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CAR for Sale by Private Treaty 14 & 15 Trinity Street | 1 - 3 Dame Lane | 1 - 6 St Andrews Lane Dublin 2 For Sale by Private Treaty T R I N I T Y STREET CAR PARK Tenants Not Affected Executive Summary On behalf of the Vendor, CBRE are delighted to present 14 & 15 Trinity Street, 1-3 Dame Lane and 1-6 St Andrews Lane Dublin 2. The property is for sale by Private Treaty, where offers are invited in excess of €17,300,000 subject to contract and excusive of VAT. • Prime mixed use building situated in the heart of Dublin City Centre • Extensive frontages overlooking Trinity Street, Dame Lane and St Andrews Lane • The property comprises 681.2 sq m of retail and office accommodation together with a multi-storey public car park providing 171 car spaces • Let under the terms of a single lease from the 27th May 1994, producing an annual rent of €920,047 p.a. • Unexpired lease term of approximately 11.5 years Location The property is situated in the heart of Dublin’s City Centre, occupying a prominent position with frontage on to Trinity Street, Dame Lane and St Andrews Lane. The property is just a stone’s throw from Dublin’s premier retail street - Grafton Street, which is home to a number of world class retailers, such as Brown Thomas, River Island, Tommy Hilfiger and Abercrombie & Fitch. The property is well served by public transport with a Quality Bus Corridor on College Green. Tara Street DART Station and the Luas Green and Red Lines are also in close proximity. In addition to this, the popular Dublin Bikes scheme has numerous stops in the vicinity including Exchequer Street and Fownes Street Upper. With a high-profile pitch in one of Dublin’s most vibrant square kilometres, the property benefits greatly from a surrounding area that has been the subject of substantial rejuvenation over the past number of years and is now a thriving locale. Moreover, several exciting schemes are planned for the area in the future, including the redevelopment of the former Central Bank HQ on Dame Street into a lively plaza. THE LOCATION 11 2 7 10 TRINITY STREET CAR 9 PARK 3 4 6 1 8 5 1 Exchequer Street 4 College Green 7 Temple Bar 9 LUAS Cross City 2 Former Central Bank HQ 5 Grafton Street 8 Trinity College 10 Westmoreland Street 3 H&M 6 Abercrombie & Fitch 11 LUAS Cross City Tenancy The property was originally let to Veronica Gallagher and office accommodation the effective rent is €284,000 per Robert Gallagher under the terms of a 35 lease from 27th annum. May 1994, subject to an annual rent of €920,047 for the We understand that the tenant has entered into direct sub- entire. The annual rent apportioned between the car park leases for the commercial element of the property. Details and commercial is as follows: relating to the subtenants are contained within the data In respect of the multi-storey car park the effective rent room. is €636,047 per annum and for the three retail units and description The property comprises a six-storey over basement mixed use building laid out to provide three retail units at ground floor level, a multi-storey car park with capacity for up to 171 cars and four office suites located on the upper floors. Trinity Street Car Park is one of the busiest car parks in Dublin City Centre with direct access provided from College Green and via Exchequer Street. The main pedestrian access and pay station is made available via Dame Lane. In addition, there are two dedicated passenger lifts which provide access to each floor level. The retail and office units are fully let and are occupied by a complimentary tenant mix whose trade benefits from the high pedestrian footfall in the area. The three retail units at ground floor level range in size from 69.4 sq m – 247.2 sq m. The units are occupied by Pichet and Excel Dry Cleaners. Units 1A/B/C have just been let to KK Hairdressing Services Limited t/a The Hive and the tenant is currently fitting out. The upper floors have the benefit of a separate entrance from Dame Lane and provide for office accommodation. Each floor provides open plan offices and w.c. facilities with the first floor also benefiting from its own canteen. The offices are fitted out with suspended ceilings, recessed lighting, plastered and painted walls and carpeted floors. A lift and staircase provides access to the office accommodation. ZONING The property rests on a site area extending to facilitate the development of the central area, approximately 0.08 Ha (0.22 acres). and to identify, reinforce, strengthen and protect its civic design character and dignity” under the The property is zoned Z5 “to consolidate and Dublin City Development Plan 2011 – 2017. Investment Market office According to the MSCI Irish Index, Irish commercial real estate achieved Take-up in the Dublin office market during the first nine 2 a total return of 2.7% in Q3 2017, with returns higher than 6.9% on an months of 2017 reached 183,630m - an impressive result annualised basis. Investor demand for prime opportunities remains strong, considering annual average take-up in Dublin in recent 2 constrained only by a shortage of investment opportunities and in particular years has generally been in the order of 200,000m per a scarcity of large lot sizes. annum. The fact that there was an additional 100,000 square metres of office stock reserved at the end of the Demand for core investment opportunities in the Irish market remains strong third quarter bodes well for take-up volumes in Q4 and with particularly strong demand from European buyers who are encouraged indeed for the year as a whole. Several large mandates by the continued strength of occupier markets and the potential for further that have been in the market for some time have now rental growth in some sectors. reportedly shortlisted buildings, which will boost take- up over the next few quarters. Brexit-related activity With positive retail spending between 2013 – Q3 2017, a wide variety of continues to add an additional layer of demand with local and international investors have actively acquired retail and mixed-use several more companies having recently announced properties in Dublin City Centre. Recent examples of this include: Meyer their intention to relocate or expand their existing Irish Bergman who acquired St Andrews House on Exchequer Street for €11.3 facilities as a direct result of Brexit. In recent weeks, million, Irish Life acquired AIB on Grafton Street for €50.1 million and New Insurance giant XL Group announced plans to switch Ireland acquired McDonalds Restaurant on Mary Street for €17 million. its principal EU company from the UK to Ireland and the Prime yields in all sectors remain stable at this juncture although we expect credit ratings agency KBRA has selected Dublin for its to see some tightening in yields over the course of the coming months as European headquarters new transactional evidence emerges, particularly considering the pricing With pre-lettings accounting for approximately one differential between prime Dublin and other European capitals at present. quarter of take-up in the Dublin office market at present, Both domestic and international investors continue to seek out investment it is likely that all of the more than 270,000m2 of new opportunities in the Irish market. office stock delivered in the capital during 2017 will have been leased by year-end, which demonstrates that new supply is being delivered in a very measured fashion. SCHEDULE OF ACCOMMODATION Multi-storey Car Park UNIT TENANT NO. OF SPACES *NO. OF SPACES (AS PER (PER TENANCY SCHEDULE) MEASUREMENT SURVEY) Car Park Veronica Gallagher & Robert Gallagher 171 175 Commercial: Retail & Offices Occupational Markets UNIT TENANT TENANCY TENANCY *MALCOLM MALCOLM SCHEDULE SQ M SCHEDULE SQ FT HOLLIS SQ M HOLLIS SQ FT retail The volume of retail sales, according to the CSO Index show a year on year increase of 7% as consumer sentiment 1a & 1b Letting in process 118.6 1,277 125.2 1,348 continues to improve against a backdrop of strong employment generation and significant price competition. Good retail 1c Letting in process 40.8 439 48.2 519 sales activity continues to support occupier demand for prime retail pitches although retailers (particularly international 1d Excel Dry Cleaners 67.7 729 69.4 747 retailers) have become increasingly strategic about their entry, expansion and relocation activity of late. Since 2013 there Unit 2 & 3 Dilmel Ltd 175.1 1,885 247.2 2,661 has been a notable increase in leasing transactions within the immediate Dublin 2 area. Occupiers who have acqured Office 1st Boutique Wines 40.0 430 48.8 525 new retail units include: Zizzi, Insomnia, The Body Shop, Skinfull Affairs and Laduree. Office 2nd Fefe Ltd 40.0 430 49.6 534 Office 3rd Ashlee Dickinson (Ten Feet Tall) 40.0 430 50.0 538 Office 4th Ticketlock Limited (Craig Connolly) 40.0 430 42.8 461 title The subject property is held part Freehold and on a part long TOTAL 562.2 6,050 681.2 7,333 leasehold basis. *A copy of the Malcolm Hollis measurement survey is available on the data-room. ber Please see more information in the Data Room. sole selling agents website & data room WILLIE NORSE – Executive Director Further information is available is available at Advisory & Transactions Services www.cbresales.ie/TrinityStreetCarPark T: +353 (01) 618 5529 [email protected] price NATALIE BRENNAN – Senior Director On Application.
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