Apartment 2 Bedroom 4th Floor 763.16 70.90 €125,000 163.79
36 Apartment 2 Bedroom 4th Floor 652.29 60.60 €125,000 191.63
37 Apartment 1 Bedroom 4th Floor 514.51 47.80 €100,000 194.36
38 Apartment 2 Bedroom 4th Floor 745.94 69.30 €125,000 167.57
TALLAGHT CROSS EAST, DUBLIN 24 379
39 Apartment 2 Bedroom 5th Floor 713.65 66.30 €125,000 175.16
40 Apartment 2 Bedroom 5th Floor 886.94 82.40 €125,000 140.93
41 Apartment 1 Bedroom 5th Floor 514.51 47.80 €100,000 194.36
42 Apartment 1 Bedroom 5th Floor 514.51 47.80 €100,000 194.36
43 Apartment 1 Bedroom 5th Floor 514.51 47.80 €100,000 194.36
44 Apartment 1 Bedroom 5th Floor 514.51 47.80 €100,000 194.36
45 Apartment 2 Bedroom 5th Floor 857.88 79.70 €125,000 145.71
46 Apartment 2 Bedroom 5th Floor 717.95 66.70 €125,000 174.11
47 Apartment 2 Bedroom 5th Floor 771.77 71.70 €125,000 161.97
48 Apartment 2 Bedroom 5th Floor 699.65 65.00 €125,000 178.66
49 Apartment 1 Bedroom 6th Floor 514.51 47.80 €100,000 194.36
50 Apartment 2 Bedroom 6th Floor 745.94 69.30 €125,000 167.57
51 Apartment 2 Bedroom 6th Floor 713.65 66.30 €125,000 175.16
52 Apartment 2 Bedroom 6th Floor 886.94 82.40 €125,000 140.93
53 Apartment 1 Bedroom 6th Floor 514.51 47.80 €100,000 194.36
54 Apartment 1 Bedroom 6th Floor 514.51 47.80 €100,000 194.36
55 Apartment 1 Bedroom 6th Floor 514.51 47.80 €100,000 194.36
56 Apartment 1 Bedroom 6th Floor 514.51 47.80 €100,000 194.36
57 Apartment 2 Bedroom 6th Floor 857.88 79.70 €125,000 145.71
58 Apartment 2 Bedroom 6th Floor 717.95 66.70 €125,000 174.11
59 Apartment 2 Bedroom 6th Floor 771.77 71.70 €125,000 161.97
TALLAGHT CROSS EAST, DUBLIN 24 380
60 Apartment 2 Bedroom 6th Floor 699.65 65.00 €125,000 178.66
61 Apartment 1 Bedroom 7th Floor 514.51 47.80 €100,000 194.36
62 Apartment 2 Bedroom 7th Floor 745.94 69.30 €125,000 167.57
63 Apartment 2 Bedroom 7th Floor 713.65 66.30 €125,000 175.16
64 Apartment 2 Bedroom 7th Floor 886.94 82.40 €125,000 140.93
65 Apartment 1 Bedroom 7th Floor 514.51 47.80 €100,000 194.36
66 Apartment 1 Bedroom 7th Floor 514.51 47.80 €100,000 194.36
67 Apartment 1 Bedroom 7th Floor 514.51 47.80 €100,000 194.36
68 Apartment 1 Bedroom 7th Floor 514.51 47.80 €100,000 194.36
69 Apartment 2 Bedroom 7th Floor 857.88 79.70 €125,000 145.71
70 Apartment 2 Bedroom 7th Floor 717.95 66.70 €125,000 174.11
71 Apartment 2 Bedroom 7th Floor 771.77 71.70 €125,000 161.97
72 Apartment 2 Bedroom 7th Floor 699.65 65.00 €125,000 178.66
73 Apartment 2 Bedroom 8th Floor 794.38 73.80 €125,000 157.36
74 Apartment 2 Bedroom 8th Floor 836.35 77.70 €125,000 149.46
75 Apartment 2 Bedroom 8th Floor 819.13 76.10 €125,000 152.60
76 Apartment 2 Bedroom 8th Floor 945.07 87.80 €125,000 132.27
77 Apartment 2 Bedroom 9th Floor 835.28 77.60 €125,000 149.65
78 Apartment 2 Bedroom 9th Floor 720.10 66.90 €125,000 173.59
79 Apartment 2 Bedroom 9th Floor 947.22 88.00 €125,000 131.96
80 Apartment 2 Bedroom 8th Floor 1,011.81 94.00 €125,000 123.54
TALLAGHT CROSS EAST, DUBLIN 24 381
81 Apartment 2 Bedroom 8th Floor 839.58 78.00 €125,000 148.88
82 Apartment 3 Bedroom 8th Floor 937.53 87.10 €145,000 154.66
83 Apartment 2 Bedroom 8th Floor 807.29 75.00 €125,000 154.84
84 Apartment 3 Bedroom 9th Floor 1,020.42 94.80 €145,000 142.10
85 Apartment 2 Bedroom 9th Floor 841.74 78.20 €125,000 148.50
86 Apartment 3 Bedroom 9th Floor 909.55 84.50 €145,000 159.42
Total €9,985,000
TALLAGHT CROSS EAST, DUBLIN 24 382
C VALUATION PRINTOUT
TALLAGHT CROSS EAST, DUBLIN 24 383
VALUATION PRINTOUT
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Commercial Element
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Vacant Possession - Commercial Element
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1
REPORT 12
ORCHARD GARDENS, DENNEHY’S CROSS, CORK
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 423
PROPERTY DETAILS
Location
The subject property is located in Cork City which has a population of 170,509 according to the census 2011. It is the second largest city in the State. The development is situated in Cork City Centre within a convenient distance of the largest employers and services in the area. Cork University Hospital, University College Cork, Bon Secours Hospital, Mercy Hospital and Cork Institute of Technology are all within 900m of the Development. While predominantly a residential area, Dennehy’s Cross is home to a number of retailers and commercial business such as Wilton Shopping Centre, IDA Business and Technology Park and Cork County Hall as well as the Motor Tax Office. Cork city is within walking distance from the development with Fitzgeralds Park and the Mardyke Leisure area on the doorstep. Orchard Gardens is situated close to the N25 South Ring Road which links to both the Jack Lynch tunnel on route to Dublin, Waterford and Kerry.
Description
The subject property comprises both residential and commercial units. The residential aspect is made up of a mixture of 1, 2 and 3 bedroom units of varying sizes, layouts and aspects. The development is divided into two blocks over double basement level car park. Block 1 – The Yarlington comprises 62 residential units, the Tesco Express retail store of c.467 sq. m. (5,026 sq. ft.) and a unit of c.114 sq. m. (1,226 sq. ft.) which is currently in shell and core condition but earmarked for a crèche facility. Only 61 of these residential units are the subject of this valuation as 1 unit (No 30 Yarlington) is owned by a third party. Block 2 – The Bramley comprises 81 residential units and four commercial units which are currently in shell and core condition and varying in size from 45 sq. m. (485 sq. ft). to 442.5 sq m (4,763 sq ft). Both blocks have lifts serving all floors, underground Car Parking with secure access control that provides parking for 214 cars with lift access to garden and street levels. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 424
Accommodation
We carried out check measurements of a number of both residential commercial units at the time of our previous valuation, we then cross checked these and can confirm that we are satisfied with the floor areas provided to us by the borrower. These check measurements were undertaken in accordance with the SCS/IAVI Code of Measuring Practice. In summary, the residential gross internal floor areas are as follows:
RESIDENTIAL Description Total 1 Bed Apartment (average 55 m²/ 592.01 ft²) 32 2 Bed Apartment (average 84.5 m²/ 909.54 ft²) 78 3 Bed Apartment (average 116 m²/ 1,248.61 ft²) 32 TOTAL 142
A full schedule of accommodation for the residential element of the property is attached at Appendix A.
COMMERCIAL Unit Number Description Sq M Sq Ft Retailer 1 Retail – Tesco Ireland 467.02 5,027 Restaurant Unit Restaurant - Vacant 255.20 2,747 Retail Unit 2 Retail - Vacant 93.46 1,006 Basement Store Store Room 80.73 869 Retail Unit 3 Retail - Vacant 442.49 4,763 Creche Unit Creche - Vacant 113.89 1,226 Total 1,452.79 15,638
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We confirm that the contents of the report do not impact upon our valuation. We would comment that from our inspection for valuation purposes the property was in a good state of repair commensurate with its age, construction type and current use.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 425
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated September 2013. The report concludes that the site represents an overall moderate environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors. VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All commercial rents and capital values stated in this report are exclusive of VAT.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 426
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our previous valuation and confirm that we have read this together with the Executive Summary. The property is held freehold. The legal report notes that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure.
Tenancies
The residential element of the property is currently 99% occupied. It is currently generating a gross income of approximately €1,739,472 per annum (at 99% occupancy) for its residential element, as at the valuation date. Two of the properties five commercial units are currently occupied. These areas are currently generating a gross income of approximately €171,153 per annum, now that the ground floor level of the restaurant unit and unit 2 are now occupied. TENANCY SCHEDULE Unit Area Tenant Lease Lease Rent Rent sq ft Start Date Term pa psqft Unit 1 5,026.74 Tesco Ireland 01/07/2009 25 years €133,056 €26.46 Restaurant Grd Floor & 2,241 Ramen Restaurant 01/07/2014 10 years €38,097 €17.00 Unit 2
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 427
COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area and properties currently on the market: 85 Blackrock Grove, Eden, Blackrock, Co Cork. This is a two bedroom duplex apartment extends to 1,030 sq ft and is situated in Blackrock, an upmarket Cork suburb similar to Victoria Cross. This property sold in Q3 2014 for €159,000 which breaks back to €154 per sq ft. Agent: Crowley Property. Apt 13 Victoria Station, Victoria Cross, Co Cork. This property comprises a two bedroom unit and measures 710 sq ft. The Victoria Station development, whilst in close proximity to the subject development would be an older scheme and not finished to the same high standard as Orchard Gardens. This property is currently sale agreed at 98,500 which breaks back to €139 per sq ft. Agent: Global Properties.
Residential Lettings
There appears to be a lack of units available to let in and around the Victoria Cross area. We have however noted the most recent transactions within the Orchard Gardens development as follows: 68 The Bramley: One bed apartment which was let in July 2014 on a 12 month lease at a rent of €900 per month. 12 The Bramley: Two bed apartment which was let in July 2014 on a 12 month lease at a rent of €1,050 per month. 2 The Bramley: Three bed apartment which was let in July 2014 on a 12 month lease at a rent of €1,300 per month. Retail Lettings
The best evidence we have for the subject retail units is the letting to Ramen at €17.00 per sq ft. We also understand that terms are out on Unit 5 in the order of €15.00 per sq ft. Apart from this there have been few suburban retail transactions in locations surrounding the subject property. We do note however that the same tenants, Ramen have let Unit 26 at Ballincollig Shopping Centre. This lease was signed recently and is for 10 years with a break at years 3, 5 & 7. The rent agreed equates to €32,606 and breaks back as €22 per sq ft on the ground floor and €6.50 per sq ft on the first floor level. This information has been sourced by DTZ Cork.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 428
VALUATION CONSIDERATIONS
Income Analysis
The residential element of the subject property is currently 99% occupied with a current gross annual rental income of €1,739,472 per annum. A number of lettings have recently been agreed within the development and in our opinion this is the best guide for the estimated market rent. On analysing the subject units on a full occupancy basis we would be of the opinion that the ERV based on 100% occupancy equates to approximately €1,797,300 per annum. The commercial element of the subject property has two tenancies over three units producing an annual income of €171,136 per annum. It is our opinion that Unit 1 which was let in 2009 at a rent of €133,056 per annum is over rented. We would expect the ERV of this retail unit which extends to 5,027 sq ft to amount to €75,405 per annum, which breaks back at €15 per sq ft. The second letting to Ramen Restaurant is quite recent, the unit is smaller at 2,241 sq ft and has the benefit of planning permission for restaurant use. This letting breaks back to about €16.00 per sq ft when the rent free period granted been taken into account. We estimate that the total ERV for the six commercial units to be €181,112 per annum. The summation of both commercial and residential elements equates to a potential ERV on the basis of 100% occupancy at €1,978,412 per annum. A schedule of Market Rents is attached at Appendix C.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 429
Management Costs Summary (Service Charge)
We have been provided with a service charge budget for the development for the year ending 31 December 2014 by Barry Comer. We are of the opinion that the costs provided are reasonable in relation to the scale of the development. The service charge schedule is attached at Appendix B. We have however stripped out charges such as PRTB, Letting Fee’s and Property Tax, bringing the service charge to €204,655. To this service charge cost of €204,655 we have added the following elements as market standard, using a turnover of 40% due to the properties performance and location:
Letting Fees @ 4% of rent (40% turnover pa) €27,319 Management Fees – 15% of Service Charge €30,698 *PRTB @ €90 (40% turnover pa) €5,112 Property Tax @ €224 per unit €31,808 **Capex @ €250 per unit €35,500 The summation of these outgoings equates to €335,092 or €2,360 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into cost schedule provided. Contents of the building surveying report do not impact upon Capex requirement.
Valuation Methodology
In arriving at our opinion of market value of the apartments, we have had regard to their location, specification, condition, operational units and the current tenancies in place, in addition to the comparable evidence as outlined within our report. We have used the investment method of valuation and have relied upon rental income figures and management costs which were provided by the borrower. While the apartments are fully let at present, there will be vacancies and refurbishment programs we have valued them on the basis of 95% occupancy which equates to €1,707,435 per annum. We have capitalised this income at a yield of 6.5%. This yield was applied to the net income (after deducting outgoings) generated from the scheme. Having deducted appropriate costs, we arrived at a market value of €20,331,230, which we have rounded to €20,330,000.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 430
Commercial In arriving at our opinion of value for the six commercial units, we have used the investment method of valuation. Unit 1 is let on a 25 year lease to Tesco Ireland. We have applied a yield of 8% to an ERV of €75,405 (€15 per sq ft) and 11% to the froth element with is currently producing a rent of €133,056 per annum (€26.46 per sq ft). We have valued the froth up to the break at the end of year 15. For the ground floor area of the Restaurant Unit & Unit 2 which is now occupied in its entirety by Ramen Restaurant, we have valued this area into perpetuity at the current rent of €38,080 per annum (€17 per sq ft) which we have capitalised at a yield of 9% having first allowed for a three month rent period from the lease start in July 2014 and a further 3 month rent free period after year 1 which has been granted with this lease. We have also applied a rent free period of 1 year after the lease break option at the end of year 5. For the basement area of the Restaurant Unit, we have applied an Estimated Rental Value of €5,292 per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for an 18 month letting void and a rent free period of 1 year. For Basement Store, we have applied an Estimated Rental Value of €2,172 per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for an 18 month letting void and a rent free period of 1 year. For Unit 3, we have applied an Estimated Rental Value of €47,630 per annum which we have capitalised at a yield of 10% into perpetuity having first allowed for an 18 month letting void and a rent free period of 2 years. For the Crèche Unit, we have applied an Estimated Rental Value of €11,647 per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 2 year letting void and a rent free period of 1 year. In the case of each vacant unit we have deducted service charge costs for the void period where the property will remain vacant while it is being marketed. For each vacant retail unit we have applied a fit-out contribution cost of approximately €30 per sq ft. Having deducted appropriate costs of 4.46%, we have arrived at a value of €1,773,000 for all commercial units. This equates to a capital value of €113.38 per sq ft. This gives a total market value of €22,103,000 for the entire property. Valuation printouts of the above are provided at Appendix E.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 431
Market Rents Residential In arriving at our opinion of Estimated Rental Value of the apartments, we had regard to their location, specification and condition, in addition to the rents which are currently being paid and the comparable evidence as outlined within this report. A number of lettings have recently been agreed within the development and in our opinion this is the best guide for the estimated market rent. On analysing the subject units on a full occupancy basis we would be of the opinion that the ERV based on 100% occupancy equates to approximately €1,797,300 per annum. A full breakdown of the individual rental values is outlined in the table shown in Appendix C.
Commercial In arriving at our opinion of Estimated Rental Value of the six commercial units, we have had regard to their location, specification and condition, in addition to the comparable evidence as outlined within this report. We would note that the most recent letting which was agreed earlier this year would provide the best evidence of market rent for the commercial units. The property extends to 2,241 sq ft and has the benefit of planning permission for restaurant use. This letting breaks back to about €16.00 per sq ft when the rent free period granted been taken into account. We also understand that heads of terms have been prepared on Unit 5. It is proposed that this unit measuring 485 sq ft will be let under a 4 year 9 month lease at a rent of €7,282.50 per annum which breaks back to €15 per sq ft. There is a break in this lease at the end of year 2.
Having regard to all of the above, we have applied an ERV of:
€15 per sq ft to Unit 1 €17 per sq ft to the Restaurant (Grd Floor) & Unit 2 €3.50 per sq ft to the Restaurant (Basement area) €3.50 per sq ft to the Basement Retail Unit €10.00 per sq ft to Retail Unit 3 (Which comprises Units 3, 4 & 5 which are currently in shell and core conditions with no will divisions in place) €9.50 per sq ft to the Crèche
This gives a combined Estimated Rental Value of €181,112 per annum for the commercial property. This gives a total Estimated Rental Value of €1,978,412 for the entire property.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 432
Vacant Possession Value (Aggregate) Residential In arriving at our opinion of the vacant possession value of the apartments, we have had regard to the fact that they are fully furnished. We understand that each apartment comes with one car parking space with the remaining 71 car spaces being available for the retail units. We have also had regard to similar types of apartments which have recently sold in the area. Following this, we arrived at a total vacant possession value of €19,750,000 for the 142 apartments. A full breakdown of the individual values is outlined in the table shown in Appendix D.
Commercial In arriving at our opinion of value for the six commercial units, we have used the investment method of valuation. For Unit 1 we assumed it to be vacant and applied an Estimated Rental Value of €75,405 per annum which we have capitalised at a yield of 10% into perpetuity having first allowed for 12 months letting void and a rent free period of 12 months. For the Restaurant Unit – Basement Level, we have applied an Estimated Rental Value of €5,292 per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for an 18 month letting void and a rent free period of 18 months. For the Ground Floor of the Restaurant & Unit 2, we have applied an Estimated Rental Value of €38,097 per annum which we have capitalised at a yield of 10% into perpetuity having first allowed for an 18 month letting void and a rent free period of 18 months. For Basement Store, we have applied an Estimated Rental Value of €3,041 per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for an 18 month letting void and a rent free period of 1 year. For Unit 3, we have applied an Estimated Rental Value of €47,630 per annum which we have capitalised at a yield of 10% into perpetuity having first allowed for an 18 month letting void and a rent free period of 2 years. For the Crèche Unit, we have applied an Estimated Rental Value of €9,195 per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 2 year letting void and a rent free period of 1 year. In the case of each vacant unit we have deducted service charge costs for the void period where the property will remain vacant while it is being marketed. For each unfinished retail unit we have applied a fit-out contribution cost of approximately €30 per sq ft. Having deducted appropriate costs of 4.46%, we have arrived at a value of €1,107,000. This equates to a capital value of €70 per sq ft.
This gives a total market value of €21,022,000 for the entire property on the basis of Vacant Possession. Valuation printouts of the above are provided in Appendix E.
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 433
OPINION OF VALUE
Market Values (Investment
We are of the opinion that the Market Values of the freehold / long leasehold interest in the subject property, with the benefit of existing tenancies, as at the date of this report is: Residential €20,330,000 inclusive of VAT (Twenty Million Three Hundred and Thirty Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 6.50% Gross Initial Yield 8.09% Commercial €1,773,000 exclusive of VAT (One Million Seven Hundred & Seventy Three Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 6.36% Equivalent Yield 9.07% Reversionary Yield 8.65% Total €22,103,000 mixed VAT (Twenty Two Million One Hundred and Three Thousand Euro)
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 434
Market Rents
We are of the opinion that the Market Rents of the property, as at the date of this report are: Residential €1,797,300 per annum (One Million Seven Hundred and Ninety Seven Thousand Three Hundred Euro)
Commercial €181,112 per annum (One Hundred and Eighty One Thousand One Hundred and Twelve Euro) Total €1,978,412 per annum (One Million Nine Hundred and Seventy Eight Thousand Four Hundred and Twelve Euro)
Market Values with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of the property on the special assumption that the property has the benefit of vacant possession as at the date of this report is: Residential
€19,750,000 inclusive of VAT (Nineteen Million Seven Hundred and Fifty Thousand Euro)
Commercial €1,107,000 exclusive of VAT (One Million One Hundred and Seven Thousand Euro)
Total €20,857,000 mixed VAT
(Twenty Million Eight Hundred and Fifty Seven Thousand Euro)
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 435
A FLOOR AREA SCHEDULE
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 436
FLOOR AREA SCHEDULE
Orchard Gardens, Cork
Apt No Unit Description Floor Floor Area Floor Area Sq Ft Sq M
Bramley
1 2 Bedroom UG Level 861.11 80.00 2 3 Bedroom UG Level 1,177.57 109.40 3 3 Bedroom UG Level 960.14 89.20 4 3 Bedroom Grd Floor 1,249.69 116.10 5 2 Bedroom Grd Floor 870.80 80.90 6 3 Bedroom Grd Floor 1,191.56 110.70 7 2 Bedroom Grd Floor 849.27 78.90 8 2 Bedroom Grd Floor 866.49 80.50 9 3 Bedroom Grd Floor 1,063.47 98.80 10 3 Bedroom Grd Floor 1,002.12 93.10 11 2 Bedroom Grd Floor 880.49 81.80 12 2 Bedroom 1st Floor 799.76 74.30 13 1 Bedroom 1st Floor 557.57 51.80 14 2 Bedroom 1st Floor 840.66 78.10 15 2 Bedroom 1st Floor 866.49 80.50 16 1 Bedroom 1st Floor 525.28 48.80 17 2 Bedroom 1st Floor 866.49 80.50 18 2 Bedroom 1st Floor 866.49 80.50 19 1 Bedroom 1st Floor 525.28 48.80 20 2 Bedroom 1st Floor 880.49 81.80 21 2 Bedroom 1st Floor 934.31 86.80 22 1 Bedroom 1st Floor 525.28 48.80 23 2 Bedroom 1st Floor 866.49 80.50 24 2 Bedroom 1st Floor 866.49 80.50 25 1 Bedroom 1st Floor 525.28 48.80 26 2 Bedroom 1st Floor 866.49 80.50 27 2 Bedroom 1st Floor 866.49 80.50 28 1 Bedroom 1st Floor 525.28 48.80 29 1 Bedroom 1st Floor 525.28 48.80 30 3 Bedroom 1st Floor 1,002.12 93.10 31 2 Bedroom 1st Floor 871.88 81.00 32 2 Bedroom 2nd Floor 799.76 74.30 33 1 Bedroom 2nd Floor 557.57 51.80 34 2 Bedroom 2nd Floor 840.66 78.10 35 2 Bedroom 2nd Floor 866.49 80.50 36 1 Bedroom 2nd Floor 525.28 48.80
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 437
37 2 Bedroom 2nd Floor 866.49 80.50 38 2 Bedroom 2nd Floor 866.49 80.50 39 1 Bedroom 2nd Floor 525.28 48.80 40 2 Bedroom 2nd Floor 880.49 81.80 41 2 Bedroom 2nd Floor 923.54 85.80 42 1 Bedroom 2nd Floor 525.28 48.80 43 2 Bedroom 2nd Floor 866.49 80.50 44 2 Bedroom 2nd Floor 866.49 80.50 45 1 Bedroom 2nd Floor 525.28 48.80 46 2 Bedroom 2nd Floor 866.49 80.50 47 2 Bedroom 2nd Floor 866.49 80.50 48 1 Bedroom 2nd Floor 525.28 48.80 49 1 Bedroom 2nd Floor 525.28 48.80 50 3 Bedroom 2nd Floor 1,002.12 93.10 51 2 Bedroom 2nd Floor 871.88 81.00 52 2 Bedroom 3rd Floor 799.76 74.30 53 1 Bedroom 3rd Floor 557.57 51.80 54 2 Bedroom 3rd Floor 852.50 79.20 55 2 Bedroom 3rd Floor 866.49 80.50 56 1 Bedroom 3rd Floor 525.28 48.80 57 2 Bedroom 3rd Floor 866.49 80.50 58 2 Bedroom 3rd Floor 866.49 80.50 59 1 Bedroom 3rd Floor 525.28 48.80 60 2 Bedroom 3rd Floor 880.49 81.80 61 2 Bedroom 3rd Floor 923.54 85.80 62 1 Bedroom 3rd Floor 525.28 48.80 63 2 Bedroom 3rd Floor 866.49 80.50 64 2 Bedroom 3rd Floor 866.49 80.50 65 1 Bedroom 3rd Floor 525.28 48.80 66 2 Bedroom 3rd Floor 866.49 80.50 67 2 Bedroom 3rd Floor 848.20 78.80 68 1 Bedroom 3rd Floor 468.23 43.50 69 1 Bedroom 3rd Floor 468.23 43.50 70 2 Bedroom 3rd Floor 710.42 66.00 71 2 Bedroom 3rd Floor 871.88 81.00 72 3 Bedroom 4th Floor 988.13 91.80 73 3 Bedroom 4th Floor 936.46 87.00 74 3 Bedroom 4th Floor 937.54 87.10 75 3 Bedroom 4th Floor 937.54 87.10 76 3 Bedroom 4th Floor 937.54 87.10 77 3 Bedroom 4th Floor 1,030.11 95.70 78 3 Bedroom 4th Floor 987.05 91.70 79 3 Bedroom 4th Floor 937.54 87.10 80 3 Bedroom 4th Floor 937.54 87.10 81 4 Bedroom 5th Floor 937.54 87.10
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 438
Yarlington
1 1 Bedroom Level -2 541.42 50.30 2 2 Bedroom Level -2 858.96 79.80 3 1 Bedroom Level -2 546.81 50.80 3a 2 Bedroom Level -2 821.29 76.30 4 3 Bedroom Level -1 1,006.42 93.50 5 2 Bedroom Level -1 723.33 67.20 6 3 Bedroom Level -1 1,064.55 98.90 7 2 Bedroom Grd Floor 661.98 61.50 8 3 Bedroom Grd Floor 1,151.74 107.00 9 2 Bedroom Grd Floor 877.26 81.50 10 3 Bedroom Grd Floor 1,006.42 93.50 11 3 Bedroom Grd Floor 1,043.02 96.90 12 2 Bedroom Grd Floor 723.33 67.20 13 2 Bedroom Upper Grd 866.49 80.50 14 1 Bedroom Upper Grd 525.28 48.80 15 2 Bedroom Upper Grd 866.49 80.50 16 2 Bedroom Upper Grd 866.49 80.50 17 1 Bedroom Upper Grd 525.28 48.80 18 2 Bedroom Upper Grd 866.49 80.50 19 2 Bedroom 1st Floor 830.97 77.20 20 2 Bedroom 1st Floor 844.97 78.50 21 2 Bedroom 1st Floor 818.06 76.00 22 3 Bedroom 1st Floor 1,071.01 99.50 23 2 Bedroom 1st Floor 866.49 80.50 24 1 Bedroom 1st Floor 525.28 48.80 25 2 Bedroom 1st Floor 866.49 80.50 26 2 Bedroom 1st Floor 866.49 80.50 27 1 Bedroom 1st Floor 525.28 48.80 28 2 Bedroom 1st Floor 866.49 80.50 29 3 Bedroom 1st Floor 1,006.42 93.50
Sold
31 2 Bedroom 2nd Floor 830.97 77.20 32 2 Bedroom 2nd Floor 844.97 78.50 33 2 Bedroom 2nd Floor 825.59 76.70 34 3 Bedroom 2nd Floor 1,075.31 99.90 35 2 Bedroom 2nd Floor 866.49 80.50 36 1 Bedroom 2nd Floor 525.28 48.80 37 2 Bedroom 2nd Floor 866.49 80.50 38 2 Bedroom 2nd Floor 866.49 80.50 39 1 Bedroom 2nd Floor 525.28 48.80 40 2 Bedroom 2nd Floor 866.49 80.50 41 2 Bedroom 2nd Floor 821.29 76.30 42 2 Bedroom 2nd Floor 941.84 87.50
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 439
43 2 Bedroom 3rd Floor 830.97 77.20 44 2 Bedroom 3rd Floor 844.97 78.50 45 2 Bedroom 3rd Floor 847.12 78.70 46 3 Bedroom 3rd Floor 1,075.31 99.90 47 2 Bedroom 3rd Floor 866.49 80.50 48 1 Bedroom 3rd Floor 525.28 48.80 49 2 Bedroom 3rd Floor 866.49 80.50 50 2 Bedroom 3rd Floor 866.49 80.50 51 1 Bedroom 3rd Floor 525.28 48.80 52 2 Bedroom 3rd Floor 866.49 80.50 53 2 Bedroom 3rd Floor 841.74 78.20 54 2 Bedroom 3rd Floor 946.15 87.90 55 1 Bedroom 4th Floor 578.02 53.70 56 2 Bedroom 4th Floor 850.35 79.00 57 3 Bedroom 4th Floor 937.54 87.10 58 3 Bedroom 4th Floor 937.54 87.10 59 3 Bedroom 4th Floor 937.54 87.10 60 3 Bedroom 4th Floor 937.54 87.10 61 3 Bedroom 4th Floor 883.72 82.10
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 440
B SERVICE CHARGE SCHEDULE
SERVICE CHARGE SCHEDULE 441
SERVICE CHARGE SCHEDULE
MARKET RENTAL VALUE TABLE 442
C MARKET RENTAL VALUE TABLE
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 443 ESTIMATED RENTAL VALUE
Orchard Gardens, Cork
Apt No Unit Floor Floor Area Floor Area ERV Per ERV Per Description Month Annum Sq Ft Sq M
Bramley
1 2 Bedroom UG Level 861.11 80.00 1,050 12,600 2 3 Bedroom UG Level 1,177.57 109.40 1,300 15,600 3 3 Bedroom UG Level 960.14 89.20 1,250 15,000 4 3 Bedroom Grd Floor 1,249.69 116.10 1,300 15,600 5 2 Bedroom Grd Floor 870.80 80.90 1,050 12,600 6 3 Bedroom Grd Floor 1,191.56 110.70 1,300 15,600 7 2 Bedroom Grd Floor 849.27 78.90 1,050 12,600 8 2 Bedroom Grd Floor 866.49 80.50 1,050 12,600 9 3 Bedroom Grd Floor 1,063.47 98.80 1,300 15,600 10 3 Bedroom Grd Floor 1,002.12 93.10 1,300 15,600 11 2 Bedroom Grd Floor 880.49 81.80 1,050 12,600 12 2 Bedroom 1st Floor 799.76 74.30 1,050 12,600 13 1 Bedroom 1st Floor 557.57 51.80 900 10,800 14 2 Bedroom 1st Floor 840.66 78.10 1,050 12,600 15 2 Bedroom 1st Floor 866.49 80.50 1,050 12600 16 1 Bedroom 1st Floor 525.28 48.80 900 10,800 17 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 18 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 19 1 Bedroom 1st Floor 525.28 48.80 900 10,800 20 2 Bedroom 1st Floor 880.49 81.80 1,050 12,600 21 2 Bedroom 1st Floor 934.31 86.80 1,050 12,600 22 1 Bedroom 1st Floor 525.28 48.80 900 10,800 23 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 24 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 25 1 Bedroom 1st Floor 525.28 48.80 900 10,800 26 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 27 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 28 1 Bedroom 1st Floor 525.28 48.80 900 10,800 29 1 Bedroom 1st Floor 525.28 48.80 900 10,800 30 3 Bedroom 1st Floor 1,002.12 93.10 1,300 15,600 31 2 Bedroom 1st Floor 871.88 81.00 1,050 12,600 32 2 Bedroom 2nd Floor 799.76 74.30 1,050 12,600 33 1 Bedroom 2nd Floor 557.57 51.80 900 10,800
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 444
34 2 Bedroom 2nd Floor 840.66 78.10 1,050 12,600 35 2 Bedroom 2nd Floor 866.49 80.50 1,050 12,600 36 1 Bedroom 2nd Floor 525.28 48.80 900 10,800 37 2 Bedroom 2nd Floor 866.49 80.50 1,050 12,600 38 2 Bedroom 2nd Floor 866.49 80.50 1,050 12,600 39 1 Bedroom 2nd Floor 525.28 48.80 1,050 12,600 40 2 Bedroom 2nd Floor 880.49 81.80 1,050 12,600 41 2 Bedroom 2nd Floor 923.54 85.80 900 10,800 42 1 Bedroom 2nd Floor 525.28 48.80 1,050 12,600 43 2 Bedroom 2nd Floor 866.49 80.50 1,050 12,600 44 2 Bedroom 2nd Floor 866.49 80.50 900 10,800 45 1 Bedroom 2nd Floor 525.28 48.80 1,050 12,600 46 2 Bedroom 2nd Floor 866.49 80.50 900 10,800 47 2 Bedroom 2nd Floor 866.49 80.50 900 10,800 48 1 Bedroom 2nd Floor 525.28 48.80 1,300 15,600 49 1 Bedroom 2nd Floor 525.28 48.80 1,050 12,600 50 3 Bedroom 2nd Floor 1,002.12 93.10 1,050 12,600 51 2 Bedroom 2nd Floor 871.88 81.00 900 10,800 52 2 Bedroom 3rd Floor 799.76 74.30 1,050 12,600 53 1 Bedroom 3rd Floor 557.57 51.80 1,050 10,800 54 2 Bedroom 3rd Floor 852.50 79.20 900 12,600 55 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 56 1 Bedroom 3rd Floor 525.28 48.80 1,050 10,800 57 2 Bedroom 3rd Floor 866.49 80.50 900 12,600 58 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 59 1 Bedroom 3rd Floor 525.28 48.80 1,050 10,800 60 2 Bedroom 3rd Floor 880.49 81.80 1,050 12,600 61 2 Bedroom 3rd Floor 923.54 85.80 1,050 12,600 62 1 Bedroom 3rd Floor 525.28 48.80 900 10,800 63 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 64 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 65 1 Bedroom 3rd Floor 525.28 48.80 900 10,800 66 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 67 2 Bedroom 3rd Floor 848.20 78.80 1,050 12,600 68 1 Bedroom 3rd Floor 468.23 43.50 900 10,800 69 1 Bedroom 3rd Floor 468.23 43.50 875 10,500 70 2 Bedroom 3rd Floor 710.42 66.00 1,000 12,000 71 2 Bedroom 3rd Floor 871.88 81.00 1,050 12,600 72 3 Bedroom 4th Floor 988.13 91.80 1,300 15,600 73 3 Bedroom 4th Floor 936.46 87.00 1,300 15,600 74 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600 75 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 445
76 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600 77 3 Bedroom 4th Floor 1,030.11 95.70 1,300 15,600 78 3 Bedroom 4th Floor 987.05 91.70 1,300 15,600 79 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600 80 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600 81 4 Bedroom 5th Floor 937.54 87.10 1,300 15,600 €1,011,900
Yarlington 1 1 Bedroom Level -2 541.42 50.30 900 10,800 2 2 Bedroom Level -2 858.96 79.80 1,000 12,000 3 1 Bedroom Level -2 546.81 50.80 900 10,800 3a 2 Bedroom Level -2 821.29 76.30 1,000 12,000 4 3 Bedroom Level -1 1,006.42 93.50 1,200 14,400 5 2 Bedroom Level -1 723.33 67.20 1,000 12,000 6 3 Bedroom Level -1 1,064.55 98.90 1,200 14,400 7 2 Bedroom Grd Floor 661.98 61.50 1,000 12,000 8 3 Bedroom Grd Floor 1,151.74 107.00 1,300 15,600 9 2 Bedroom Grd Floor 877.26 81.50 1,050 12,600 10 3 Bedroom Grd Floor 1,006.42 93.50 1,300 15,600 11 3 Bedroom Grd Floor 1,043.02 96.90 1,300 15,600 12 2 Bedroom Grd Floor 723.33 67.20 1,000 12,000 13 2 Bedroom Upper Grd 866.49 80.50 1,050 12,600 14 1 Bedroom Upper Grd 525.28 48.80 900 10,800 15 2 Bedroom Upper Grd 866.49 80.50 1,050 12,600 16 2 Bedroom Upper Grd 866.49 80.50 1,050 12,600 17 1 Bedroom Upper Grd 525.28 48.80 900 10,800 18 2 Bedroom Upper Grd 866.49 80.50 1,050 12,600 19 2 Bedroom 1st Floor 830.97 77.20 1,050 12,600 20 2 Bedroom 1st Floor 844.97 78.50 1,050 12,600 21 2 Bedroom 1st Floor 818.06 76.00 1,050 12,600 22 3 Bedroom 1st Floor 1,071.01 99.50 1,300 15,600 23 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 24 1 Bedroom 1st Floor 525.28 48.80 900 10,800 25 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 26 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 27 1 Bedroom 1st Floor 525.28 48.80 900 10,800 28 2 Bedroom 1st Floor 866.49 80.50 1,050 12,600 29 3 Bedroom 1st Floor 1,006.42 93.50 1,300 15,600 Sold 31 2 Bedroom 2nd Floor 830.97 77.20 1,050 12,600 32 2 Bedroom 2nd Floor 844.97 78.50 1,050 12,600
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 446
33 2 Bedroom 2nd Floor 825.59 76.70 1,050 12,600 34 3 Bedroom 2nd Floor 1,075.31 99.90 1,300 15,600 35 2 Bedroom 2nd Floor 866.49 80.50 1,050 12,600 36 1 Bedroom 2nd Floor 525.28 48.80 900 10,800 37 2 Bedroom 2nd Floor 866.49 80.50 1,050 12,600 38 2 Bedroom 2nd Floor 866.49 80.50 1,050 12,600 39 1 Bedroom 2nd Floor 525.28 48.80 900 10,800 40 2 Bedroom 2nd Floor 866.49 80.50 1,050 12,600 41 2 Bedroom 2nd Floor 821.29 76.30 1,050 12,600 42 2 Bedroom 2nd Floor 941.84 87.50 1,050 12,600 43 2 Bedroom 3rd Floor 830.97 77.20 1,050 12,600 44 2 Bedroom 3rd Floor 844.97 78.50 1,050 12,600 45 2 Bedroom 3rd Floor 847.12 78.70 1,050 12,600 46 3 Bedroom 3rd Floor 1,075.31 99.90 1,300 15,600 47 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 48 1 Bedroom 3rd Floor 525.28 48.80 900 10,800 49 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 50 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 51 1 Bedroom 3rd Floor 525.28 48.80 900 10,800 52 2 Bedroom 3rd Floor 866.49 80.50 1,050 12,600 53 2 Bedroom 3rd Floor 841.74 78.20 1,050 12,600 54 2 Bedroom 3rd Floor 946.15 87.90 1,050 12,600 55 1 Bedroom 4th Floor 578.02 53.70 900 10,800 56 2 Bedroom 4th Floor 850.35 79.00 1,050 12,600 57 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600 58 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600 59 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600 60 3 Bedroom 4th Floor 937.54 87.10 1,300 15,600 61 3 Bedroom 4th Floor 883.72 82.10 1,300 15,600 €785,400
€1,797,300
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 447
D VACANT POSSESSION VALUE
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 448 VP VALUE TABLE
Orchard Gardens, Cork
Apt No Unit Description Floor Floor Area Floor Area Market Value Sq Ft Sq M
Bramley
1 2 Bedroom UG Level 861.11 80.00 €140,000 2 3 Bedroom UG Level 1,177.57 109.40 €160,000 3 3 Bedroom UG Level 960.14 89.20 €140,000 4 3 Bedroom Grd Floor 1,249.69 116.10 €165,000 5 2 Bedroom Grd Floor 870.80 80.90 €140,000 6 3 Bedroom Grd Floor 1,191.56 110.70 €160,000 7 2 Bedroom Grd Floor 849.27 78.90 €140,000 8 2 Bedroom Grd Floor 866.49 80.50 €140,000 9 3 Bedroom Grd Floor 1,063.47 98.80 €160,000 10 3 Bedroom Grd Floor 1,002.12 93.10 €160,000 11 2 Bedroom Grd Floor 880.49 81.80 €140,000 12 2 Bedroom 1st Floor 799.76 74.30 €140,000 13 1 Bedroom 1st Floor 557.57 51.80 €115,000 14 2 Bedroom 1st Floor 840.66 78.10 €140,000 15 2 Bedroom 1st Floor 866.49 80.50 €140,000 16 1 Bedroom 1st Floor 525.28 48.80 €115,000 17 2 Bedroom 1st Floor 866.49 80.50 €140,000 18 2 Bedroom 1st Floor 866.49 80.50 €140,000 19 1 Bedroom 1st Floor 525.28 48.80 €115,000 20 2 Bedroom 1st Floor 880.49 81.80 €140,000 21 2 Bedroom 1st Floor 934.31 86.80 €145,000 22 1 Bedroom 1st Floor 525.28 48.80 €115,000 23 2 Bedroom 1st Floor 866.49 80.50 €140,000 24 2 Bedroom 1st Floor 866.49 80.50 €140,000 25 1 Bedroom 1st Floor 525.28 48.80 €115,000 26 2 Bedroom 1st Floor 866.49 80.50 €140,000 27 2 Bedroom 1st Floor 866.49 80.50 €140,000 28 1 Bedroom 1st Floor 525.28 48.80 €115,000 29 1 Bedroom 1st Floor 525.28 48.80 €115,000 30 3 Bedroom 1st Floor 1,002.12 93.10 €165,000 31 2 Bedroom 1st Floor 871.88 81.00 €140,000 32 2 Bedroom 2nd Floor 799.76 74.30 €135,000
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 449
33 1 Bedroom 2nd Floor 557.57 51.80 €115,000 34 2 Bedroom 2nd Floor 840.66 78.10 €140,000 35 2 Bedroom 2nd Floor 866.49 80.50 €140,000 36 1 Bedroom 2nd Floor 525.28 48.80 €115,000 37 2 Bedroom 2nd Floor 866.49 80.50 €140,000 38 2 Bedroom 2nd Floor 866.49 80.50 €140,000 39 1 Bedroom 2nd Floor 525.28 48.80 €115,000 40 2 Bedroom 2nd Floor 880.49 81.80 €140,000 41 2 Bedroom 2nd Floor 923.54 85.80 €145,000 42 1 Bedroom 2nd Floor 525.28 48.80 €115,000 43 2 Bedroom 2nd Floor 866.49 80.50 €140,000 44 2 Bedroom 2nd Floor 866.49 80.50 €140,000 45 1 Bedroom 2nd Floor 525.28 48.80 €115,000 46 2 Bedroom 2nd Floor 866.49 80.50 €140,000 47 2 Bedroom 2nd Floor 866.49 80.50 €140,000 48 1 Bedroom 2nd Floor 525.28 48.80 €115,000 49 1 Bedroom 2nd Floor 525.28 48.80 €115,000 50 3 Bedroom 2nd Floor 1,002.12 93.10 €165,000 51 2 Bedroom 2nd Floor 871.88 81.00 €140,000 52 2 Bedroom 3rd Floor 799.76 74.30 €135,000 53 1 Bedroom 3rd Floor 557.57 51.80 €115,000 54 2 Bedroom 3rd Floor 852.50 79.20 €140,000 55 2 Bedroom 3rd Floor 866.49 80.50 €140,000 56 1 Bedroom 3rd Floor 525.28 48.80 €115,000 57 2 Bedroom 3rd Floor 866.49 80.50 €140,000 58 2 Bedroom 3rd Floor 866.49 80.50 €140,000 59 1 Bedroom 3rd Floor 525.28 48.80 €115,000 60 2 Bedroom 3rd Floor 880.49 81.80 €140,000 61 2 Bedroom 3rd Floor 923.54 85.80 €145,000 62 1 Bedroom 3rd Floor 525.28 48.80 €115,000 63 2 Bedroom 3rd Floor 866.49 80.50 €140,000 64 2 Bedroom 3rd Floor 866.49 80.50 €140,000 65 1 Bedroom 3rd Floor 525.28 48.80 €115,000 66 2 Bedroom 3rd Floor 866.49 80.50 €140,000 67 2 Bedroom 3rd Floor 848.20 78.80 €140,000 68 1 Bedroom 3rd Floor 468.23 43.50 €110,000 69 1 Bedroom 3rd Floor 468.23 43.50 €110,000 70 2 Bedroom 3rd Floor 710.42 66.00 €135,000 71 2 Bedroom 3rd Floor 871.88 81.00 €140,000 72 3 Bedroom 4th Floor 988.13 91.80 €165,000 73 3 Bedroom 4th Floor 936.46 87.00 €165,000 74 3 Bedroom 4th Floor 937.54 87.10 €165,000
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 450
75 3 Bedroom 4th Floor 937.54 87.10 €165,000 76 3 Bedroom 4th Floor 937.54 87.10 €165,000 77 3 Bedroom 4th Floor 1,030.11 95.70 €170,000 78 3 Bedroom 4th Floor 987.05 91.70 €165,000 79 3 Bedroom 4th Floor 937.54 87.10 €165,000 80 3 Bedroom 4th Floor 937.54 87.10 €165,000 81 4 Bedroom 5th Floor 937.54 87.10 €165,000 €11,215,000
Yarlington
1 1 Bedroom Level -2 541.42 50.30 €110,000 2 2 Bedroom Level -2 858.96 79.80 €140,000 3 1 Bedroom Level -2 546.81 50.80 €110,000 3a 2 Bedroom Level -2 821.29 76.30 €135,000 4 3 Bedroom Level -1 1,006.42 93.50 €155,000 5 2 Bedroom Level -1 723.33 67.20 €135,000 6 3 Bedroom Level -1 1,064.55 98.90 €155,000 7 2 Bedroom Grd Floor 661.98 61.50 €135,000 8 3 Bedroom Grd Floor 1,151.74 107.00 €155,000 9 2 Bedroom Grd Floor 877.26 81.50 €140,000 10 3 Bedroom Grd Floor 1,006.42 93.50 €155,000 11 3 Bedroom Grd Floor 1,043.02 96.90 €155,000 12 2 Bedroom Grd Floor 723.33 67.20 €135,000 13 2 Bedroom Upper Grd 866.49 80.50 €140,000 14 1 Bedroom Upper Grd 525.28 48.80 €115,000 15 2 Bedroom Upper Grd 866.49 80.50 €135,000 16 2 Bedroom Upper Grd 866.49 80.50 €140,000 17 1 Bedroom Upper Grd 525.28 48.80 €115,000 18 2 Bedroom Upper Grd 866.49 80.50 €140,000 19 2 Bedroom 1st Floor 830.97 77.20 €140,000 20 2 Bedroom 1st Floor 844.97 78.50 €140,000 21 2 Bedroom 1st Floor 818.06 76.00 €140,000 22 3 Bedroom 1st Floor 1,071.01 99.50 €165,000 23 2 Bedroom 1st Floor 866.49 80.50 €140,000 24 1 Bedroom 1st Floor 525.28 48.80 €115,000 25 2 Bedroom 1st Floor 866.49 80.50 €140,000 26 2 Bedroom 1st Floor 866.49 80.50 €140,000 27 1 Bedroom 1st Floor 525.28 48.80 €115,000 28 2 Bedroom 1st Floor 866.49 80.50 €140,000 29 3 Bedroom 1st Floor 1,006.42 93.50 €165,000 30 Sold
31 2 Bedroom 2nd Floor 830.97 77.20 €140,000
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 451
32 2 Bedroom 2nd Floor 844.97 78.50 €140,000 33 2 Bedroom 2nd Floor 825.59 76.70 €140,000 34 3 Bedroom 2nd Floor 1,075.31 99.90 €165,000 35 2 Bedroom 2nd Floor 866.49 80.50 €140,000 36 1 Bedroom 2nd Floor 525.28 48.80 €115,000 37 2 Bedroom 2nd Floor 866.49 80.50 €140,000 38 2 Bedroom 2nd Floor 866.49 80.50 €140,000 39 1 Bedroom 2nd Floor 525.28 48.80 €115,000 40 2 Bedroom 2nd Floor 866.49 80.50 €140,000 41 2 Bedroom 2nd Floor 821.29 76.30 €140,000 42 2 Bedroom 2nd Floor 941.84 87.50 €145,000 43 2 Bedroom 3rd Floor 830.97 77.20 €140,000 44 2 Bedroom 3rd Floor 844.97 78.50 €140,000 45 2 Bedroom 3rd Floor 847.12 78.70 €140,000 46 3 Bedroom 3rd Floor 1,075.31 99.90 €165,000 47 2 Bedroom 3rd Floor 866.49 80.50 €140,000 48 1 Bedroom 3rd Floor 525.28 48.80 €115,000 49 2 Bedroom 3rd Floor 866.49 80.50 €140,000 50 2 Bedroom 3rd Floor 866.49 80.50 €140,000 51 1 Bedroom 3rd Floor 525.28 48.80 €115,000 52 2 Bedroom 3rd Floor 866.49 80.50 €140,000 53 2 Bedroom 3rd Floor 841.74 78.20 €140,000 54 2 Bedroom 3rd Floor 946.15 87.90 €145,000 55 1 Bedroom 4th Floor 578.02 53.70 €115,000 56 2 Bedroom 4th Floor 850.35 79.00 €140,000 57 3 Bedroom 4th Floor 937.54 87.10 €165,000 58 3 Bedroom 4th Floor 937.54 87.10 €165,000 59 3 Bedroom 4th Floor 937.54 87.10 €165,000 60 3 Bedroom 4th Floor 937.54 87.10 €165,000 61 3 Bedroom 4th Floor 883.72 82.10 €160,000 €8,535,000 €19,750,000
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 452
E VALUATION PRINTOUT
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 453
VALUATION PRINTOUT
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 454
Market Value - Commercial
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 455
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 456
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 457
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 458
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 459
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 460
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 461
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 462
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 463
Vacant Possession Value
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 464
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 465
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 466
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 467
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 468
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 469
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 470
ORCHARD GARDENS, DENNEHY’S CROSS, CORK 471
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3
REPORT 13
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 473
PROPERTY DETAILS
Location
The property is located on the eastern side of East Road in Dublin 3. The surrounding area comprises a mix of residential and commercial uses. The property is located approximately 1.5 km north-east of the IFSC and approximately 1 km north of The Point Village. The area benefits from good private and public transport links with the M50 situated approximately 650 metres to the east and the nearest Red Line Luas stop located approximately 1 km to the south at The Point. In addition, Connolly DART station is situated approximately 1.5 km to the south-west. The subject property forms part of the Island Quay development which occupies a total site area of approximately 2.99 acres (1.21 hectares).
Description
The Island Key development comprises a total of 6 Blocks of residential accommodation and 5 commercial units. A total of 153 residential units and four retail units located in Blocks 1, 2, 3 and 6 form part of this valuation. The development was constructed in circa 2007. A total of 19 residential units, peppered throughout each of Blocks 2, 3 & 6 are in third party ownership. These units have been outlined in our schedule of accommodation below. The remaining Blocks, 4 & 5 are social housing and are under the ownership and management of the National Association of Building Co-operatives (NABCO). A car park is provided at basement level, extending under Blocks 1 to 4 Island Key with access provided between Blocks 1 & 2. This car park currently provides a total of 124 car spaces, 29 of which are stacked spaces. A further 31 spaces will be provided on completion of Block 1. NABCO have purchased a total of 27 car spaces and 19 other spaces have been sold to third parties. This leaves a total of 78 car spaces which are the subject of our valuation of Blocks 2, 3 & 6 Island Key, 22 of which are stacked parking spaces. Finally, we understand that there are a total of 20 surface parking spaces provided with the development, all of which are the subject of this valuation. We have been advised and have therefore assumed that there are no material changes in the structure since our previous valuation report dated 30 August 2013.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 474
Accommodation
We were provided with measurements by Barry Comer for both the residential apartments and the commercial units. Check measurements were taken at the time of our previous valuation of Apartments 94 & 132, Live Work unit 83 and the commercial unit at Block 3 and we confirm that we were satisfied to professionally rely on the floor areas provided. These check measurements were undertaken in accordance with the SCSI Measuring Practice Guidance Notes. As Block 1 is currently incomplete we have detailed below the advised floor areas on completion. In summary, the gross internal floor areas of the residential apartments are as follows: APARTMENTS Unit Number Description Sq M Sq Ft Block 1 (ON COMPLETION) 1 2 bedroom – First Floor 86.90 935 2 2 bedroom – First Floor 86.20 928 3 2 bedroom – First Floor 87 936 4 2 bedroom – First Floor 85 915 5 1 bedroom – First Floor 55 592 6 2 bedroom – Second Floor 86.90 935 7 2 bedroom – Second Floor 86.20 928 8 2 bedroom – Second Floor 87 936 9 2 bedroom – Second Floor 85 915 10 1 bedroom – Second Floor 55 592 11 2 bedroom – Second Floor 80 861 12 1 bedroom – Second Floor 42 452 13 1 bedroom – Second Floor 42 452 14 2 bedroom – Second Floor 56 603 15 2 bedroom – Second Floor 55 592 16 2 bedroom – Third Floor 80 861 17 1 bedroom – Third Floor 43 463 18 1 bedroom – Third Floor 42 452 19 2 bedroom – Third Floor 56 603 20 2 bedroom – Third Floor 54 581 21 2 bedroom – Third Floor 86.90 935 22 2 bedroom – Third Floor 86.20 928 23 2 bedroom – Third Floor 87 936 24 2 bedroom – Third Floor 85 915 25 1 bedroom – Third Floor 55 592 26 2 bedroom – Fourth Floor 86.90 935 27 2 bedroom – Fourth Floor 86.20 928 28 2 bedroom – Fourth Floor 87 936 29 2 bedroom – Fourth Floor 85 915 30 2 bedroom – Fourth Floor 80.50 866 31 1 bedroom – Fourth Floor 42 452 32 1 bedroom – Fourth Floor 43 463 33 1 bedroom – Fourth Floor 42 452 34 2 bedroom – Fourth Floor 56 603 35 2 bedroom – Fourth Floor 55 592
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 475
36 1 bedroom – Fifth Floor 42 452 37 1 bedroom – Fifth Floor 43 463 38 1 bedroom – Fifth Floor 42 452 39 2 bedroom – Fifth Floor 56 603 40 2 bedroom – Fifth Floor 55 592 41 2 bedroom – Fifth Floor 81.30 875 42 2 bedroom – Fifth Floor 81.30 875 43 2 bedroom – Fifth Floor 81.30 875 44 3 bedroom – Fifth Floor 106 1,141 45 2 bedroom – Sixth Floor 69 743 46 2 bedroom – Sixth Floor 68 732 47 2 bedroom – Sixth Floor 56 603 48 2 bedroom – Sixth Floor 54 581 49 2 bedroom – Seventh Floor 71 764 50 2 bedroom – Seventh Floor 83 893 51 2 bedroom – First Floor 80.50 866 52 2 bedroom – Second Floor 80.50 866 53 2 bedroom – Third Floor 80.50 866 Total 3,644 39,227
APARTMENTS Unit Number Description Sq M Sq Ft Block 2 55 3 bedroom – First Floor 79 850 56 2 bedroom – Second Floor 55 592 57 2 bedroom – Second Floor 56 603 58 SOLD 59 1 bedroom –Second Floor 42 452 60 1 bedroom – Second Floor 42 452 61 SOLD 62 SOLD 63 1 bedroom – Third Floor 42 452 64 1 bedroom - Third Floor 42 452 65 1 bedroom – Third Floor 42 452 66 2 bedroom – Fourth Floor 55 592 67 2 bedroom – Fourth Floor 56 603 68 SOLD 69 1 bedroom – Fourth Floor 42 452 70 1 bedroom – Fourth Floor 42 452 71 SOLD 72 2 bedroom – Fifth Floor 56 603 73 1 bedroom – Fifth Floor 42 452 74 1 bedroom – Fifth Floor 42 452 75 1 bedroom – Fifth Floor 42 452 76 SOLD 77 2 bedroom – Sixth Floor 56 603 78 SOLD 79 2 bedroom – Sixth Floor 68 732 80 3 bedroom – Seventh Floor 80 861 81 3 bedroom – Seventh Floor 70 753 82 2 bedroom (live/work) – Ground & First Floor 75 807 83 2 bedroom (live/work) – Ground & First Floor 75 807
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 476
84 1 bedroom – Second Floor 50 538 85 2 bedroom –Second Floor 68 732 86 2 bedroom – Second Floor 68 732 87 1 bedroom – Second Floor 50 538 88 1 bedroom – Third Floor 50 538 89 2 bedroom – Third Floor 68 732 90 2 bedroom – Third Floor 68 732 91 1 bedroom – Third Floor 50 538 92 3 bedroom – Fourth Floor 76 818 93 3 bedroom – Fourth Floor 82 883 94 3 bedroom – Fourth Floor 78 840 95 2 bedroom (live/work) – Ground & First Floor 75 807 96 2 bedroom (live/work) – Ground & First Floor 75 807 97 2 bedroom (live/work) – Ground & First Floor 75 807 98 2 bedroom (live/work) – Ground & First Floor 75 807 99 1 bedroom – Second Floor 50 538 100 2 bedroom – Second Floor 68 732 101 2 bedroom – Second Floor 68 732 102 SOLD 103 1 bedroom – Third Floor 50 538 104 2 bedroom – Third Floor 68 732 105 2 bedroom – Third Floor 68 732 106 1 bedroom – Third Floor 50 538 107 3 bedroom – Fourth Floor 76 818 108 3 bedroom – Fourth Floor 82 883 109 3 bedroom – Fourth Floor 78 840 110 2 bedroom (live/work) – Ground & First Floor 75 807 111 2 bedroom (live/work) – Ground & First Floor 75 807 Sub-Total 3,017 32,475
Block 3 113 3 bedroom – First Floor 79 850 114 SOLD 115 2 bedroom – Second Floor 56 603 116 SOLD 117 SOLD 118 1 bedroom – Second Floor 42 452 119 2 bedroom – Third Floor 55 592 120 2 bedroom – Third Floor 56 603 121 1 bedroom – Third Floor 42 452 122 1 bedroom – Third Floor 42 452 123 1 bedroom – Third Floor 42 452 124 SOLD 125 2 bedroom – Fourth Floor 56 603 126 SOLD 42 452 127 1 bedroom – Fourth Floor 42 452 128 1 bedroom – Fourth Floor 42 452 129 SOLD 130 2 bedroom – Fifth Floor 56 603 131 1 bedroom – Fifth Floor 42 452 132 1 bedroom – Fifth Floor 42 452
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 477
133 1 bedroom – Fifth Floor 42 452 134 2 bedroom – Sixth Floor 55 592 135 2 bedroom – Sixth Floor 56 603 136 SOLD 137 2 bedroom – Sixth Floor 68 732 138 3 bedroom – Seventh Floor 80 861 139 3 bedroom – Seventh Floor 70 753 140 2 bedroom (live/work) – Ground & First Floor 75 807 141 2 bedroom (live/work) – Ground & First Floor 75 807 142 3 bedroom – Second Floor 76 818 143 3 bedroom – Second Floor 82 883 144 3 bedroom – Second Floor 78 840 145 3 bedroom – Third Floor 76 818 146 SOLD 147 3 bedroom – Third Floor 78 840 148 3 bedroom – Fourth Floor 76 818 149 3 bedroom – Fourth Floor 82 883 150 3 bedroom – Fourth Floor 78 840 151 2 bedroom (live/work) – Ground & First Floor 75 807 152 2 bedroom (live/work) – Ground & First Floor 75 807 153 2 bedroom (live/work) – Ground & First Floor 75 807 154 2 bedroom (live/work) – Ground & First Floor 75 807 155 3 bedroom – Second Floor 76 818 156 3 bedroom – Second Floor 82 883 157 3 bedroom – Second Floor 78 840 158 3 bedroom – Third Floor 76 818 159 SOLD 160 3 bedroom – Third Floor 78 840 161 3 bedroom – Fourth Floor 76 818 162 3 bedroom – Fourth Floor 82 883 163 3 bedroom – Fourth Floor 78 840 164 2 bedroom (live/work) – Ground & First Floor 75 807 165 2 bedroom (live/work) – Ground & First Floor 75 807 Sub-Total 2,917 31,398
Block 6 242 SOLD 243 2 bedroom – First Floor 66 710 244 2 bedroom – Second Floor 53 570 245 2 bedroom – Second Floor 66 710 246 2 bedroom – Third Floor 53 570 247 2 bedroom – Third Floor 66 710 248 2 bedroom – Fourth Floor 53 570 249 2 bedroom – Fourth Floor 66 710 250 SOLD Sub-Total 423 4,553 TOTAL 6,357 68,426
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 478
In summary, the net internal floor areas of the commercial units are as follows: COMMERCIAL Unit Number Description Sq M Sq Ft Block 1 (ON COMPLETION) 4 East Road Retail & Office - Ground & First Floor 667 7,180
Block 2 54 Island Key Ground Floor 180 1,938
Block 3 112 Island Key Ground Floor 180 1,938
Block 6 241 Island Key Crèche – Ground Floor 130 1,399
TOTAL 1,157 12,455
State of Repair
CBRE London have undertaken a building survey dated September 2013 but none of the services have been tested. We have reviewed the report and note below the budgeted item of expenditure which we have had regard to in our valuation. Re-location of electric plant from basement car park area to avoid potential water damage. Budgeted Cost - €25,000 We understand that these works have not been completed since our previous valuation. We would comment that from our previous inspection, the entire of Block 1 is incomplete and is currently in shell and core condition. Apartments 94, 132 and Live Work Unit 83 were in good states of repair commensurate with their age, construction type and current use. We have assumed for the purposes of this report that the uninspected apartments are in a similar condition.
Environmental Considerations
We have read the Phase 1 Environmental Review prepared by Environ, Bath, UK and dated 29 August 2013. The report concludes that the site represents an overall moderate environmental risk. Based on the findings of this report we have not identified any environmental risk factors which, in our opinion, would affect value. However, CBRE give no warranty as to the absence of such environmental risk factors.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 479
Planning Permission
Planning Permission for the overall development at Island Key was granted under Register Reference 2919/04 with subsequent permissions for firstly minor amendments to a sub-station under Register Reference 5653/06 and for internal changes to Block 1 with associated windows and balconies granted under Register Reference 1074/08. We have received a status report from O’Dwyer & Associates Architects on the subject development. We note that in regard to the development of Blocks 2-6 that opinions of compliance in respect of Planning Permission and Building Regulations have been issued. The supporting documentation in respect of the basement car park was not issued before the original developers, Ellen Construction, went into receivership. The document also notes that certification was issued on the other similar blocks for the same type of construction/installation. This document also notes that ‘construction of Block 1 commenced under the first two planning permissions generally and as part of the overall development. In respect of register reference 1074/08 some structural construction work was completed comprising the revised internal party wall subdivisions and minor alterations to fenestration.’ Both the original and subsequent planning permissions have now lapsed. It will be necessary to make a new planning application for the retention and completion of Block 1 before commencing further work on this block. The document from O’Dwyer & Associates comments that this new application should regularise the planning situation with the development generally. Blocks 2 and 3 within the scheme contain Live/Work units. We would point out that under current planning structure these Live/Work units are essentially commercial units and should be treated as such. We understand that they are currently being treated as 3 bedroom apartments and let under residential tenancy agreements. From discussions with Dublin City Council we understand that generally Live/Work units can be amended to residential units by applying for planning permission for a change of use. We also understand that under the new Dublin City Council levy scheme adopted in May 2013, where development levies have been paid on commercial units, any subsequent levies to convert to residential accommodation will be sought net of the levies previously paid. We also understand that Live/Work units have been converted to residential accommodation in a number of schemes in Dublin from a planning perspective as the concept was not viable and we would expect this to be the case with Island Key. We would also expect any costs involved to achieve a change of use to be nominal.
VAT
We are not aware of the VAT situation with regard to the subject property. For the purpose of our vacant possession valuation we have assumed that the property is not liable for a VAT claw-back which we understand can be the case on a first sale basis. We would recommend that VAT advice is sought in this regard. All commercial rents and capital values stated in this report are exclusive of VAT.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 480
LEGAL CONSIDERATIONS
Tenure
We were provided with a Legal Due Diligence Report from the lender at the time of our previous valuation and confirm that we have read this together with the Executive Summary. The property is held long-leasehold. The legal report notes that the property enjoys a good and marketable title. Please refer to our previous report dated 30 August 2013 for a full outline of tenure
Tenancies
The residential elements of the completed Blocks being 2, 3 & 6 (100 units) are currently 95% occupied under 95 separate residential letting agreements of 12 months. The entire of Block 1 is currently in shell and core condition and as such currently vacant. The commercial units in Blocks 2, 3 & 6 are also currently vacant. The property is currently generating a gross income of approximately €1,314,780 per annum (at 95% occupancy) for its residential element (100 units), as at the valuation date. The commercial element of the property is currently 100% vacant.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 481
COMPARABLE EVIDENCE
Residential Sales
We have listed below a number of recent transactions of similar apartment units in the surrounding area. We would point out however that they are in superior locations to that of the subject units. Apartment 164 Skellig House Custom House Square, IFSC, Dublin 1: This property comprises a 1 bedroom, ground floor apartment extending to approximately 441 sq ft which is situated within a development approximately 1.2 km south-west of the subject property. The property sold in August 2014 for €176,000 which equates to €399 per sq ft. This property is situated in a superior location to the subject development. Source: Sherry Fitzgerald Apartment 391 Castleforbes Square, Upper Mayor Street, Dublin 1: This property comprises a 2 bedroom apartment extending to approximately 850 sq ft. The property sold in July 2014 for €245,000 which equates to €288 per sq ft. This property comprises a large 2 bedroom unit and is situated in a superior location to the subject development. Source: Property Price Register.
Residential Lettings
Properties around the nearby IFSC area of Dublin 1 are currently letting very well with average two bedroom units achieving rents of between €1,500 and €1,600 per month. The properties would be similar to the subject units but the IFSC is a better location. As such we would expect rents in these locations to be higher than those being achieved at the subject development. We have therefore provided a list of recent lettings within the subject blocks as follows: 64 Island Key: One bed apartment which was let in April 2014 on a 12 month lease at a rent of €1,000 per month. 134 Island Key: Two bed apartment which was let in August 2014 on a 12 month lease at a rent of €1,200 per month. 72 Island Key: Two bed apartment which was let in May 2014 on a 12 month lease at a rent of €1,200 per month.
Retail Lettings
We are not aware of any retail transactions in this location over the past number of years. We listed a number of units in our previous report which were on the market seeking rents in the region of between €10 and €15 per sq ft and understand that these properties are still unlet. Currently the cost of fit-out makes the occupancy of these units unsustainable.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 482
VALUATION CONSIDERATIONS
Income Analysis
The residential element of Blocks 2, 3 & 6 Island Key (100 units) is currently 95% occupied generating an income of €1,314,780 per annum. Having regard to the comparable evidence as outlined within our report, in addition to the rents which are currently being paid for the apartments, we have arrived at an Estimated Rental Value of €1,000 per month for the 1 bedroom apartments, €1,200 per month for the 2 bedroom apartments, €1,400 per month for the 3 bedroom apartments and €1,350 for the 2 bedroom Live/Work units giving a combined total of €1,473,000 per annum for the subject 100 apartments on a 100% occupancy basis. The commercial element of Blocks 2, 3 & 6 Island Key is currently vacant. Having regard to the fact that comparable properties have been on the market for a number of years and as with the subject units the cost of fit-out makes the occupancy of these units currently unsustainable we have applied ERV’s of €7.50 per sq ft to each of the retail units at Blocks 2 & 3 and €10 per sq ft to the unit at Block 6 which has planning for a Crèche facility. These ERV’s are applied on the basis that some fit-out contribution is provided with any letting. This gives a combined ERV of €43,046 per annum for the three units, which we have rounded to €43,000 per annum. The total Estimated Rental Value of Blocks 2, 3 & 6 is therefore equates to €1,516,000 per annum, on the basis of 100% occupancy.
Management Costs Summary (Service Charge)
We have been provided with a service charge budget for the development for the year ending 31 December 2014 by Barry Comer. The service charge budget is attached at Appendix A. To this service charge cost of €183,350 we have added the following elements as market standard, Letting Fees @ 4% of rent (50% turnover pa) €27,987 Management Fees (15% of service charge) €27,503 *PRTB @ €90 (50% turnover pa) €4,500 Property Tax @ €224 per unit €22,400 **Capex @ €250 per unit €25,000 The summation of these outgoings equates to €290,740 or €2,907 per unit. *Private Residential Tenancies Board fee of €90 for each letting (assuming 1 per annum) **Element of Capex built into cost schedule provided. Contents of the building surveying report refer to works to the basement car park area, a cost which we have removed in our valuation.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 483
Valuation Methodology
Market Value Residential In arriving at our opinion of market value of the apartments at Blocks 2, 3 & 6 Island Key, we have had regard to their location, specification, condition and the current tenancies in place, in addition to the comparable evidence as outlined within our report. We have used the investment method of valuation and have relied upon rental income figures and management costs which were provided by the borrower. The apartments are currently at an occupancy level of 95% and we have valued them on the basis of 95% occupancy on our opinion of ERV, which we believe to be sustainable, which equates to €1,399,350 per annum. We have capitalised this income at a yield of 6.7%. This yield was applied to the net income (after deducting outgoings of €290,740) generated from the scheme, equating to a value of €16,546,425 before purchasers costs are deducted. We have then removed the cost of relocating the electric plant from the basement car parking area at €25,000. Finally having deducted appropriate purchasers costs, we arrived at a market value of €15,911,872, which we have rounded to €15,912,000 which equates to an average price of €159,120 per unit. Commercial In arriving at our opinion of value for the two vacant retail units and vacant crèche unit at Blocks 2, 3, & 6 Island Key, we have used the investment method of valuation. For the commercial units at Blocks 2 & 3 we have applied an Estimated Rental Value of €14,528 per annum (€7.50 per sq ft) to each which we have capitalised at a yield of 11% into perpetuity having first allowed for a 2 year letting void, a 12 month rent free period and a fit-out contribution of approximately €30 per sq ft. For the proposed crèche unit at Block 6, we have applied an Estimated Rental Value of €13,990 per annum which we have capitalised at a yield of 11% into perpetuity having first allowed for a 2 year letting void, a 12 month rent free period and a fit-out contribution of approximately €30 per sq ft. On each of the above we have deducted service charge costs for the 2 year void period where the properties will remain vacant while they are being marketed. Having deducted appropriate costs of 4.46%, we have arrived at a combined value of €103,600 for the units, which we have rounded to €100,000. This equates to a nominal value of €19.65 per sq ft. This gives a total market value for Blocks 2, 3 & 6 Island Key of €16,012,000. Valuation printouts of the above are provided in Appendix B.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 484
Market Rents Residential –Blocks 2, 3 & 6 Island Key Having regard to the comparable evidence as outlined within our report, in addition to the rents which are currently being paid for the apartments, we have arrived at an Estimated Rental Value of €1,000 per month for the 1 bedroom apartments, €1,200 per month for the 2 bedroom apartments, €1,400 per month for the 3 bedroom apartments and €1,350 for the 2 bedroom Live/Work units giving a combined total of €1,473,000 per annum for the subject 100 apartments on a 100% occupancy basis. A full breakdown of the ERV’s for each apartment is outlined in the table below; APARTMENTS Unit Number Description Sq Ft ERV Per Month ERV Per Annum
Block 2 55 3 bedroom – First Floor 850 €1,400 €16,800 56 2 bedroom – Second Floor 592 €1,200 €14,400 57 2 bedroom – Second Floor 603 €1,200 €14,400 58 SOLD 59 1 bedroom –Second Floor 452 €1,000 €12,000 60 1 bedroom – Second Floor 452 €1,000 €12,000 61 SOLD 62 SOLD 63 1 bedroom – Third Floor 452 €1,000 €12,000 64 1 bedroom - Third Floor 452 €1,000 €12,000 65 1 bedroom – Third Floor 452 €1,000 €12,000 66 2 bedroom – Fourth Floor 592 €1,200 €14,400 67 2 bedroom – Fourth Floor 603 €1,200 €14,400 68 SOLD 69 1 bedroom – Fourth Floor 452 €1,000 €12,000 70 1 bedroom – Fourth Floor 452 €1,000 €12,000 71 SOLD 72 2 bedroom – Fifth Floor 603 €1,200 €14,400 73 1 bedroom – Fifth Floor 452 €1,000 €12,000 74 1 bedroom – Fifth Floor 452 €1,000 €12,000 75 1 bedroom – Fifth Floor 452 €1,000 €12,000 76 SOLD 77 2 bedroom – Sixth Floor 603 €1,200 €14,400 78 SOLD 79 2 bedroom – Sixth Floor 732 €1,200 €14,400 80 3 bedroom – Seventh Floor 861 €1,450 €17,400 81 3 bedroom – Seventh Floor 753 €1,400 €16,800 82 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 485
83 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 84 1 bedroom – Second Floor 538 €1,000 €12,000 85 2 bedroom –Second Floor 732 €1,200 €14,400 86 2 bedroom – Second Floor 732 €1,200 €14,400 87 1 bedroom – Second Floor 538 €1,000 €12,000 88 1 bedroom – Third Floor 538 €1,000 €12,000 89 2 bedroom – Third Floor 732 €1,200 €14,400 90 2 bedroom – Third Floor 732 €1,200 €14,400 91 1 bedroom – Third Floor 538 €1,000 €12,000 92 3 bedroom – Fourth Floor 818 €1,400 €16,800 93 3 bedroom – Fourth Floor 883 €1,400 €16,800 94 3 bedroom – Fourth Floor 840 €1,400 €16,800 95 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 96 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 97 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 98 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 99 1 bedroom – Second Floor 538 €1,000 €12,000 100 2 bedroom – Second Floor 732 €1,200 €14,400 101 2 bedroom – Second Floor 732 €1,200 €14,400 102 SOLD
103 1 bedroom – Third Floor 538 €1,000 €12,000 104 2 bedroom – Third Floor 732 €1,200 €14,400 105 2 bedroom – Third Floor 732 €1,200 €14,400 106 1 bedroom – Third Floor 538 €1,000 €12,000 107 3 bedroom – Fourth Floor 818 €1,400 €16,800 108 3 bedroom – Fourth Floor 883 €1,400 €16,800 109 3 bedroom – Fourth Floor 840 €1,400 €16,800 110 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 111 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor Sub-Total 32,475 €701,400
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 486
Block 3 113 3 bedroom – First Floor 850 €1,400 €16,800 114 SOLD 115 2 bedroom – Second Floor 603 €1,200 €14,400
116 SOLD 117 SOLD 118 1 bedroom – Second Floor 452 €1,000 €12,000 119 2 bedroom – Third Floor 592 €1,200 €14,400 120 2 bedroom – Third Floor 603 €1,200 €14,400 121 1 bedroom – Third Floor 452 €1,000 €12,000 122 1 bedroom – Third Floor 452 €1,000 €12,000 123 1 bedroom – Third Floor 452 €1,000 €12,000 124 SOLD 125 2 bedroom – Fourth Floor 603 €1,200 €14,400
126 SOLD 452 127 1 bedroom – Fourth Floor 452 €1,000 €12,000 128 1 bedroom – Fourth Floor 452 €1,000 €12,000 129 SOLD 130 2 bedroom – Fifth Floor 603 €1,200 €14,400 131 1 bedroom – Fifth Floor 452 €1,000 €12,000 132 1 bedroom – Fifth Floor 452 €1,000 €12,000 133 1 bedroom – Fifth Floor 452 €1,000 €12,000 134 2 bedroom – Sixth Floor 592 €1,200 €14,400 135 2 bedroom – Sixth Floor 603 €1,200 €14,400 136 SOLD 137 2 bedroom – Sixth Floor 732 €1,200 €14,400 138 3 bedroom – Seventh Floor 861 €1,450 €17,400 139 3 bedroom – Seventh Floor 753 €1,400 €16,800 140 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 141 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 142 3 bedroom – Second Floor 818 €1,400 €16,800 143 3 bedroom – Second Floor 883 €1,400 €16,800 144 3 bedroom – Second Floor 840 €1,400 €16,800 145 3 bedroom – Third Floor 818 €1,400 €16,800 146 SOLD 147 3 bedroom – Third Floor 840 €1,400 €16,800 148 3 bedroom – Fourth Floor 818 €1,400 €16,800
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 487
149 3 bedroom – Fourth Floor 883 €1,400 €16,800 150 3 bedroom – Fourth Floor 840 €1,400 €16,800 151 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 152 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 153 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 154 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 155 3 bedroom – Second Floor 818 €1,400 €16,800 156 3 bedroom – Second Floor 883 €1,400 €16,800 157 3 bedroom – Second Floor 840 €1,400 €16,800 158 3 bedroom – Third Floor 818 €1,400 €16,800 159 SOLD 160 3 bedroom – Third Floor 840 €1,400 €16,800 161 3 bedroom – Fourth Floor 818 €1,400 €16,800 162 3 bedroom – Fourth Floor 883 €1,400 €16,800 163 3 bedroom – Fourth Floor 840 €1,400 €16,800 164 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor 165 2 bedroom (live/work) – Ground & 807 €1,350 €16,200 First Floor Sub-Total 31,398 €672,000
Block 6 242 SOLD 243 2 bedroom – First Floor 710 €1,200 €14,400 244 2 bedroom – Second Floor 570 €1,150 €13,800 245 2 bedroom – Second Floor 710 €1,200 €14,400 246 2 bedroom – Third Floor 570 €1,150 €13,800 247 2 bedroom – Third Floor 710 €1,200 €14,400 248 2 bedroom – Fourth Floor 570 €1,150 €13,800 249 2 bedroom – Fourth Floor 710 €1,200 €14,400 250 SOLD Sub-Total 4,553 €99,000 TOTAL 68,426 €1,473,000
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 488
Commercial – Blocks 2, 3 & 6 Island Key In arriving at our opinion of Estimated Rental Value of the two retail units and crèche unit we have had regard to their location, specification and condition, in addition to the comparable evidence as outlined within this report, having particular regard to the fact that each comparable has been on the market for a number of years and as with the subject units the cost of fit-out makes the occupancy of these units currently unsustainable. As such we have applied ERV’s of €7.50 per sq ft to each of the retail units at Blocks 2 & 3 and €10 per sq ft to the unit at Block 6 which has planning for a Crèche facility. These ERV’s are applied on the basis that some fit-out contribution is provided with any letting. This gives a combined ERV of €43,046 per annum for the three units, which we have rounded to €43,000 per annum. The total Estimated Rental Value of the entire property therefore equates to €1,516,000 per annum, on the basis of 100% occupancy.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 489
Vacant Possession Value (Aggregate) Residential – Blocks 2, 3 & 6 Island Key In arriving at our opinion of the vacant possession value of the apartments, we have had regard to the fact that they are fully furnished and that the two and three bedroom apartments include one car parking space each. We have also had regard to similar types of apartments which have recently sold in the area. Following this, we arrived at a total vacant possession value of €20,330,000 for the 100 apartments. A full breakdown of the individual values are outlined in the table below;
APARTMENTS Unit Number Description Sq Ft Car Park Market Value MV per Sq Space Ft
Block 2 55 3 bedroom – First Floor 850 1 € 250,000 €294.00 56 2 bedroom – Second Floor 592 1 € 190,000 €320.94 57 2 bedroom – Second Floor 603 1 € 190,000 €315.21 58 SOLD
59 1 bedroom –Second Floor 452 € 150,000 €331.80 60 1 bedroom – Second Floor 452 € 150,000 €331.80 61 SOLD
62 SOLD
63 1 bedroom – Third Floor 452 € 150,000 €331.80 64 1 bedroom - Third Floor 452 € 150,000 €331.80 65 1 bedroom – Third Floor 452 € 150,000 €331.80 66 2 bedroom – Fourth Floor 592 1 € 190,000 €320.94 67 2 bedroom – Fourth Floor 603 1 € 190,000 €315.21 68 SOLD
69 1 bedroom – Fourth Floor 452 € 150,000 €331.80 70 1 bedroom – Fourth Floor 452 € 150,000 €331.80 71 SOLD
72 2 bedroom – Fifth Floor 603 1 € 190,000 €315.21 73 1 bedroom – Fifth Floor 452 € 150,000 €331.80 74 1 bedroom – Fifth Floor 452 € 150,000 €331.80 75 1 bedroom – Fifth Floor 452 € 150,000 €331.80 76 SOLD
77 2 bedroom – Sixth Floor 603 1 € 190,000 €315.21 78 SOLD
79 2 bedroom – Sixth Floor 732 1 € 200,000 €273.24
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 490
80 3 bedroom – Seventh Floor 861 1 € 260,000 €301.94 81 3 bedroom – Seventh Floor 753 1 € 250,000 €331.80 82 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 83 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 84 1 bedroom – Second Floor 538 € 150,000 €278.71 85 2 bedroom –Second Floor 732 1 € 200,000 €273.24 86 2 bedroom – Second Floor 732 1 € 200,000 €273.24 87 1 bedroom – Second Floor 538 € 150,000 €278.71 88 1 bedroom – Third Floor 538 1 € 150,000 €278.71 89 2 bedroom – Third Floor 732 1 € 200,000 €273.24 90 2 bedroom – Third Floor 732 1 € 200,000 €273.24 91 1 bedroom – Third Floor 538 1 € 150,000 €278.71 92 3 bedroom – Fourth Floor 818 1 € 245,000 €299.49 93 3 bedroom – Fourth Floor 883 1 € 245,000 €277.58 94 3 bedroom – Fourth Floor 840 1 € 245,000 €291.81 95 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 96 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 97 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 98 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 99 1 bedroom – Second Floor 538 € 150,000 €278.71 100 2 bedroom – Second Floor 732 1 € 200,000 €273.24 101 2 bedroom – Second Floor 732 1 € 200,000 €273.24 102 SOLD
103 1 bedroom – Third Floor 538 1 € 150,000 €278.71 104 2 bedroom – Third Floor 732 1 € 200,000 €273.24 105 2 bedroom – Third Floor 732 1 € 200,000 €273.24 106 1 bedroom – Third Floor 538 1 € 150,000 €278.71 107 3 bedroom – Fourth Floor 818 1 € 245,000 €299.49 108 3 bedroom – Fourth Floor 883 1 € 245,000 €277.58 109 3 bedroom – Fourth Floor 840 1 € 245,000 €291.81 110 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 111 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor Sub-Total 32,475 € 9,560,000
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 491
Block 3 113 3 bedroom – First Floor 850 1 € 250,000 €294.00 114 SOLD
115 2 bedroom – Second Floor 603 1 € 190,000 €315.21 116 SOLD
117 SOLD
118 1 bedroom – Second Floor 452 € 150,000 €331.80 119 2 bedroom – Third Floor 592 1 € 190,000 €320.94 120 2 bedroom – Third Floor 603 1 € 190,000 €315.21 121 1 bedroom – Third Floor 452 € 150,000 €331.80 122 1 bedroom – Third Floor 452 € 150,000 €331.80 123 1 bedroom – Third Floor 452 € 150,000 €331.80 124 SOLD
125 2 bedroom – Fourth Floor 603 1 € 190,000 €315.21 126 SOLD 452
127 1 bedroom – Fourth Floor 452 € 150,000 €331.80 128 1 bedroom – Fourth Floor 452 € 150,000 €331.80 129 SOLD
130 2 bedroom – Fifth Floor 603 1 € 190,000 €315.21 131 1 bedroom – Fifth Floor 452 € 150,000 €331.80 132 1 bedroom – Fifth Floor 452 € 150,000 €331.80 133 1 bedroom – Fifth Floor 452 € 150,000 €331.80 134 2 bedroom – Sixth Floor 592 1 € 190,000 €320.94 135 2 bedroom – Sixth Floor 603 1 € 190,000 €315.21 136 SOLD
137 2 bedroom – Sixth Floor 732 1 € 200,000 €273.24 138 3 bedroom – Seventh Floor 861 1 € 260,000 €301.94 139 3 bedroom – Seventh Floor 753 1 € 250,000 €331.80 140 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 141 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 142 3 bedroom – Second Floor 818 1 € 245,000 €299.49 143 3 bedroom – Second Floor 883 1 € 245,000 €277.58 144 3 bedroom – Second Floor 840 1 € 245,000 €291.81 145 3 bedroom – Third Floor 818 1 € 245,000 €299.49 146 SOLD
147 3 bedroom – Third Floor 840 1 € 245,000 €291.81 148 3 bedroom – Fourth Floor 818 1 € 245,000 €299.49
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 492
149 3 bedroom – Fourth Floor 883 1 € 245,000 €277.58 150 3 bedroom – Fourth Floor 840 1 € 245,000 €291.81 151 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 152 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 153 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 154 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 155 3 bedroom – Second Floor 818 1 € 245,000 €299.49 156 3 bedroom – Second Floor 883 1 € 245,000 €277.58 157 3 bedroom – Second Floor 840 1 € 245,000 €291.81 158 3 bedroom – Third Floor 818 1 € 245,000 €299.49 159 SOLD
160 3 bedroom – Third Floor 840 1 € 245,000 €291.81 161 3 bedroom – Fourth Floor 818 1 € 245,000 €299.49 162 3 bedroom – Fourth Floor 883 1 € 245,000 €277.58 163 3 bedroom – Fourth Floor 840 1 € 245,000 €291.81 164 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor 165 2 bedroom (live/work) – 807 1 € 230,000 €284.90 Ground & First Floor Sub-Total 31,398 € 9,400,000
Block 6 242 SOLD 243 2 bedroom – First Floor 710 1 € 200,000 €281.52 244 2 bedroom – Second Floor 570 1 € 190,000 €333.05 245 2 bedroom – Second Floor 710 1 € 200,000 €281.52 246 2 bedroom – Third Floor 570 1 € 190,000 €333.05 247 2 bedroom – Third Floor 710 1 € 200,000 €281.52 248 2 bedroom – Fourth Floor 570 1 € 190,000 €333.05 249 2 bedroom – Fourth Floor 710 1 € 200,000 €281.52 250 SOLD Sub-Total 4,553 €1,370,000 TOTAL 68,426 78 €20,330,000 Commercial All commercial units within Blocks 2, 3 & 6 are currently vacant and as such our VP value will mirror our investment value described above, providing a value of €100,000. This gives a combined vacant possession value of €20,430,000 for Blocks 2, 3 & 6 Island Key.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 493
Residual Value Block 1 Island Key In preparing our valuation we have used both the comparable and residual approach in accessing the value of Block 1 at Island Key. We have had regard to firstly the comparable sales evidence listed earlier in this report on a unit by unit basis and have applied the following values to establish our overall gross development value for Block 1. APARTMENTS Unit Number Description Sq Ft Car Park Market MV per Sq Space Value Ft Block 1 1 2 bedroom – First Floor 935 1 €220,000 €235.20 2 2 bedroom – First Floor 928 1 €220,000 €237.11 3 2 bedroom – First Floor 936 1 €220,000 €234.93 4 2 bedroom – First Floor 915 €210,000 €229.53 5 1 bedroom – First Floor 592 €155,000 €261.82
6 2 bedroom – Second Floor 935 1 €220,000 €235.20 7 2 bedroom – Second Floor 928 1 €220,000 €237.11 8 2 bedroom – Second Floor 936 1 €220,000 €234.93 9 2 bedroom – Second Floor 915 1 €220,000 €240.46 10 1 bedroom – Second Floor 592 €155,000 €261.82 11 2 bedroom – Second Floor 861 1 €215,000 €249.68 12 1 bedroom – Second Floor 452 €145,000 €320.74 13 1 bedroom – Second Floor 452 €145,000 €320.74 14 2 bedroom – Second Floor 603 €200,000 €331.80 15 2 bedroom – Second Floor 592 €200,000 €337.83
16 2 bedroom – Third Floor 861 1 €215,000 €249.68 17 1 bedroom – Third Floor 463 €145,000 €313.28 18 1 bedroom – Third Floor 452 €145,000 €320.74 19 2 bedroom – Third Floor 603 €200,000 €331.80 20 2 bedroom – Third Floor 581 €200,000 €344.09 21 2 bedroom – Third Floor 935 1 €220,000 €235.20 22 2 bedroom – Third Floor 928 1 €220,000 €237.11 23 2 bedroom – Third Floor 936 1 €220,000 €234.93 24 2 bedroom – Third Floor 915 1 €220,000 €240.46 25 1 bedroom – Third Floor 592 €155,000 €261.82
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 494
26 2 bedroom – Fourth Floor 935 1 €220,000 €235.20 27 2 bedroom – Fourth Floor 928 1 €220,000 €237.11 28 2 bedroom – Fourth Floor 936 1 €220,000 €234.93 29 2 bedroom – Fourth Floor 915 1 €220,000 €240.46 30 2 bedroom – Fourth Floor 866 1 €215,000 €248.13 31 2 bedroom – Fourth Floor 452 €145,000 €320.74 32 2 bedroom – Fourth Floor 463 €145,000 €313.28 33 2 bedroom – Fourth Floor 452 €145,000 €320.74 34 2 bedroom – Fourth Floor 603 €200,000 €331.80 35 2 bedroom – Fourth Floor 592 €200,000 €337.83
36 1 bedroom – Fifth Floor 452 €145,000 €320.74 37 1 bedroom – Fifth Floor 463 €145,000 €313.28 38 1 bedroom – Fifth Floor 452 €145,000 €320.74 39 2 bedroom – Fifth Floor 603 €200,000 €331.80 40 2 bedroom – Fifth Floor 592 €200,000 €337.83 41 2 bedroom – Fifth Floor 875 1 €220,000 €251.40 42 2 bedroom – Fifth Floor 875 1 €220,000 €251.40 43 2 bedroom – Fifth Floor 875 1 €220,000 €251.40 44 3 bedroom – Fifth Floor 1,141 1 €265,000 €232.26
45 2 bedroom – Sixth Floor 743 1 €215,000 €289.48 46 2 bedroom – Sixth Floor 732 1 €215,000 €293.74 47 2 bedroom – Sixth Floor 603 1 €210,000 €348.39 48 2 bedroom – Sixth Floor 581 1 €210,000 €361.29
49 2 bedroom – Seventh Floor 764 1 €220,000 €287.87 50 2 bedroom – Seventh Floor 893 1 €230,000 €257.44
51 2 bedroom – First Floor 866 1 €215,000 €248.13 52 2 bedroom – Second Floor 866 1 €215,000 €248.13 53 2 bedroom – Third Floor 866 1 €215,000 €248.13 Total 31 €10,540,000
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 495
Our gross development value for the residential portion of the block equates to €10,538,000. We have deducted Vat at 13.5% for the first sale of these units giving a net development value of approximately €9,284,629. The commercial element includes for both retail and office space and as such we have applied a blended ERV at €5.00 per sq ft equating to a total ERV of €36,435. We have then applied voids of 3 years rent and capitalised at a yield of 11% to give a gross value €216,114. We have finally removed a cost of €20 per sq ft for fit-out contribution on the letting of this area which gives a final nominal value after purchasers costs of 4.46% of €70,364. This gives an overall net realisation for Block 1 of approximately €9,351,989. From this deductions have been made as follows: The build costs as provided by the Borrower and prepared by Rhatigan are estimated at €3,435,472. This build cost schedule is attached at Appendix C. Contingency at 5% of build costs, equating to €171,774. Outstanding Development Levies at €145,000. Professional Fees of €85,887 which is about 2.5% of the build cost. These costs include for Architects fees to re-apply for planning permission since the current permission for Block 1 has now expired. Other fees of €191,900 which are made up of legal costs on sales, marketing fees and agents fees. Finance Costs of €1,077,623 based on 18 months of construction and 36 months of sales, at an interest rate of 6%. Developers profit of €1,219,828 based on 15% of build cost. All costs come to €6,327,483 leaving a residual for the development of €3,024,506, and after purchasers costs of €2,908,179, say €2,900,000. We have included a print-out of this valuation in the form of a Circle Developer report – attached at Appendix D.
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 496
OPINION OF VALUE Market Values
We are of the opinion that the Market Value of the freehold / long leasehold interest in Blocks 2, 3 & 6 Island Key, with the benefit of existing tenancies as a single investment sale, as at the date of this report is: Residential: €15,912,000 inclusive of VAT (Fifteen Million Nine Hundred and Twelve Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Net Initial Yield 6.70% Gross Initial Yield 8.46% Commercial: €100,000 exclusive of VAT (One Hundred Thousand Euro) Allowing for purchaser’s costs our opinion of Market Value reflects the following yield profile: Initial Yield 0.00% Equivalent Yield 11.00% Reversionary Yield 15.07% Total: €16,012,000 mixed VAT (Sixteen Million and Twelve Thousand Euro)
Market Rents
We are of the opinion that the Market Rent of Blocks 2, 3 & 6 Island Key, as at the date of this report is: Residential:
€1,473,000 per annum (One Million Four Hundred and Seventy Three Thousand Euro)
Commercial: €43,000 per annum (Forty Three Thousand Euro)
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 497
Total: €1,516,000 per annum (One Million Five Hundred and Sixteen Thousand Euro)
Market Value with Vacant Possession (Aggregate)
We are of the opinion that the Market Value of Blocks 2, 3 & 6 Island Key on the special assumption that the property has the benefit of vacant possession on an aggregate basis as at the date of this report is:
Residential: €20,330,000 inclusive of VAT (Twenty Million Three Hundred and Thirty Thousand Euro)
Commercial: €100,000 exclusive of VAT (One Hundred Thousand Euro)
Total:
€20,430,000 mixed VAT (Twenty Million Four Hundred and Thirty Thousand Euro)
Residual Value
We are of the opinion that the residual site value of Block 1 Island Key subject to vacant possession and with the benefit of the existing development works as at the date of this report is: €2,900,000 exclusive of VAT (Two Million Nine Hundred Thousand Euro)
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 497
A SERVICE CHARGE BUDGET
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 498
SERVICE CHARGE BUDGET
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 499
B VALUATION PRINTOUTS
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 500
MARKET VALUE
Residential Element
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 501
Commercial Element
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 502
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 503
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 504
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 505
RESIDUAL SITE VALUE – BLOCK 1
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 506
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 507
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 508
C BUILD COST SCHEDULE
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 509
BUILD COST SCHEDULE
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 510
5 LETTER OF INSTRUCTION
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 511
LETTER OF INSTRUCTION
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 512
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 513
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 514
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 515
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 516
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 517
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 518
ISLAND KEY, EAST ROAD, EAST WALL, DUBLIN 3 519