Blackrock Business Park Portfolio - Blocks 3, 4 & 5 Blackrock Business Park, Blackrock, Dublin Prime Suburban Office Portfolio Investment | For ...
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Blackrock
Business Park
Portfolio
Blocks 3, 4 & 5 Blackrock Business Park, Blackrock, Dublin
Prime Suburban Office Portfolio Investment | For Sale by Private Treaty
www.blackrockbusinessparkportfolio.com
Blackrock Business Park Portfolio Prime Suburban Office Portfolio Investment
EXECUTIVE SUMMARY
EXIT
ww Blackrock Business Park Portfolio consists of 3 modern office buildings extending
to an overall area of approximately 4,692.4 sq m (50,509 sq ft) GIA including 85 car
parking spaces.
CARYSFORT AVENUE ww Prime suburban location in the heart of Blackrock, home to many of Ireland’s
major international occupiers.
ww Total gross passing rent of €1,012,674 per annum with a weighted average
unexpired lease term of approximately 8.86 years to expiry and approximately
5.94 years to earliest break / expiry.
ww Low average passing rent of approximately €19.85 per sq ft on Blocks 3 & 4,
offering attractive reversionary potential.
ww Fully-let to seven tenants offering diversified income across financial, IT, helicopter
fleet management and medical sectors.
ww Strong commercial covenants to include Gempool, Lobo Leasing, Hair Restoration,
Fincad and Medfit.
Block 4
ww Hair Restoration who occupy Block 5 accounts for 35% of overall portfolio passing
rent and has a term certain to break of 7.97 years.
ww Extensive asset management opportunities across the portfolio including lease
restructurings, upcoming rent review negotiations and development of an
Block 3 additional penthouse level to Block 4 (S.P.P.).
ww For the avoidance of doubt please note this is a property investment sale and the
tenants are not affected.
www.blackrockbusinessparkportfolio.com
Block 3
ww Four storey over basement office property
ww Extending to approximately 2,129.5 sq m (22,921 sq ft) GIA
ww Multi-let to 3 tenants including Gempool, Tektronix Communications and Ipsos MRBI
ww Current rental income of €381,386 per annum
ww WAULT to earliest break / expiry of approximately 3.84 years
SWEETMAN’S AVENUE EXIT
Block 5 Block 4
ww Three storey over basement office property
FRASCATI ROAD ww Extending to approximately 1,575.8 sq m (16,962 sq ft) GIA
ww Multi-let to 3 tenants including Medfit, Lobo Leasing and Fincad
ww Current rental income of €281,606 per annum
ww WAULT to earliest break / expiry of approximately 6.23 years
ww Planning permission (now expired) for additional penthouse floor
Block 5
ww Three storey over basement private medical clinic
ww Extending to approximately 987.1 sq m (10,625 sq ft) GIA
ww Fully let to Hair Restoration Limited
ww Current rental income of €349,682 per annum
ww Attractive unexpired term to break of approximately 7.97 years
2 3
Blackrock Business Park Portfolio Prime Suburban Office Portfolio Investment
PORTFOLIO ANALYSIS
OVERALL SPACE PER PROPERTY % INCOME BY PROPERTY
Block 3 Block 4 Block 5 Total Block 3 Block 4 Block 5 Total
Area sq ft (GIA) 22,921 16,962 10,625 50,509 Total Rent
€381,386 €281,606 €349,682 €1,102,674
(Per Annum)
% of Portfolio 45% 34% 21% 100% % of Portfolio 37% 28% 35% 100%
.
Hair Restoration
Hair Restoration Hair Restoration
Limited
Limited - 35% Hair Restoration
- 35% Limited -Limited
35% - 35%
8% 8% 8% 8%
21% 21% 21% 21% Gempool
Gempool - 17%- 17% GempoolGempool
8% 8%
8% 8% - 17% - 17%
35% 35% Fincad
Fincad - 12%- 12%
BlockBlock
3 - 45%
3 - 45% 35% 35% 37% 37% BlockBlock
3 - 37%
3 - 37% 35% 35% Fincad - 12%
Fincad - 12%
Block 3 -Block
45% 3 - 45% 37% 37% Block 3 -Block
37% 3 - 37% 10% 10%
35%Ipsos 35%
45% 45% BlockBlock
4 - 34%
4 - 34% BlockBlock
4 - 28%
4 - 28% 10% 10% Ipsos MRBIMRBI
- 10%- 10%
45% 45% Block 4 -Block
34% 4 - 34% Block 4 -Block
28% 4 - 28% Hair Restoration Limited - 35% Ipsos MRBI
Ipsos
- 10%
MRBI - 10%
BlockBlock
5 - 21%
5 - 21% BlockBlock
5 - 35%
5 - 35% 8% Tektronix
Tektronix Communications
Communications - 10%- 10%
21%
8% 10% 10% Gempool - 17% TektronixTektronix
Communications
Communications
- 10% - 10%
Block 5 -Block
21% 5 - 21% Block 5 -Block
35% 5 - 35% MedfitMedfit
- 8% - 8%
34% 34% 35% 10% 10% - 12%
Block 3 - 45% Fincad
37% 28% 28% Block 3 - 37% 12%
35% 12% 17% 17% Lobo Lobo Leasing
Leasing Medfit - 8%
- 8% - 8% Medfit - 8%
34% 34% 10%
45% Block 4 - 34% Block Ipsos MRBI - 10%
28% 28%4 - 28% 12% 12%17% 17% Lobo Leasing
Lobo -Leasing
8% - 8%
Block 5 - 21% Block 5 - 35% Tektronix Communications - 10%
10%
Medfit - 8%
34%
28% 12% 17% Lobo Leasing - 8%
The above areas which are calculated on a Gross Internal Area basis were provided by The Building Consultancy. An assignable measurement survey
is provided in the data room.
WAULT PER PROPERTY TOP TENANTS BY RENT
Block 3 Block 4 Block 5 Total Block Unexpired Term Rent % of
Tenant
(Yrs) (per Annum) Total
WAULT to Expiry Yrs 6.42 7.64 12.47 8.86
Hair Restoration Limited 5 7.97 €349,682 35%
WAULT to Break Yrs 3.84 6.23 7.97 5.94
Gempool 3 4.15 €172,762 17%
15 15
Fincad 4 1.75 €123,826 12%
12.47 12.47
Ipsos MRBI 3 5.63 €106,364 10%
10 10
15 15 8.86 8.86 Tektronix Communications 3 1.46 €102,260 10%
7.64 7.64 7.97 7.97
Years
Years
15
6.42 6.42 6.23 6.23 Medfit 4 15.34 €79,000 8%
12.47 12.47 5.94 5.94
12.47
5 5 Lobo Leasing 4 4.13 €78,780 8%
3.84 3.84
10 10 10
8.86 8.86 8.86
7.64 7.97
7.64 7.97 7.97
Years
Years
7.64
Years
0 0
6.42 6.42 6.23
6.42 6.23 6.23
BlockBlock
3 3 BlockBlock
4 4 5.94
BlockBlock
5 5 5.94 Total 5.94
Total
5 5 5
3.84
3.84 3.84
WAULTWAULT
to Expiry
to Expiry
Yrs Yrs WAULTWAULT
to earliest
to earliest
Break /Break
Expiry
/ Expiry
Yrs Yrs
Hair Restoration Limited - 35%
8% Hair Restoration Limited - 35%
8%
8% Gempool - 17%
8% Gempool - 17%
35% 0 Fincad
35%
0 Block 3037% Block 3 - 37% Block 3 - 37% 35%35% Fincad --12%
12%
Block 4 37% Block 5 Total 10% 10%
Block 3 Block Block
3 Block
4 - 428%
Block 4 Block
Block 4 - 28%5 Block 5 Total Total Ipsos MRBI- -10%
Ipsos MRBI 10%
WAULT to Expiry Yrs WAULT to earliest Break / Expiry Yrs
Block 5 - 35% Tektronix Communications
Tektronix Communications- 10%
- 10%
Block
WAULT to Expiry
WAULT Yrs 5 - 35%
to Expiry Yrs WAULT to earliest
WAULT Break
to earliest
/ Expiry
Break
Yrs/ Expiry Yrs 10%
10% Medfit - 8%
Medfit - 8%
28% 12% 17% Lobo Leasing - 8%
28% 12% 17% Lobo Leasing - 8%
4 5
Blackrock Business Park Portfolio Prime Suburban Office Portfolio Investment
9 8
BLOCK 3 2
7 6
The Property 1
3 4
Block 3 was constructed in 2007 providing high quality Grade A office post
accommodation extending to an overall area of approximately 2,129.5 sq m 5
(22,921 sq ft) GIA arranged over ground and three upper floors.
Floor Plans
The external elevations of the building comprise a mix of natural stone,
aluminium cladding and glazing.
Ground Floor Plan Penthouse Floor Plan
The building is accessed via an attractive reception which is shared with the
adjoining and interconnected Block 4.
The floor plates range from 4,842 sq ft to 6,051 sq ft and offer a mix of
cellular and open plan office accommodation.
Specification
ww Impressive reception with double height atrium
ww VRV air conditioning
ww Suspended ceilings with recessed CAT2 fluorescent lighting
ww Raised access floors with floor boxes wired for power
ww Plastered and painted walls with a mix of carpet and timber floor
Block 3 Block 4
finishes Block 3 Block 4
ww Two 8 person passenger lifts
% Income by Occupier
Tenant Rent (per annum) % of Total
Gempool €172,762 45%
Ipsos MRBI €106,364 28%
Tektronix Communications €102,260 27%
For illustrative purposes only
28% Tenant Covenant
27%
Gempool is an IT recruitment specialist
Fincad -founded
44% in November
Gempool - 45% 44%
2003. Further information is available at www.gempool.ie
Medfit - 28%
45% Ipsos MRBI - 28%
Lobo Leasing
Tektronix Communications is a telecoms - 28%and was
provider
Tektronix Communications - 27%
formed in December 1999. Their head office is based in Dallas,
USA
28% with further offices in Shanghai (China), Padua (Italy),
28%
and Berlin (Germany). Further information is available at
www.tekcomms.com
Tenancy & Accommodation Ipsos MRBI is a global market research company and was
founded in 1975. Their worldwide headquarters is in Paris,
Block 3 is let to three tenants at a total current annual rent of €381,386 with a weighted average unexpired lease term of approximately 6.42 years to France. Further information is available at www.ipsosmrbi.com
expiry and approximately 3.84 years to earliest break / expiry.
Demise Area Sq m GIA Area Sq ft GIA Lease Area Sq m NIA Lease Area Sq ft NIA CPS Tenant Lease Start Lease Duration Rent Review Break Option Lease Expiry Rent PA
Basement 22.2 239
Ground 562.1 6,051 4,656 9 Gempool 19/09/2014 10 Years 19/09/2019 19/09/2019 18/09/2024 €92,808
First 551.9 5,940 4,693 7 Tektronix Communications 01/04/2012 6 Years & 2 Months 31/03/2015 1 & 31/03/2017 31/03/2017 30/05/2018 €102,260
Second 543.5 5,850 423.8 14 Ipsos MRBI 01/06/2011 10 Years 01/06/2016 31/05/2021 €106,364
Third 449.8 4,842 3,407 5 Gempool 2 06/03/2015 10 Years 06/03/2020 06/03/2020 05/03/2025 €79,954
TOTAL 2,129.5 22,921 35 €381,386
Notes: The above areas which are calculated on a Gross Internal Area basis were provided by
The 2015 Tektronix Communications Rent review is outstanding. 2. Gempool have sub-let the third floor to OFM Solutions.
1. The Building Consultancy. An assignable measurement survey is provided in the data room.
Please refer to data room for further details on any rent free incentives, break penalties and break notice periods.
6 7
Blackrock Business Park Portfolio Prime Suburban Office Portfolio Investment
9 8 9 8
BLOCK 4 2
7 6
2
7 6
The Property 1 1
3 4 3 4
Block 4 was constructed in 2007 providing high quality Grade A office post post
accommodation extending to an overall area of approximately 1,575.8 sq m
5 5
(16,962 sq ft) GIA arranged over ground and two upper floors.
Floor Plans
The external elevations of the building comprise a mix of natural stone,
aluminium cladding and glazing.
The building is accessed via an attractive reception which is shared with the Ground Floor Plan Penthouse Floor Plan
adjoining and interconnected Block 3.
The upper floor plates range from 5,187 sq ft to 5,906 sq ft and offer a mix of
cellular and open plan office accommodation. In addition there is a medical
facility on the ground floor which extends to approximately 5,693 sq ft.
Planning permission was previously granted in 2007 (now expired) for the
additional 424.63 sq m (4,571 sq ft) penthouse floor within this property.
There is an opportunity to re-apply for a similar planning permission.
Specification
ww Impressive reception with double height atrium
ww VRV air conditioning
ww Suspended ceilings with recessed CAT2 fluorescent lighting
Block 3 Block 4 Block 3 Block 4
ww Raised access floors with floor boxes wired for power
ww Plastered and painted walls with a mix of carpet and timber floor finishes
ww Two 8 person passenger lifts
% Income by Occupier
Tenant Rent (per annum) % of Total
Fincad €123,826 44%
Medfit €79,000 28%
Lobo Leasing €78,780 28%
For illustrative purposes only
Tenant Covenant
Medfit is the first and only medical exercise, Limited. In addition to its headquarters in Dublin,
28%
physiotherapy and rehabilitation facility of its kind Lobo have offices in the San Francisco Bay, London
in Ireland and was set up in March 2010. Further and Kuala Lumpur. Further information is available at
Fincad - 44%
Gempool - 45% 44% information is available at www.medfit.ie www.loboleasing.com
Medfit - 28%
45% Ipsos MRBI - 28%
Lobo Leasing provides helicopter fleet management Fincad - provides financial analytics software to
Lobo Leasing - 28%
Tektronix Communications - 27% solutions including helicopter leasing, helicopter more than 1,000 organisations worldwide. Fincad
sourcing and helicopter trading. They serve industries was formed in March 2007 and their European hub
28% such as oil and gas production, search and rescue for Client Services, Sales and Support is based in
8%
teams, air medical and general utility. Lobo Leasing Blackrock Business Park. Fincad’s headquarters is in
was formed in 2011 and in December 2013, Lobo Vancouver, with further offices in New York, London,
Tenancy & Accommodation management entered into an agreement with GSO and Beijing. Further information is available at
Capital Partners LP, a global investment platform of www.fincad.com
Block 4 is let to three tenants at a total current annual rent of €281,606 with a weighted average unexpired lease term of approximately 7.64 years to The Blackstone Group L.P. to form Lobo Leasing
expiry and approximately 6.23 years to earliest break / expiry.
Demise Area Sq m GIA Area Sq ft GIA Lease Area Sq m NIA Lease Area Sq ft NIA CPS Tenant Lease Start Lease Duration Rent Review Break Option Lease Expiry Rent PA
Basement 16.4 177
Ground 528.9 5,693 4,122 1 8 Medfit Proactive Healthcare 15/02/2011 20 Years 15/02/2016 & 15/02/2021 & 15/02/2026 14/02/2031 €79,000
First 481.8 5,187 4,110 4 Lobo Leasing 15/12/2014 10 Years 15/12/2017 01/12/2019 14/12/2024 €78,780
Second 548.7 5,906 449 17 Fincad 16/08/2007 9 Years & 11 Months 15/07/2017 €123,826
Total 1,575.8 16,962 29 €281,606
Notes:
1.
The Medfit lease states that the area would be determined by a final measurement required in the Agreement The above areas which are calculated on a Gross Internal Area basis were provided by
for Lease and the area would be a minimum of 4,122 sq ft. This final measurement was never undertaken. The Building Consultancy. An assignable measurement survey is provided in the data room.
Please refer to data room for further details on any rent free incentives, break penalties and break notice periods.
8 9
Blackrock Business Park Portfolio Prime Suburban Office Portfolio Investment
9 8 9 8 9 8
BLOCK 5 2
7 6
2
7 6
2
7 6
The Property 1 1 1
3 4 3 4 3 4
Block 5 comprises a detached building constructed in 2007 and provides post post post
a private medical clinic extending to an overall area of approximately 5 5 5
987.1 sq m (10,625 sq ft) GIA over ground and two upper floors. The
Floor Plans
ground floor consists of a reception area and an office suite while the
upper levels comprise a number of treatment rooms in addition to further
office suites, waiting rooms and a staff gym.
The external elevations of the building comprise a mix of natural stone, Ground Floor Plan First Floor Plan
aluminium cladding and glazing.
A fully self-contained part of the ground floor is owned by Saint John of
God under the terms of long leasehold and does not form part of the sale.
The ground floor area of the subject property extends to approximately
145.6 sq m (1,567 sq ft) while the first floor and second floors extend
to approximately 465.8 sq m (5,014 sq ft) and 336.9 sq m (3,626 sq ft)
respectively.
There is a desirable terraced staff area on the second floor which provides
excellent panoramic views of the nearby coast, harbour and the Dublin City
Centre skyline.
The current tenant has carried out a comprehensive level of fit-out
throughout the building and offers a highly bespoke and best in class
medical facility.
Specification
ww VRV air conditioning Second Floor Plan Tenant Covenant
ww Suspended ceilings with recessed CAT2 fluorescent lighting
ww Raised access floors with floor boxes wired for power Hair Restoration Ireland specialise in the treatment of male
ww Plastered and painted walls with a mix of carpet and timber floor and female pattern hair loss. Hair Restoration Ireland was
finishes founded over 10 years ago by Dr Maurice Collins, a specialist
ww One 8 person passenger lift head and neck surgeon, trained in the UK and Ireland. They
treat patients primarily from Ireland and the UK. Patients also
travel from mainland Europe, North America, Asia and the
Middle East. Further information is available at www.hrbr.ie
For illustrative purposes only
Tenancy & Accommodation
Block 5 is let to single-let to Hair Restoration Limited at a total current annual rent of €349,682 with an unexpired lease term of approximately
12.47 years to expiry and approximately 7.97 years to earliest break / expiry.
Demise Area Sq m GIA Area Sq ft GIA Lease Area Sq m NIA CPS Tenant Lease Start Lease Duration Rent Review Break Option Lease Expiry Rent PA
Basement 38.8 418
Ground 145.6 1,567
719.30 9 Hair Restoration Limited 03/04/2008 20 Years 03/04/2023 03/04/2023 02/04/2028 €349,682
First 465.8 5,014
Second 336.9 3,626
Total 987.1 10,625 719.30 9 €349,682
The above areas which are calculated on a Gross Internal Area basis were provided by The Building Consultancy. An assignable measurement
survey is provided in the data room. Please refer to data room for further details on any rent free incentives, break penalties and break notice periods.
10 11
M2 M1
Blackrock Business Park Portfolio Prime Suburban Office Portfolio Investment
2 Swords Malahide
2
DUBLIN
N2 AIRPORT Portmarnock
1 Local Occupiers
4 3
4
M50
5 N32
N3 1. Permanent TSB
Coolock
Santry
Blanchardstown 2
Finglas
2. Zurich
2 Beaumont Sutton
Howth
6
N2
3. Ulster Bank
M50
Clontarf
M50
Drumcondra Port Tunnel 4. AIG Insurance
Castleknock
N3 N1
N2 5. CIT
3
2 1 7 DUBLIN 6. An Post
Lucan N4
Chapelizod CITY CENTRE
N4 N1 7. Blackrock Shopping Centre
Ballyfermot 8. Frascati Centre
N81
Ballsbridge
9. Blackrock Clinic
N11
Crumlin Ranelagh
Clondalkin
1 Donnybrook
9
N7
Walkinstown Milltown
blackrock business park
10 Terenure
2 N81 Clonskeagh
N31
Churchtown Blackrock
3 Dun
11
Templeogue N11 Laoghaire 9 RO
Tallaght Dundrum CK
RO
N81 Ratfarnham Stillorgan AD
N82
Sandyford Glenageary
12
N31
13 Foxrock
ELD
14
BLACKROCK DART STATION
M50
W ES T F I
Leopardstown B AT
N11 HP
N31 HILL
LA
CE
Carrickmines RO
CK
ID
RO
NE
15 TE
7 RR
AC
Stepaside E
E
U
M
EN
A
IN
ID
AV
RO
NE
ST
FRA
S
Cherrywood LA
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RE
16 NE
G
R
ET
S CA
8
SYDN
EO
M11 3
G
FR
TI PA R K
BR O
S 4
E Y AV
LOCATION TRANSPORT 2
A
17 C
OK
AT MA
IN
LA
I ST
ENUE
RE
W
RO ET
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EN
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Blackrock Business Park is situated in Blackrock, arguably the best The suburb of Blackrock has the benefit of excellent transportation
AV
AD
SEAPOINT
’S
suburban office location in Dublin approximately 8km south east of the routes to include the QBC and DART services. Blackrock DART station
GE
5 DART STATION
OR
blackrock business park
City Centre. The Business Park benefits from excellent profile and easy is located approximately 600 metres to the north west of Blackrock
GE
access off both the Frascati Road (N31) via Sweetman’s Avenue, and Business Park. The N11, which is the primary Dublin to Wexford route,
M50 BAR
5
Carysfort Avenue. Carysfort Avenue is a busy arterial route connecting provides vehicular access to both the City Centre and the M50. CLA
R82
AN Y C
GL OUR
ES
EA T N31
Blackrock village with Stillorgan village. AV
EN
UE
PL
Journey Travel times from Blackrock DART Station
SY
AD
6
DN
A
RO
OC
EEN
This unrivalled suburban location is home to many of Ireland’s major
EY
GR UE
AV
ROAD
EN
TE
5 AV
RR
international occupiers such as Zurich, Ulster Bank, Canada Life, AIG PA
RK
AC
L D AV E N U
Blackrock Station to Journey Time OKFIE LE
R AV E
E
BRO E
MP
Insurance and CIT along with various other government entities. C O NVENT R OAD
TE T
BR O OK FI EL D TER R ACE
CEN
R O AD
ES
BELG
E CR
Pearse Station 12 minutes
PL
AT O
E
RK
Blackrock village is a commercial centre, with cafés, bars, restaurants
AL M A
M
N PL
A
TE
CE
PA
L D P L ACE
TE
E
and shopping centres including Blackrock Shopping Centre (anchored Tara Station 15 minutes U
TS MP
EN
AV
EN
LE
A
by Superquinn) and the Frascati Centre (anchored by Marks & Spencer OC
T VINC
AD
HILL
NUE
AV IE RO MO
Connolly Station 17 minutes L NK
B R OO K F
and Debenhams). Blackrock has a population of approximately 29,461 ST
C ARY S F O R T AV E
T E M P L E HIL
S OW
N R
O AD
people (2011 census).
Dart Rail Network
TARA STREET GRAND CANAL DOCK SANDYMOUNT BOOTERSTOWN SEAPOINT DUN LAOGHAIRE GLENAGEARY KILLINEY BRAY
...Blackrock Business Park is situated in Blackrock,
arguably the best suburban office location in Dublin
CONNOLLY PEARSE LANSDOWNE ROAD SYDNEY PARADE BLACKROCK SALTHILL & SANDYCOVE & DALKEY SHANKHILL
MONKSTOWN GLASTHULE
12 13
Blackrock Business Park Portfolio Prime Suburban Office Portfolio Investment
ASSET MANAGEMENT
Timeline
RENT REVIEWS
Mar 2015 Feb 2016 Jun 2016 Mar 2017 Dec 2017 Sep 2019
Techtronix Medfit Ipsos MRBI Techtronix Lobo Gempool
Communications (Grd Floor (2nd Floor Communications Leasing (Grd Floor
(1st Floor Block 4) Block 3) (1st Floor (1st Floor Block 3)
Block 3) Block 3) Block 4)
2018
2019
2016
Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q4 Q2 Q3 Q4 Q2 Q3 Q4
2015
2017
Mar 2017 May 2018 Dec 2019
Techtronix July 2017 Techtronix Sep 2019 Lobo
Communications Fincad Communications Gempool Leasing
(1st Floor (2nd Floor (1st Floor (Grd Floor (1st Floor
Block 3) Block 4) Block 3) Block 3) Block 4)
BREAK OPTIONS / LEASE EXPIRIES
The investment offers multiple asset management opportunities in the short to medium term, due to numerous lease events within the next
3 – 5 years in Blocks 3 & 4. Opportunities to increase rent roll and add value are detailed below:
SUBURBAN DUBLIN OCCUPATIONAL MARKET
Rent Reviews: • During the first six months of 2015, demand for high quality office accommodation in the Dublin suburbs and particularly areas within south
There are six rent reviews in 2015, 2016, 2017 and 2019 for five different tenants who currently account for 45% of the current passing rent. Dublin has been in line with the 5-year average, with take-up in the south east suburbs reaching approximately 287,730 sq ft.
The current passing rent of these tenants ranges from €18–€22 per sq ft. Savills’ opinion of prime rents for the South Suburban Region currently • The high level of take-up has reduced the prime Grade A office vacancy rate for the south east suburbs to 7.6%, significantly below the 5-year
stands at €25 per sq ft offering attractive revisionary potential. average of 18% for all Dublin office stock.
Lease Re-gears: • This 7.6% Grade A vacancy includes approximately 100,000 sq ft which is largely attributed to three office buildings situated in the Sandyford and
There are three tenant break options over the next 4 years for Techtronix Communications, Gempool and Lobo Leasing. This gives the purchaser Leopardstown regions.
the opportunity to negotiate the existing leases and endeavour to extend the term certain. Alternatively, these break options may afford the opportunity
to refurbish / upgrade and re-let this space at higher rental levels. • To date in 2015, 16.3% of leasing transactions in Dublin Suburbs were in the 5,000 sq ft to 10,000 sq ft size bracket, demonstrating the strong
occupier demand for the property’s floor plates. Furthermore, all these leasing transactions were for Grade B or Grade C space due to the current
Lease Expiries: lack of available Grade A accommodation in this size bracket.
There are two lease expiries due to occur in July 2017 and May 2018 for Fincad and Techtronix Communications respectively. This also provides
the purchaser with the opportunity to seek to extend the lease term or take back the space to refurbish / upgrade and re-let this space. • The low level of supply and strong occupier demand is resulting in strong rental growth forecasts in the South Dublin Suburban region.
Future Development: • Savills’ opinion of prime rent for the South Dublin Suburban region currently stands at €25 per sq ft for the best space. Savills forecast prime rents
There is an opportunity to re-apply and secure planning permission for the additional penthouse floor on Block 4. Historical planning permission in the South Dublin Suburban region to reach approximately €35 per sq ft by the end of 2017.
was granted in 2007 for this 424.63 sq m (4,571 sq ft) penthouse.
...Extensive asset management
opportunities including lease
restructurings, upcoming
rent review negotiations and
development of an additional
penthouse level to Block 4 (S.P.P.)
14 15
Blackrock Business Park Portfolio OTHER INFORMATION BER BER Number: Available on the Data Site Title We understand the properties are held leasehold and freehold. Viewings Viewings are strictly by appointment through Savills, the sole selling agents. CONTACT Selling Agents Solicitors Savills Ireland Mason Hayes & Curran 33 Molesworth Street, South Bank House, Barrow Street, Dublin 2, Ireland Dublin 4, Ireland www.savills.ie www.mhc.ie Domhnaill O’Sullivan Vanessa Byrne +353 (0)1 618 1364 +353 (0)1 614 5296 domhnaill.osullivan@savills.ie vbyrne@mhc.ie Marguerite Boyle Ailbhe Cunningham +353 (0)1 618 1334 +353 (0)1 614 5288 marguerite.boyle@savills.ie acunningham@mhc.ie Kevin McMahon +353 (0)1 618 1328 kevin.mcmahon@savills.ie www.blackrockbusinessparkportfolio.com The agents 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 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 Savills nor any of their 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. 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 858200
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