For Sale by Private Treaty Tenants not Affected Talbot Street, Dublin 1
Executive Summary Two modern office buildings, situated in the heart of Dublin 1 Within the transport hub of Dublin, unrivaled access to Connolly Station and Busaras Block A comprises a 5 storey over basement building of 2,628 sq. m. (28,282 sq. ft.) Block A is fully let to Smartbox with a term certain to October 2025 Block B includes 4 retail units which range in size from 99.5 sq. m. (1,071 sq. ft.) to 245 sq. m. (2,638 sq. ft.) and which front onto Talbot Street and Joyces Walk 31 underground car spaces accessed off Foley Street Rental income of 914,698 per annum Average passing rent of 19 per sq. ft. Strong reversionary potential Block B is a 6 storey over basement building of 2,429 sq. m. (26,249 sq. ft.) WAULT 6.84 years (to break option). WAULT 14.5 years (to expiry) Immediate asset management opportunities
Why Invest In Dublin? Fastest growing economy in the Eurozone for the 3rd year running The Dublin Office Market The Dublin office market now extends to some 4.01 million sq m (43.1 million sq ft) of accommodation Long-term average take-up of 175,000 square metres per annum GDP of 4.8% anticipated in 2016 Broad-based economic activity led by domestic sector Unemployment rate has declined from 15.1% in 2012 to 7.9% in September 2016 and continuing to decline Consistent volume of take-up activity fuelled by Foreign Direct Investment and domestic economic recovery Broad range of occupier types with strong growth in financial services, business services and computers/high-tech in particular Lack of development activity over recent years has fuelled supply shortages in some core locations of the city Grade A vacancy rate of 2.1% in Dublin s Central Business District Prime headline rents currently at 692 per sq. m ( 60 per sq. ft.) Potential for further rental growth in some locations Clear visibility on future supply which is encouraging for occupiers Employment now over 2 million people for the first time since 2009 Sole English speaking country in the Eurozone which, coupled with 12.5% corporate tax rate, attracts significant Foreign Direct Investment (FDI), particularly to Dublin EMEA Prime Office Rents Q2 2016 per sq. m. 2000 1500 1000 500 Dublin likely to benefit from potential Brexit relocations in due course 0 London West End London City Paris Dublin Milan Frankfurt Rome Amsterdam Madrid Vienna Berlin Brussels Barcelona Copenhagen Lisbon
McCann Fitzgerald P Convention Centre AIG A&L Goodbody Three Bloomberg Spencer Hotel BOI Citi Bank AIrbus KBC Jurys Inn Hotel JP Morgan CHQ IFSC Grant Thornton Scotia Bank SMBC Custom House Georges Quay Ulster Bank Busaras Connolly Station A highly accessible office location in the centre of Dublin 1 Location Located just 500 metres from the IFSC, the centre of the North City Centre office district Situated in the transport hub of Dublin. Within minutes walk of Connolly Station and Busaras Surrounding occupiers include: Wells Fargo, Scotia Bank, SMBC and Zurich Joyces Court is also situated within walking distance of Henry Street, the prime retail thoroughfare in Dublin s North City
Transport Hub of Dublin Connolly Station Walking Distance 1 minute Connolly Station is the main railway station in Dublin s inner city centre. Services from Connolly include intercity routes as well as Dart services to north and south county Dublin. PARNELL STREET O Connel Upper Parnell O CONNELL ST MARLBOROUGH ST TALBOT STREET SEAN MACDERMOTT ST LOWER GARDINER STREET LOWER RAILWAY STREET FOLEY STREET Busaras Connolly Connolly Station SHERIFF STREET LOWER HARBOURMASTER PLACE W N E S SEVILLE PLACE R O Y A L C A N A L DockLands SHERR Busaras Walking Distance 2 minutes Busaras is Dublin s central bus station offering regional and intercity bus services which are provided by Bus Eireann. O Connel GPO Marlborough Abbey Street EDEN QUAY CUSTOM HOUSE BUSARAS IFSC IFSC CUSTOM HOUSE QUAY MAYOR ST LOWER Mayor Square MAYOR ST UPPER CONVENTION CENTRE DUBLIN Luas Walking Distance 2 minutes The Luas red line, which connects Point Village to Tallaght via the city centre runs parallel to Talbot Street with stations at Busaras and Connolly Station. BACHELORS WALK ASTON QUAY Westmoreland GEORGES QUAY TARA STREET Tara Street MOSS STREET GEORGES QUAY R I V E R L I F F E Y CITY QUAY SAMUEL BECKETT BRIDGE NORT SIR JOHN ROG Dublin Bikes The popular Dublin Bikes scheme has numerous stations in the area including a station on Talbot Street. Airport Link Both the Dublin Bus Airport Link and private transport operator Aircoach have several stops in the immediate vicinity. Drive time to Dublin Airport is approximately 30 minutes. Road Access The property is highly accessible by road via the city quays from north and south city centre. Dublins Port Tunnel is accessed 2km east of the property providing access to the M50 orbital route. Temple Bar DAME STREET EXCHEQUER STREET GRAFTON STREET Stephen s Green Dawson S T S T E P H DAWSON STREET Trinity Trinity College NASSAU STREET PEARSE STREET KILDARE STREET LINCOLN PLACE MERRION STREET UPPER FITZWILLIAM L M E R R I O N S Q U A R E Pearse Street FENIAN STREET HANOVER STREET EAST HOLLES ST ERNE ST UPPER ERNE ST LOWER PEARSE STREET FENIAN STREET MOUNT STREET LOWER MACKEN STREET LOVE LANE GRAND CANAL QUAY GRAND CANAL QUAY G R A N D C A N A L D O C K Grand Canal Dock
BLOCK A Block A is a Grade A office building which is fully let to The building has an L shaped layout, comprising a central core with a reception at ground floor level, two 10 person passenger lifts servicing all floors, and facilities. The ground floor comprises a large staff canteen, games room and staff changing facilities. A typical floor plate comprises approximately 567 sq. m. (6,100 sq.ft.) of net floor space which is easily divisible to create smaller floorplates of 279 sq. m. (3,000 sq. ft.). Floor to ceiling heights at each floor level are between 3.3 metres and 3.75 metres. The office space is fitted to a modern specification and is a mixture of open plan and cellular accommodation with kitchenette facilities at each floor level. The fourth floor features a balcony which overlooks the surrounding area. Specification High specification reception areas Raised Access Flooring 2 x 10 person passenger lifts Suspended ceilings with CAT 2 recessed lighting VRV Air Conditioning Male and Female facilities fitted to a high standard
BLOCK A Accommodation Schedule Floor Net internal Area (Sq. M.) Net Internal Area (Sq. Ft.) Ground 454 4885 First 585 6298 Second 627 6746 Stairs Riser Riser Lift Server Room Lift Stairs Riser Third 563 6063 Fourth 399 4290 Typical Floor Plan Total 2628 28,282
BLOCK B Block B is a multi let, Grade A office building. The building comprises a central core with a main reception at ground floor level, two 10 person passenger lifts servicing all floors, facilities and a fire escape staircase to the rear. The building is multi let to five tenants. The fourth floor and part first floor are held by way of long leasehold interests and not included as part of the sale. The offices are fitted out to a high quality specification including raised access flooring, suspended ceilings and air conditioning. Block B has well configured floor plates of approximately 567 sq. m. (6,100 sq. ft.). The building offers floor to ceiling heights of between 3.3 and 3.5 metres. Specification High specification reception areas Raised Access Flooring 2 x 10 person passenger lifts Suspended Ceilings with CAT 2 recessed lighting VRV Air Conditioning Male and Female facilities fitted to a high standard Block B also comprises four own door retail units at ground floor level which front onto Talbot Street and Joyces Walk. The retail units range in size from 99.5 sq. m. (1,071 sq. ft.) and 245 sq. m. (2,638 sq. ft.) and are finished to a shell and core specification with the exception of one unit which is currently let and operating as a beauticians. The units provide excellent profile onto Talbot Street and Joyces Walk and benefit from a high level of pedestrian traffic.
BLOCK B Stairs Riser Plant Accommodation Schedule Lobby Floor Net internal Area (Sq. M.) Net Internal Area (Sq. Ft.) Lift Lift Ground Retail 691 7,440 Second 570 6,130 Third 569 6,121 Part Fourth 298 3,203 Stairs Fifth 312 3,355 Total 2,440 26,249 Lobby Typical Floor Plan * First floor, part fourth floor and retail unit 3 are held by way of long leasehold interest
Tenancy Total Rent Roll 914,698 per annum WAULT of WAULT of 14.5 YEARS 6.84 YEARS (to expiry) (to break option) Tenancy Schedule Block A Block A is single let to Smartbox Group Ltd. and producing a rental income of 570,006 per annum Floor Tenant Size (Sq. M.) Start Term (Years) Break Expiry Rent (per annum) Entire Smartbox Group Ltd. 2,628 10th Aug 2015 20 10th Jul 2025 10th Jul 2035 590,006 Block B * Block B is mulit let to 5 tenants and producing a total rental income of 296,942 per annum Rate Per Sq. Ft. Office Rental Averages 25 20 15 10 5 0 Smartbox account for 65% of the total rental income Veamm Software Average Comfort Keepers Kitman Labs Dyslexia Association Floor Tenant Size (Sq. M.) Start Term (Years) Break Expiry Rent (per annum) Unit 1 Vacant 245 _ Unit 2 Vacant 198 _ Unit 4 Dorota Zawadzka 99.5 3rd Dec 2015 10 N/A 2nd Dec 2025 20,000 Unit 5 Vacant 149 _ Second Third Veeam Software Ireland Limited Elder Homecare t/a Comfort Keepers 570 15th May 2015 10 569 1st Aug 2014 10 Part Fourth Kitman Labs Ltd 298 9th Feb 2015 10 Fifth Dyslexia Association of Ireland 312 18th Mar 2014 10 Year 3 & 5 14th May 2018 & 14th May 2020 Year 5 1st Aug 2019 Year 3 & 5 9th Feb 2018 & 9th Feb 2020 Year 8 18th Mar 2022 14th May 2025 132,468 31st Jul 2024 89,654 8th Feb 2025 52,820 17th Mar 2024 29,750 Total 2,429 324,692 * First Floor, Part Fourth Floor and Retail Unit 3 held by way of long leasehold interest.
OCCUPIERS Smartbox Smartbox is a leading provider of experience gifts. Smartbox provides an online service whereby customers can purchase experience gifts including food and drink, sports adventure and short breaks. Smartbox originated in France in 2003 and now operates in 13 countries throughout Europe. In 2015 Smartbox Group Ltd. had a profit after tax of in excess of 13 million. Veamm Software Veamm Software is a IT company that develops backup, disaster recovery and virtualisation management software. Established in 2006, the company has its headquarters in Switzerland. The company has a number of international offices including Paris, Ohio, Dubai and Sydney. Kitman Labs Kitman Labs is an Irish sports technology company founded in 2012 by Stephen Smith, a former Irish Rugby World Trainer. It is the first athlete optimisation company that offers a cloud based service. The company collects and analyses data from individual players in order to assess and prevent injuries. Kitman Labs provide service to the Leinster Connaught and Munster rugby teams and have recently expanded to the United States where they work with NFL and NBA teams.
Title Joyces Court is held by way of freehold/long leasehold interest. Contacts Viewings are strictly by appointment with the sole selling agent. 3rd Floor, Connaught House, 1 Burlington Road, Dublin 4, Ireland. www.cbre.ie KYLE ROTHWELL Senior Director Investment Properties +353 (1) 618 5502 kyle.rothwell@cbre.com SOLICITOR MARY MULLEN Maples and Calder 75 St Stephens Green Dublin 2 mary.mullen@maplesandcalder.com +353 1 619 2053 BER BER No. 8000137382-800151433 Energy Indicator: 325.63 kwh/m 2 /yr 0.97-6737.14 kwh/m 2 /yr 7.96 FIONA KENNEDY Senior Surveyor Investment Properties +353 (1) 618 5742 fiona.kennedy@cbre.com Disclaimer These particulars are issued by CBRE Ireland on the understanding that any negotiations relating to the property are conducted through them. While every care has been taken in preparing them, CBRE Ireland for themselves and for the vendor/lessor whose agents they are, give notice that:- (i) The particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract. (ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any 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 themselves (at their own expense) as to their correctness. (iii) Neither CBRE Ireland, nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. CBRE Ireland PSRA Licence No: 001528