MERVUE BUSINESS PARK Galway

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August Higgins
6 years ago
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Executive Summary LARGE OFFICE/MANUFACTURING

EXCELLENT LOCATION CLOSE TO GALWAY CITY and

2 Executive Summary LARGE OFFICE/MANUFACTURING BUILDING extending to a total of 16,074 sq m (173,019 sq ft located within the well established Mervue Business Park in City EXCELLENT LOCATION CLOSE TO GALWAY CITY and all major arterial routes Unit 20-24: 8,394 sq m (90,352 sq ft) currently vacant allowing for significant reversionary uplift and future asset management. Includes 153 car-spaces Unit 25-29: 7,680 sq m (82,667 sq ft) occupied by Avaya at a current rent of e895,200 per annum*. Includes 147 car-spaces *tenants not affected N6 5 Technology Park R N6 10 N R365 R366 R339 R338 Ballybane 8 R338 GALWAY CITY 1. Hewlett Packard 2. SAP 3. APC 4. EA 5. Fidelity 6. Oracle 7. IBM 8. Zenimax 9. Vulcan 10. Plannet Storm ONE OF THE CITY S most established business parks 02

Location 20-29 Mervue Business Park is situated in a prominent position within Mervue Business Park on the east side of City.

3 Location Mervue Business Park is situated in a prominent position within Mervue Business Park on the east side of City. is the third largest city in Ireland and is the commercial/ administrative and educational capital of the western region. It has a population of 75,414 in the city area (Census of Population 2011). Excellent road service is provided to via the N18 to Limerick which is located 105 km south; and the N6 to Dublin which is located 216 km to the east. Mervue Business Park is one of the city s most established business parks and is situated only 2km from the city centre and approximately 2km from the M6 allowing for easy access from both the city and all of its arterial routes. The business park is located between the Monivea and Tuam Road and the surrounding area is a popular commercial location with neighbouring business parks in the vicinity including Wellpark Retail Park; Liosbaun Business Park; Riverside Commerical Park and the Financial Services Centre is located on the southern side of Mervue Business Park and adjacent occupiers include Penn Engineering; Beckman Coulter; IDA Ireland and Smyth s Toys Head Office. There are numerous bus routes serving the area and the subject property is approximately 200m south of the nearest bus stop serving the 405 bus at the entrance to Mervue Business Park, and approximately 400m north of the bus stop serving the 403 bus on the Wellpark road. 03

Description: The subject property comprises a single storey office/manufacturing unit which is part occupied and part vacant.

demand in for office accommodation. It also gives an incoming purchaser the chance to effectively asset manage the entire building into the future.

The accommodation is fitted to a high specification throughout to include primarily open plan office space.

4 Description: The subject property comprises a single storey office/manufacturing unit which is part occupied and part vacant. Unit is currently vacant and laid out to provide a mix of open plan office accommodation and former manufacturing space, the area is fitted but in need of refurbishment. This vacant element extends to approximately 8,394 sq m (90,352 sq ft) and represents a magnificent opportunity to capitalise on the current strong demand in for office accommodation. It also gives an incoming purchaser the chance to effectively asset manage the entire building into the future. Unit extends to approximately 7,680 sq m (82,667 sq ft) and is occupied by Avaya. The accommodation is fitted to a high specification throughout to include primarily open plan office space. The current tenant undertook a refurbishment of the accommodation a number of years ago which included an update of both the external façade and the internal offices. Car parking for the property is located to both the front and rear of the building and comprises surface car parking. A MAGNIFICENT OPPORTUNITY to capitalise on the current strong demand in for office accommodation 04

Tenancy* UNIT 25-29 IS LET TO AVAYA INTERNATIONAL SALES LIMITED AS FOLLOWS: 20 year lease from 30 September 2006 at a passing rent of e895,200 per annum.

5 Tenancy* UNIT IS LET TO AVAYA INTERNATIONAL SALES LIMITED AS FOLLOWS: 20 year lease from 30 September 2006 at a passing rent of e895,200 per annum. The lease allows for a tenant break option on 30 December A deed of variation to the lease allows the tenant to surrender part of the accommodation if so desired on 30 December The element of the property to which this 2017 break option relates extends to approximately 1,536 sq m (16,533 sq ft). Avaya is a global leader in business communications and engagement technologies. The company had revenues in excess of $4.3billion for the 2014 fiscal year. *tenants not affected Typical Floor Plan LOT 1 UNIT LOT 2 UNIT CAR PARK CAR PARK ENTRANCE LOT 3 THE ENTIRE 05

6 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 is led by multinational companies looking for high quality large offices. 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 % SHORTAGE OF SUPPLY IN THE CITY CENTRE has resulted in more occupiers looking to the suburbs 06

7 SEAN MULVOY ROAD TERRYLAND RETAIL PARK GFSC LIOSBAN WELLPARK RETAIL PARK TUAM ROAD OLD MONIVEA ROAD

plans BER s We are inviting parties to bid for the property in the following manner: Lot 1 Unit 20-24 Lot 2 Unit 25-29 Lot 3 The Entire AGENTS All viewings are strictly by appointment through the

8 BER Full BER details available on request TENURE Title to the property is held by way of long leasehold. VAT We understand that the property has been elected for the purposes of VAT FURTHER INFORMATION Please contact sale agent for further documentation to include: Occupational leases Indicative floor plans BER s We are inviting parties to bid for the property in the following manner: Lot 1 Unit Lot 2 Unit Lot 3 The Entire AGENTS All viewings are strictly by appointment through the sole selling agent. 2 Dockgate, Dock Road,, Ireland. Patricia Staunton Head of DTZ patricia.staunton@dtz.ie Tel: Sean Coyne Associate Director sean.coyne@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. PSRA No Brochure design by

EXECUTIVE SUMMARY THE TRIBE PORTFOLIO CARRAIG LAIR DEVELOPMENT ABHAINN NA MBRADÁN CENTRE CAISLEAN THORLAIGH MERLIN COMMERCIAL PARK

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