b1 & b2 ninth lock road clondalkin, dublin 22 · clondalkin is a rapidly expanding suburb of dublin...
TRANSCRIPT
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OFFICE INVESTMENT OPPORTUNITYFOR SALE BY PRIVATE TREATY
B1 & B2 NINTH LOCK ROADCLONDALKIN, DUBLIN 22
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l Two adjoining modern office blocks extending to 2,394.39 sq m (25,773 sq ft) NIA with 94 car spaces
l Single let on coterminous leases to a government tenant - Office of Public Works (OPW)
l New 14 years and 6 month leases at an initial total rent of €330,000 per annum
l Fixed uplift at end of year 5 (2022) to €365,000 per annum
l Term certain of over 10 years to break option
l Tenant not affected
LOCATION
Block B1 & B2 are on the east side of Ninth Lock Road in Clondalkin, approximately 10 Km (6.2 miles) west of Dublin city centre. Clondalkin is a rapidly expanding suburb of Dublin with a local population of over 11,323 people.
The property occupies a high profile position opposite The Mill Shopping Centre and immediately adjoining South Dublin County Council civic offices. The property is situated close to Newlands Cross interchange linking Fonthill Road and the main Dublin-Cork/Limerick Road (N7/M7) and the M50 orbital motorway. In addition, the new Nangor Road links Clondalkin to Grange Castle, home to major international business occupiers including Pfizer, Takeda and Grifols. Microsoft and Google opened facilities in 2016, while Aryzta have a large R & D facility in the area.
Clondalkin is well serviced by a variety of bus routes (13, 151, 40, 51D, 51x, 68, 69, 76, 76A, 25N and 69N) and an intercity rail line (Heuston Station to Kildare). The Luas Red Line serves the Red Cow interchange which is approximately 20 minutes’ walk from the property.
B1 & B2 NINTH LOCK ROADCLONDALKIN, DUBLIN 22
MILL SHOPPING CENTRE
SOUTH DUBLINCOUNTY COUNCIL OFFICE
GARDA STATION
DublinAirportDublinAirport
CasementAir BaseCasementAir Base
R118
R119
R119
R828
R827
R116
R116
R115
R137
R117
R117
R826
R111
R802
R105
R131
R103
R105
R105
R124
R112
R825
R118
R113
R113
R118
R131
R807
R807R107
R108
R805
R108
R104
R104
R106
R809
R106
R106
R107
R103
R148
R118
R138
R110
R110
R810
R133
R114
R114
R114
R137
R137N31
N31
N11
M11M50
M50
M50
M50
M4
M50
M50
M50
M1
M1
N1
R132
R132
R108
N81
N81
N82
N7
N7
R113
R810
R148
R109
R113
R113
R136
R136
R134R134
R112
R112
R119
R134
R120
R113
LeopardstownRacecourse
St StephensGreen
Dun LaoghaireDun Laoghaire
KilbarrackKilbarrack
Dalkey
Killiney
Kilternan
Deansgrange
Blackrock
Booterstown
DundrumGoatsown
Foxrock
Sandyford
Clonskeagh
Rathfarnham
Terenure
Dalkey
Killiney
LoughlintownLoughlintown
CherrywoodCherrywood
Carrickmines
CabinteelyCabinteely
SallynogginSallynoggin
GlenagearyGlenageary
Kilternan
Deansgrange
Blackrock
Booterstown
DundrumGoatsown
StillorganStillorgan
Foxrock
Sandyford
Clonskeagh
Rathmines
BallsbridgeCrumlin
Rathfarnham
Terenure
StackstownGolf Club
StackstownGolf Club
MarlayPark
MarlayPark
DUBLINDUBLIN
Rathmines
BallsbridgeCrumlin
Clontarf
Phibsborough
Drumcondra
BeaumontWhitehall
Donaghmede
Swords
Sutton
PortmarnockGolf Club
PortmarnockGolf Club
St Anne’s ParkSt Anne’s Park
BeaumontHospital
BeaumontHospital
St. VincentsHospital
St. VincentsHospital
UniversityCollegeDublin
UniversityCollegeDublin
IndustrialEstate
IndustrialEstate
Clontarf
BullIslandBull
Island
Phibsborough
Drumcondra
Beaumont
GlasnevinGlasnevin
Whitehall
Donaghmede
Baigrin
Swords
Sutton
Baigrin
PortmarnockPortmarnock
MalahideMalahide
HowthHowth
KinsealyKinsealy
ClondalkinClondalkin
Tallaght
Saggart
Adamstown
Lucan
LieyValley
Ballyfermot
Inchicore
Ballymount
PhoenixPark
PhoenixPark
GrangeCastle
Golf Club
GrangeCastle
Golf Club
NewlandsGolf ClubNewlandsGolf Club
Tallaght
Saggart
CitywestCitywest
Adamstown
Lucan
LieyValley
Ballyfermot
Inchicore
Ballymount
Carrickmines
KimmageKimmage
St StephensGreen
ConnollyConnolly
Dublin PortHeustonHeuston
BluebellBluebell
KilmainhamKilmainham
Galway &The West
To Limerick/CorkKilkenny/Waterford
To Belfast
Southbound
LeopardstownRacecourse
KilboggetPark
KilboggetPark
ToWexford
ToWexford
SUBJECT PROPERTY
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DESCRIPTION
Blocks B1 and B2 comprise two adjoining three storey modern buildings extending to a total net Internal Area of 2,394.39 sq m (25,773 sq ft) with surface car parking to the rear for approximately 94 cars. Blocks B1 and B2 form part a larger development with the adjoining block separately owned and occupied by South Dublin County Council.
Block B1 extends to a net internal area of 1,239.30 sq m (13,341 sq ft) together with 48 car spaces. The accommodation is over three floors with the ground floor laid out to provide a mix of public and open plan office accommodation. In this regard the tenant has created an ope in to Block 2 to provide an overflow area for the adjoining social welfare office. The first and second floors provide for additional open plan offices together with meeting rooms, canteen, toilets & shower rooms and ancillary store / comms rooms.
Block B2 extends to a net internal area of 1,154.90 sq m (12,432 sq ft) together with 46 car spaces. The accommodation is laid out to provide public counters and waiting area together with open plan offices on the ground floor. Overhead accommodation on first and second floor provides for further open plan offices, interview rooms, toilets and showers and ancillary store rooms.
B1 & B2 NINTH LOCK ROADCLONDALKIN, DUBLIN 22
OFFICE INVESTMENT OPPORTUNITY
High profile position opposite The Mill Shopping Centre
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ACCOMMODATION
Set out below are the net internal and gross internal floor areas.
Block Floor Area Sq M NIA
Area Sq Ft NIA
Area Sq M GIA
Area Sq Ft GIA
Block B1 Ground 431.40 4,644 485.50 5,226First 405.20 4,362 479.90 5,166
Second 402.70 4,335 476.60 5,130Car Spaces 48
Total B1 1,239.30 13,341 1,442.00 15,522Block B2 Ground 419.70 4,518 506.30 5,450
First 367.60 3,957 447.70 4,819Second 367.60 3,957 447.70 4,819
Car Spaces 46Total B2 1,154.90 12,432 1,401.70 15,088Overall 2,394.39 25,773 2,843.70 30,610
Car Spaces 94
All intending purchasers are specifically advised to verify any tenancy information, site areas, floor areas and other measurements referred to herein and undertake their own due diligence.
TENANCY
The property is single let on two coterminous leases to The Commissioners of Public Works in Ireland (OPW) for 14 years and 6 months from 1st October 2017 at a total passing rent of €330,000 per annum. The tenant has a coterminous break option in Year 11 (2028) subject to 12 months’ notice. The first rent review at Year 5 provides for fixed uplifts with the review at Year 10 to Open Market.
Property Tenant Lease Start Lease Term
Break Option
Initial Rent Fixed Uplift 2022
Block B1 OPW 01/10/2017 14.5 years Year 11 (2028)
€170,491 pa €188,698 pa
Block B2 OPW 01/10/2017 14.5 years Year 11 (2028)
€159,509 pa €176,392 pa
Total €330,000 pa €365,000 pa
The OPW operate their “Intreo” service provided by the Department of Social Protection within the two buildings.
ENTRANCE
ENTRANCE
N I N T H L O C K R O A D
C A R PA R K
B2 B1
Not to scale - for indicative purposes only.
B1 & B2 NINTH LOCK ROADCLONDALKIN, DUBLIN 22
OFFICE INVESTMENT OPPORTUNITY
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DUBLIN OFFICE MARKET
l The Dublin office market continues to perform strongly, with record levels of take up in 2017.
l The suburban market accounts for an average of 45% of total take-up per annum.
l The performance of the suburban market is directly related to the core CBD office market where the lack of supply has benefited the sub-markets as firms look to satisfy occupational requirements.
l Since Q1 2016, 37% of take-up in the suburbs has been in the Technology sector, followed by 17% for Banking, Finance and Insurance-related companies. This includes Facebook, AIB, Zurich, Oracle, Google and SAP.
l Prime Grade A office rents in the city are established at €60 per sq ft with selected deals greater than €60 per sq ft and €25-€30 per sq ft in the suburbs.
Entire Dublin Market
Market Statistics Q4 2017Take Up 2017 3.6M sq ftAvailable Space (entire market) 2.9M sq ftOverall Vacancy Rate 7.02%
Dublin Suburban Market
Market Statistics Q4 2017Take Up 2017 1.05M sq ftAvailable Space (entire market) 1.8M sq ftOverall Vacancy Rate 13.41%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
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500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Vaca
ncy
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Take
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Dublin O�ice Take Up & Vacancy Rate
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20.00%
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30.00%
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200,000
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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Dublin Suburban O�ices Take Up & Vacancy
B1 & B2 NINTH LOCK ROADCLONDALKIN, DUBLIN 22
OFFICE INVESTMENT OPPORTUNITY
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BER CERTIFICATE
C3-D1.
TITLE
We understand the property is held Freehold.
VIEWINGS
All viewings are strictly by appointment through the joint selling agents.
PRICE
We are guiding €5 million subject to contract /contract denied. A purchase at that price will provide an income yield of 6.09% rising to 6.73% (fixed uplift Year 5) after allowance for typical purchaser costs of 8.46%.
Note that no contract shall exist or be deemed to exist until such time as formal contracts have been executed and exchanged and the deposit paid. These details do not form part of an offer or contract.
Block B1BER: C3BER Number: 800307613EPI: 469.43 kWh/m²/yr
Block B2BER: D1BER Number: 800307498EPI: 517.45 kWh/m²/yr
CONTACT
Max Reilly+353 1 [email protected]
Declan Sexton+353 1 [email protected]
PSP Licence: 002273
Patrick Campion+353 1 775 [email protected]
Jenny Prunty+353 1 775 [email protected]
PSP Licence: 002098
HWBC Ltd and Jones Lang LaSalle Ltd 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 HWBC Ltd nor Jones Lang LaSalle Ltd 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 the joint agents 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 HWBC Ltd and Jones Lang LaSalle Ltd 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. Designed and produced by Creativeworld. Tel +44 [0] 1282 858200
B1 & B2 NINTH LOCK ROADCLONDALKIN, DUBLIN 22
OFFICE INVESTMENT OPPORTUNITY