GEATA NA CATHRACH & DOCKGATE PRIME OFFICE INVESTMENT OPPORTUNITY CORRIB GA LWAY CITY

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1 PRIME OFFICE INVESTMENT OPPORTUNITY CORRIB C O L L E C TIO N GA LWAY CITY GEATA NA CATHRACH & DOCKGATE

DTZ SHERRY FITZGERALD PRESENTS AN OPPORTUNITY TO GEATA NA CATHRACH CONTENTS 05

2 DTZ SHERRY FITZGERALD PRESENTS AN OPPORTUNITY TO GEATA NA CATHRACH CONTENTS EXECUTIVE LOCATION DESCRIPTION ACCOMMODATION COVENANT SUMMARY & TENANCY

3 ACQUIRE GILT EDGE INVESTMENTS IN GALWAY CITY CORRIB COLLECTION GALWAY CITY DOCKGATE* *SALE EXCLUDES UNITS 2, 4, 8, 10 & 12 CONTENTS EXECUTIVE LOCATION DESCRIPTION ACCOMMODATION COVENANT GALWAY OFFICE SUMMARY & TENANCY MARKET 01 CORRIB COLLECTION 1

4 AERIAL THE CLADDAGH SHOP STREET DOCK ROAD DOCKGATE 2

5 NUI GALWAY EYRE SQUARE GEATA NA CATHRACH CEANNT TRAIN STN. GALWAY COACH STN. LOUGH ATALIA ROAD RADDISON HOTEL CORRIB COLLECTION 3

6 4 GEATA NA CATHRACH

CORRIB COLLECTION GEATA NA CATHRACH, FAIRGREEN EXCEPTIONAL INVESTMENT OPPORTUNITY GALWAY CITY AN OPPORTUNITY TO ACQUIRE GEATA NA CATHRACH, ONE OF

11,765 sq m (126,637 sq ft) 33 Basement Car Spaces Potential to increase Car Parking Provision 11 Residential Two Bedroom Apartments Passing Rent is

7 CORRIB COLLECTION GEATA NA CATHRACH, FAIRGREEN EXCEPTIONAL INVESTMENT OPPORTUNITY GALWAY CITY AN OPPORTUNITY TO ACQUIRE GEATA NA CATHRACH, ONE OF GALWAY S LANDMARK BUILDINGS EXECUTIVE SUMMARY For Sale by Private Treaty Modern purpose built, four storey over basement extending to total area of 11,765 sq m (126,637 sq ft) 33 Basement Car Spaces Potential to increase Car Parking Provision 11 Residential Two Bedroom Apartments Passing Rent is 1,636, per annum Let to OPW, Ulster Bank, Atlantic Language School & Loam Restaurant Tenants unaffected by the sale CORRIB COLLECTION / GEATA NA CATHRACH 5

8 R864 R338 N6 R336 DYKE ROAD N59 UNIVERSITY ROAD RIVER CORRIB HEADFORD ROAD PROSPECT HILL BOHERMORE ROAD GEATA NA CATHRACH COLLEGE ROAD LOUGH ATALIA SHANTALLA ROAD R864 R864 New Road HENRY ROAD BRIDGE STREET Eyre Street ABBEYGATE STREET Middle Street St. Augustine St. MERCHANTS ROAD DOCK ROAD EYRE SQUARE STATION RD. FAIRGREEN ROAD CEANNT TRAIN/BUS ST DOCK ROAD LOUGH ATALIA ROAD R337 R337 R336 CLADDAGH QUAY R864 BELFAST WHITESTRAND ROAD SOUTH PARK GALWAY BAY GALWAY DUBLIN LIMERICK GRATTAN ROAD CORK Galway Bus Stops Bus/Train Station Taxi Rank 6 GEATA NA CATHRACH

CORRIB COLLECTION LOCATION Prime city centre location approximately 100m north east of Eyre Square and directly adjacent to the Radisson Blu Hotel Prominent Corner Building situated at the entrance

9 CORRIB COLLECTION LOCATION Prime city centre location approximately 100m north east of Eyre Square and directly adjacent to the Radisson Blu Hotel Prominent Corner Building situated at the entrance to the Radisson Hotel and located between Forster Street and Lough Atalia Road on Fairgreen Road Located adjacent to Galway Coach Station and in close proximity to CIE bus station and Ceannt rail station making it one of the most easily accessible buildings in the city. CORRIB COLLECTION / GEATA NA CATHRACHA 7

It extends to a total area of 11,765 sq m (126,637 sq ft) to include

Bounded by the Radisson Hotel to the south east and adjoining the

The subject property comprises of two levels of retail accommodation

apartments, together with 33 basement car spaces.

A communal lobby area on the ground floor which is finished with tiled

11 CORRIB COLLECTION COLLECTION DESCRIPTION High Profile Building comprising of a four storey over basement. It extends to a total area of 11,765 sq m (126,637 sq ft) to include the basement. Bounded by the Radisson Hotel to the south east and adjoining the Webworks development. The subject property comprises of two levels of retail accommodation with three levels of office accommodation and 11 no two bedroom duplex apartments, together with 33 basement car spaces. Lift access is provided to all floors. A communal lobby area on the ground floor which is finished with tiled floors and walls provides access to the upper floors via staircase or two passenger lifts. The apartments have a separate access from the ground floor, while the public entrance to the Department of Revenue is accessed directly from street level. CORRIB COLLECTION / GEATA NA CATHRACHA 9

12 ACCOMMODATION DESCRIPTION (GIA) Sq m Sq ft Basement 394 4,253 Ground 3,781 40,708 Mezzanine 2,856 30,750 First 1,877 20,214 Second 871 9,378 Third 645 6,948 Apts ,046 11,263 Sixth 837 9,009 Zoning Planning policy for the area is contained within the Galway City Development Plan The property is located in an area zoned Objective CC which is defined as To provide for city centre activities and particularly these, which preserve the city centre as the dominant commercial area of the city. Total Area 11, ,637 TENANCY Tenant Lease Term Lease Start Lease Expiry Break Option Rent Review Review Date Current Rent p/a OPW 20 years 21 February February 2026 N/a Upward Only 21 February ,160,118 Ulster Bank 9 year 11 month 25 April March 2017 N/a Upward Only N/a 200,000 Atlantic Language School Atlantic Language School 5 year lease 1 July June 2019 N/a N/a N/a 100,000 5 year lease 1 July June 2019 N/a N/a N/a 110,000 Loam 20 year lease 1 November October , 5, 10, 15 N/a 31 October ,000 Evidence Therapy Clinic 3 year lease 1 March February 2016 N/a N/a N/a 14,472 Car parking 33 21, GEATA NA CATHRACH

13 CORRIB CORRIB COLLECTION COLLECTION TENANT INFORMATION Ulster Bank was established in 1836, Ulster Bank was acquired by the Westminster Bank in As a subsidiary of National Westminster Bank, it became part of The Royal Bank of Scotland Group in It has 146 branches in the Republic of Ireland and 90 in Northern Ireland with over 1,200 non-charging ATMs. The Group has over 3,000 employees and over 1.9 million clients. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited (UBL registered in Northern Ireland) and Ulster Bank Ireland Limited (UBIL registered in the Republic of Ireland). The Group s headquarters (and UBIL s) is located in George s Quay, Dublin in the Republic of Ireland whilst the official headquarters of UBL is in Donegal Square East, Belfast, in Northern Ireland, and it maintains a large sector of the financial services in both the UK and Ireland. For further information The Office of Public Works (OPW) is a State Agency of the Department of Finance in Ireland. Its chief responsibility is the ownership, upkeep, and maintenance of Government of Ireland and historic buildings in Ireland. For Further information Atlantic Language School have over 20 years experience providing English Language courses for adults, juniors and families from all over the world. Atlantic Language has schools in Galway and Dublin and offer a wide variety of courses designed to meet the needs of all students of English whatever their language requirements. For further information Loam is an award winning restaurant and wine bar run by Michellin Star chef Enda McEvoy. The restaurant was the recent recipient of the RAI award for the Best Emerging Restaurant in Ireland. For further information visit CORRIB COLLECTION / GEATA NA CATHRACH 11

14 12 DOCKGATE

surface car spaces Docklands Area likely to witness extensive development further enhancing value in the future Passing Rent is 526,934 per annum Current vacancy allows for immediate rental uplift

15 CORRIB COLLECTION DOCKGATE HIGH PROFILE INVESTMENT, GALWAY CITY. OPPORTUNITY TO ACQUIRE HIGH PROFILE BUILDING WITH SIGNIFICANT REVERSIONARY POTENTIAL. EXECUTIVE SUMMARY For Sale by Private Treaty Impressive five storey office building comprises of Units 1, 3, 5, 6, 7, 9, 11, extending to total area of 4,463 sq m (48,039 sq ft) with 90 surface car spaces Docklands Area likely to witness extensive development further enhancing value in the future Passing Rent is 526,934 per annum Current vacancy allows for immediate rental uplift Strong Reversionary potential Tenants Unaffected by the sale THE CURRENT SALES DOES NOT INCORPORATE THE ENTIRE DOCKGATE BUILDING. UNITS 2, 4, 8, 10 & 12 ARE OWNED BY THIRD PARTIES AND DO NOT FORM PART OF THE SUBJECT SALE. CORRIB COLLECTION / DOCKGATE 13

16 R864 UNIVERSITY ROAD RIVER CORRI Eyre Street EYRE SQUARE STATION RD. PROSPECT HILL FAIRGREEN ROAD COLLEGE ROAD LOUGH ATALIA ROAD LOUGH ATALIA SHANTALLA ROAD R864 New Road HENRY ROAD BRIDGE STREET ABBEYGATE STREET Middle Street St. Augustine St. DOCK ROAD MERCHANTS ROAD CEANNT TRAIN/BUS ST DOCK ROAD DOCKGATE R337 R337 R336 CLADDAGH QUAY R864 WHITESTRAND ROAD SOUTH PARK GALWAY BAY GRATTAN ROAD LOCATION THE SUBJECT PROPERTY IS LOCATED IN GALWAY CITY CENTRE AND HAS DOUBLE FRONTAGE ONTO BOTH DOCK ROAD AND MERCHANTS ROAD. THE BUILDING OVERLOOKS THE GALWAY DOCKS AREA TO THE FRONT Prime city centre location approximately 100m south of Eyre Square and directly adjacent to the Galway Harbour. 14 DOCKGATE

17 CORRIB COLLECTION

DESCRIPTION THE SUBJECT PROPERTY CONSISTS OF A SIX STOREY BUILDING FINISHED TO THE HIGHEST STANDARDS TO TAKE ADVANTAGE

THE BUILDINGS ELEVATIONS ARE MADE UP PRIMARILY OF LARGE GLAZED CURTAIN WALLING.

penthouse office on the Dock Road side of the building the structure is built around a central courtyard which includes

18 DESCRIPTION THE SUBJECT PROPERTY CONSISTS OF A SIX STOREY BUILDING FINISHED TO THE HIGHEST STANDARDS TO TAKE ADVANTAGE OF ITS SITUATION OVERLOOKING GALWAY S DOCKS. THE BUILDINGS ELEVATIONS ARE MADE UP PRIMARILY OF LARGE GLAZED CURTAIN WALLING. THE DESIGN MAKES THE BUILDING ONE OF GALWAY S MOST RECOGNISABLE The property extends over four floors with a fifth floor penthouse office on the Dock Road side of the building the structure is built around a central courtyard which includes 90 car parking spaces. Internally all units have been fit-out by the tenants to a high standard and each unit accommodates w.c. and kitchen facilities. All units are accessible via a lift and have signage at ground floor lobby. 16 DOCKGATE

CORRIB COLLECTION ACCOMMODATION We have set out below the net internal (NIA) floor areas which have been calculated in accordance with the SCS/IAVI Measuring Practice Guidance Notes.

The property is located in an area zoned Objective CC which is defined as To provide for city centre activities and particularly these, which preserve the city centre as the dominant commercial area

19 CORRIB COLLECTION ACCOMMODATION We have set out below the net internal (NIA) floor areas which have been calculated in accordance with the SCS/IAVI Measuring Practice Guidance Notes. Zoning Planning policy for the area is contained within the Galway City Development Plan The property is located in an area zoned Objective CC which is defined as To provide for city centre activities and particularly these, which preserve the city centre as the dominant commercial area of the city. Floor Unit Nett Int. Area Sq.m G.F 1A G.F 1B G.F 1B G.F st F st F st F nd F 5, 6 & 17B nd F nd F 17A sq 3rd F rd F rd F th F th F th F th F Total 4, CORRIB COLLECTION / DOCKGATE 17

20 TENANCY Unit Tenant Floor Unit Rent KPMG 2nd F Units 5, 6 & 17B 130,653 Bank Of Ireland 3rd F Unit 7 63,390 Smart Bear 3rd Fl Unit 19 51,315 Comhairle 4th Fl Unit 20 40,400 Unit 1 Davy Stockbrokers Ltd G.Fl Unit 1A 32,840 Heskin Auctioneers G.Fl Unit 1B 12,500 Short Term Tenancy 3rd F Unit 18 29,000 Short Term Tenancy 3rd F Unit 18 4,800 Short Term Tenancy 3rd F Unit 18 5,200 Unit 18 Short Term Tenancy 3rd F Unit 18 5,980 Short Term Tenancy 3rd F Unit 18 4,680 Short Term Tenancy 3rd F Unit 18 8,190 Short Term Tenancy 3rd F Unit 18 5,980 Short Term Tenancy 4th Fl Unit 9 30,000 Unit 9 Short Term Tenancy 4th Fl Unit 9 6,760 Short Term Tenancy 4th Fl Unit 9 4,160 Short Term Tenancy 4th Fl Unit 9 2,550 Short Term Tenancy 4th Fl Unit 11 21,996 Unit 11 Short Term Tenancy 4th Fl Unit 11 11,700 Short Term Tenancy 4th Fl Unit 11 11,400 Short Term Tenancy 4th Fl Unit 21 7,200 Short Term Tenancy 4th Fl Unit 21 4,680 Unit 21 Short Term Tenancy 4th Fl Unit 21 11,440 Short Term Tenancy 4th Fl Unit 21 5,200 Short Term Tenancy 4th Fl Unit 21 4,420 Parking KPMG Parking 14 Spaces 10,500 Vacant G.Fl Unit 1A - Vacant G.F - Cafe Unit 13 - Vacant Vacant 1st F Units 3, 14 & 15 - Vacant 2nd F 16 - Vacant 2nd F 17A - 526, DOCKGATE

21 CORRIB COLLECTION Lease Start Length of Lease Lease Expiry Break Options 1st July Years 30th June ,8 & 12 1st January Years 1st January ,10,15 1st July Years 30th June st July Years 30th June th July Years 16th July & 10 1st October Years 30th September th July Year 15th July ,10.15 & 20 1st February Year Initially Ongoing 1st December Months Ongoing 1st September Months Ongoing 1st March Months Ongoing 17th Feb Year Initially Ongoing 20th June Months Ongoing 1st May Years Ongoing 7th April Years 9 Months 6th January st August Months Ongoing 17th September Years 16th September ,10,15,20,25&30 30th May Months Initially Ongoing 10th July Months Initially Ongoing 28th July Months Initially Ongoing 1st November Months Initially Ongoing 1st September months Initially Ongoing 9th March Months 8th March th February Months Initially Ongoing 23rd March Months Initially Ongoing 1st July Years 30th June ,8 & 12 CORRIB COLLECTION / DOCKGATE 19

22 CORRIB COLLECTION PRIMARY TENANT INFORMATION Founded in 1926, Davy is Ireland s largest stockbroker, wealth manager, asset manager and financial advisor and has offices in Dublin, Belfast, Cork, Galway and London. Davy offer a range of services to private clients, small businesses, corporations and institutional investors. Employing over 560 people, Davy is an independent company owned by management and staff.[1] Company operations are centred on five interrelated business areas Asset Management, Capital Markets, Corporate Finance, Private Clients and Research. The Bank of Ireland (Banc na héireann) is a commercial bank operation in Ireland and one of the traditional Big Four Irish banks. Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history and currently employs over 11,000 people. Bank of Ireland operate their Private Banking section from the Dockgate Building. For further information For more information KPMG is one of the largest professional services companies in the world and one of the Big Four auditors, along with Deloitte, EY and PwC. Its global headquarters are located in Amsterdam, the Netherlands. KPMG employs 162,000 people and has three lines of services: audit, tax, and advisory. Its tax and advisory services are further divided into various service groups. Headquartered in Beverly, Massachusetts, SmartBear develops software that other software developers use to ensure their applications provide a superior user experience. SmartBear has customers in over 90 countries and additional offices in the United States, Sweden, Spain and Russia SmartBear is a leading U.S. software application quality and performance management company, has established its European Headquarters in Galway. For Further information For further information 20 DOCKGATE

23 GEATA NA CATHRACH & DOCKGATE CORRIB COLLECTION GALWAY CITY BER The property is rated BER is available in the dataroom. TENURE Title to the property is held by way of long leasehold on Geata Na Cathrach and freehold on Dockgate. VAT We understand that the property has been elected for the purposes of VAT. DATA ROOM Access to an online data room containing the following documentation is available via - Occupational leases - Indicative floor plans - BER s - Title Documentation PROPOSAL We are inviting parties to bid by way of individual lots or the entire. Guiding in excess of 23 million for Geata Na Cathrach, pricing at this level would reflect a net initial yield of 6.47% after standard purchaser s costs of 4.46%. Guiding in excess of 9 million for Dockgate, pricing at this level would reflect a net initial yield of 5.6%, after standard purchaser s costs of 4.46%. CORRIB COLLECTION 21

24 GALWAY OFFICE MARKET VERY LOW VACANCY RATES IN GALWAY AT PRESENT WITH ONLY 7.5% VACANCY AT THE END OF MARCH THIS DEARTH OF SUPPLY IS EVEN MORE ACUTE WHEN IT COMES TO LARGE FLOOR PLATE ACCOMMODATION The acute shortage of supply in the city centre has resulted in more occupiers looking to the suburbs, in particular to satisfy larger requirements. The proportion of larger Grade A offices has declined rapidly in the suburbs as demand continues to increase. Demand for offices in Galway is led by multi-national companies looking for high quality large offices. GALWAY OFFICE MARKET: YEAR-ON-YEAR TAKE-UP (SQ M) & VACANCY RATE (%) 30,000 Year on Year Take Up Vacancy Rate 20.0% 18.0% 25, % 20, % 12.0% 15, % 8.0% 10, % 5, % 2.0% 0 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q % 22 CORRIB COLLECTION

26 CORRIB C O L L E C T I ON GALWAY C ITY AGENTS All viewings are strictly by appointment through the sole selling agent. Patricia Staunton 2 Dockgate, Dock Road, Galway, Ireland. Head of DTZ Galway patricia.staunton@dtz.ie Tel: Patricia Ward Director patricia.ward@dtz.ie Tel: Sean Coyne Associate Director sean.coyne@dtz.ie Tel: George Brady Surveyor george.brady@dtz.ie Tel: Conditions to be noted: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction. t e info@avalanchedesign.ie w PSRA No Brochure design by

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