Hanover Qy Units.Indd
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For Sale by Private Treaty (Available in one or more lots) 3 Retail Investment Properties Hanover Quay, Grand Canal Harbour, Dublin 2 (Tenants Not Affected) www.hanoverquaydublin.com Lot 1 – Herbstreet - Units H3 & H4 Lot 2 – Vacant – Unit H2 Lot 3 – Bakers Coffee Company – Units H1 & H5 Lot 4 – The Entire Hanover Quay, Grand Canal Harbour, 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. The nearest DART Station is Grand Canal Dock, approximately five minutes walk from the property. Nearby amenities include the Bord Gais EnergyPORTLAND Theatre, ROW the National Convention Centre on the North Docks and the new Marker Hotel. SEVILLE PLACE GARDNER ST LWR AMIENS STREET CONNOLLY MARLBOROUGH ST PARNELL STREET SHERIFF ST LWR O‘CONNELL STREET IFSC To Port Tunnel DART Line SHERRIF STREET CONNOLLY TALBOT ST COMMON ST Luas Red Docklands Line Busaras GEORGES DOCK Gibson BUSÁRAS MAYORS SQUARE IFSC SPENCER DOCK Hotel PARNELL STREET Custom ST Car Clarion National THE POINT CAPEL ST House Jurys Inn HENRY Park College of National Conference CUSTOM HOUSE QUAY Hotel Ireland GUILD ST Centre O2 NORTH WALL QUAY EAST WALL ROAD MARY STREET Luas Red Line EDEN QUAY RIVER LIFFEY Samuel Beckett GEORGES QUAY Bridge East Link ABBEY ST CITY QUAY BURGH QY TARA ST Toll Bridge SIR JOHN ROGERSONS QUAY BACHELORS WALK TOWNSEND STREET Marker ORMOND QUAY ASTON QY SANDWITH ST DART Line Hotel PEARSE STREET Subject Units FLEET ST GREEN HANOVER QUAY PARLIAMENT LONGBOAT QUAY STREET WELLINGTON QY Bord Gais TEMPLE BAR Civic Offices Energy COLLEGE TRINITY Grand Canal SUFFOLK ST PEARSE STREET Theatre DAME STREET SOUTH COLLEGE WESTLAND ROW PEARSE STREET Christ Church ERNE STREET Dock QUAY Cathedral NASSAU ST EXCH RINGSEND ROAD SOUTH WILLIAM ST EQUERWILLIAM SOUTH ST DUBLIN ST GEORGES DRURY CASTLE CLARE ST FENIAN ST DENZILLE LANE MACKEN STREET GREAT SHIP ST ST CHANCERY LANE GRAND CANAL FRANCIS ST AUNGIER ST AUNGIER NORTH GRAND CANAL STREET GRAFTON ST PATRICKS ST PATRICKS BRIDE ST Mansion MERRION House HOLLES ST MERCE SQUARE BARROW STREET GOLDEN LANEPETER ROW Luas Green Line DAWSON STREET GRAND CANAL DOCK KILDARE STREET GRATTAN ST HOUSE STEPHENS GR NTH LEINSTER MOUNT ST LWR R ST R SOUTH LOTTS ROAD THE COMBE EAST DIT MERRION STREET St Patrick’s PETER ST MERRION ROW PLACE ST. STEPHEN’S Cathedral MOUNT ST UPR BISHOP ST STEPHENS GREEN CUFFE ST STEPHENS GR STH BAGGOT ST LOWER CORK ST NEW ST NEW KEVIN ST LWR FUMBALLY LA WEXFORD ST DIT STEPHENS GREEN STEPHENS GR EAST SHELBOURNE NORT FITZWILLIAM HERBERT ST HADDINGTON ROAD LEESON ST LOWER SQUARE HERBERT PLACE HARCOURT IVEAGH HUMBERLAND RD GARDENS PEMBROKE STREET CAMDEN ST FORT TCE BAGGOT ST UPPER ROAD CLANBRASSIL ST CLANBRASSIL HATCH ST HATCH ST LLIAM PLACE EARLS FITZWI PEMBROKE ROAD WILTON PLACE ADELAIDE ROAD MESPIL ROAD Page 2 HARRINGTON STREET CHARLEMONT ST STH RICHMOND ST CHARLEMONT SCR SUSSEX ROAD LEESON ST SCR GRAND PARADE CANAL RD UPPER WATERLOO ROAD THE GRAND CANAL GROVE ROAD RANELAGH CLYDE ROAD Hanover Quay, Grand Canal Harbour, Dublin 2 Situation The properties are situated on Hanover Quay overlooking Grand Canal Harbour and Grand Canal Square, 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 Milanos. The Grand Canal Docks area includes many leading office occupier including Facebook, HSBC, State Street Bank, BNY Mellon, O2, McCann Fitzgerald, Beauchamps and Dillon Eustace Solicitors. Matherson Bord Gais O2 Marker Dillon McCann Subject BNY Mellon National Facebook Ormsby Energy Theatre Hotel Eustace Fitzgerald Units Conference Prentice Centre HSBC & Grand Canal Dock Accenture Page 3 Units H3/H4 - Hanover Quay, Grand Canal Harbour, Dublin 2 Lot 1 - Units H3/H4 Herbstreet Restaurant Description The property comprises two ground floor interconnected retail units in use as a restaurant. The units are regular rectangular in shape and extending to a total net internal area of 157.40 sq. m. (1,694 sq. ft.). The property is situated within a residential development and fronts Grand Canal Basin. The unit is of modern construction with full height glazing providing excellent natural light. Internally the property is fitted out to a very high standard as a stylish contemporary restaurant to include a kitchen/ food preparation area, customer seating and toilet facilities. External seating is provided to the front of the unit under a retractable awning however, the external seating area does not form part of the property for sale. The tenant has been granted planning permission to upgrade the current extraction, ventilation and filtration system. The unit has a gross frontage to Grand Canal Harbour of 14.1 m (46 ft. 3 in.). To learn more about the restaurant visit www.herbstreet.ie Page 4 Units H3/H4 - Hanover Quay, Grand Canal Harbour, Dublin 2 Accommodation We understand that the net internal fl oor areas of the property are as set out below: Demise Use Sq.m Sq.ft H3/H4 Restaurant 157.40 1,694 We recommend that interested parties satisfy themselves as to the accuracy of the fl oor areas by measuring or otherwise. Tenancy The property is single let to Vinny Mullen, Niall Mullen, Mark Foran and Siobhan Kennedy t/a Herbstreet under a 25 year effectively full repairing and insuring lease (by way of service charge) incorporating 5 yearly upwards only rent reviews from 17th December 2007 at a headline rent of _120,000 per annum. The rent has been varied for 10 years from the 1st January 2012 as follows; For the 5 year period from the 1st January 2012 to 31st December 2016 the rent has been varied to _65,000 pa. For the 5 year period from 1st January 2017 to 31st December 2021 the rent has been varied to _75,000 pa. Price We are guiding _700,000 for the Herbstreet restaurant unit subject to contract/contract denied. A purchase at this level would produce an income yield of 8.89% (on the current varied rent of _65,000 pa) after allowance for normal acquisition costs of 4.46%. BER Details BER : D1 BER No: 800163883 2 Energy Performance Indicator: 260.1 kgCO2 /m /yr 1.73 Page 5 Unit H2 - Hanover Quay, Grand Canal Harbour, Dublin 2 Lot 2 - Unit H2 Vacant Description The property comprises a ground floor retail unit extending to a total net internal area of 85.84 sq.m. (924 sq.ft.) and fronting Grand Canal Basin. Situated within a residential development, the unit is of modern construction with full height glazing providing excellent natural light. The previous tenant fitted out the property as a gallery with display columns, stud walls, hanging spot lighting, a kitchen/staff area and an air handling system. Access to the common service corridor is provided at the rear of the unit. The unit has a gross frontage to Grand Canal Harbour of 7.8 m (25 ft. 7 in.). Not to scale, for identification purposes only. Page 6 Unit H2 - Hanover Quay, Grand Canal Harbour, Dublin 2 Accommodation We understand that the net internal floor areas of the property are as set out below: Demise Use Sq.m Sq.ft H2 Retail 85.84 924 We recommend that interested parties satisfy themselves as to the accuracy of the floor areas by measuring or otherwise. Tenant Demand In the short period of time that the property has been vacant and without formally marketing the unit there have been a number of rental offers made on the property in the region of _35,000 per annum. The unit would also suit an owner occupier wishing to retail from the property. There is increased demand for this property and for Hanover Quay as a location since the opening of the Grand Canal Theatre. The increased take up in office accommodation in the area and the opening of the Marker Hotel has seen Grand Canal Dock emerge as a vibrant retail destination. Price We are guiding _340,000 for Unit H2 subject to contract/contract denied. VAT will be chargeable on the sale price. BER Details BER : G BER No: 800184244 2 Energy Performance Indicator: 552.89 kgCO2 /m /yr 5.49 Page 7 Units H1/H5 - Hanover Quay, Grand Canal Harbour, Dublin 2 Lot 3 – Units H1/H5 Bakers Coffee Company Description The property comprises a ground floor split level retail unit with ancillary storage extending to a total net internal area of 153.11 sq.m. (1,648 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 full height glazing providing excellent natural light. The property is fitted out for use as a coffee shop to include hanging lighting, an air handling system, a customer counter/food display and providing Ladies/Gents and disabled toilet facilities. A food preparation area is situated down a short flight of stairs to the rear section of the property. Stores are located separately from the property at the end of a service corridor. External seating is provided to the front of the unit with a retractable awning however the external seating area does not form of the property for sale. The unit has a gross frontage to Grand Canal Harbour of 10.15 m (33 ft.