PRIME WATERFRONT DEVELOPMENT OPPORTUNITY (SPP) 1-6 City Quay
01 06 The Highlights Site Analysis P. 02 P. 14
02 07 Introduction Feasibility Study P. 04 P. 16
03 08 The Location Economic Overview P. 06 P. 26
04 09 Accessibility Contacts P. 10 & Further Information P. 30 05 Local Occupiers P. 12 1-6 City Quay 02 03
Strong Underlying Economic Factors Continued Population Growth
Ireland is ranked Ireland is ranked Dublin’s population increased by 3rd in the 2nd in the World World 22,100 for attracting high value for job creation per people between 2019 and investment projects million inhabitants 2020 an increase of 1.6%.
Employment A Transport Hub
In net terms, Despite the pandemic, office-based employment in the ICT and FIRE sectors grew by 443,000 Dart Dublin Bikes Bus jobs have been created since 4.1% & 2.0% the low point in Q1 2012 respectively, over the course of 2020 3 minutes walk 1 minute walk 3 minutes walk
Prime Office Rents Office Pipeline Stock
Luas Dublin Port Dublin Airport €57.50-€60 62% 8 minutes walk 10 minutes drive 20 minutes drive per sq. ft. of pipeline stock due in 2021 is already taken. 1-6 City Quay 04 05
An Exciting Development Opportunity
Savills is pleased to present 1-6 City Quay, approximately 0.22 hectares (0.55 acres) in one of Dublin’s most prominent and noteworthy waterfront settings, offering investors an unrivalled development opportunity to deliver a high-scale office scheme in a tested and proven CBD office location.
RKD Architects have prepared a detailed feasibility study, demonstrating the potential to construct a new office development, extending to approx. 13,248 sq. m. (142,601 sq. ft.). A copy of this document is available within the dedicated data site.
This sale also offers the opportunity to acquire one of the last undeveloped waterfront sites in Dublin City Centre. Computer Generated Image of Potential Scheme 1-6 City Quay 06 07
1-6 City Quay is situated in the highly accessible South Docklands, benefiting from several transport links within the immediate vicinity.
1-6 City Quay is bounded by streets on three sides: with City Quay to the North, Moss Street to the West and Gloucester Street to the South; and by City Quay National School, City Quay Church and St Marys Creche and Preschool to the East.
1-6 City Quay occupies a uniquely pivotal position on the southern side of Talbot Memorial Bridge, one of the key gateway links between the north and south of the city centre. The location is easily accessible by all forms of transport with key, high volume CBD stations nearby: Tara Street Station 200m to the West, Pearse Street Station 500m to the South, and Connolly Railway Station 450m North of the subject site. 1-6 City Quay 08 09
1. Brewdog's Dublin Outpost 5. Grafton Street is the centre of specialising in craft beers. Dublin's principal retail district. Grand Canal Dock. 10 mins walk. 15 mins walk. 6. The 5 star Marker Hotel 2. CHQ - a former industrial and Grand Canal Square. building that has been 15 mins walk. repurposed and now houses a variety of eateries & shops, plus 7. Bord Gais Energy As well as key transport an Irish museum. 5 mins walk. Theatre is Ireland's largest fixed-seat theatre. 3. The Convention Centre - 15 mins walk. nodes, the area benefits from a world-class purpose-built international conference and 8. St. Stephen's Green - Dublin's event venue. 10 mins walk. Victorian public park is famous a host of amenities such as for its scenic tree lined walks, 4. Paddle Boarding in Grand colourful flowers, ornamental cafes, bars, restaurants and Canal Dock. 15 mins walk. lake and wildlife. 20 mins walk. leisure facilities.
1 2 3 4
5 6 7 8 N
CONNOLLY W E
S
PA R N E L L S T DOCKLANDS DUBLIN PORT TUNNEL ACCESS TO M50/AIRPORT
TA L B O T S T S H E R I F F S T R E E T U P P E R THE SPIRE
H E N R Y S T POINT VILLAGE A B B E Y S T GPO
CUSTOMS HOUSE
J E R V I S S T IFSC
A PC E L S T CONVENTION DUBLIN
CENTRE O'CONNELL ST
N O R T H W A L L Q U AY G E O R G E ’ S PORT Q U AY 3 ARENA TARA C I T Y Q U AY RIVER LIFFEY PEDESTRIAN BRIDGE (DUE 2022) Situated in the S. BECKETT BRIDGE heart of Dublin city S I R J O H N R O G E R S O N ' S and positioned DART Q U A Y along the South TEMPLE BAR Docks, 1-6 City HANOVER QUAY COLLEGE GREEN TRINITY Quay occupies one COLLEGE P E A R S E S T BORD GÁIS D A M E S T ENERGY GRAND CANAL DOCK of Dublin’s most THEATRE
accessible and PEARSE DUBLIN CASTLE
T S pivotal locations. E R I N G S E N D R D
G
R
O E
G W I L L I A M S T RINGSEND PARK
NATIONAL GALLERY G R A F T O N S T OF IRELAND
D A W S O N S T
PAT R I C K S T
K I L D A R E S T
MERRION SQUARE City Quay is ideally positioned at the GRAND CANAL DOCK
junctions of George’s Quay, Moss M O U N T S T L O W E R
Q Street and Talbot Memorial Bridge,
within Dublin’s Central Business
H District. E Y T E M E R R I O N S S B ST STEPHEN'S U R Y GREEN S T There are several Dublin Bus routes which run directly along the Quays B AT H AV E with Busáras, Dublin’s central bus station, just 350m away. The LUAS Red Walking Times Line is accessible at Busáras while the B E A C H R D LUAS Green Line stop at Trinity is 600m
to the South.
D
R
The area is also strategically E
GRAND CANAL L L positioned to benefit from the planned IVEAGH Luas Trinity DART Tara Dublin Bus Dublin Bus Dublin Bikes AVIVA STADIUM I GARDENS NATIONAL V CONCERT 8 minutes Street Station Custom House Quay George’s Quay George’s Quay N DUBLIN
Metrolink which will service Tara Street HALL HADDINGTON RD O 3 minutes 3 minutes 1 minute 1 minute T
N O R TH U M B ER LA N DR D I R
Station. The public consultation phase T
FITZWILLIAM PL
BAY
is currently live, and the completed
works are due in 2027. HEYTESBURY ST
M E S P I L R D P E M B R O K E R D LANSDOWNE ROAD
r e d d o d
SHELBOURNE RD r e iv SANDYMOUNT r
YMCA SPORTS GROUND
RANELAGH M E R R IO N R O A D V BALLSBRIDGE A E I N T N E P R E S
HAROLD’S RDS
HERBERT RDS CROSS PARK ARENA FITZWILLIAM
SQUARE A P P I A N W AY
BALLSBRIDGE
S A N D F O R D R D
RATHMINES RD LOWER
CHARLESTON RD
HERBERT PARK
RATHMINES
SYDNEY PARADE
DONNYBROOK AILESBURY RD
KENILWORTH
E G L I N T O N R D
MILLTOWN B E AV E R R O W PARK
R AT H G A R R D ELM PARK GOLF & SPORTS CLUB 1-6 City Quay 12 13
GRAND CANAL DOCK
SIR JOHN ROGERSON’S QUAY
DUBLIN LANDINGS
CENTRAL BANK Dublin is home to OF IRELAND some of the world's CONVENTION CENTRE largest financial BLOOMBERG and tech firms.
TRINITY COLLEGE
IFSC
CUSTOMS HOUSE
OFFICE OF PUBLIC WORKS
!"#$%&&'(&') $ $ 1-6 City Quay 14 15
Site Analysis
Zoning George’s Quay LAP
The property is designated as Z5 in the Conservation Areas The site is identified as one of three key landmark; echoing the North-side touch current Dublin City Development Plan Protected Structures strategic sites in the George's Quay Local point of height at Liberty Hall.” (2016-2022). As per the Development Plan, Area Plan (“LAP”) 2012. This plan identifies the policy’s objective is ‘to consolidate and Zones of Archaeological Interest the George's Quay area as one of four The LAP was due to expire in 2017, but due facilitate the development of the central LAP areas specified in the Dublin City to lack of development progress with Zone Z5 area, and to identify, reinforce, strengthen To consolidate and facilitate the Development Plan 2016-2022 which has unachieved objectives it was extended and protect its civic design character and development of the central area the potential to accommodate a “high rise to July 2022. The Dublin City Development dignity.’ and to identify, reinforce and building”. The aim of the height strategy plan expires in December 2022. strengthen and protect its civic design character and dignity. for George's Quay is to “provide a clear Z5 permits a broad range of uses and, framework to strengthen the urban The City Quay Block includes two separate drawing on Savills expertise, we believe the structure of this area; complementing the sites on either side of the ‘Church of the Sitebuilding could be suitedAnalysis to an office, retail, policies outlined in other sections of the Immaculate Heart of Mary’ and ‘City Quay leisure or hotel development, or indeed a LAP in relation to urban form and streets, National School’. The subject site lies to mix of these use types. and also reflecting the setting of the area the West and includes the now vacant Extracton the bend from of the riverDublin to create City a new DevelopmentDublin Arts Centre. 2016-2022 Plan Map E
(site boundary in red)
Extract from George's Quay LAP
4 1-6 City Quay 16 17
Computer Generated Image of Potential Scheme
Feasibility Study
While there is no current planning permission pertaining to the property for future development, a feasibility study has been prepared to illustrate the development potential of the subject site.
This feasibility study, prepared by RKD Architects illustrates the potential of the site to accommodate an office scheme extending to approx. 13,248 sq. m. (142,601 sq. ft.) NIA, subject to planning permission.
w GROSS FLOOR NET FLOOR FLOOR AREA (SQ M) AREA (SQ M) -1 420 -
Ground 1,530 1,057
First 1,397 1,110
Second 1,816 1,529
Third 1,792 1,487
Fourth 1,792 1,487
Fifth 1,792 1,487
Sixth 1,428 1,185
Seventh 1,176 976
Eight 1,176 976
Ninth 1,176 976
Tenth 1,176 976
Roof 60 -
Total 16,731 13,248
This feasibility pack is available from Savills. 1-6 City Quay 18 19 1-6 City Quay 20 21
1 1 2 3
4 4 3 2 5 6 5
9 8 7
1. Entrance 2. Cafe 3. Reception 4. Circulation Core 5. WC/Showers 1. Void to Lobby LEVEL 6. Bikes/Waste 2. Office LEVEL 7. Car Lift 3. Garden 8. Substation 4. Circulation Core G 9. Art Centre 5. WC 1 1-6 City Quay 22 23
4
1 1
2 2
3 3
LEVEL 1. Office LEVEL 1. Office 2. Circulation Core 2. Circulation Core 3. WC/Showers Office 2-5 3. WC/Showers 4. Terrace 6 1-6 City Quay 24 25
4
2 1 1 2
3 3
LEVEL 1. Office LEVEL 2. Circulation Core 1. Office 3. WC/Showers Office 2. Circulation Core 7 4. Terrace 3. WC/Showers Office 8-10 1-6 City Quay 26 27
Economic Overview
Ireland’s economy performed strongly in 2020, despite the Covid-19 pandemic. The Central Bank of Ireland now estimates that economic growth reached 2.5% in 2020, with this positive economic growth the exception at European level as illustrated by Figure 1.
Although office-based employment has not escaped the fallout from the pandemic, it has proven more resilient than other sectors of the economy. Throughout the pandemic, the share of office-based employment remained relatively static. Despite accounting for more than one- quarter of Ireland’s jobs, the office-based sectors accounted for just 15% of those on the Pandemic Unemployment Payment.
Figure 1: Central Bank Estimates for Annual GDP Growth - 2020
3
0
-3
% -6
-9
-12 UK Italy Spain Poland France Ireland Finland Austria Sweden Denmark Germany Netherland Netherland
Source: Savills Research, Various European Central Banks 1-6 City Quay 28 29
Investment Market Commentary
In the first four weeks of 2021 over 100,000 sq ft Although the total number of active office Investment Turnover Investment in Offices of new lettings went agreed, bringing the total requirements reduced by approx. 35% in 2020, number of reserved deals to close to 550,000 that tally stabilised in Q4 2020 and is now rising. Q4 2020 saw a pick-up in investment turnover, Over €365m worth of Office assets sq ft. There are also some notable requirements There is currently approx. 4.2m sq ft of active with €1.26bn invested in income-producing real transacted during Q4, bringing the total expected to go to reserved status in H1 2020, office requirements in Dublin. The vacancy rate estate assets across 44 separate transactions. turnover for Office Investments in 2020 to which could almost double this figure. A northern increased in the latter part of 2020 due to Year-end investment volumes total to just under €1.2bn. Measured over the whole year, the hemisphere lockdown has highlighted the some large vacant completions and now stands €3bn for 2020. While this represents a fall of office sector accounted for 40.5% of total difficulties of permanent remote working and at 9.4%, still considerably below the natural 59.8% compared to 2019, it should be noted that turnover with two of the largest transactions the importance of the office is re-emerging vacancy rate for the Dublin market. Many of 2019 was more than double the 10-year average occurring in Q4: Amundi Immobilier purchased once again, albeit likely in a more flexible and those completions are now beginning to gain of €2.9bn. Indeed, despite the challenges posed 28 Fitzwilliam St. for €177.5m from the ESB collaborative role. traction with occupiers with some lettings in 2020, turnover was 2.5% above the 10-year while Deka bought Baggot Plaza from Kennedy agreed and signed. average between 2010 and 2019. Wilson for €141m.
Figure 2: Annual Investment Turnover
8,000 Figure 4: Dublin Vacancy Rate 7,000
6,000
25 5,000
4,000 €m 3,000 Turnover (Ex. Eblana) 20 2,000 Green REIT
1,000 10 Year Average (2010 - 2019) 0 15 2011 2017 2012 2018 2013 2015 2016 2019 2014 2010 Source: Savills Research 2007 2020 2002 2008 2003 2005 2006 2009 2004 %
10
Figure 3: Annual Take-Up Take up Take up post covid
Office Market 5 Figure 4: Dublin Vacancy Rate Commentary 400,000 350,000
300,000 0 Take up in the office market in 2020 came to 1.74m sq ft, approx. 1m sq ft below the 10-year 250,000 Q2 2011 Q4 2011 Q2 2017 Q4 2017 Q2 2018 Q2 2012 Q2 2013 Q2 2015 Q2 2016 Q2 2019 Q4 2018 Q4 2012 Q4 2013 Q2 2014 Q4 2015 Q4 2016 Q4 2019 Q4 2014 Q2 2010 Q4 2010 Q2 2020 rolling average. Nine of the top ten deals in Q4 2020 2020 transacted in the first quarter of the 200,000 SQ M year, demonstrating the impact of government directed lockdowns. There were still some very 150,000 notable names taking space from Q2-Q4 2020, 100,000 including Amazon, Rabobank, 3M, Microsoft Dublin’s on-site pipeline currently stands at approx. 4.64m sq ft and is relatively contained with high and the OPW. 50,000 levels of pre-commitment, ensuring no significant arrivals of vacant new space to put pressure on the vacancy rate. 62% of the on-site stock scheduled to complete in 2021 is pre-committed (signed 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 or at legals) and in 2022, 63% of the equivalent stock is similarly pre-committed.
Source: Savills Research Contacts & Further Information
Project Website Selling Agent Solicitor and Dataroom www.1-6cityquay.com
Tenure Riverside Two A Title Summary is available Sir John Rogerson’s Quay in the dedicated data room. Dublin 2 D02 KV60 Viewings Savills Ireland 33 Molesworth Street Gerry Gallen Viewings are strictly to be Dublin 2 +353 1 4180619 arranged through the sole Ireland [email protected] selling agent Savills. PSRA: 002233
VAT John Swarbrigg Receiver
No VAT will apply to this sale. +353 1 618 1333 [email protected] BER Details Andrew Sherry
+353 1 618 1452 One Spencer Dock [email protected] North Wall Quay Dublin 1 Will Heffernan
+353 1 618 1409 [email protected]
Disclaimer: Savills Ireland and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland nor any of its employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills Ireland nor any of its employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/ Lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. This brochure is issued by Savills Ire- land on the understanding that any negotiations relating to the property are conducted through it. www.1-6cityquay.com