B1 & B2 NINTH LOCK ROAD CLONDALKIN, DUBLIN 22 - OFFICE INVESTMENT OPPORTUNITY FOR SALE BY PRIVATE TREATY
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OFFICE INVESTMENT OPPORTUNITY FOR SALE BY PRIVATE TREATY B1 & B2 NINTH LOCK ROAD CLONDALKIN, DUBLIN 22
B1 & B2 NINTH LOCK ROAD
CLONDALKIN, DUBLIN 22 GARDA STATION
SOUTH DUBLIN
COUNTY COUNCIL OFFICE
l Two adjoining modern office blocks extending
to 2,394.39 sq m (25,773 sq ft) NIA with 94 car
spaces
l Single let on coterminous leases to a
government tenant - Office of Public Works
(OPW) Swords
R106
Malahide
l New 14 years and 6 month leases at an initial
R108 M1
R106
MILL SHOPPING CENTRE
total rent of €330,000 per annum
R132
l Fixed uplift at end of year 5 (2022) to €365,000
per annum
Dublin R107
Airport To Belfast
Portmarnock
Kinsealy
l Term certain of over 10 years to break option
M1
R124
M50 Baigriffin
l Tenant not affected
Portmarnock
Golf Club
R132
R106
Southbound
Donaghmede R809
R108 R104
R103 Beaumont R104
Hospital Sutton
Beaumont
Whitehall Kilbarrack R105
R103
R805 R107 Howth
Glasnevin R105 R807
R105
Drumcondra
N1
M50 LOCATION
Clontarf
St Anne’s Park
Bull
Island
Phibsborough R108
Block B1 & B2 are on the east side of Ninth Lock Road in Clondalkin, approximately 10 Km (6.2 miles) west of Dublin
R131 R807
Phoenix
Lucan R109 Park
Liffey
R148 Connolly
city centre. Clondalkin is a rapidly expanding suburb of Dublin with a local population of over 11,323 people.
M4
Valley R131 Dublin Port
Galway &
The West
Heuston
DUBLIN
The property occupies a high profile position opposite The Mill Shopping Centre and immediately adjoining South
R112 R148
R113
R810
Ballyfermot Kilmainham
Dublin County Council civic offices. The property is situated close to Newlands Cross interchange linking Fonthill
M50 R118
Adamstown St Stephens
Green
R110
Road and the main Dublin-Cork/Limerick Road (N7/M7) and the M50 orbital motorway. In addition, the new Nangor
Inchicore
R120
R136 R802
Road links Clondalkin to Grange Castle, home to major international business occupiers including Pfizer, Takeda
R111
Ballsbridge
SUBJECT PROPERTY R134
R810 Bluebell Crumlin
R138
R110 R114
R134
Clondalkin R137 Rathmines and Grifols. Microsoft and Google opened facilities in 2016, while Aryzta have a large R & D facility in the area.
R134
R113 St. Vincents
Hospital
Clondalkin is well serviced by a variety of bus routes (13, 151, 40, 51D, 51x, 68, 69, 76, 76A, 25N and 69N) and
Grange
R112 Kimmage
Castle Ballymount R825
Golf Club
N7 Terenure Booterstown
an intercity rail line (Heuston Station to Kildare). The Luas Red Line serves the Red Cow interchange which is
Clonskeagh
Newlands R118
Golf Club R117
University
approximately 20 minutes’ walk from the property.
Casement R137 R112 College
Air Base Dublin Blackrock
Rathfarnham N31
M50
R119
R113 N31
R136
R137
R114
Goatsown R113
Dun Laoghaire
Citywest N81 Dundrum
Tallaght R115
N82 R826 Stillorgan R119
Deansgrange
N7
Saggart R113 R133 Dalkey
Sallynoggin
To Limerick/Cork
Industrial R828
Kilkenny/Waterford N81 Estate R118
M50 Marlay
Sandyford R113
Park R827
N11 Glenageary
Leopardstown
M50 Racecourse
Foxrock Cabinteely
B1 & B2 NINTH LOCK ROAD OFFICE INVESTMENT OPPORTUNITY
CLONDALKIN, DUBLIN 22
DESCRIPTION
Blocks B1 and B2 comprise two adjoining three storey modern buildings extending to a total net Internal Area of 2,394.39 sq m
(25,773 sq ft) with surface car parking to the rear for approximately 94 cars. Blocks B1 and B2 form part a larger development
with the adjoining block separately owned and occupied by South Dublin County Council.
High profile
Block B1 extends to a net internal area of 1,239.30 sq m (13,341 sq ft) together with 48 car spaces. The accommodation is over
three floors with the ground floor laid out to provide a mix of public and open plan office accommodation. In this regard the position opposite
tenant has created an ope in to Block 2 to provide an overflow area for the adjoining social welfare office. The first and second
floors provide for additional open plan offices together with meeting rooms, canteen, toilets & shower rooms and ancillary The Mill Shopping
store / comms rooms.
Centre
Block B2 extends to a net internal area of 1,154.90 sq m (12,432 sq ft) together with 46 car spaces. The accommodation is laid
out to provide public counters and waiting area together with open plan offices on the ground floor. Overhead accommodation
on first and second floor provides for further open plan offices, interview rooms, toilets and showers and ancillary store rooms.
B1 & B2 NINTH LOCK ROAD OFFICE INVESTMENT OPPORTUNITY
CLONDALKIN, DUBLIN 22 Not to scale - for indicative purposes only.
C A R PA R K
B2 B1
ENTRANCE
ENTRANCE
NINTH LOCK ROAD
ACCOMMODATION TENANCY
Set out below are the net internal and gross internal floor areas. The property is single let on two coterminous leases to The Commissioners of Public Works
in Ireland (OPW) for 14 years and 6 months from 1st October 2017 at a total passing rent of
Block Floor Area Sq M Area Sq Ft Area Sq M Area Sq Ft €330,000 per annum. The tenant has a coterminous break option in Year 11 (2028) subject to
NIA NIA GIA GIA 12 months’ notice. The first rent review at Year 5 provides for fixed uplifts with the review at
Block B1 Ground 431.40 4,644 485.50 5,226 Year 10 to Open Market.
First 405.20 4,362 479.90 5,166
Second 402.70 4,335 476.60 5,130 Property Tenant Lease Start Lease Break Initial Rent Fixed Uplift
Term Option 2022
Car Spaces 48
Block B1 OPW 01/10/2017 14.5 years Year 11 €170,491 pa €188,698 pa
Total B1 1,239.30 13,341 1,442.00 15,522
(2028)
Block B2 Ground 419.70 4,518 506.30 5,450
Block B2 OPW 01/10/2017 14.5 years Year 11 €159,509 pa €176,392 pa
First 367.60 3,957 447.70 4,819 (2028)
Second 367.60 3,957 447.70 4,819 Total €330,000 pa €365,000 pa
Car Spaces 46
Total B2 1,154.90 12,432 1,401.70 15,088 The OPW operate their “Intreo” service provided by the Department of Social Protection
within the two buildings.
Overall 2,394.39 25,773 2,843.70 30,610
Car Spaces 94
All intending purchasers are specifically advised to verify any tenancy information, site
areas, floor areas and other measurements referred to herein and undertake their own due
diligence.B1 & B2 NINTH LOCK ROAD OFFICE INVESTMENT OPPORTUNITY
CLONDALKIN, DUBLIN 22
Dublin Office Take Up & Vacancy Rate
4,000,000 25.00%
3,500,000
DUBLIN OFFICE MARKET 20.00%
3,000,000
l The Dublin office market continues to perform strongly, with record levels of take
up in 2017.
2,500,000
15.00%
Take Up Sq Ft
Vacancy %
l The suburban market accounts for an average of 45% of total take-up per annum.
2,000,000
l The performance of the suburban market is directly related to the core CBD office
market where the lack of supply has benefited the sub-markets as firms look to 10.00%
1,500,000
satisfy occupational requirements.
l Since Q1 2016, 37% of take-up in the suburbs has been in the Technology sector, 1,000,000
followed by 17% for Banking, Finance and Insurance-related companies. This 5.00%
includes Facebook, AIB, Zurich, Oracle, Google and SAP. 500,000
l Prime Grade A office rents in the city are established at €60 per sq ft with selected
deals greater than €60 per sq ft and €25-€30 per sq ft in the suburbs. 0 0.00%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Year
Entire Dublin Market
Market Statistics Q4 2017
Dublin Suburban Offices Take Up & Vacancy
Take Up 2017 3.6M sq ft
Available Space (entire market) 2.9M sq ft
1,200,000 30.00%
Overall Vacancy Rate 7.02%
1,000,000 25.00%
Dublin Suburban Market
Market Statistics Q4 2017 Take Up Sq Ft
800,000 20.00%
Take Up 2017 1.05M sq ft
Vacancy %
Available Space (entire market) 1.8M sq ft 600,000 15.00%
Overall Vacancy Rate 13.41%
400,000 10.00%
200,000 5.00%
0 0.00%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
YearB1 & B2 NINTH LOCK ROAD OFFICE INVESTMENT OPPORTUNITY
CLONDALKIN, DUBLIN 22
BER CERTIFICATE CONTACT
Block
C3-D1. B1 Block B2 Max Reilly Patrick Campion
BER: C3 BER: D1 +353 1 6731600 +353 1 775 0500
BER Number: 800307613 BER Number: 800307498 max.reilly@eu.jll.com pcampion@hwbc.ie
EPI: 469.43 kWh/m²/yr EPI: 517.45 kWh/m²/yr
Declan Sexton Jenny Prunty
+353 1 6731627 +353 1 775 0500
TITLE declan.sexton@eu.jll.com jprunty@hwbc.ie
We understand the property is held Freehold.
VIEWINGS
All viewings are strictly by appointment through the joint selling agents. PSP Licence: 002273 PSP Licence: 002098
PRICE
We are guiding €5 million subject to contract /contract denied. A purchase at that
price will provide an income yield of 6.09% rising to 6.73% (fixed uplift Year 5) after
allowance for typical purchaser costs of 8.46%.
Note that no contract shall exist or be deemed to exist until such time as formal
contracts have been executed and exchanged and the deposit paid. These details
do not form part of an offer or contract.
HWBC Ltd and Jones Lang LaSalle Ltd 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 HWBC Ltd nor Jones Lang LaSalle Ltd nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither the joint agents 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 HWBC Ltd and Jones Lang LaSalle Ltd 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. Designed and produced by Creativeworld. Tel +44 [0] 1282 858200You can also read
