BELGARD SQUARE SOUTH DUBLIN 24 - QRE Real Estate
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BELGARD SQUARE SOUTH DUBLIN 24
THE PROPOSAL
Hainault House provides the opportunity to acquire a high quality
modern suburban office.
Hainault House
for sale by
private treaty
Investment Highlights
• Hainault House has been recently refurbished to a
very high standard by Jones Investments
• Extending to approximately 1,891 sq m (20,350 sq ft)
GIA of bright and modern office space
• The subject property has an overall passing rent
of €280,975 per annum with potential for this to
increase immediately with a further 10 car parking
spaces available to let
• Fully let to three tenants; Citizens Information Board,
Early Childhood Ireland and Optical Express
• Approximately 63% of the income is semi-state
backed with the balance to a leading UK multinational
• Producing a WAULT to expiry of c. 10 years and a
WAULT to break of c. 7 years
• Car parking onsite for 59 cars
• For the avoidance of doubt please note that this is
an investment sale and the tenants are not affected
LOCATION Hainault House
Belgard Square
South, Dublin 24 TU Dublin
Luas Line
The Square
Town Centre
The Plaza Hotel
Hainault House
M50 and City Centre >
ACCESSIBILITY Hainault House is
perfectly located to
benefit from excellent
transport facilities.
High Profile Location
• Hainault House occupies a high profile location on Belgard Square South, in close
proximity to The Square Towncentre Tallaght with easy and direct access to the
M50. Hainault House is well serviced by public transport with several Dublin Bus
routes serving the locality and the LUAS on your doorstep.
• The property is also conveniently located next to the Technology University
Dublin (formally known as Tallaght Institution of Technology or DIT), the Regional
Hospital, Tallaght Library and South Dublin County Council offices.
• Key office occupiers in Tallaght include Revenue Commissioners, Danone, Johnson
& Johnson, United Drug, Amazon, Lidl headquarters and Woodies.
Hainault House is
located close to
LIFESTYLE
numerous amenities,
from cafés to hotels
to shopping and
entertainment. Hainault House benefits from
an excellent choice of eateries The Square Towncentre provides multiple retail
stores, eateries, banking and medical facilities
such as The Bagel Factory, consisting of Health Express, Square Dental, Bank of
Chopped, Costa Coffee and Ireland along with Dunnes Stores and Debenhams as
anchor tenants.
many more which are available Hotels in the area include The Maldron, Glashaus and
within The Square Town Centre the Plaza. The Tallaght Civic Theatre and IMC Cinema
around the corner provide entertainment.
which is within a 2 minutes’ walk. The award winning Tallaght Leisure Centre is within
a 5 minutes’ drive of the office which provides a fully
equipped gym, excellent pool facilities, fitness studios,
indoor sports hall and all weather pitches.
BUILDING
SPECIFICATION
Hainault House has been
refurbished to a very high
standard by Jones Investments.
The property comprises
a multi-let, standalone
high-quality office building
arranged over three floors. Hainault House has recently undergone an extensive course
of upgrade works to modernise the property. Refurbishment
includes air conditioning, shower facilities and a beautifully
refurbished welcoming triple height reception area. Parking
benefits from access to the site via a secure barrier system
and boasts a total of 59 car spaces (excellent property ratio
of 1: 345 sq ft) and bicycle parking.
Hainault House comes with generous floor-to-ceiling heights of
approximately 2.65m and is flooded with lots of natural light.
• The building extends to approximately 1,891 sq m
(20,350 sq ft) GIA
• Raised access floors
• Fully carpeted throughout
• Fully painted and plastered
• Suspended ceilings with CAT A lighting
• Triple height feature reception
• Fully refurbished W.C and shower facilities
Typical Floor Plan with an example of workstation locations
ACCOMMODATION TENANT COVENANT
Tenancy Schedule
Tenant Demise Demise Demise GIA GIA Cars Passing Start Term Expiry Break Next The Citizens Information Board is Optical Express opened in 1991 Early Childhood Ireland is a new
Name Area Area (sq m) (sq ft) Rent Date Option Review
(sq m) (sq ft) the statutory body which supports and has grown from one store to membership-based organisation
the provision of information, advice over one hundred clinics and has focused on the comprehensive
Citizens and advocacy on a broad range of become Europe’s largest laser eye provision of early childhood care
Information
Board Ground 373 4,015 10 €64,500 15/08/2018 15 Years 14/08/2033 15/08/2028 15/08/2023 public and social services. surgery provider. and education.
659.4 7,097
Citizens 14 Years, 5
Months &
The board provides the Citizens Over €400 million has been invested Representing 3,800 childcare
Information
Board Ground 152 1,637 10 €31,125 19/02/2019 24 Days 14/08/2033 15/08/2028 19/02/2024 Information website and supports in providing Optical Express members, who support over
Optical the network of Citizens Information clinics with the most innovative 100,000 children and their families
Express Ltd First 526 5,661 615.6 6,627 20 €103,350 30/04/2019 15 Years 30/04/2034 30/04/2029 30/04/2024 Centres and the Citizens Information technology for laser eye and lens through preschool, afterschool, and
Early Phone Service. It also funds and surgery, to provide the very best full day-care provision nationwide.
Childhood
Ireland Second 526 5,661 615.6 6,627 9 €82,000 15/02/2012 10 Years 15/02/2022 N/A 15/02/2022
supports the Money Advice and treatment and clinical outcomes Early Childhood Ireland’s sources
Budgeting Service (MABS). for their patients. The lease is of funding are membership
Additional
car parking guaranteed by Optical Express Gyle subscriptions, grant-in-aid and
spaces 10 Limited who have a D&B rating income from projects we undertake
Total 1,577 16,974 1,890.6 20,350 59 €280,975 of 3A 3. The company’s current for Government.
tangible net worth is reported to be
£7,749,000 at 29/12/2018.
Notes
1. The Optical Express lease states for rent review purposes that the Gross Internal Area is 6,242 sq ft
2. Additional car parking spaces are not let and could provide additional income For further company For further company For further company
information please see: information please see: information please see:
citizensinformationboard.ie opticalexpress.ie earlychildhoodireland.ie
TOWN PLANNING
The building is current zoned ‘TC’ meaning 4. Village Centre (VC) and
‘Town Centre’. 5. Open Space (OS).
‘To protect, improve and provide for the future The site has a minimum to maximum plot ratio
development of Town Centres.’ of 1.5 - 2.0. Growth in Tallaght The Square Development Residential Development Transport Links
There are five applicable zoning objectives Within the timeline of the local area plan Potential to achieve a Redevelopment and Delivery of up to 5,000 new > Enhanced bus services
population of up to enhancement of the Square homes across the centre
that will be ‘permissible in principle’ and ‘open (2020 – 2026), the following projects are being
38,000 people Shopping Centre by adding > Provision of cycling and
for consideration’; undertaken in order to achieve the vision and pedestrian infrastructure
a food hall, nine restaurants
objectives of the Tallaght community. links
1. Town Centre (TC), and bars and public plaza with
> Improvements to the
2. Regeneration (REGEN), outdoor seating. The 10,000
street network
3. Enterprise & Employment (EE), sqm. extension, on an existing
car park, would also include six
new shop units and retail kiosks.
Source: South Dublin County Council
MARKET COMMENTARY
Dublin Office Take-Up Vacancy Rates – Dublin Offices
24
22
250,000
20
200,000 18
16
Percent
150,000
14
Sq M
12
100,000
10
50,000 8
6
0
Q2 2010
Q4 2010
Q2 2011
Q4 2011
Q2 2012
Q4 2012
Q2 2013
Q4 2013
Q2 2014
Q4 2014
Q2 2015
Q4 2015
Q2 2016
Q4 2016
Q2 2017
Q4 2017
Q2 2018
Q4 2018
Q2 2019
Q4 2019
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: Savills Research Source: Savills Research
Dublin Office Take-Up Indeed, we are aware of several Rents and Outlook This will again be somewhat offset by
The traditional ‘core’ Central Business unfulfilled office requirements which Prime headline rents in Dublin’s CBD significant demolitions. On the demand
District (CBD) and the South Docks area include the south west suburbs, with this stood at around €700 per sq m (€65.00 side, continued jobs growth is expected
which has de facto become incorporated area of the market continuing to appeal per sq ft) per annum at the end of 2019. and, if the pattern of recent years is
into the CBD, remain the dominant to occupiers seeking a lower cost base. Rent levels for the best space in Dublin repeated, a high proportion of this
locations for market activity. However, 24 are now above €295 per sq m (€27.50 will be in Dublin and in office-based
multiple large lettings throughout 2019, Vacancy Rate - Dublin Offices per sq ft). In comparison, Hainault House sectors. Combined with a boost from
including Facebook in Sandyford, Evalon In 2019 completions outstripped net is currently passing at an average rent previous years’ pre-lets, this should
in Cherrywood and VHI in Carrickmines, absorption. As a result, the amount of of approximately €130 sq m (€12.00 ensure stronger absorption in 2020 than
demonstrate continued demand for vacant space rose again slightly, and the per sq ft) offering significant revisionary we saw last year.
suburban office space with good public vacancy rate in Dublin overall now stands potential. Looking ahead the supply
transport links. at 8.6%. In Dublin 24 the office vacancy pipeline for 2020 is stronger than in
rate is approximately 12.8%, broadly in previous years with around 300,000 sq m
line with the overall average for Dublin of space set to complete.
suburban offices.Jones Investments has over 25 years’ experience in residential and commercial property development in Ireland. Jones Investments have a proven track record of similar asset management initiatives to include the acquisition, refurbishment and disposal of The One Building, Grand Canal Street and Dockmill Building on Barrow Street. More recently, Jones Investments are currently on site constructing The Bottle Factory, a 40,000 sq ft development close to the Google EMEA HQ, on Barrow Street.
Proposal Solicitors Developer
Guiding in excess €3,600,000. Pricing at
this level would reflect a net initial yield of
7.1% after standard purchaser’s costs of
jonesinvestments.ie
9.96% and a capital value of €177 per sq. ft.
Patrick F O’Reilly & Co. Solicitors
Data Site 9-10 South Georges Street,
www.hainault-house.com Dublin 2
Access provided upon completion of NDA.
Michael Crowley
Viewings +353 (0) 1 679 3565
All viewings are strictly by appointment michael.crowley@pforeilly.ie
through the joint selling agents.
www.patrickforeilly.com
BER No.
800098477
Energy Performance
394.82 kWh/m ²/yr
Tenure
Title to the property is held by Long
Leasehold.
The property is held under a Lease for
a term of 250 years from the 1st day of
January 1994.
Disclaimer
Savills Ireland / QRE Real Estate Advisers and the Vendor/Lessor give note that the particulars and information contained in these Preliminary Details 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 these Preliminary
Details, intending purchasers, Lessees or any third party should not rely on particulars and information contained in these Preliminary Details as statements of fact but must satisfy themselves as to the
accuracy of details given to them. Neither Savills Ireland / QRE Real Estate Advisers 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 / QRE Real Estate Advisers 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 these Preliminary Details. These Preliminary Details are issued by Savills Ireland / QRE Real Estate Advisers on the understanding
that any negotiations relating to the property are conducted through them.Joint Selling Agents Savills Ireland QRE Real Estate Advisers 33 Molesworth Street, 2 Shelbourne Buildings, Ballsbridge, Dublin 2, Dublin 4, Ireland Ireland PSRA: 002233 PSRA: 003587 Brendan Delaney Bryan Garry +353 (0) 1 618 1715 +353 (0) 1 667 5544 Brendan.Delaney@savills.ie Bryan.Garry@qre.ie Saoirse Byrne Gareth McKeown +353 (0) 1 618 1319 +353 (0) 1 637 5551 Saoirse.Byrne@savills.ie Gareth.McKeown@qre.ie www.savills.ie www.qre.ie
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