WHITEWATER SHOPPING CENTRE IRELAND’S LARGEST REGIONAL SHOPPING CENTRE FOR SALE BY PRIVATE TREATY WHITEWATER SHOPPING CENTRE ‘A Rare Opportunity to Acquire Quality and Scale in Retail Real Estate in Ireland’ IRELAND’S LARGEST REGIONAL SHOPPING CENTRE www.whitewaterscsale.com WHITEWATER SHOPPING CENTRE OVERALL NET OPERATING 29,788 SQ M INCOME APPROX: IRELAND’S Freehold Investment (320,640 SQ FT) €11,708,000 For Sale by Private Treaty OF RETAIL ACCOMMODATION PER ANNUM LARGEST (Tenants Not Affected) 84 RESIDENTIAL UNITS WAULT: REGIONAL Guide Price: 11.4 YEARS € In excess of 150 million (EXCLUDING RESIDENTIAL) 1,700 CAR PARKING SPACES SHOPPING (subject to contract) equating to a net initial yield of 7.47% EXTENSIVE AND AFFLUENT CENTRE 4 KEY ANCHOR TENANTS CATCHMENT AREA 02 03 WHITEWATER SHOPPING CENTRE KEY DESTINATION ANCHORS RETAILERS A SUCCESSFUL SHOPPING CENTRE Whitewater Shopping Centre comprises an extensive two storey mall constructed to the highest standards and home to over 80 retailers. The scheme includes 4 anchor tenants, 63 retail units, 11 food DIVERSE LEISURE AND court units with seating for 650 people, a 6 screen cinema and FASHION MIX FOOD OFFERING 1,700 car parking spaces. 04 05 ASSET MANAGEMENT TRADING IMPROVEMENTS NEW LETTINGS NEW TRADE FORECASTING LETTINGS UP 10% Y/Y FURTHER INITIAL RENT (AVERAGE) TRADING CENTRE REVIEWS (NOT IMPROVEMENTS OPENING APPLICABLE) FOOTFALL (NUMEROUS UP A FURTHER PRE-LETS UCI 8% Y/Y IN SITU) (NOW ODEON) OPENED NEW 6 SCREEN CINEMA PLANNING FOR 2 NEW RESTAURANTS ANNUAL DEVELOPED FOOTFALL UP 5% BY BALLYMORE THE WHITEWATER STORY PRE 2006 2006 2009 2011 2013 2014 NOW FUTURE 06 07 WHITEWATER SHOPPING CENTRE Newbridge is within the Dublin commuter-belt, approximately 50 km DUBLIN AIRPORT M1 M4 south-west of Dublin City Centre. The N2 N3 area is connected by both road and rail M50 KILCOCK services. As a result, the Newbridge/ JOHNSTOWN M4 BRIDGE Naas area has emerged as a hub of M50 MAYNOOTH industry with firms like Kerry Group, R402 LUCAN M4 Oral B, Newbridge Silverware and Pfizer R406 HEUSTON STATION choosing to locate here. The area is R407 M50 R403 E IN L R also renowned as the ‘Home of Irish E DUBLIN T CLONDAKIN U M Horse Racing’ and the location of the M CO N LI A STRONG Irish Army’s largest military base, both B BLACKWOOD U CLANE D N7 DUN LAOGHAIRE - of which stimulate growth in the local R403 IL A economy. R N81 PERFORMING R407 M50 R414 Bus Route 126 R409 N7 LOCATION R415 M7 R401 NAAS M11 MILLTOWN NEWBRIDGE 10 STATION R414 R115 N81 LETTERKENNY DERRY A6 NEWBRIDGE R759 N14 KILDARE 12 WICKLOW M7 MOUNTAINS R411 M2 NATIONAL DONEGAL A5 A29 PARK R755 N15 A26 KILCULLEN LIFFEY M9 R413 A32 BELFAST M1 ENNISKILLEN A4 A1 R418 R417 N59 SLIGO MONAGHAN BALLINA N2 N3 N17 CAVAN DUNDALK N4 CASTLEBAR N5 ...Newbridge is firmly established N84 N3 N4 M1 N17 MULLINGAR M2 as a major commercial hub. ATHLONE M4 DUBLIN GALWAY N7 M50 M6 NAAS N11 M7 PORTLAOISE M9 N18 WICKLOW M7 LIMERICK M8 KILKENNY CASHEL N24 N11 TIPPERARY N21 N24 WEXFORD M8 WATERFORD N20 MALLOW KILLARNEY N25 N22 CORK 08 09 WHITEWATER SHOPPING CENTRE EMPLOYMENT & RETAIL ATTRACTIONS IN THE AREA CATCHMENT • Kerry Group has developed a Global Innovation Centre in Millennium Park in Naas and employs over 1,000 people. 53% N2 M4 of the catchment area is within the N3 • Newbridge Silverware continues to attract vast numbers of ABC1 socio-economic group visitors to its Main Store and Museum of Style Icons. M4 • Kildare contains the European base of electronics firms,Intel Edenderry DUBLIN N52 (employs approximately 4,500 people) and Hewlett Packard M50 (employs approximately 4,000 people), two of the largest 310,851* employers in this sector. population within the catchment Naas reflecting an increase of approximately NEWBRIDGE • Pharmaceutical giant Pfizer has its European Manufacturing 30% since the 2002 census versus the Portarlington Kildare base in Newbridge. national average of 16% N80 E20 • The Irish Army’s largest military base containing its command headquarters and training centre is located at the Portlaoise M9 Curragh. N81 45%* Athy • County Kildare is world famous for staging the most exciting of the catchment is in the 15-44 N80 horse racing events in Ireland. The Curragh, Punchestown age profile E20 Balthinglass and Naas racecourses attract people from all over the world N77 who come to see the top international horses and jockeys compete in races throughout the year. Highlights include Carlow all five Irish Classic races which run at the Curragh and the 25%* N78 Irish National Hunt Festival at Punchestown. Other local 10 min drive time thoroughbred attractions include The Irish National Stud and of the catchment population is under N80 M9 20 min drive time Goffs International Sales Complex. 15 years of age, contributing to a significant increase in the forecasted 40 min drive time 15-24 year age group N77 M50N81 - 28 min drive time *Source Gamma/CSO 2011 10 11 WHITEWATER SHOPPING CENTRE SHOPPING IN NEWBRIDGE Newbridge hosts a diverse selection of shops, from large international brands to long established local traders. Whitewater Shopping Centre has established itself as the focal point for the town centre MAIN and is complemented by an extensive range STREET WHITEWATER of additional shopping and leisure amenities. SHOPPING CENTRE Accessed from Main Street and Cutlery Road, PEDESTRIAN Whitewater is situated adjacent to TK Maxx, ACCESS Penneys and The Courtyard Shopping Centre. CUTLERY ROAD THE COURTYARD SHOPPING CENTRE ACCESS TO CAR PARK ATHGARVAN NEWBRIDGE ROAD RETAIL PARK ACCESSING WHITEWATER The Curragh N7 Newbridge SOUTH Train Station MOOREFIELD CROSS To Naas / Dublin NEWBRIDGE MAIN ST LIFFEY BRIDGE A C PEDESTRIAN ACCESS K C R E A S P S R T O A C W RD CUTLERY R H E I T N7 T A E TO DUBLIN W W A E T IT E H R C W A O R T P S A ES RK C AC 12 13 WHITEWATER SHOPPING CENTRE WHITEWATER INCOME Anchored by Debenhams, Marks & Spencer, H&M and Whitewater has a current gross income of Zara; other significant tenants include Boots, New €11,960,724 per annum. After deduction of all INCOME PROFILE Look, River Island and Odeon cinema as well as an occupational shortfalls, the centre produces a array of high quality aspirational retailers including current net rent of €11,707,749 per annum (as at Whitewater has an unrivalled strength of income. The scheme (excluding the multi-family units, car park and Oasis, Diesel, Bershka, Tiger and i-Connect. The centre 1st October 2015). promotions) has a weighted average unexpired lease term (WAULT) of 11.4 years to break/expiry. is currently 98% occupied. The majority of tenants with turnover rent provisions Whitewater is let in accordance with the tenancy and are experiencing very strong sales growth. This INITIAL INCOME SUMMARY - AS OF 1ST OCTOBER 2015 accommodation schedule available in the data room. provides an element of operating leverage at the centre to drive potential income beyond current levels. RENT € SHORTFALLS € NOI € NOI - SPLIT % The majority of leases are effectively on full repairing Mall units (incl cinema) 9,155,188 (153,958) 9,001,230 77% and insuring terms by means of a comprehensive Turnover numbers, in the current turnover period, have service charge. In addition, 25 tenancies incorporate demonstrated strong year on year sales growth of up Foodcourt 618,335 (77,612) 540,723 5% some form of base rent and turnover provision within to 45%, with an average sales growth for those tenants their lease. who provide turnover figures of10% . Kiosks 273,643 (1,402)WAULT of 11.4272,241 years to break2% Major Tenants Mall income 153,963 N/A 153,963 1% 5% 2% 1% 13% External units 245,625 (20,003) 225,622 2% 2% Sub-total - Main Centre 10,446,754 (252,975) 10,193,779 5%87% Residential 542,828 N/A 542,828 5% 7% Car park 888,494 N/A 888,494 7% 7% Promotions 82,648 N/A 82,648 1% 1% 5% TOTAL 11,960,724 (252,975)77% 11,707,749 100% 48% 5% 5% NET OPERATING INCOME (NOI) WAULT of 11.4 years to break Major Tenants 4% 4% 5% 2% 1% 13% 3% 2% 3% 3% 5% 77% Mall Units 2% External Units 13% Debenhams 4% Boots 5% Foodcourt 5% Residential 7% 7% Car Park 4% New Look 7% 2% Kiosks 7% Car Park 5% Marks & Spencer 3% Easons 1% 1% Mall Income 1% Promotions 5% 5% H&M 3% Odeon 77% 48% 5% Residential 3% Zara Net Income 5% 48% Remainder WAULT of 11.4 years 5% to break/expiry 4% Income4% Expiry Profile 3% 3% 3% 77% Mall Units 2% External Units 13% Debenhams 4% Boots 5% Foodcourt 5% Residential 7% Car Park 4% New Look 12-month average turnover growth of 10% 2% Kiosks 7% Car Park 5% Marks & Spencer 3% Easons 1% Mall Income 1% Promotions 5% H&M 3% Odeon 5% Residential 3% Zara Net Income 14 15 48% Remainder Within 5 to 10 10 to 15 Greater than 5 years years years 15 years Income Expiry Profile Within 5 to 10 10 to 15 Greater than 5 years years years 15 years WAULT of 11.4 years to break Major Tenants 5% 2% 1% 13% 2% 5% 7% 7% 1% 5% 77% 48% WHITEWATER SHOPPING CENTRE 5% 5% INCOME EXPIRY/BREAK PROFILE 4% TOP 10 TENANTS 4% The top 10 tenants at Whitewater account for over 52% of the income. Within 5 to 10 10 to 15 Greater3% than Hypothetical 3% 3% Total € 5 Years € Years € years € 15 years € Tenant Rent - € % 77% Mall Units Mall units2% (incl Ex tCinema)ernal Units 1,098,262 2,244,66113% Debenhams175,000 5,637,2654% Boots 9,155,188 1 Debenhams 1,575,000 13% 5% Foodcourt Foodcourt5% Residential 165,739 100,000 7% Car Park0 352,5964% New Look 618,335 2 Car Park 888,494 7% 2% Kiosks 7% Car Park 5% Marks & Spencer 3% Easons Kiosks 113,000 0 45,000 115,643 273,643 1% Mall Income 1% Promotions 5% H&M 3% Odeon 3 Marks & Spencer 630,000 5% Mall income 0 153,963 0 0 153,963 5% Residential 3% Zara 4 H&M 575,000 5% External units 96,983 0 Net In2,502come 146,140 245,625 48% Remainder 5 Residential Net Income 542,828 5% TOTAL 1,473,984 2,498,624 222,502 6,251,644 10,446,754 6 Boots 500,000 4% % 14% 24% 2% 60% 100% 7 New Look 425,000 4% Excludes residential, car park and promotions which equates to an additional €1,513,970 pa.