FOR SALE INVESTMENT OPPORTUNITY WOODFORD BUSINESS PARK

Transcription

1 FOR SALE INVESTMENT OPPORTUNITY WOODFORD BUSINESS PARK SANTRY DUBLIN 17 BLOCK 1 BLOCK 2

2 02 CONTENTS Investment Summary [ 03 ] Location [ 04 ] Situation [ 04 ] Transport [ 05 ] Aerial [ 06 ] Description [ 09 ] Specification [ 09 ] Zoning [ 09 ] Floor Plans [ 10 ] Tenancy Schedule [ 12 ] Covenant Information [ 14 ] Occupier Market [ 15 ] BER [ 15 ] Title [ 15 ] Proposal [ 15 ] Solicitor [ 15 ] INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION FLOOR PLANS TENANCY SCHEDULE COVENANT OCCUPIER MARKET BLOCK 2

3 WOODFORD BUSINESS PARK 03 INVESTMENT SUMMARY Prominent office buildings in attractive landscaped grounds with very generous parking 3rd generation specification throughout and flexible floor plates Let to quality covenants McKesson, Abbotts, Abbvie & Oxendale Current passing rent 433,460 per annum Total floor area of 4, sq.m. (50,744 sq.ft.) approximately together with 211 car spaces Current passing rents are reversionary at between 9.42 and per square foot Offers sought in excess of 6,500,000 which equates to a net initial yield of 6.38% assuming standard purchasers costs of 4.46% and a capital value per square foot of 128 BLOCK 1

4 04 LOCATION The investment properties are located within Woodford Business Park a high profile corner site facing the Swords Road. The property is accessed off the old Swords Road minutes from the M1/M50 interchange and within 2.9 km of Dublin International Airport. This location benefits from excellent transport links such as Dublin Port Tunnel which is located approx. 2.5 km to the south east of Woodford Business Park. SITUATION Woodford Business Park is positioned approximately 8 km north of Dublin City Centre in a mature and established commercial location. It occupies a prominent position on the western side of the M1 and south of the M50 and enjoys significant road frontage and ease of accessibility from the Swords Road (R132). The surrounding area is an established office location with nearby developments including Airways Industrial Estate, Northwood, Clonshaugh Business and Technology Park, Furry Park and Santry Hall Business Park. Swords N2 Dublin Airport N1 M1 Malahide Portmarnock St Margaret s DUBLIN AIRPORT M1 Kinsealy INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION FLOOR PLANS TENANCY SCHEDULE COVENANT OCCUPIER MARKET Blanchardstown Liffey Valley N3 M50 Finglas N4 Palmerstown Ballyfermot N7 Crumlin M50 N81 LUAS DUBLIN WOODFORD Balgriffin BUSINESS PARK Sutton Howth Donaghmede 10km Raheny Clontarf Milltown N11 Blackrock Rathfarnham Stillorgan Dundrum Dun Laoghaire M50 R117 M50 Poppintree Santry Ballymun Finglas West Finglas Glasnevin Drumcondra Ashtown Cabra Phibsborugh Phoneix Park DUBLIN CITY CENTRE Port Tunnel Beaumont WOODFORD BUSINESS PARK Dublin Port Artane Clontarf

5 WOODFORD BUSINESS PARK 05 TRANSPORT The investment benefits from high levels of connectivity with the M50 and M1 Motorways within minutes drive. Dublin International Airport is situated approximately 2.9 km north of the property. The Swords Road and Santry area are also well served by numerous bus routes linking suburban and city centre locations.

6 06 AERIAL Dublin Airport M50 Carlton Hotel Radisson Hotel Corballis Business Park INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION FLOOR PLANS TENANCY SCHEDULE COVENANT OCCUPIER MARKET Northwood Furry Park Crowne Plaza Hotel

7 WOODFORD BUSINESS PARK 07 WOODFORD BUSINESS PARK M1 Bewleys Hotel Morton Stadium Airways Industrial Estate M1 Clonshaugh Business and Technology Park

8 08 INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION FLOOR PLANS TENANCY SCHEDULE COVENANT OCCUPIER MARKET

9 WOODFORD BUSINESS PARK 09 DESCRIPTION The properties comprise 4 modern office blocks, one of which is a detached building housing McKesson Ireland the other 3 buildings are terraced with independent entrances, tenants in these blocks are Abbotts, Abbvie and Oxendale, in addition 2 floors are vacant. Both blocks 1 and 2 provide two floors of generally open plan office accommodation around central cores accommodating lifts, stairs and toilets. The floors are flexible in layout and can be sub-divided. Externally there are 211 surface car parking spaces, approx. 28 of which are 5 minutes walk from Blocks 1 and 2. PROPERTY SPECIFICATION Externally the properties are clad with concrete, metal cladding and curtain glazing. Internally the units are L shaped and specification includes: 1. Raised accessed floors 2. Plastered and painted walls 3. Suspended ceilings and category II recessed light fittings 4. Air conditioning and gas fired radiators area ZONING Under the Fingal County Council Development Plan the property is located in an area zoned Objective C6 to provide opportunities for general enterprise and employment 4, sq m (50,744 sq ft) approx 4 Buildings hectares (2.89 acres) approx

10 10 FLOOR PLANS BLOCK 1 FIRST FLOOR Toilets Lift INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION FLOOR PLANS TENANCY SCHEDULE COVENANT OCCUPIER MARKET GROUND FLOOR Toilets Entrance These floor plans are indicative only and should not be relied upon for accuracy Lift

11 WOODFORD BUSINESS PARK 11 BLOCK 2 FIRST FLOOR Toilets Lift Toilets Lift Lift Toilets GROUND FLOOR Toilets Lift Entrance Toilets Lift Entrance Lift Toilets Entrance These floor plans are indicative only and should not be relied upon for accuracy

12 12 TENANCY SCHEDULE Tenant Name Expiry Size per sq.m Size per sq.ft Term (Years) Car Park Spaces Term Commencement Date McKesson Ireland Ground Floor , Yrs 10 1st March 2013 McKesson Ireland First Floor ,840 4 year 9 months 15 28th November 2011 End Date 28th February th August 2016 Vacant Ground Floor ,338 Abbvie Manufacturing Management Limited First Floor , years 25 1st March th February 2023 Vacant Ground Floor ,623 Oxendale & Co. Limited First Floor , years 21 1st December st December 2023 Abbotts Mature Products Management Limited Ground & First Floors 1, ,107 5 years 40 1st July th June 2017 Total 4, ,744 All parties are specifically advised to satisfy themselves with the floor areas and undertake their own due diligence. In total there are 211 surface car parking spaces. INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION FLOOR PLANS TENANCY SCHEDULE COVENANT OCCUPIER MARKET

13 WOODFORD BUSINESS PARK 13 Break Date Next Rent Review Current Rent Receivable P.A. Note 1st March 2016 (rolling) 1st March ,594 6 months prior notice to be given on rolling break option 29th May 2014 & 2015 N/A 55,000 Rent increases to 57,500 p.a. from 31st December Six months prior notice required on beak option 28th February 2015, 1st March 2016 to 28th February 2018 & 28th February st March ,372 6 months prior notice to be given on break option 1st December nd December ,000 Lease dated 4th May 2005 extended by Deed of Variation. By way of side letter dated the rent for the purposes of review is deemed to be 70,000 per annum. 1st July 2014 (rolling) N/A 160,494 6 months prior notice to be given on rolling break option 433,460

14 14 COVENANT INFORMATION D&B REPORTS McKesson Ireland is a company distributing pharmaceuticals at a retail/sale level and providing health information technology, medical supplies and care management tools. D&B rating 04. AbbottMature Products Management Ltd was the first international healthcare company to establish a dedicated support operation to build on the opportunities for its mature brands, particularly for its primary care products in emerging markets. D&B rating 2A4. AbbVie will employ just under 400 people and will have manufacturing plants in Cork and Sligo, as well as commercial offices in Dublin. The new pharmaceutical firm said it would be developing therapies to address some of the world s most complex diseases. D&B rating H4. INVESTMENT SUMMARY LOCATION AERIAL DESCRIPTION FLOOR PLANS TENANCY SCHEDULE COVENANT OCCUPIER MARKET Oxendale & Co Ltd is Ireland s longest established home shopping company. D&B rating 3A 3. % OF INCOME BY TENANT McKesson 27.75% Abbott 36.20% Oxendales 15.70% Abbvie 20.40%

15 WOODFORD BUSINESS PARK 15 OCCUPIER MARKET Availability of office stock within North County Dublin has been eroding steadily over the past number of years. Product has declined by approximately 15.6% since 2011 and take up has increased dramatically both in terms of the volume of individual deals and also value. Take up in North County Dublin during 2014 stood at 12,012 sq.m, representing a fourfold increase on 2012 levels. Santry remains one of the most sought after locations within North County Dublin for both office and industrial occupiers and has seen a sharp increase in take up from 766 sq.m. in 2013 to 1,776 sq.m. in As a result of the increase in demand and the reduction in availability of good quality accommodation, rents are rising at sustainable levels for both office accommodation and car parking spaces. Demand is set to continue for properties such as Woodford Business Park, which provide high quality 3rd generation specification with good parking and accessibility. The occupier sectors are varied and include IT/Communications, Professional, Transport, State Agencies and Pharma/Health among others. North County Dublin Take Up, by Tenant Type, 2014 Pharmaceutical/Health 1% Professional 45% Transport 21% IT/Comm 15% State 11% Unknown 7% BER Full building energy rating certificates and advisory reports are available on request. TITLE Effective Freehold, 999 year leases from 1st January 1999, subject to nominal rent and service charge provisions. PROPOSAL Offers are invited in the region of 6.5m, exclusive, reflecting a NIY of 6.38% assuming standard purchasers costs of 4.46%. SOLICITOR Mel Ferguson Sheehan and Company 1 Clare Street, Dublin 2 Telephone: fergusonm@sheehanandco.ie

16 INVESTMENT OPPORTUNITY FOR SALE WOODFORD BUSINESS PARK SANTRY DUBLIN 17 AGENT 164 Shelbourne Road, Ballsbridge, Dublin 4, Ireland Phone: +353 (0) Web: PRSA No VIEWINGS Sarah Dillon sarah.dillon@dtz.ie Patricia Ward patricia.ward@dtz.ie Catherine Connolly catherine.connolly@dtz.ie 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 are 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. Brochure design by