INVESTMENT SUMMARY Modern Grade A office building within a traditional warehouse façade extending to approx 3,574 SQ M // 38,471 SQ FT NIA 8 HANOVER QUAY PROVIDES AN OPPORTUNITY TO INVEST IN DUBLIN S MOST DESIRABLE LOCATION: THE SOUTH DOCKS Let to Airbnb Ireland and guaranteed by Airbnb Inc. on a new 20 YEAR LEASE (Tenant not affected) Passing rent is off an initial 1.475 MILLION per annum Term certain of 8 YEARS INCOME from lease commencement Guaranteed reversionary investment with rent rising to 1.7 MILLION per annum at end of year 5 of the term
MODERN GRADE A OFFICE BUILDING WITHIN A TRADITIONAL WAREHOUSE FAÇADE EXTENDING TO 3,574.10 SQ M (38,471 SQ FT) NIA 8 T HE LOCATION 12 TRANSPORT LINKS 14 NEIGHBOURS 16 DESCRIPTION 20 SPECIFICATION 22 ACCOMMODATION 24 FLOOR PLANS 28 TENANCY & COVENANT 30 CONTACT
THE LOCATION 8 HANOVER QUAY 8 HANOVER QUAY IS SITUATED IN A PRIME LOCATION IN DUBLIN S SOUTH DOCKLANDS. THE PROPERTY OCCUPIES A PROMINENT WATERFRONT POSITION ON THE CORNER OF HANOVER QUAY AND BENSON STREET. THIS LOCATION BENEFITS FROM SPECTACULAR VIEWS ONTO GRAND CANAL DOCK, THE AVIVA STADIUM AND THE ENERGETIC GRAND CANAL SQUARE AREA. The Dublin Docklands has undergone substantial redevelopment since the turn of the century. Particular focus has been on the South Docks area where the subject property is situated. The immediate vicinity is a new urban quarter comprising modern office blocks, high quality residential developments, retail units, hotels, bars and restaurants. In addition this is now one of the city s primary cultural and entertainment areas with the Bord Gais Energy Theatre, The Convention Centre Dublin, Aviva Stadium and 3Arena all close by. The South Docks has established itself as the preferred high quality office district for international corporate occupiers to base their headquarters in Ireland, some of which include Facebook, Google, HSBC, Accenture, State Street, BNY Mellon. There are also a number of the larger law firms such as Beauchamps, Matheson, McCann FitzGerald and Mason Hayes and Curran clustered in the area. 8
ONE OF THE CITY S PRIMARY CULTURAL AND ENTERTAINMENT AREAS
GEORGES STREET TRANSPORT LINKS This location has access to excellent transportation links including the DART Commuter rail service, numerous Bus Services and the LUAS red line tram situated in the IFSC. The area has excellent road infrastructure with the Samuel Beckett Bridge providing speedy access to the North Docks, IFSC and further north to Dublin Airport which is 20 minutes away. The city centre and main retail thoroughfares of Henry Street and Grafton Street are within walking distance. There is also a Dublin Bike station adjoining the property on Benson Street with others stations close by. DISTANCE TO TRANSPORT LINKS 1 Spencer Dock Luas Stop 12 mins 2 Mayor Square Luas Stop 11 mins 3 Docklands Train Station 15 mins 4 Pearse Street DART Station 10 mins 5 Tara Street DART Station 15 mins 6 Grand Canal Dock DART 9 mins 7 Busáras 17 mins 8 Connolly Station 17 mins 9 Luas Cross City Trinity Stop 16 mins (by foot from Hanover Quay) c RNELL STREET JERVIS STREET CUFFE STREET O Connel Upper TEMPLE BAR DAME STREET STEPHEN S GREEN Parnell O Connel GPO BACHELORS WALK ASTON QUAY Westmoreland Fleet Street Exchequer Street HARCOURT ST O CONNELL ST THE NATIONAL CONCERT HALL GRAFTON STREET MARLBOROUGH ST WESTMORELAND ST Dawson Trinity ST STEPHEN S GREEN Marlborough D OLIER STREET DAWSON STREET 9 ABBEY STREET EDEN QUAY GEORGES QUAY 6 LEESON STREET GARDINER STREET LOWER TARA STREET Townesend Street NASSAU STREET Molesworth Street PEARSE STREET TRINITY COLLEGE Kildare Street TARA STREET BUSARAS 4 LINCOLN BAGGOT STREET LOWER Pembroke Street Lower MOSS STREET Merrion Street Upper BUSARAS PLACE IFSC CONNOLLY GEORGES QUAY Fitzwilliam Lane MERRION SQUARE Sheriff Street Lower HarbourMaster Place Lombard Street East PEARSE STREET FENIAN STREET Fitzwilliam Street Upper 5 CONNOLLY STATION CUSTOM HOUSE QUAY RIVER LIFFEY Creighton Street SANDWITH STREET LOWER 7 BAGGOT STREET LOWER SANDWITH ST UPPER Holles St Mayor St Lower MAYOR SQUARE CITY QUAY Erne St Lower Erne St Upper Lime Street Mount Street Upper GRAND CANAL Seville Place DUBLIN BIKES SAMUEL BECKETT BRIDGE HANOVER STREET EAST PEARSE STREET MOUNT STREET LOWER Grattan Street Herbert Place 2 Macken Street Cardiff Lane FENIAN STREET Percy Place Love Lane ROYAL CANAL Mayor St Upper CONVENTION CENTRE DUBLIN Lazer Lane MISERY HILL DUBLIN BIKES HADDINGTON ROAD GRAND CANAL QUAY DOCKLANDS STATION GRAND CANAL DOCK Sherriff Street SPENCER DOCK NORTH WALL QUAY Forbes Street 3 Asgard Road NORTHUMBERLAND RD Barrow Street 1 DUBLIN BIKES East Road SIR JOHN ROGERSONS QUAY Horse Fair HANOVER QUAY Benson St GRAND CANAL DOCK RINGSEND ROAD S Dock Street Gordon Street Castleforbes Road Green St East S Lotts Road BATH AVENUE POINT VILLAGE 3 ARENA BRIDGE ROAD EAST WALL ROAD RIVER DODDER AVIVA STADIUM DUBLI PORT 12 Fitzwilliam Place Wilton Terrace MESPIL ROAD LANDSDOWNE ROAD
NEIGHBOURS
DESCRIPTION WHEN COMPLETE 8 HANOVER QUAY WILL BE A MODERN THIRD GENERATION OFFICE BUILDING BUILT WITHIN THE ENVELOPE OF A WAREHOUSE FAÇADE INCORPORATING THE HERITAGE OF THE DOCKLANDS AREA. This unique building which was designed by the renowned RKD Architects and built by Bennett Construction is due for completion in February 2016. 8 Hanover Quay will be unlike any other office building in the immediate area providing a corporate headquarters full of character that will be finished to the highest international standards. 8 Hanover Quay comprises a two storey over basement Grade A office building with a target area of 3,574.10 sq m (38,471 sq ft) NIA and bike storage areas for 44 bicycles at basement level. The main entrance to the building fronts directly onto Hanover Quay. Once beyond the traditional appearance of the retained and refurbished stone façade you are led into a modern open plan office layout centred around a light filled atrium running through the centre pitched roof. There is also an enclosed courtyard garden area at ground floor level which is overlooked from a balcony at 1st floor level providing views stunning views directly onto the Grand Canal Dock area. 16 17
GRADE A OFFICE BUILDING 3,574.10 SQ M // 38,471 SQ FT NIA 18 19
SPECIFICATION THE SPECIFICATION OF 8 HANOVER QUAY IS TO THE HIGHEST OF STANDARDS. THE EXTERNAL FABRIC OF THE BUILDING INCORPORATES RETAINED STONE AND BRICK WALLS WHICH HAVE BEEN REPAIRED IN LINE WITH BEST CONSERVATION PRACTICE. THIS IS COMBINED WITH A MODERN DOUBLE GLAZED CURTAIN WALLING AND METAL PANEL CLADDING SYSTEM. Through the main entrance there is a glazed screen which leads into the main reception area. On either side of the screen there are separate entrances which open out to an external landscaped courtyard court. On the other side the service lift area contains 1 no. 1,275kg 17 person simplex passenger and bike lift which provides access to the bike storage area and male female shower/changing room areas. Beyond the main reception area there is a small number of steps which lead up to 2 main cores incorporating male/ female & disabled WC, stair core and 2 no. 900kg 12 person simplex passenger lifts serving all floors. The main office area is open plan and benefits from large efficient floor plates. Internally there is exposed steel columns, wooden detailing on suspended ceilings and metal roof lights. The building has raised access floors throughout with clear voids depths of 150 mm, floor to ceiling heights ranging from 2.78 to 2.7m and slab to slab heights of 3.61m. The building s heat supply comes from natural gas fired boilers with cooling supply from VRV air conditioning system serving all floors. RAISED FLOOR THROUGHOUT CLEAR VOID DEPTHS OF 150MM CEILING HEIGHTS RANGING FROM 2.7M TO 2.78M SLAB TO SLAB HEIGHTS OF 3.61 M 20
ACCOMMODATION Floor Sq. M Sq. Ft Lower Ground 1,191.30 12,823 Ground 1,339.60 14,419 1st 1,043.20 11,229 Total 3,574.10 38,471 The above area is the Anticipated Net Floor Area calculated with CAD (computer aided design) technology and by reference to the approved plans. 22 23
Green St E FLOORPLANS Benson Street ATRIUM ABOVE FRONTING ONTO HANOVER QUAY LIFT LIFT LIFT Hanover Quay ONTO GREEN STREET EAST LOWER GROUND FLOOR 24 25
Green St E Green St E ATRIUM VOID Benson Street Benson Street LIFT LIFT COURTYARD COURTYARD BELOW LIFT Hanover Quay Hanover Quay GROUND FLOOR FIRST FLOOR 26 27
TENANCY An Agreement For Lease has been agreed with Airbnb Ireland to let the entire of 8 Hanover Quay on a single occupational lease upon practical completion. Tenant Guarantor Lease Term Lease Start* Lease Expiry** Break Option Break Notice/ Penalty Rent Review Initial Rent Per Annum Increased Rent Per Annum Years 5-10 Airbnb Ireland Airbnb Inc. 20 years February 2016 February 2036 Tenant Only Years 7 & 12 12 months notice/ 1,700,000 Upwards/ Downwards 1,475,000 1,700,000 * Lease commencement is expected to coincide with the practical completion date. Delivery for hand over is on track and is expected to be February 2016. ** Lease expiry date will be 20 years from the date of lease commencement. COVENANT INFORMATION Airbnnb is an online marketplace that allows people to list, discover and book unique accommodation around the world. Airbnb connects people with accommodation on their travel experiences at any price point. Airbnb currently has more than 1.5m active listings in 190 countries/ 34,000 cities with total guests of 40 million and rising. The company was founded in 2008 with the company being privately owned and operated by Airbnb, Inc headquartered in San Francisco. The company is backed by venture-capital firms including Sequoia Capital, Greylock Partners, Founders Fund and TPG. After recent rounds of fund raising it has been reported by Bloomberg that the company has a $25 billion valuation. For further company information please see www.airbnb.ie 28
TENURE We understand title to the property is held long leasehold. VIEWINGS Viewings are strictly to be arranged through the sole selling agents. WWW.8HANOVERQUAYDUBLIN.COM SELLING AGENTS SOLICITORS Savills Ireland Fergus O Farrell A&L Goodbody Ger O Toole 33 Molesworth Street +353 (0) 1 618 1311 28 North Wall Quay +353 (0) 1 649 2113 Dublin 2 Fergus.OFarrell@savills.ie Dublin 1 gotoole@algoodbody.com Ireland Ireland Brendan Delaney PSRA: 002233 +353 (0) 1 618 1715 www.algoodbody.com www.savills.ie Brendan.Delaney@savills.ie BER The above is a target BER rating. A BER assessment will be required on practical completion. A bespoke website with data room containing legal documents and property information is available at www.8hanoverquaydublin.com Savills Ireland and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland nor any of its employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills Ireland nor any of its employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. This brochure is issued by Savills Ireland on the understanding that any negotiations relating to the property are conducted through it. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 Government of Ireland.
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