A NEIGHBOURHOOD CENTRE INVESTMENT

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Arlene Reed
5 years ago
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1 A NEIGHBOURHOOD CENTRE INVESTMENT

INVESTMENT HIGHLIGHTS Modern purpose built neihbourhood centre Multi-let with tenants includin Centra, Boyle Sports, Pizza Hut and Giraffe Childcare Situated in a densely-populated catchment area

2 INVESTMENT HIGHLIGHTS Modern purpose built neihbourhood centre Multi-let with tenants includin Centra, Boyle Sports, Pizza Hut and Giraffe Childcare Situated in a densely-populated catchment area Total Passin Rent of approximately 610,508 per annum Weihted Averae Unexpired Lease Term of 9.75 Years 96% Occupancy Rate Extendin to approximately 2, Sq. m (32,212 Sq. ft) on a GIA basis 94 surface car parkin spaces Guide price of 6,500,000 reflectin a net initial yield of approximately 9% assumin standard purchaser s costs of 4.46%

N4 N4 Lucan Sports and Leisure Centre Griffeen Valley Park Griffeen Valley Educate Toether LOCATION The Griffeen Centre is located in the South Dublin suburb of Lucan, situated approximately 15km

3 N4 N4 Lucan Sports and Leisure Centre Griffeen Valley Park Griffeen Valley Educate Toether LOCATION The Griffeen Centre is located in the South Dublin suburb of Lucan, situated approximately 15km from Dublin City Centre. Lucan is a popular commuter suburb with an urban population of some 49,279 people as of the 2016 census. The subject property is located approximately 3.5km south-east of Lucan Villae, and is situated at the corner of Griffeen Road and Griffeen Avenue.. The immediate vicinity is dominated by housin estates, includin Tullyhall, Ballyowen and Castle Riada. Lucan Educate Toether and Griffeen Valley Educate Toether are both located within close proximity to the subject property. Surroundin amenities include Liffey Valley Shoppin Centre, Fonthill Retail Park, Lucan Spa Hotel, Lucan & Hermitae Golf Clubs and Weston Airport. Maynooth University is situated approximately 15km to the north-west. ZONED RESIDENTIAL R136 BALLYOWEN ROAD NB: For identification purposes only

TRANSPORT The area benefits from excellent transport links includin the N4/M4 national primary west/ northwest motorway

The area is also served by several Dublin Bus routes.

Centre Exit 1 of the M50 Maynooth Town Centre Dublin Airport 30 minutes 12 minutes 9 minutes 15 minutes 25 minutes

the most recent census (2016). The number of people rose by 7.75% from 29,820 to 32,134.

4 TRANSPORT The area benefits from excellent transport links includin the N4/M4 national primary west/ northwest motorway and the M50. Clondalkin Fonthill Train Station is located approximately 2.7km to the south-east. The area is also served by several Dublin Bus routes. The area benefits from the followin drive times to key locations: O Connell Street, Dublin 1 Liffey Valley Shoppin Centre Exit 1 of the M50 Maynooth Town Centre Dublin Airport 30 minutes 12 minutes 9 minutes 15 minutes 25 minutes CATCHMENT AREA LUCAN ESKER The Lucan-Esker electoral area saw the third hihest increase in population in the country in the most recent census (2016). The number of people rose by 7.75% from 29,820 to 32, % of the catchment are within the top tier social class of professional manaerial, technical and non-manual workers 66% of the catchment is in employment 25% are students, retired or dedicated to home duties 8,501 new housin units developed since 2001

DESCRIPTION The property comprises an attractive, stand-alone neihbourhood centre, desined by Doulas Wallace and constructed in

The development provides an excellent mix of neihbourhood orientated occupiers, includin Boyle Sports, Centra, Pizza Hut, Giraffe

Overall the centre provides 7 x round floor retail units and a crèche, toether with overhead office accommodation, medical and

To the front of the development there is a lare surface carpark for approximately 94 cars, which enchances the centre s usability

5 DESCRIPTION The property comprises an attractive, stand-alone neihbourhood centre, desined by Doulas Wallace and constructed in 2006 by Castlethorn Construction (Castlethorn were responsible for the Dundrum Shoppin Centre and the River Centre in Rathbourne). The development provides an excellent mix of neihbourhood orientated occupiers, includin Boyle Sports, Centra, Pizza Hut, Giraffe Childcare and McCabes Pharmacy. The Centre is arraned over round and first floors, within three individual blocks. Overall the centre provides 7 x round floor retail units and a crèche, toether with overhead office accommodation, medical and community centre. The centre also includes a 2 storey landmark corner restaurant. To the front of the development there is a lare surface carpark for approximately 94 cars, which enchances the centre s usability and convenience for customers. Delivery access and waste storae is provided to the rear. The centre extends to approximately 2, Sq. m (32,212 Sq. ft) on a GIA basis. BLOCK 1 BLOCK 2 BLOCK 3

6 TENANCY & ACCOMMODATION SCHEDULE Unit No Tenant Sq. Ft (GIA) Retail 1 Enrest Piech t/a Scarface Barbers 1,044 01/06/2015 Lease Start Term Expiry 4 years 9 months Break Option Contracted Rent Passin Rent Rent Review Date 30/04/ ,600 N/A Rent Review Frequency/ Mechanism Retail 2 Wembar Co Ltd t/a McCabes Pharmacy 1,044 25/07/ years 24/07/ ,616 50,000 25/07/ yearly - UORR Retail 3 Gerald Kean Solicitors 1,076 27/08/ years 11 months 26/07/ ,040 25,000 27/08/ yearly - OMRV Retail 4 Denise Byrne t/a House of Colour 1,227 14/12/ years 13/12/ ,000 28,600 14/12/ yearly - UORR Retail 5 Finbam Leisure Ltd t/a Bambury Bookmakers 1,432 21/12/ years 1 month 20/01/ ,304 36,000 21/12/ yearly - UORR Retail 6 B. Brothers Food Limited t/a Pizza Hut 1,389 12/10/ years 12/09/ /10/ ,000 70,000 12/10/ yearly - UORR Retail 7 Musrave Ltd t/a Centra 7,470 13/03/ years 03/12/ /03/ , ,000 13/03/ yearly - OMRV Office 1 OTHS (PVT) Ltd 635 Office 2 Vacant 600 Terms Unknown 4,700 4,700 Office 3 Michael Doyle t/a MGD Chartered Accountants and Tax Consultants /05/ years 01/05/2025 6,000 6,000 01/05/ yearly - OMRV Office 4 Vacant 678 Office 5 The Glamour Room /05/ years 01/05/2020 5,784 Creche Giraffe Childcare Limited t/a Giraffe 4,704 13/06/2007 Community Centre 20 years 1 month 07/12/ /06/ ,438 91,824 04/01/ yearly - UORR SDCC t/a Crosscare 2,895 01/07/ years 01/06/ Restaurant Di Bella 2,906 12/06/ years 11/06/ ,000 50,000 12/06/ yearly - UORR Healthcare Prima Care 3,455 03/03/ years 03/03/ ,060 50,000 03/03/ yearly - UORR ATM Ulster Bank 75 20/11/ years 9 months (Expired) 19/08/2017 6,500 6,500 Antenna Vodafone - 21/05/ years 21/05/ /05/ ,500 16,500 Total 32, , ,508

TENANCY OVERVIEW The centre has a weihted averae unexpired lease term (WAULT) of 9.

The asset is let in accordance with the tenancy and accommodation schedule in the data

from 16 tenants (Contracted rent of 793,338 per annum).

Centra 145,000 24 Giraffe 91,824 15 OTHER 43.57% RETAIL 45.57% Pizza Hut 70,000 11.

5 Total 610,000 100% SERVICE CHARGE The operatin costs of the Griffeen Centre is

7 TENANCY OVERVIEW The centre has a weihted averae unexpired lease term (WAULT) of 9.75 years to expiry/break. The asset is let in accordance with the tenancy and accommodation schedule in the data room. The centre currently enerates a passin income of approximately 610,000 per annum from 16 tenants (Contracted rent of 793,338 per annum). TOTAL FLOOR AREA BY SECTOR TYPE TOP FIVE TENANTS (By Passin Rent) Tenant Name Rent % Centra 145, Giraffe 91, OTHER 43.57% RETAIL 45.57% Pizza Hut 70, Di Bella 50,000 8 McCabes Pharmacy 50,000 8 OFFICE 10.84% Remainder 203, Total 610, % SERVICE CHARGE The operatin costs of the Griffeen Centre is covered by a comprehensive service chare. Full service chare budets are available from the Data Room ( LOCAL AUTHORITY RATES Rates are the responsibility of the tenants.

8 Guide Price e6,500,000 (Six Million Five Hundred Thousand Euro) Title Freehold VAT Please refer to the aent. BER BER Number: Available Upon Request Enery Performance Indicator: kwh/ m²/yr kwh/m²/yr8.92 Viewins All viewins are strictly by appointment throuh the sole sellin aent For further information, contact: QRE Real Estate Advisers Waterloo Exchane Waterloo Road Dublin 4 D04 E5W7 T: + (0) Bryan Garry MRICS MSCSI bryan.arry@qre.ie T: + (0) Ellen Prenderville MRICS MSCSI ellen.prenderville@qre.ie T: + (0) Jenny Donnelly MRICS MSCSI jenny.donnelly@qre.ie T: + (0) Data Room A data room containin leal documents and backround information is available at www. theriffeencentre.com. Access to the data room is restricted and will be ranted by QRE to interested parties on the verification of information. Solicitors Euene F. Collins Temple Chambers Burlinton Road Dublin 4 Contact: Aoife Fitzpatrick and Justine Territt PSRA Reistration No The aents on their own behalf and on behalf of the vendor/lessor of this property, ive notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or ive, and neither the aents nor any of its members or any person in its employment has any authority to make or ive, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakins and contractual obliations to be iven or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or areement for lease between the vendor/lessor and a purchaser or tenant. Prospective purchasers or tenants are stronly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neihbourin area; (c) ensure that any items expressed to be included are available and in workin order; (d) arrane a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Any representation includin descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are iven in ood faith and are believed to be correct, but any intendin purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness.

8,10 & 12 LOWER KILMACUD ROAD

8,10 & 12 LOWER KILMACUD ROAD For Sale By Private Treaty - Tenants Not Affected Investment Summary High profile mixed-use investment opportunity Located in a prominent position opposite Stillorgan Shopping Centre Total floor area extending