Office investment opportunity in City BLOCK D Leased to Health Service Executive Two high-profile Dublin city office blocks

Turley Property Advisors are delighted to bring two high profile Dublin city centre office blocks extending to a net internal area of 3,298 sq. m. (35,499 sq. ft.) to the market, Blocks C and D Parkgate Business Centre, Dublin 8. The properties are for sale by private treaty.

This a rare opportunity for investors to acquire two modern third generation office blocks with reversionary potential, fully let to AAA convents, the Health Service Executive (HSE) and Transport Infrastructure Ireland (TII). The total rental income is €1,109,200 per annum with a WAULT of 9.71 years to lease expiry. BLOCK C Leased to Transport Infrastructure Ireland

Internal area of 3,298 sq. m. INVESTMENT OVERVIEW

> Two 3rd generation office blocks extending to a net internal area of 3,298 sq. m. (35,499 sq. ft.) over four floors with 38 car spaces. Passing rent of > Centrally located opposite the landmark Criminal Courts building, €1,109,200 p.a Phoenix Park and adjacent to Heuston Rail Station and the . > Within 3 km of Dublin city centre, 3.5 km of International Financial Services Centre and 4.5 km of Dublin’s Central Business District. > Future development of St. James Gate will further enhance Dublin 8 as an office destination. > Block C and D are fully let to two excellent tenant covenants, WAULT of Transport Infrastructure Ireland (TII) and the Health Service Executive (HSE) on Full Repairing and Insuring Leases with no breaks. 9.71 years > Passing rent of €1,109,200 per annum. > Reversionary rent potential of €1,346,965 per annum at 2021 review NIY: 5.11% The Convention Centre

Heuston South Quarter Dublin Docklands

IFSC The Georgian Quater

Temple Bar Heuston Station

Criminal Courts Building Smithfield

PARKGATE STREET

Located opposite the landmark

Criminal Courts building St James Gate

3 km to city centre LOCATION

The properties are located within one of Ireland’s busiest rail stations Parkgate Business Centre, an is located 300 metres south of established office development Parkgate Business Complex. adjacent to The nearby LUAS station also at Heuston Station 4.5 km and opposite the main gates of Heuston station, now provides the Phoenix Park, Europe’s largest to the IFSC access to both Red and Green enclosed city park that extends line services, via the cross city, to 707 hectares (1,747 acres), and connecting with the Point the Criminal Courts Complex. station via the IFSC, to Brides Glen Nearby commercial occupiers via established business parks and include Eircom, AOL and Diageo. residential suburbs of Sandyford, Parkgate Business Centre is located Leopardstown and Central Park. approximately 3 kilometres west The surrounding area is set to of Dublin city centre. It forms 300m to benefit from a major rejuvenation part of an established mix use Heuston Station project by Diageo of its 5.09 complex, comprising four modern Hectare (12.6 acre) St. James office buildings, several apartment Criminal Courts Building Gate site located approximately 1 blocks and a basement level car km south of the subject property park located to the rear of the site which will further enhance Dublin which overlooks the . 8 as an office destination. The immediate area benefits from excellent public infrastructure and public transport links. Heuston Station, 1 km St. James Gate The Phoenix Park BLOCK C BLOCK D

Block C comprises a third generation office Block D comprises a third generation office building extending to approximately 1,469 sq. m. building extending to approximately 1,829 sq. (15,817 sq. ft.) over four floors built in 1996. Floors m. (19,682 sq. ft.) over floor fours. Internally are laid out in a mixture of open plan and cellular the floor plates are L-shaped providing flexible office accommodation. accommodation capable of subdivision suitable for cellular or open plan layout. The third floor There are 17 secure car parking spaces providing a accommodates a large roof terrace set back from well proportioned parking ratio of 1:86 per metre. the building. There are 21 car parking spaces that Block C is fully let to Transport Infrastructure reflect a parking ratio of 1:87 per metre. Block D is Ireland (TII) at rent of €494,220 per annum with fully let to the Health Service Executive at a rent 11.27 years to lease expiry. of €615,000 per annum with 8.45 years to lease The next rent review is in September 2021 with expiry. potential for reversionary rent increase to €600,345 The next rent review is in November 2021 with per annum (Office accommodation of €35 per sq. potential for reversionary rent increase to €746,620 ft. and €2,750 per space). per annum (€35 per sq. ft. and €2,750 per space).

Both blocks are fitted with an excellent specification

SPECIFICATION ACCOMMODATION Both office blocks are fitted with an excellent specification comprising; C Floor Sq. Ft. Sq Ft. Raised floors Third 294 3,168 Second 391 4,209 Suspended ceilings First 392 4,220 Ground 392 4,220 Air conditioning Total 1,469 15,817

A mixture of open plan and cellular office accommodation. D Floor Sq. Ft. Sq Ft. Third 271 2,914 Block C is fitted with a 10 passenger lift. Second 581 5,580 First Block D is fitted with a 10 passenger lift. 522 5,619 Ground 517 5,569 Total 1,829 19,682

Note: IPMS Measured Areas and floorplans to be provided on data room. TENANCY SCHEDULE

Building Tenant Net Internal Area Car Lease Start Lease Lease Rent Review Passing SQ M SQ.FT Spaces Term Expiry Rent Block C TII 1,469 15,817 17 29/09/2001 28 28/09/2029 28/09/2021 €494,200 Block D HSE 1,829 19,682 21 01/12/2001 25 30/11/2026 30/11/2021 €615,000 TOTAL 3,298 35,490 38 €1,109,200 FINGL

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