Established Retail Park Investment Opportunity for Sale by Private Treaty Excellent Tenant Mix Including

NAAS • CO. KILDARE

Established Retail Park Investment Opportunity For Sale by Private Treaty Excellent tenant mix including...

Modern retail park extending to Comprising 114,967.4 sq m retail warehouse (161,108 sq ft) 8units

Situated 2km from Naas at Current rent of approx. Junction 10 of the M7, a major arterial route linking €1.71 million* Dublin to Limerick per annum *Includes a rental underwrite on vacant unit

Attractive Excellent tenant line-up including WAULT B&Q, Harvey Norman, of approx. years Halfords, Carpetright and PC World / Currys

Includes a site of approx. 0.8 ha (2 ac) with FPP for 3 additional retail warehouse units extending to 2,246.6 sq m (24,182 sq ft)

For the avoidance of doubt please note this is a property investment sale and the tenants are not affected For illustration purposes only FPP for 3 additional retail warehouse units NAAS Location ALDI DISTRIBUTION Newhall Retail Park is located 2 km southwest of Naas is a large urban centre situated approximately CENTRE SHEEHY 32 km (20 miles) southwest of Dublin. It has a MOTORS LIDL Naas town centre, occupying a prominent position at population of 20,713 as per the 2011 census. Junction 10 of the M7, one of Ireland’s busiest arterial routes. Naas is currently witnessing a surge in new development which can be attributed both to its proximity to Dublin ENTERPRISE and its emergence as a hub for multinational industry. RENT-A-CAR At present there are 962 residential units either under construction or with an active planning grant in Naas. Based on the 2011 census this would represent a 14% increase in the housing stock in the town alone. 2 Occupiers in the vicinity include Enterprise Rent-a-Car, Lidl, 3 Ace Autobody, Sheehy Motors, Aldi Regional Distribution

Maynooth Centre, Power City and Natural Irish Gifts Ltd. In addition the POWER CITY M7 Business Park is located on the opposite side of the M7. The location benefits from its proximity to Millennium Park, an employment hub with 230 acres of AD development land, home to a number of multinational

M7 NAAS RO companies including Kerry Group, HSE and State Street.

NAAS AS A LOCATION

LIMERICK DUBLIN WICKLOW MOUNTAINS POPULATION

9 M7 BUSINESS 32km PROJECTED PARK TO DUBLIN INCREASE 14% in housing stock Clondalkino Boherholee CommonsCommons LoLowewer ClClonlackonlack CCllooncancannoonn

BallyfoBallyforree StStrraffan LittleLittle Ballybrraacck

Catchment Analysis BallycoBa n Coddodd Blackwood DubDublinlin Ardclogh Rathcoolethcooole WWiillbrllbrook Tallaght

Robertstown Alasty Clonbullonnbbbu oge DrD umsrur Boherbababrb eena BrBraackackagh ClClonavonavoe POPULATION GROWTH 2002-2011 HOUSEHOLD EXPENDITURE POPULATION Sallins €895.13 AVERAGE WEEKLY SPEND BY AGE Johnstown Coolaaggarybeg Coolygol agan Carragh Kilteel Feighcullen Redhillsdhil CCastlekastlekelly Rathhaananggaan + + + TOTAL Rathmore 27% 17% 12% 2002 2006 2011 HOUSEHOLD Brraacknagh Yeomanstown Naas EXPENDITURE Kilbride Glencren ee Cushinaushinau Grangeclare 82,246 96,631 107,894 <15 15-24 25-44 45-64 65+ €1.684 Killashee BILLION Newbridge Bawnoge OOldcourldcourt MillfMil arm Kildare 8,626 Porttaarrllington Blessingtoonn WORKFORCE Dunnstown 8% Athgarvan 25% BlesBlessingtosington 27,207 Monasternasterst evineev Curragh Camp OF CATCHMENT AREA LackaL n GOODS & SERVICES HOUSES Kippurure IS WITHIN THE ABC1 22,772 21% CATCHMENT KillKillenaenarrdd SOCIO-ECONOMIC GROUP Kilcullen €519 €314 107,894 Duneany MILLION MILLION 11% 12,418 Moorhill 57% Suncroft BallyknockaBallykknockan Ballybrallyybbriittattas Old Kilcullen Hollywlywood 34% Nurney 36,871 EmoE Calverstown ToToghergher PERMANENT HOUSEHOLDS TOTAL 36,102 FOOD TRANSPORT ALCOHOL CoolrCoolroe Cloneybeg €260 €251 €96 Granabeg 861 535,393 4,003 MILLION MILLION MILLION Conlans HillHilill 2,585 12% Fontstown 4 Vicaarrssttoown 3 0 21% 979,590 BallinclBallinclououghgh Sevenchurcheschheses 23% Corragagh 1,042,879 IRELAND Kilberryerr Toolestown 15,232 13,421 4,588,252 BallyBallyroe DonaDonardrd PER 1 HOUSEHOLD GOODS CLOTHES FUEL 13% BBallindrallindrum 2 HOUSEHOLD 580,250 StS raadbadbdballyballyally €94 €79 €67 Ballitortore 20 minute drivetime MILLION MILLION MILLION 31% Grraanngecogecon

1,450,140 StrStratforatford BallintubberBallintubbert AthyAt KnockaKnockanarriganan Catchment area BallyboBallyboy Brraayy Lowew r MooMoonene

Timamahoe The Property

Newhall Retail Park was developed in 2005 and comprises eight retail warehouse units extending to 14,967.4 sq m (161,108 sq ft) GIA which are laid out in two adjoining blocks in an ‘L’ shaped configuration.

UNITS RANGE IN SIZE FROM APPROXIMATELY... 7,597 sq ft–50,631 sq ft

The retail park sits on a site area of approx. 6.4 ha (15.8 ac) which includes a site to the southwest. This site was granted planning permission in 2009 for 3 additional warehouse units of approx. 2,246.6 sq m (24,182 sq ft). An extension of duration was granted on this planning permission until September 2019. The retail park provides for approx. 645 car parking spaces.

The units are of pre-cast concrete frame construction with a part glazed, brick and part clad finish and have a flat pvc coated metal deck roof. The current use within the park is restricted to bulky goods. Tenancy €200,210 Top 4 Tenants by Income PC World €220,264 Overview /Currys 12.8% Halfords €300,000 Let to seven tenants including 14% B&Q, Harvey Norman, K A1 & A2 J H OTHER G Halfords, Carpetright, F TENANTS E B1 B&Q D PC World/Curry’s, 19% C B2 Right Price Tiles and €507,889 Choice Homeware. €1.71 MILLION Harvey Norman (Rent Receivable) Tenancy Schedule For illustration purposes only. 32% Unit Trading As Demise Floor Area Floor Area Lease Term Start End Next RR Break Contracted Rent Comment Sq m Sq ft Rent Receivable A1 & A2 B&Q Lobby 38 412 20 yrs & 1 mth 02/12/05 01/01/26 02/12/20 02/06/21 €1,000,000 €300,000 Current rent abated under the terms of a deed of variation. Tenant currently pays a base rent of €300,000 per annum with Ground 4,666 50,219 provision for a turnover top-up element. The abatement expires on 1st December 2020 when the rent will be reviewed to market rent. Mutual landlord/tenant break option in 2021. B1 Choice Homeware Ground 919 9,890 21 yrs 12/07/09 11/07/30 12/07/19 €240,000 €80,000 Tenant is paying a reduced rent without any agreement with the Mezzanine 659 7,092 landlord. €1,562,831 Covenant Strength by Income Income Profile to Break Income Profile to Expiry B2 Halfords Ground 934 10,055 20 yrs & 6 mths 06/02/06 05/08/26 06/02/16 €220,264 €220,264 (Rent Receivable) (Rent Receivable) C Vacant Ground 1,178 12,674 €152,088 The vendor will provide a 2 year rental underwrite at €12psf on ground floor space. AVERAGE WEIGHTED €908,153 AVERAGE WEIGHTED Mezzanine 187 2,007 44% UNEXPIRED TERM 9.01 YEARS UNEXPIRED TERM 12.83 YEARS D PC World/Currys Ground 937 10,087 20 yrs & 6 mths 24/07/06 23/01/27 24/07/16 23/07/21 €200,210 €200,210 56% Mezzanine 201 2,158 €500,210 E CarpetRight Ground 706 7,597 20 yrs & 1 day 30/05/06 30/05/26 30/05/16 29/05/20 €154,468 €154,468 F Right Price Tiles Ground 706 7,599 16 yrs 09/04/15 08/04/31 09/04/19 €100,000 €100,000 Rent Reviews every 4 years. Mezzanine 9 95 G - K Harvey Norman Lobby 15 164 25 yrs & 1 mth 18/04/06 17/05/31 18/04/21 18/04/26 €758,044 €507,889 Current rent abated under the terms of a deed of variation. €152,088 €154,468 €152,088 Tenant currently pays a base rent of €507,889 per annum with Ground 3,587 38,612 provision for a turnover top-up element. The abatement expires €882,621 €680,210 8.9% 9% 29.2% 53% 8.9% 91.1% Mezzanine 1 76 816 in June 2021 when the rent will be reviewed to market rent. MULTINATIONAL NATIONAL Mezzanine 2 69 746 0–2 YEARS 2–5 YEARS 5–10 YEARS 10+ YEARS 0–10 YEARS 10+ YEARS Management Suite Ground (To rear) 82 885 Total 14,967.40 161,108 €2,672,986 €1,714,919 56% of the current income is secured against multinational covenants The above areas which are calculated on a Gross Internal Area basis were provided by Malcolm Hollis. An assignable measurement survey is provided in the dataroom. Asset Management RENT REVIEW RENT REVIEW REBRAND CONTINUED RIGHT PRICE TILES ON B&Q THE PARK GROWTH Opportunities COMMENCE We envisage Right Price Tiles Rent review on B&Q unit with rent coming off a low base. Emphasising its strategic As the retail market CONSTRUCTION ON will be under-rented at rent location within the Naas, continues to improve, review. This is a key event in Newbridge, Kilcullen triangle. there may be scope to DEVELOPMENT SITE determining a rental tone for Improve signage and pre-let the proposed 3 the park ahead of the rent establish a park website. additional units. review on the anchor unit. There is also the possibility for this rent review to coincide with completion of the development of the additional 3 units.

2015 Q3 2015 2016 2017 2018 2019 2020 Percentage Change in Retail Sales by Sector

10 5 IPD Retail Rents Overall Index Q3 2015 - Q4 2016 % Change Y/Y 0 300

-5 280 Elec Hardware, Paint & Glas Department Stores Motor Fuel Furniture & Lighn Motors Cl othing & Footwear

tr 260 ical Good

Annual Population Growth Rate 240

Annual Population Growth Rate Retail Sales Growth by Store Type Forecast220 Why Invest in s 200 • Big gainsg in bulky good sub-indices • In conjunction with the ESRI, Savills Research has developed an 180

5 s x: Dec 1994 = 100 econometric model of retail rents in Ireland •Source: Furniture CSO and Lighting leading the way with 18% year-on-year growth Irish Retail? Inde 160 • With limited additional rental property being constructed, rents are +9.3% 4 • Motor sales up 16% 140now rising

3 • 1203.7% nominal rental growth in Q2 2015

• 100Model forecasts rental growth of 9.3% between Q3 2015 and Q4 2016 2 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3

Percentage Change in Retail Sales by Sector 1996Q 1996Q 1997Q 1997Q 1998Q 1998Q 1999Q 1999Q 2000Q 2000Q 2001Q 2001Q 2002Q 2002Q 2003Q 2003Q 2004Q 2004Q 2005Q 2005Q 2006Q 2006Q 2007Q 2007Q 2008Q 2008Q 2009Q 2009Q 2010Q 2010Q 2011Q 2011Q 2012Q 2012Q 2013Q 2013Q 2014Q 2014Q 2015Q 2015Q 2016Q 2016Q

Strong growth in % Change Y/ Y 1 Percentage Change in Retail Sales by Sector Nominal Overall Rents - Central Forecast Nominal Overall Rents - Upper Bound Source: Savills Research Britain and USA House Price and Furniture & Lighting Sales together with 0 Indices +7% Ireland’s return to 20 IPD Retail Rents Overall Index 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 competitiveness during -1 160 IPD Retail Rents Overall Index Q3 2015 - Q4 2016 the downturn, are all 15 Q3 2015-Q4 2016 Dublin Naonal 140

driving net exports Source: CSO 10 GDP 120

= 100 300 2015 1005

% Change Y/ Y 80 280 0 60 260 -5 Index: Jan 2005 The Next Stage of the Cycle 40 Furniture Motors Clothing Electrical Hardware, Det. Motor 240 & Lighting & Footwear Goods Paint & Glass Stores Fuel 20 220 • All the signs of a robust 0 Indicator % Change Y/Y 0 7

Source:1 1 CSO economic5 expansion 200 Consumer Sentiment 17.9 +9.3% 180 2013M05 2014M03 2015M01 Population growth has • Growth projections of 5.5% 2005M0 2005M1 2006M09 2007M07 2008M05 2009M03 2010M01 2010M11 2011M09 2012M0 rebounded in Dublin’s 4 Savings Ratio -14.2 for the remainder of 2015 and Index: Dec 1994 = 10 160 Live Register -10 Naonal HPI Furniture & Lighng commuter belt by 3.4% 4% for 2016 3 House Price and Furniture & Lighting Sales since 2013 Real Retail Sales 9.3 140 • If realised this would keep Ireland2 at the top of the Nominal VAT Receipts 7.9 120 140

Real Domestic Demand 7.8 0 100 European growth table for the 1 1 1 1 1 1 1 1 1 1 1 % Change Y/ Y foreseeable1 future Real GDP 7 120 1996Q 1997Q 1998Q 1999Q 2000Q 2001Q 2002Q 2003Q 2004Q 2005Q 2006Q 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2016Q3 Real GNP 6.7 100 • Every 0 dial on the retail Nominal Overall Rents - Central Forecast 80 economy dashboard is now Real Personal 3.3 Source: Savills Research

1997 1998 1999 2000 2001 2002 2003 Consumption2004 2005 2006 Expenditure2007 2008 2009 2010 2011 2012 2013 2014 2015 pointing-1 in a positive direction 60

Index: Jan 2005 = 10 Nominal Overall Rents - Upper Bound Full Time Employment 3.3 40 57,100 Dublin Naonal NEW JOBS Total Employment 3 Source: CSO 20 5 IN THE LAST Henry Street Footfall 2.3 0 4 7.8 % 12 MONTHS Grafton Street Footfall 2.1 3 1 1 9 7 5 3 1 3 increase in domestic Real Average Gross Earnings 1.9 demand in H1 2015 2005M01 2005M11 2006M09 2007M07 2008M05 2009M0 2010M0 2010M1 2011M0 2012M0 2013M0 2014M0 2015M0 2

Sources: CSO, KBC Bank Ireland/ESRI, Dublin Town and Dept. of Finance. Note % Change Y/ Y National HPI Furniture & Lighting 1 the GNP, GDP, demand and consumer expenditure figures refer to H1 2015. 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -1

Dublin Naonal Source: CSO

Viewings BER Rating Contact Solicitor All viewings are strictly by appointment Selling Agents Leman Solicitors through the sole selling agent. Savills 8-34 Percy Place 33 Molesworth Street Dublin 4 VAT Dublin 2 Pricing John Hogan VAT is applicable on this sale. Kevin McMahon +353 (0) 1 639 3000 Guiding in excess of €21,500,000 which +353 (0) 1 618 1300 [email protected] represents an income yield of 7.6% after [email protected] standard purchaser’s costs of 4.46%. Note Title PSRA No. 002233-003024 that this includes a 2 year rental underwrite Freehold. on the vacant unit at €12 per sq ft. Domhnaill O’Sullivan +353 (0) 1 618 1300 [email protected] PSRA No. 002233-002902 www.newhallretailpark.com

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 Ireland on the understanding that any negotiations relating to the property are conducted through it. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland.

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