For Sale by Private Treaty Prime Retail Investment Property Milano – Unit 1, Longboat Quay Grand Canal Harbour, Dublin 2 (Tenant Not Affected)
www.milanograndcanal.com Milano - Unit 1 Longboat Quay, Dublin 2
Location
Dublin South Docklands has undergone substantial rejuvenation including new modern office blocks, residential, retail and cultural developments. The location provides ease of access to public transport facilities including the DART and the Luas red line located on the North Docks and serving The Point Depot to Tallaght and Saggart via the IFSC. The North Docks and the IFSC are easily accessible via the Samuel Beckett.
Local amenities include the Bord Gais Energy Theatre, the National Convention Centre on the North Docks and the
P new Marker Hotel due to open in April 2013.OR
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CANAL RD UPPER WA THE GRAND CANAL GROVE ROAD RANELAGH YDE ROAD CL Milano - Unit 1 Longboat Quay, Dublin 2
Situation
The property is situated on Longboat Quay overlooking Grand Canal Harbour and Grand Canal Square and situated a short distance from Sir John Rogersons Quay. Located in the heart of the South Docks this is a vibrant retail and residential location with occupiers in the immediate vicinity including; Ely Wine Bar, The Ocean Bar and Herbstreet restaurant.
Local office occupiers include HSBC, State Street Bank, BNY Mellon and Facebook.
Bord Gais CHQ Marker BNY Mellon National Facebook Energy Theatre Hotel Milano Conference Centre
Grand Canal Dock
Page 3 Milano - Unit 1 Longboat Quay, Dublin 2
Description
The property comprises a ground floor restaurant over basement storage extending to a total net internal area of 273.16 sq. m. (2,940 sq. ft.) and occupying a corner site with return frontage to Asgard Road. Situated within a residential development, the unit is of modern construction with part stone panel cladding and full height glazing providing excellent natural light.
Internally the property is fitted out to a very high standard as a pizza restaurant to include an open kitchen area, toilet facilities, a food preparation area and cold stores. The basement is used as offices/staff facilities and stores with access to the basement car park.
As part of the tenants fit out, they undertook various works to the building including the installation of a stairs to the basement. These works are disregarded for the purposes of rent review.
The unit has a gross frontage to Grand Canal Harbour of 11.22 m (36 ft. 10 in.).
The external seating areas do not form part of the property for sale.
Page 4 Milano - Unit 1 Longboat Quay, Dublin 2
Accommodation
We understand that the net internal floor areas of the property are set out below:
Floor Use Sq.m Sq.ft Ground Restaurant 240.15 2,585
Basement Stores 33.01 355
Total 273.16 2,940
We recommend that interested parties satisfy themselves as to the accuracy of the floor areas by measuring or otherwise.
Tenancy The entire property is single let to Agenbite Limited t/a Milano under a 25 year effectively full repairing and insuring lease (by way of service charge) incorporating 5 yearly upwards only rent reviews from 19th June 2007. The Tenant has a break option on 19th June 2022 subject to 6 months notice. The passing rent is _150,000 per annum and the next rent review is due on 19th June 2017.
Covenant Milano is a well known chain of pizza restaurants with 12 locations in the Republic of Ireland and trading internationally. as Pizza Express.
Accounts filed with the Companies Registration Office record that the tenant, Agenbite Limited t/a Milano made a profit after tax of _2.393M from a turnover of _17M and had a balance sheet value of _22.5M for the year end 1st July 2012
The immediate parent of Agenbite Limited is Pizza Express Limited.
To learn more about the tenant’s operations visit www.milano.ie
To learn more about the immediate parent visit www.pizzaexpress.com
Planning The subject property is located in an area zoned Objective Zone 14 in the Dublin Docklands Area Master Plan 2008, “To seek the social, economic and physical development or rejuvenation of an area with mixed use of which residential and Zone 6 would be predominant uses”.
Zone 6; “To provide for the creation and protection of enterprise and facilitate opportunities for employment creation”
Title Long leasehold title.
Page 5 Milano - Unit 1 Longboat Quay, Dublin 2
Price We are guiding _1.75M subject to contract/contract denied. A purchase at this level would produce an income yield of 8.21% after allowance for normal acquisition costs of 4.46%. If the property is then held for 7 or more years the gain attributable to the 7 year period will be exempt from Capital Gains Tax (CGT). We recommend that interested parties satisfy themselves in relation to CGT and taxational matters relating to the property generally and seek tax advice from their accountant or tax advisor.
Note that no contract shall exist or be deemed to exist until such time as formal contracts have been executed and exchanged and deposit paid. These details do not form part of an offer or contract.
BER Details BER : F
BER No: 800142630
2 Energy Performance Indicator: 519.56 kgCO2 /m /yr 3.14
Bord Gais Energy Theatre
Page 6 Milano - Unit 1 Longboat Quay, Dublin 2
Investment Summary
• High profile corner unit with extensive water frontage. • Located in the heart of the rejuvenated South Docklands area. • Full repairing and insuring lease with an unexpired term of just over 9 years to the tenant’s break option. • Producing _150,000 pa. • Reviews are 5 yearly, upwards only and next rent review due in June 2017. • Good covenant and established pizza restaurant operator; Milano • Very favourable CGT provisions apply to a purchase.
Viewing Strictly by appointment with the sole agents, HWBC Chartered Surveyors.
Contact Pat Campion for further information. Email: [email protected]
Important Notice: Messrs. HWBC Limited t/a HWBC and for the vendors or lessors of this property whose Agents they are, give notice that:- (i) The particulars are set out as a general outline for the guidance of intending purchasers or lessees, and do not constitute part of an offer or contract. (ii) All descriptions, dimensions, areas, uses, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct, however they are not warranted and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them, (iii) No person in the employment of HWBC Limited t/a HWBC has any authority to make or give any representation or warranty whatever in relation to this property. PSRA Licence No: 002098
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