Dublin Contents

ONE GRAND PARADE ALEXANDRA HOUSE, THE SWEEPSTAKES 86-88 LEESON STREET LOWER

DUBLIN CONTENTS

The Opportunity 03 Proposal 03 Why Dublin for Occupiers? 04 Why Dublin for Investors? 06 One Grand Parade, Dublin 6 08 Alexandra House, Dublin 4 20 86-88 Leeson Street Lower, Dublin 2 32 Further Information 42 Contacts 42 THE OPPORTUNITY

Tara Collection offers an unrivalled opportunity for investors to gain exposure to the strongly growing Dublin CBD offce market. This market is experiencing strong occupier demand and reducing vacancy levels. It is projected to have the best growth in Europe for the next fve years. The Tara Collection provides core rental income with value add opportunities through new lettings, re-gearing lettings, refurbishment and redevelopment.

The following properties make up the “Collection”. n 4 & 5 Grand Canal Square, Dublin 2 – designed by n Alexandra House, The Sweepstakes, Ballsbridge, renowned international architect Daniel Libeskind, Dublin 4 – detached 6 storey offce building extending these are quite simply the best offce buildings in to 5,195.50 sq m (55,923 sq ft) in a highly prestigious Dublin. Extending to approximately 23,274 sq m location. Producing €818,500 per annum, there is an (250,522 sq ft) and producing €10.5m per annum opportunity to signifcantly increase value by letting these buildings are let to Facebook under two separate the remaining 3 floors or alternatively refurbishing leases and are Facebook’s new EMEA headquarters. the building prior to re-letting to maximise achievable (Please note there is a separate brochure for this rents. property) n 86-88 Leeson Street Lower, Dublin 2 – this modern n One Grand Parade, Dublin 6 – a high quality modern property which sits behind a new Georgian façade offce building overlooking the Grand Canal in Dublin’s currently extends to 1,535.60 sq m (16,529 sq ft) city centre on the fringe of Dublin 2. This is a multi- with short term income to 2016. The property is in let offce building of 2,929.60 sq m (31,534 sq ft) the absolute prime CBD offce area. There is planning producing €759,474 per annum with one floor vacant. permission to extend the building to approximately There is an opportunity to improve returns with this 2,166 sq m (23,315 sq ft) to provide floor plates of property by letting the vacant ground floor space as between 333 - 441 sq ft (3,584 - 4,747 sq ft) and well as capitalising on rental uplift at rent reviews / improve the overall quality of the space. renewals.

PROPOSAL

The properties are for sale by Private Treaty. We are marketing the properties for sale individually; however we will also accept bids on the basis of a single portfolio sale.

No warranties or guarantees in any respect, including but not limited to VAT, can be given. The Vendors are not bound to accept the highest or indeed any offer and are acting without personal liability.

For details of the guide prices please contact Joint Agents JLL and CBRE. For the avoidance of doubt, please note that this is an investment sale, therefore all tenants are unaffected.

03 WHY DUBLIN FOR OCCUPIERS?

Ireland has one of the fastest growing economies in Europe. Dublin has evolved into one of Europe’s top tech hubs. In Following a period of decisive corrective action, the country addition to companies such as Amazon, Paypal, E-Bay, has a forecast GNP growth of 5% in 2014 and 2015 (ESRI). Yahoo, AOL and Dropbox, Dublin city centre is the European Inward investment to Ireland has continued unabated Headquarters for: throughout the last 10 years and Ireland is now the chosen European base of over 1,150 international companies. It is home to: n 9 of the Top 10 ICT companies in the world n 8 of the Top 10 pharmaceutical companies n 15 of the Top 20 global medical technology companies n 9 of the Top 10 global software companies, and n 3 of the leading global security software companies

Occupiers are drawn to Ireland by the highly educated workforce – Ireland has a higher proportion of 15-34 years These companies act as magnets to each other and to olds with third-level qualifcations (48%) which is higher similar businesses, creating a virtuous circle which attracts than the UK, the US or OECD. The country is native English a national and international skilled workforce. Each of these speaking, in the same time zone as London and a member of large organisations has expanded exponentially since setting the Euro. up in Dublin’s city centre:

Dublin is a truly European capital city. With a population n Google has spent over €280m on property since of 1.3 million people, 53% are under 35 years old and opening in 2003 and now occupies over 60,000 sq m the city is growing faster than most European cities (the (646,000 sq ft) employing over 2,500 staff. population increased by +7.2% between 2006 and 2011) . n LinkedIn has just announced the purchase of a new Dublin is a vibrant city with access to music, theatre, culture offce site to allow it double its capacity in Dublin. and sporting events, which along with its renowned bars, restaurants and nightlife generate a real buzz in the city. n Twitter is in the process of acquiring a new 17,000 sq m (183,000 sq ft) European Headquarters building. Dublin has a diverse high quality transport network with n Facebook has just acquired its second building, doubling trams, railway, bus, city bikes and a number of on going their size to over 23,225 sq m (250,000 sq ft). government-led regeneration and transport improvements underway across the city.

WHY DUBLIN FOR INVESTORS? IRISH PROPERTY INDEX OFFICE CAPITAL VALUES 1400 Dublin has one of the best real estate recovery stories in Europe. The market bottomed in 2012, and since then 1200 Dublin property markets are in the second phase of 1000 recovery, with stabilised growth across all sectors driving market activity. 800 Index 600 The volume of direct commercial property investment 400 activity has now returned to levels ahead of the peak, with 2014 forecast to be around €4.00 billion ($5.44 billion). 200 Investor demand is broad across all asset classes, with 0 recent sales in offces, retail, industrial, hotels and bars. 1 1

In terms of geography, Dublin is the dominant market in Q1 Q1 98 Q1 99 Q1 00 Q1 01 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 12 Q1 13 Q1 14 Ireland.

Compared to other cities across Europe, prime Dublin offce yields continue to offer strong returns ahead of similar In the next 5 years, Dublin prime offce rental growth is stable markets, and are supported by a strong rental growth forecast to be the strongest performer across Europe. Prime pattern. Dublin is an established international market with rents have grown by more than 25% in 2013 and 20% up to approximately 65% of investor demand from overseas. Q3 2014, due in part to an over correction in 2008-2012 and Capital values, while growing, are still well below the 2007 to a strong demand for high quality centrally located offce peak. space. JLL and CBRE forecast Dublin offce rental growth to be between 7.4% and 8.1% per annum for the next fve years. This is in contrast to average annual growth of 3% per annum in the Eurozone.

06 EUROPEAN CITIES PRIME FORECAST AVERAGE Behind this strong forecast growth is a low supply of prime ANNUAL OFFICE RENTAL GROWTH 2014 - 2018 offces. Construction activity ceased in the period 2011- 2013. Long-term annual average offce take-up in Dublin DUBLIN is approximately 170,000 sq m (1.8 m sq ft) per annum MADRID LONDON - CITY which is considerably higher than the volumes of leasing LONDON - WEST END activity achieved in similar sized cities in the UK regions OSLO and elsewhere in Europe as a result of its dominance in PARIS - CBD attracting foreign direct investment. The relative strength STOCKHOLM of the underlying occupier market and the critical shortage MILAN MUNICH of modern offce accommodation in the Dublin 2/4 district PRAGUE (which typically accounts for just less than 50% of overall MOSCOW offce take-up in the city every year) is one of the key LISBON attractions for investors in the Dublin offce sector. BUDAPEST WARSAW BUCHAREST AMSTERDAM DUBLIN OFFICE TAKE-UP & CONSTRUCTION LEVELS COPENHAGEN 400,000 BRUSSELS ROME 350,000 LUXEMBOURG 300,000

EUROPE 250,000

0% 2% 4% 6% 8% SQ M 200,000 150,000

100,000

50,000

0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (f) Take-up Under Construction

THE OPPORTUNITY n Prominent Grade A multi-let offce building n High profle accessible location overlooking the Grand Canal n Multi-let to the Kuwaiti Embassy, Zendesk and Oasis Global Management n Passing rent of €759,474 per annum on expiry of rent frees and opportunity to increase income through letting of vacant floor

09 One Grand Parade is on the fringe of Dublin 2 in an already established offce location

GOVERNMENT IRISH LIFE & BORD GÂIS BUILDINGS PERMANENT ENERGY THEATRE

DUBLIN 6 OFFICE MARKET

One Grand Parade is in the best offce location in Dublin 6 beside the Charlemont LUAS Station and overlooking the Grand Canal. One Grand Parade is located on the fringes of the well established Dublin 2 offce area which has experienced strong rental growth. There is currently 11,148 sq m (120,000 sq ft) of new offce accommodation planned within the immediate vicinity. With development economics for modern offces in city centre locations in the region of €484 per sq m (€45 per sq ft) we expect strong rental growth for One Grand Parade.

Vacancy rates for Dublin 6/8 are presently 12.5% while vacancy levels for Grade A accommodation are 6.2% further strengthening the rental position of One Grand Parade.

CENTRAL BANK MERCER

INVESTEC AVIVA/DROPBOX DELOITTE

10 NTMA DEPT OF COMMS & ENERGY TWITTER (NEW LOCATION) ALEXANDRA HOUSE

GOOGLE MARSH AVIVA STADIUM

ONE GRAND PARADE

RABOBANK CIF BANK OF IRELAND

LINKEDIN HILTON HOTEL AMAZON

11 LOCATION

Grand Parade runs along the southern banks of the Grand Canal in close proximity to the core city centre offce market of Dublin 2. One Grand Parade is in a prominent position at the junction of Grand Parade and Ranelagh Road. The area is ideally situated between Dublin City Centre and the idyllic Ranelagh Village. The immediate area has attracted a variety of occupiers including Rabobank, Hilton Hotel, Department of Communications, Energy & Natural Resources and Marsh. It is also a short stroll to the National Concert Hall, St. Stephen’s Green and Dublin’s premier shopping street, Grafton Street.

One Grand Parade is adjacent to the Charlemont LUAS Station which offers its occupiers the convenience of quickly connecting with the wider city. There are also numerous bus routes in close proximity to the property providing access to surrounding Dublin suburbs. The completion of the LUAS BDX line which is expected in 2017 will further improve the accessibility of One Grand Parade.

ONE GRAND PARADE

12 E C ST ST. STEPHEN’S A . L S P T W E GREEN P Y H L E E N’ E X S G F T RE R O S EN E

R P T P R D ST MONTAGUE R U E

U P S T P T O U S C T NE E S R A K L M A N F O O I A S TZ I H E W LE R I L B LL IL IA M M W S Z E Q T P N I F S T FITZWILLIAM A B L SQUARE E L N

E N A L IVEAGH NATIONAL H K CONCERT IN D A GARDENS G A R R HALL R A L C E M C W P A O L L O L E M H ATCH S ET E U TREE E T UPPE TR H S D R S R A CH T O C E H T U T A G C N L M N C R A H L B S HARCOURT E D N A S P R L O L S T E A N N T S N L S M

T T R E D A A N H L I R E D L I L L L A D H P E ATC IL M O H E H T

C W

W R P L Z T

D T L O A I E A F H W R E C C E A E L R E R R E TE LAIDE RD S ADE O ON N ILT P W AD L H E LAI A DE D R RD L R C PI O ES R U M

R I C C T

H H T E M A R R R O L E N M D O ACE ONE GRAND PARADE L W N P S T L N A X ST R T O E LENNO M D E T R I LE A C R S R A N E HA P H S T C ND E S M R O RA O G ’ S O S U N U N L T S N D S S H E N T R Q X S R O H R UT D D W R E CHARLEMONT MO TH ART OU E D TM T LL D R MONT MA DARTMOUTH DA CHARLE A U R R SQUARE P T S L P A M SQ E AD H E E RO N O T CANAL OU S R RD E U RTM O GROVE L T A N H D

A P

A G P . R H L RR D TE K R GE R H ID OUT BR O M AM ART C RD A D OOK D BR GROVE PARK RTH NO

13 14 DESCRIPTION n Striking 6 storey over basement modern Grade A offce building extending to 2,929.60 sq m (31,534 sq ft) n 15 car parking spaces provided at basement level accessed via a lane off Grand Parade n Light flled open floor plates with full height glazing overlooking the Grand Canal n Glazed entrance leading to a triple height atrium n Fitted out to a very high standard by all of the tenants n 4 pipe fan coil air conditioning system, raised access floors and floor boxes at 1 per 10 sq m, category 2 lighting n Floor slab to underside of ceiling slab of approximately 3.5m to 3.8m n Multi-let to 3 tenants and ground floor currently vacant

15 ACCOMMODATION

Floor / Demise Sq M Sq Ft Basement Storage 48.20 519 Ground 338.70 3,645 First 556.50 5,990 Second 556.50 5,990 Third 472.90 5,090 Fourth 477.10 5,135 Fifth 479.70 5,163 Total NIA 2,929.60 31,534 Common Reception 58.60 631

In addition there are 15 basement car parking spaces with the property.

The areas stated are provided on a net internal area basis in accordance with the SCSI Measuring Practice Guidelines. Assignable measurement surveys undertaken by an independent third party are available.

TYPICAL FLOOR PLAN

46494

OPEN PLAN OPEN PLAN OFFICE OFFICE

RISER MEETING RISER STAIRS LIFT WC MEETING ROOM STAIRS MEETING 12246 ROOM ROOM

RISER LOBBY WC LIFT

MEETING MEETING ROOM ROOM

STORE RISER UP DN MEETING UP DN ROOM WC MEETING MEETING ROOM ROOM LOBBY LOBBY STORE

ATRIUM FLAT ROOF

16 17 TENANCY

One Grand Parade has a total passing rent of €432,274 per annum rising to €759,474 per annum when rent free periods expire in January 2016. The WAULT from the current lettings is approximately 3.2 years with the ground floor currently vacant.

Demise Tenant Area Area Cars Lease Start Lease End Break Date Contracted Current Yrs to Review Sq M Sq Ft Rent pa Passing Break / Pattern / Abated Expiry Rent pa Basement Vacant 48.20 519 - - Grd Floor Vacant 299.00 3,218 3 - Grd Floor Vacant 39.70 427 - - 1st Floor Zendesk International 556.50 5,990 2 28-Mar-14 25-Nov-23 25-Nov-18 € 171,200 € 0 4.0 Market Ltd [1] Rent 2nd Floor Zendesk International 556.50 5,990 2 26-Nov-13 25-Nov-23 25-Nov-18 € 156,000 € 0 4.0 Market Ltd [2] Rent 3rd Floor Zendesk International 472.90 5,090 2 26-Nov-13 25-Nov-23 25-Nov-18 € 132,000 € 132,000 4.0 Market Ltd Rent 4th Floor Oasis Global 477.10 5,135 2 05-Jan-12 04-Jan-22 04-Jan-17 € 142,174 € 142,174 2.1 Market Management Company Rent (Ireland) Limited [3] 5th Floor Embassy Of The State 479.70 5,163 2 23-Sep-11 22-Sep-16 None € 153,100 € 153,100 1.9 N/A of Kuwait Car Parking Embassy Of The State - 2 € 5,000 € 5,000 0.0 N/A of Kuwait [4] Total 2,929.60 31,534 15 € 759,474 € 432,274 3.2

[1] Passing rent is zero as the tenant is on a rent free period which expires on 28th March 2015. [2] The 2nd and 3rd floors are held under a single lease with the rent split between the two in the documentation and different initial rent free periods. Passing rent is currently zero for the 2nd floor as the tenant is on a rent free period which expires on 26th January 2016. [3] There is an additional rent free of 6 Months’ Rent from 1 April 2017 on basis break isn’t exercised. [4] The Embassy occupy 2 additional car spaces on licence agreements. They can be determined subject to 1 month’s notice on one and 3 months’ notice on the other.

All intending purchasers are specifcally advised to verify the information and undertake their own diligence.

COVENANT INFORMATION

Zendesk offer a customer service platform which is operated globally. It’s headquarters are based in San Francisco.

Oasis Global Management are wealth managers who manage a number of funds listed on the Irish Stock Exchange. The company was formed in 1997 and has developed a strong track record.

The Kuwait Cultural offce, located in One Grand Parade offers support between educational and research institutions in Kuwait and Ireland. The offce also offers support to students enrolled in courses in Irish educational institutions.

18 ASSET MANAGEMENT OPPORTUNITIES

The property is on the fringe of the Dublin 2 offce market and the immediate area is set for further development as a result tightening supply of modern offce space in the area. The current passing rents in the building range from €25 - €28 per sq ft with prime rents in Dublin 2 of €45 per sq ft and further continued growth expected.

There is an opportunity to improve returns with this property by letting the vacant ground floor space as well as capitalising on rental uplift at rent reviews / renewals.

BER DETAILS

BER No: 800042301 Energy Performance Indicator: 271.34kWh/m2/yr

THE OPPORTUNITY n Capitalise on strong Dublin 4 offce market by refurbishing and letting the vacant space n 52% let to Regus with 9.5 years unexpired n Ability to deliver high quality space in 2015 through refurbishment of the vacant space n Grade A vacancy in the Dublin 4 area is currently at 3.3%

21 BANK OF IRELAND HQ & AMAZON

BALLSBRIDGE OFFICE MARKET

Ballsbridge is an established offce location and home to well-known occupiers such as AIB Bank, Zurich Insurance, Goodbody Stockbrokers, IBM and Eirgrid. Ballsbridge is part of the Dublin 4 offce market which has been the second most active submarket in 2014 after Dublin 2, with 20% of all take-up. Demand in Dublin 4 is focused on space less than 1,858 sq m (20,000 sq ft) which accounted for 85% of all deals.

Occupier demand is also focused on prime space, with 99% of all deals in this location for Grade A buildings. In terms of sectors, the majority of take-up (54%) was for TMT with companies such as AdRoll, Amazon and Avalon occupying space in the last 3 quarters.

There is 42,365.5 sq m (456,018 sq ft) of vacant space in Dublin 4, which equates to a vacancy rate of 11.3%. There is just 3,979 sq m (42,834 sq ft) of Grade A space available, which is a vacancy rate of 3.3%. 91% of vacant stock is therefore Grade B&C, and a large proportion is likely to be in need of refurbishment.

With only one development currently under construction in Dublin 4, we expect this vacancy rate to continue to reduce into 2015, particularly for modern high quality space.

HERBERT PARK HOTEL

22 BALLSBRIDGE & CLYDE COURT HOTELS EIRGRID FACEBOOK CONVENTION SOUTH DOCKLANDS CENTRE US EMBASSY IFSC IBM GOOGLE AVIVA STADIUM

ALEXANDRA HOUSE

RDS ZURICH AIB BANK HQ

FOUR SEASONS HOTEL GOODBODY STOCKBROKERS LANSDOWNE DART STATION SANDYMOUNT DART STATION

23 LOCATION

Alexandra House forms part of the Sweepstakes offce development in the heart of Ballsbridge, Dublin 4 approximately 4km southeast of Dublin city centre. The Sweepstakes is immediately off Merrion Road opposite the Royal Dublin Society (RDS) and adjacent to AIB Bank Headquarters.

The location benefts from excellent transportation links including Lansdowne and Sandymount DART stations as well as numerous bus routes serving the south suburbs and city centre. Ballsbridge is also home to the Aviva Stadium and a host of other amenities including Herbert Park Hotel, Four Seasons Hotel, Ballsbridge Hotel and a wide variety of cafes, bars, restaurants and leisure facilities. The US and British Embassies, as well as many others, are situated within this prestigious area.

ALEXANDRA HOUSE

24 S H AVIVA N E L STADIUM O B R O U T R H

N D

U E R

K M R R

A D E B P RD E WNE L E N SDO W LAN L R I DO L S V A N LANSDOWNE RD LA N N H

O D E R T I R B

E R D D R R T T E R N D W AVE O SHELBOURNE SD N LA

SE RP EN PEM TIN BRO E R

KE RD D S

H R A E I

L L W B A O Y

U C

R O E

N T V P T A E E ALEXANDRA HOUSE A

G E M R E

D N PEM B S I BROK R T E LAN O N E E K P E R R E D S

EL GIN R K D R A P

E G D I R B S L L A B

E E V AN A E L E YD CL IN M T ER N RIO E D N P R R HERBERT PARK O R K A AD E R E SANDYMOUNT A S P S T E R L

E G B R N E H A

DESCRIPTION n 6 storey detached offce building extending to 5,195.50 sq m (55,923 sq ft) n Secure undercroft and surface car park providing 90 car parking spaces n Developed circa. 1999 as part of the Sweepstakes offce and residential development n Open plan floor plates centred around a large light flled atrium n Modern specifcation including raised access floors, suspended ceilings and recessed lighting n Heating and cooling is provided through perimeter radiators with natural ventilation and fresh air (AHUs) air handling units. Tenants have also installed localised air conditioning units n Floor to ceiling height of approximately 2.6m - 2.7m

27 ACCOMMODATION

Floor / Demise Sq M Sq Ft Ground 810.50 8,724 First 915.30 9,852 Second 980.40 10,553 Third 902.50 9,714 Fourth 861.10 9,269 Fifth 725.70 7,811 Total NIA 5,195.50 55,923 Common Reception 275.10 2,961 Basement Storage 100.10 1,077

In addition there are 90 car parking spaces with the property.

TYPICAL FLOOR PLAN

WC WC Lift

Circulation Stair

Cl Lift WC

RISER RISER 26071

Offce

Atrium 38015

Stair

28 29 TENANCY

Alexandra House has a total passing rent of €818,500 per annum from 3 of the 6 floors, which are occupied by Regus with over 9.5 years unexpired, and additional income from two telephone masts.

Demise Tenant Area Sq M Area Sq Ft Cars Lease Start Lease End Break Date Contracted Current Yrs to Review Rent pa Passing Break / Pattern / Abated Expiry Rent pa Grd, 1st & Dublin The 2,706.20 29,129 36 18-Jun-99 17-Jun-24 None € 800,000 € 800,000 9.6 Up Only 2nd Floors Sweepstakes Centre [1] Limited (t/a Regus) [2] 3rd, 4th & 5th Vacant 2,489.30 26,794 33 € 0 € 0 Floors Car Parking Vacant 21 € 0 € 0 Roof Aerial 1 02 Communications € 9,500 € 9,500 5.4 Market Ltd Rent Roof Aerial 2 Vodafone Ireland 21-Oct-16 € 9,000 € 9,000 1.9 N/A Limited [3] 5,195.50 55,923 90 € 818,500 € 818,500 9.5

[1] There is an outstanding rent review on the Regus Lease from 17th June 2014. [2] The Regus lease is guaranteed by Offce Metro Limited as well as a bank guarantee from Lloyds subject to a cap of €800,000 which reduces to €400,000 from 1st January 2016. [3] The break option is a mutual break option exercisable at anytime from 21st October 2016 subject to 12 months notice.

All intending purchasers are specifcally advised to verify the information and undertake their own diligence.

COVENANT INFORMATION

Regus are an international serviced offce provider. They are in approximately 2,000 locations in 750 cities across 100 countries. In Ireland they have 5 locations in Dublin and 1 in Cork and are currently expanding with new locations opening in Dublin and Cork.

30 ASSET MANAGEMENT OPPORTUNITIES

The Dublin 4 offce market is performing exceptionally well at present. We have witnessed strong rental growth for high quality modern space in Ballsbridge recently which we see continuing into 2015. There is strong occupational demand and vacancy levels continue to contract. Alexandra House provides an opportunity to refurbish the common areas and vacant floors and present high quality space to the market. A number of other offce buildings have successfully undergone refurbishment and reletting in the immediate vicinity.

The Regus lease has an outstanding rent review from mid-2014 at a passing rent of less than €24 per sq ft. There is an opportunity to implement this review to seek an uplift in the passing rent for this space. Computer generated image for illustrative purposes only

Computer generated image for illustrative purposes only

BER DETAILS

BER No: 800314221 Energy Performance Indicator: 300.41kWh/m2/yr

THE OPPORTUNITY n Prime Dublin 2 offce location n Located 100 metres from St. Stephen’s Green n Opportunity to add value through refurbishment / development n Planning permission to extend the property to 2,166 sq m (23,315 sq ft)

33 Dublin 2 has consistently been the strongest-performing submarket in Dublin

KPMG

DELOITTE GRAFTON ST DUBLIN 2 OFFICE MARKET

Dublin 2 has consistently been the strongest-performing submarket in Dublin. In the year-to-date, it has accounted for 28% of total take-up, with 33,466 sq m (360,226 sq ft) across 37 deals. 68% of deals were for space less than 929 sq m (10,000 sq ft), with 57% of all deals for space less than 464.5 sq m (5,000 sq ft).

Demand is also focused on prime space, with 74% of take-up for Grade A buildings. TMT is the most dominant sector, accounting for 51% of take-up in Dublin 2, followed by 13% for Other Business Services. Dropbox, Riot Games, Square Space, Twitter, LinkedIn and Indeed are examples of TMT frms who have occupied space in D2 so far in 2014.

In total, there is 1.17m sq m (12.6m sq ft) of space in Dublin 2, of which 0.13m sq m (1.4m sq ft) is currently vacant. This is a vacancy rate of 11.4% which is signifcantly lower than the Dublin average of 15.0%. Supply is tighter for prime, with just 34,027 sq m (366,268 sq ft) of Grade A space available, or 2.9% of all stock in this location.

We are aware of approximately 22,297 sq m (240,000 sq ft) of this space that is currently reserved and under offer. There is currently one building under construction in this postcode, but it is not likely to be delivered until early 2016. With demand likely to remain strong from occupiers, supply is expected to continue to tighten.

NATIONAL CONCERT HALL METLIFE

EVERSHEDS SOLICITORS

34 ST. STEPHEN’S GREEN SHELBOURNE HOTEL DEPT. OF JUSTICE & EQUALITY MERRION HOTEL

ESB INTERNATIONAL GOVERNMENT BUILDINGS

86-88 LEESON ST LOWER

MODERN OFFICE UNDER CONSTRUCTION PERMANENT TSB HQ FITZWILLIAM SQUARE CONRAD HOTEL ARTHUR COX SOLICITORS

35 LOCATION

86-88 Leeson Street Lower is located at the south east corner of St. Stephen’s Green in the heart of the Dublin 2 CBD. The immediate area is the absolute core of Dublin City Centre in close proximity to the prime retail area of Grafton Street and St. Stephen’s Green Shopping Centre, the Shelbourne Hotel, the Conrad Hotel and a wide range of well-known bars, restaurants and amenities.

The area is also well serviced by public transport with DART, LUAS Green Line and numerous bus routes serving all areas of Dublin. The completion of the LUAS BDX line which is expected in 2017 will further improve the accessibility of the location.

The mix of large modern floor plates and smaller Georgian buildings provides a wide variety of offce occupiers. Aviva, KPMG, Arthur Cox, Irish Medicines Board and numerous government departments are all in the immediate area. The location is absolute prime and we have started to see buildings being refurbished in the immediate location as a direct response to the acute Grade A supply shortage in the core.

86-88 LEESON ST LOWER

36 ANN MOL C E ST ESW HAT OR HAM TH ST ST W E T R S A M E N U T R Q R O I S S S O T CH N F O K O N S I N L Q

A NG HO O U

U I S R A T O S S E L R R

OU G N E TH S E R N E W M

D T S MERRION

ST E SQUARE . ST R EP A R HE D E N L P ’S I P M G U ER ST. STEPHEN’S GREEN R K R E T IO EN E N E S YO R QU RK T A S R ST E N S O I R N M E R E R E E R IO M R N G R O L S W P ’ T N F O IT E ST. STEPHEN’S Z G W H GREEN B G IL P N A A L E G IA E G B M T HU O S E M T LA . E ST N T R ST R E S G EE T S LO ’ W N ER E E E R C E H E ST A C . P L P A S P TE E P L P T Y U P H L E S N E T S ’S . ’ G T S T R B S E S E E S EN A

K G M T G O R A R R E O J P T U B P S O M U T C E T R NE S E R A P E L M A N F T L O I A S TZ I L H E EE W L E L I O LL IL W S IA O 86-88 LEESON ST LOWER M W E N S Z H R Q IT A N F G E S A C T S N T FITZWILLIAM ’ A R A E S E B R R L SQUARE E N C IVEAGH E E E T R F T L IT Q A N Z S GARDENS E W W L T L IL O O L M D P L I A E T W A I A M M L B R S L RO NATIONAL E T Q IL K O C S S E H R O E W RD CONCERT F N K Z A O T S V R I R HALL L E B F N C R M T E O P A P KI E L N U L G R E RA R E M W E T O S PL L O S HATCH T STREET EE N T U R PPER ST H H A S HATC T C T L C A C U HARCOURT H R L M D N P B E L E O C E E N E S R A L S M L R

T E A R A A N N L I D E L I L L L T

D H P R N ATC O IL D H E H TO

L C W W I R Z T W

D E T A I R F H

37 DESCRIPTION n 5 storey modern offce building behind new Georgian façade extending to 1,535.60 sq m (16,529 sq ft) n Less than 100m from St. Stephen’s Green n 26 car spaces to the rear of the property accessed off Stable Lane n Short term income of €168,702 per annum with ability to obtain vacant possession in June 2016 n Planning permission for full refurbishment and extension to provide 2,166 sq m (23,315 sq ft) and 28 car parking spaces n Opportunity to create modern floorplates of less than 5,000 sq ft to meet strong occupier demand in this location

38 ACCOMMODATION

Floor / Demise Sq M Sq Ft Ground 304.40 3,277 TYPICAL FLOOR PLAN First 333.60 3,591

Second 335.80 3,614 STAIRS Third 334.10 3,596

Fourth 227.70 2,451 UP

DN DN Total 1,535.60 16,529 UP

STAIRS

In addition there are 26 car parking spaces with the property. LIFT

CIRCULATION

The areas stated are provided on a net internal area basis CUPBOARD TEACHING AREA

in accordance with the SCSI Measuring Practice Guidelines. 19462 Assignable measurement surveys undertaken by an FEMALE WC MALE WC CIRCULATION independent third party are available. RISER

20474

39 TENANCY

The property is multi-let with 3 of the 5 floors leased and the car parking held under short term licences. One of the floors is vacant and another floor is occupied by a connected party of the vendor under a licence. The total passing income is €168,702 per annum with an ability to gain vacant possession of the entire in June 2016 and all tenants have signed a deed of renunciation.

Demise Tenant Area Sq M Area Sq Ft Cars Lease Start Lease End Break Date Contracted Current Years to Rent pa Passing Break / / Abated Expiry Rent pa Grd Floor Tottoria Trading (The 304.40 3,277 1 01-Jan-12 30-Jun-16 None € 45,000 € 45,000 1.65 Institute of Education) [1] [2] 1st Floor Tottoria Trading (The 333.60 3,591 - 01-Jan-12 30-Jun-16 30-Jun-15 € 45,000 € 45,000 0.65 Institute of Education) [1] [2] 2nd Floor Vacant 335.80 3,614 4 € 0 € 0 0.00 3rd Floor Vacant [3] 334.10 3,596 5 € 0 € 0 4th Floor Fieldaware (Ireland) 227.70 2,451 - 01-Jun-11 30-Jun-16 None € 42,624 € 42,624 1.65 Limited Car Spaces Various Licences 16 € 36,078 € 36,078 N/A [4] 1,535.60 16,529 26 € 168,702 € 168,702 1.03

[1] Tottoria trading are due a credit against rent in Q2 2015 of €11,448.85 plus VAT (€12,994.45) re air-conditioning works carried out by Tottoria. [2] There is a non-recoverable service charge cost of approximately €3,820 per annum in respect of the ground and frst floor as the tenant does not contribute to common area costs. [3] The third floor is occupied by a connected party to the Vendor under a short term agreement determinable at anytime subject to 2 months notice. [4] The 16 car spaces are held under month to month licences, determinable by either party giving 30 days written notice.

All intending purchasers are specifcally advised to verify the information and undertake their own diligence.

40 ASSET MANAGEMENT OPPORTUNITIES

The location is absolute prime and we have started to see buildings being refurbished in the immediate location as a direct response to the acute Grade A supply shortage in the core. The existing space is dated and would beneft from being upgraded to achieve higher rental levels. In addition, there is existing planning permission (Ref: 6011/07 & 3254/08) which runs to 2018 for the refurbishment and extension of the building. The planning provides an ability to increase the overall net internal floor area from 1,535.6 sq m (16,529 sq ft) to approximately 2,166 sq m (23,315 sq ft) by extending the floors to the rear and also adding an additional penthouse level.

Computer generated image for illustrative purposes only This will provide modern floor plates of approximately 333 - 441 sq m (3,584 - 4,747 sq ft) with a smaller penthouse level. The market for floors less than 464.5 sq m (5,000 sq ft) is the most active in Dublin 2 with over 55% of deals in 2014 being less than this. With strong occupier demand for this size category and extremely limited supply of similar sized floor plates we have witnessed strong rents being achieved for refurbished offce space with €45 per sq ft recently achieved in a refurbished offce building in very close proximity to 86-88 Leeson Street Lower.

Floor / Demise Sq M Sq Ft Ground 383 4,123 First 441 4,747 Second 441 4,747 Computer generated image for illustrative purposes only Third 441 4,747 Fourth 333 3,584 Fifth 127 1,367 Total 2,166 23,315

Indicative net internal areas following redevelopment based APPROVED PERMISSION on existing planning permissions.

There will also be 28 car parking spaces with the property based on planning permission.

LIFT

DUCT

LIFT EXISTING BUILDING

BER DETAILS

BER No: 800322539 Proposed Third Floor Plan based on planning Energy Performance Indicator: 628.74kWh/m2/yr

41 FURTHER INFORMATION

Detailed tenancy schedules, floor plans, fnancial information and additional documentation is available in the dedicated dataroom.

To request access please go to: www.tara-collection.com

CONTACTS

CBRE JLL 3rd Floor Connaught House 10/11 Molesworth Street 1 Burlington Road Dublin 2 Dublin 4 Ireland Ireland www.cbre.ie www.jll.ie

Johnny Horgan John Moran Executive Director Managing Director +353 (0) 1 618 5797 +353 (0) 1 673 1637 [email protected] [email protected]

Colm Luddy Margaret Fleming Senior Director International Director +353 (0) 1 618 5729 +353 (0) 1 673 1655 [email protected] [email protected]

Emma Courtney Brian Shields Surveyor Senior Surveyor +353 (0) 1 618 5760 +353 (0) 1 673 1678 [email protected] [email protected]

SOLICITORS

A&L Goodbody Mairead Sherlock International Financial Services Centre Partner North Wall Quay +353 (0) 1 649 2109 Dublin 1 [email protected] Ireland www.algoodbody.com

42 PROPERTY MISREPRESENTATION ACT The joint agents and the Vendor 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 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 CBRE, JLL nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither CBRE, JLL nor any of their employees nor the vendor 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 shall be liable for any VAT arising on the transaction. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland. Designed and produced by Creativeworld. Tel +44 [0] 1282 858200