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• TELEPHONE HOUSE 43-46 MARLBOROUGH STREET, DUBLIN 1 FULLY LET PRIME CITY CENTRE OFFICE INVESTMENT - TENANT NOT AFFECTED WWW.TELEPHONEHOUSEDUBLIN.COM INVESTMENT SUMMARY › Substantial city centre office investment › 100% let to single occupier › Annual rental income €968,084 plus VAT › Additional annual income of €16,000 from communication mast licences › Extends to approx. 7,504.1 sq.m. (80,773 sq.ft.) NIA › Fully let to HCL (Ireland) Information Systems Limited with full guarantee from HCL EAS Limited DESCRIPTION › 10 year lease from 23rd July The property comprises a late 1960’s/early and suspended ceilings incorporating recessed to the office areas by means of variable refrigerant 2015 with tenant break option 1970’s nine storey over partial basement office lighting. Typical storey heights are in the order flow (VRF) and direct expansion (DX) split system air at 30/9/2021 & 30/9/2023 building in Dublin City Centre. It is understood of 2.97m with the 1st floor being approximately conditioning installations. › Full repairing and insuring lease that a major refurbishment of the building was 4.35m and ground floor approximately 3.15m. The building has a fire alarm system, intruder undertaken in 2004. Office floors provide open plan flexible floor alarm system, CCTV and proximity detector › Renunciation of Renewal Rights The structure of the building comprises a cast plates with kitchen and staff toilet facilities. access control on main entry and egress points, › Superb parking provision of in-situ reinforced concrete frame supporting the The ground floor presents a feature reception and including the lift lobby and the office areas. approx. 61 car spaces (1 space flat asphalt covered roof with pre-cast reinforced main canteen facility. Permeability through the property is primarily per 123.02 sq.m.) concrete “T” beam and concrete block floors. There is a mix of natural and mechanical facilitated via three 13 Person Kone electric › Low base rent provides solid External walls comprise reinforced precast ventilation. Space heating to the building is traction lifts. platform to drive rental growth concrete ‘H’ panels set in uniform horizontal provided by means of a low temperature hot water Externally the property benefits from 61 surface › Opportunity for considerable and vertical structural bays, with feature glazed/ (LTHW) system, comprising 2 Remeha P420 gas- and under-croft car parking spaces. 18 of the Asset Management potential in granite entrance. fired boilers, circulating pumps, pressurisation spaces are located on a separate plot adjacent, at the medium term Internally the offices benefit from plastered unit, controls and insulated steel pipework. Britain Place. and painted walls, raised access carpet tiled floors Comfort cooling / air conditioning is provided 2 LOCATION The building is located on the northern The property is ideally located to take is further enhanced by the current construction end of Marlborough Street just west of one of full advantage of all Dublin City Centre of the Luas Cross City line that will link both the Dublin’s main commercial/historic thoroughfares, amenities and services, to include Henry Street southside Green Line to the northside Red Line. O’Connell Street. O’Connell Street is famous shopping (Arnotts/The Ilac Shopping Centre/ The south bound tramway of this key piece of for its historic buildings such as the General Jervis Shopping Centre) which is home to infrastructure will travel down Marlborough Post Office (GPO) and hosts many of the all well-known and international high street Street, presenting a Luas stop within 50 metres of city’s most noteworthy monuments to include brands. Others include The Gate Theatre, The Telephone House. Daniel O’Connell, O’Connell Bridge and the Ambassador Theatre, The Savoy Cinema, The The location is also superbly situated with Millennium Spire. O’Connell Street has seen Gresham Hotel, The Garden of Remembrance, easy access to mainline rail as both Connolly significant regeneration over the years, with more Rotunda Maternity Hospital, the Pro Cathedral station and Tara Street stations are within easy pedestrian and shopping friendly pavements and and many more. walking distance. street furniture. The O’Connell Street area is set to be further All major bus routes, with regular Dublin Busy Parnell Street lies just to the north of enhanced with the former Carlton Cinema site Airport/National services, also run along/close to Telephone House with its ever enlarging variety and surrounding lands earmarked for future the O’Connell Street area. With a rapidly growing of ethnic eateries. Cathal Brugha Street lies to the major commercial redevelopment along with greater urban area population (the catchment area south and remains home to one of Dublin Institute the former Clery’s department store set to population is estimated at 1.8 million and expected of Technology’s main faculties; Hospitality, cater for both retail and office accommodation. to grow to 2.1 million by 2020), Telephone House is Culinary Arts and Food Technology. The viability of both these large scale projects extremely commuter friendly. 3 GRAND CANAL TARA STREET CONVENTION CENTRE TRINITY COLLEGE DART STATION IFSC GEORGES QUAY SIG CONNOLLY STATION LIBERTY HALL LUAS RED LINE IRISH LIFE CENTRE DART O’CONNELL STREET ST. MARY’S GPO DIT CATHAL PRO-CATHEDRAL BRUGA STREET DEPARTMENT OF EDUCATION & SKILLS GRESHAM HOTEL HENRY STREET CLERYS Q PARK LUAS CROSS CITY TELEPHONE HOUSE JURYS INN HOLIDAY INN ROTUNDA HOSPITAL 4 SPECIFICATION › Concrete frame construction (Combination steel Universal Beams and Universal Columns are evident in some parts of the property) › Pre-cast concrete “H” panel elevations › Combination of variable refrigerant flow (VRF) and direct expansion (DX) split system air conditioning installations › Suspended Ceilings/Recessed Lighting throughout › 3 floors benefit from Raised Access Floors with scope to ACCOMMODATION incorporate throughout NIA SQ.M. NIA SQ.FT. GIA SQ.M. GIA SQ.FT IPMS SQ.M. IPMS SQ.FT. › Automatic, early warning fire GROUND 860 9,256 1,021.6 10,997 870.7 9,372 alarm and detection system, providing protection for all FIRST 889.3 9,572 1,071.2 11,530 908.8 9,782 areas of the building SECOND 898.7 9,674 1,069.0 11,507 919.2 9,894 THIRD 888.5 9,564 1,0 67.1 11,486 910.2 9,797 › The building is provided with a metered natural gas supply FOURTH 889.3 9,573 1,0 67.2 11,488 910.2 9,797 FIFTH 916.8 9,868 1,073.8 11,559 933.6 10,050 › Windows are a combination SIXTH 915.8 9,858 1,072.6 11,546 932.9 10,042 of single and thermally broken double glazed units SEVENTH 881.9 9,492 1,066.1 11,475 902.5 9,714 EIGHTH 146.3 1,575 167.7 1,806 146.6 1,578 › Three 13 Person Kone electric BASEMENT 217.4 2,341 680.9 7,329 219.1 2,358 traction lifts 7,504.0 80,773 9,357.2 100,721 7,653.7 82,384 › 61 car parking spaces GIA – Gross Internal Area NIA – Net Internal Area IPMS – International Property Measurement Standards 5 TENANCY SUMMARY The property is fully let to the HCL (Ireland Limited) Information Systems limited on a full repairing and insuring lease. Salient terms are as follows: Lease Term Renunciation of Renewal Rights 10 Years Tenant has executed a Deed of Renunciation. Term Commencement Roof Licence Fee 23rd July 2015 Where licenses for third party equipment/ Rent plant are secured, any income arising shall be €968,084 per annum plus VAT paid quarterly split 50/50 between the Landlord and Tenant. in advance. Alienation Repairing Group Companies can sub-let or assign in Full Repairing in the condition prevailing at the whole or part but not below the passing rent. Term Commencement Date as evidenced by The Tenant has an entitlement to assign or sub- the Schedule of Condition. let the entire or any part to Eircom Limited or Rent Review any subsidiary or affiliate company on condition 22nd July 2020, capped €1,303,190 per annum. that Eircom Limited provides a guarantee. Tenant Break Option Guarantee 30th September 2021 & 30th September 2023 The Lease is guaranteed by HCL EAS subject to 6 months prior notice in writing. Limited (UK). COVENANT DETAILS HCL (Ireland) Information Systems is a 100% Uttar Pradesh. It offers services including software owned subsidiary of HCL EAS Limited (UK consulting, enterprise transformation, remote Company) who guarantees the lease. HCL EAS infrastructure management, engineering and R&D Limited is a holding company that has reported services, and business process outsourcing (BPO). net assets of €124,482,468 as of 30th June 2015. HCL Technologies has demonstrated strong The company is a subsidiary undertaking of HCL growth through the recent economic downturn, Technologies Austria Gmbh Limited, a Company emerging as one of only eight 21st century listed incorporated in Austria. The Company’s ultimate technology companies in the world to cross parent undertaking is HCL Technologies Limited, $1bn in Net Profit, $5bn in Revenue and $15bn in a company incorporated in India. Market Capitalization. HCL Technologies Limited is an Indian global The company operates in 31 countries and has IT services company headquartered in Noida, over 10,000 employees. 6 ECONOMIC AND INVESTMENT COMMENTARY Ireland’s impressive economic recovery has is slightly behind that of the €2.9 billion transacted The weight of capital chasing assets is increasingly continued in Q3 2015, and with the conditions at the same point in 2014, it remains well ahead of coming from longer-term domestic capital, with in place for continued rapid growth, it is set to long term averages. One of the primary reasons Irish pension funds particularly active in 2015.