BSQ INVESTMENT PORTFOLIO - SANDYFORD, DUBLIN 18 FOR SALE ON THE INS TRUCTIONS OF THE RECEIVER SIMON C OYLE - CUSHMAN & WAKEFIELD
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
BSQ investment portfolio
Sandyford, Dublin 18
Fo r Sa le on the instructions of the Rec e i v e r S i mon Coy l e
B S Q i n v e s t m e n t p o r t f o l i o PAge 3
B S Q i n v e s t m e n t p o r t f o l i o
Investment Summary
Beacon South Quarter (BSQ)
A rare opportunity to acquire a prime multi-let retail investment - part of the successful
Beacon South Quarter development.
• BSQ is anchored by Dunnes Stores, with other notable retailers including: Pizza Hut, Ulster Bank, Bank of Ireland, Carphone Warehouse,
Starbucks, O’Brien’s Wines Off-Licence, Munchies and Imaginosity
• The BSQ sale comprises 24 retail units (10 vacant, 14 leased) and The Observe Site (leased)
• Ulster Bank represent 30% of the current rent receivable with 16.75 years term certain
• Total gross floor area approx. 10,917 sqm (117,511 sqft)
• 45.25% (10 units) of the floor area is vacant, providing numerous asset management opportunities to increase rental income
• Sale includes high profile buildings including Imaginosity and the former Copper Bar & Grill Restaurant
• Net Operating Income of €534,407 per annum
• WAULT of 15 years to expiry & 10.28 years to earlier of lease breaks/expiry
• Excellent transport connections with a number of Dublin Bus routes, 2 LUAS stops and M50 Interchange (Exit 14) in close proximity
• Guide price of €11,500,000 (Eleven Million Five Hundred Thousand Euro) reflecting a net initial yield of 4.45% assuming
standard purchasers costs of 4.46% and a capital value per sq ft of €98
B S Q i n v e s t m e n t p o r t f o l i o PAge 51
PAge
location
DRUMMARTIN L
HAZEL AVE
Beacon South Quarter (BSQ) is located in an area known as
K I L M ACUD ROAD UPPER
Sandyford Business District which includes Sandyford Business
INK ROAD
Sandy
andyffor
ordd
N WOOD
Park, Industrial Estate, Central Park and South County Business Park. BAL
ALLY LAK
ELA
LAKELANDS D R
DR
S CR
NDS
BSQ is located 9km from Dublin City Centre. The site is located
S TILLORGA
A VE
ND
BAL BENI
ELA
ALL LDUS
on the corner of Blackthorn Drive and Blackthorn Road, opposite Beacon
Y AV LAK
AVE
LAK
E ELA
NDS
ST
CL
ILL
BALA
Hospital and Beacon Hotel. BSQ enjoys superb access to the N11, M50 GA
OR
N HEATH
LLY P
and is approximately 7 minutes’ walk from the LUAS stop.
ARK
Y GR
BALALL BLA
BSQ
SBQ CKT
S AN D
HO
D RU M
HILL RN
S PRUC
BIR
BALALLY CH AVE
A
YFOR
VE
MART
MA
AT a glance…
E AVE
PLE
D
A VE
IN
RD
DR
D RN
LINK
MAPLES R HO
• BSQ has onsite parking for over 800 cars KT CAR
AC MA BL
ROA
RD
BL NH
ALL AC
D HAWTHORNS RD KT
LE
DR
D
RD
NAR
ARK
RD
CLO
HO
• There are 800 apartments in the immediate vicinity
RIG
RN
RD
COR
AVE
K
ROC
THR
• Ben Dunne Gym currently has over 6,000 members in BSQ BLACKTH
ORN DR EE
ROC
ENS
DRU
AVE
BL KR
ACK D
RAV
L
HAL
D
THO
MMA
NR
RN
TON
• 925,000 people live within a 30-minute drive time RO
CKE
AD
RT I
BUR
MOREEN PARK
BRA
N LIN
D
NA R
AVE
• BSQ is just 7 minutes’ walk from Stillorgan & Sandyford LUAS stops
K RO
MOREEN
A RE
AD
FURZE RD
HEATHER RD
• Imaginosity has welcomed over 650,000 people since opening in 2007
• 2011 Population of Dun Laoghaire Rathdown was 206,261 M50
ARDS
TOWN
ROAD
LEOP
• Dublin has a population of in excess of 1.27m people M50
PAge 2 B S Q i n v e s t m e n t p o r t f o l i o
the beacon hospital beacon south quarter the observe site microsoft
Stillorgan Village
d
oa
R
nk
Li
n
ti
ar
m
mu
Dr
Stil
lor
gan
LUA
S st
op
50
to M
ess
Acc
B S Q i n v e s t m e n t p o r t f o l i o PAge 3
Description
The sale of 24 units in BSQ and the adjacent familiar names such as Starbucks, Munchies, The retail and commercial element of BSQ which total 12 in number. At this level and
Observe Site offers a rare opportunity Mango Tree and Pizza Hut. Alongside these are predominately located around the included in this sale are 3 units occupied by
to acquire a significant holding within this strong brands are further opportunities to Courtyard or Plaza Levels. The Courtyard Red Earth and Ben Dunne Gym, with the
exciting and vibrant urban quarter. remaining unit currently vacant and which is
located between Dunnes Stores and S.O.U.L.
From its inception to when it was first
developed, BSQ set a new standard At Plaza Level, there are 20 surface car
for modern apartment living with ‘cube’ spaces accessed from Blackthorn Road and
style balconies, high quality interiors and a total of 39 units, 21 of which form part
concierge facilities. The external landscaping of this sale. Occupiers at this level include
and the overall environment was of a level Centric Health, Ulster Bank, O’Farrell Sports,
that had not been seen previously. Carphone Warehouse and several food
operators including Mango Tree, Pizza Hut
The commercial element which was and Starbucks.
built around the apartments created an
immediate new urban quarter and shopping One of the attractions in BSQ is the children’s
destination, a focal point within the area. museum ‘Imaginosity’ located in the centre
The Beacon Hospital and the adjoining of the Plaza and acting as a focal point
Beacon Hotel along with over 800 destination within the centre, consistently
apartments act as heavy weight anchors generating significant footfall. Imaginosity
to this urban quarter insuring strong footfall forms part of the BSQ sale together with the
and long term viability. former Copper Bar & Grill Restaurant, a high
profile building with extensive frontage to
In terms of shopping BSQ has established Blackthorn Road.
itself as a specialist interiors and leisure
centre. High quality tenants in BSQ include The car park at BSQ also draws customers
Roche Bobois, BoConcept, Scandinavian who may be visiting local amenities but who
retailer S.O.U.L., Kube Kitchens and Red Earth. drive the food offering at Plaza Level and Level provides access to both the surface often linger in the centre.
build upon the current strong demand which (54) and basement car spaces (800) and is
In addition the extensive food offering has exists within the food and beverage sector the entrance level to Dunnes Stores grocery All vacant units have glazed shop fronts and
created another specialist destination with at present. and the larger retail warehouse styled units some benefit from remaining tenant fit out.
PAge 4 B S Q i n v e s t m e n t p o r t f o l i o
BSQ INVESTMENT PORTFOLIO - OCCUPIERS
B S Q i n v e s t m e n t p o r t f o l i o PAge 5Tenancy Schedule & Accommodation
Unit No. Tenant Name Trading As Measured Floor Measured Floor Contracted Rent Current Rent Term Lease Start Lease Expiry Next Rent Break Options
Area (GIA sq m) Area (GIA sq ft) (pa) (Ex VAT) Receivable Date Date Review
(pa) (Ex VAT)
RW CO2L Vacant Vacant 579.90 6,242
RW CO2U 730.90 7,867
RW D6 & 7 Lower & Mezz Ben Dunne Gyms Sandyford Ltd Ben Dunne Gyms Sandyford 1,955.60 21,050 €100,000 €100,000 15 years 16/09/2011 15/09/2026 16/09/2016 15/09/2018
RW CO8L Genesis Fine Arts Ltd Red Earth Interiors 405.90 4,369 €80,000 €70,000 10 years 21/09/2015 20/09/2025 21/09/2020 Mutual Break 20/09/2020
RW - C06 Upper Vacant Vacant 393.30 4,233 €0 €0
RWC07 Upper Dactyl X Ltd Centric Health Primary Care 421.20 4,534 €50,000 €50,000 20 years 10/11/2015 09/11/2035 10/11/2020 09/11/25 & 09/11/30
RWC08- Upper Ulster Bank Ireland Ltd Ulster Bank 520.00 5,597 €284,752 €284,752 25 years 04/02/2008 03/02/2033 04/02/2018
RW-C10 Vacant Vacant 315.80 3,399 €0 €0
R-A1P Vacant Vacant 294.60 3,171 €0 €0
R-A2P Vacant Vacant 109.50 1,179 €0 €0
R-A3 1P Vacant Vacant 181.80 1,957 €0 €0
R-A3 2P Vacant Vacant 180.60 1,944 €0 €0
D13 O’Neills Irish International Sports Co. Ltd O’Farrell Sports 167.80 1,806 €83,732 €40,000 25 years 01/07/2007 30/06/2032 01/07/2017 30/06/2022
R-A5R1 Vacant Vacant 1,076.50 11,587 €0 €0
R-A5R8 K&N Foods LTD Mango Tree 111.40 1,199 €35,000 €31,000
R-A5RP Brendan Wall Beacon Barbers 91.10 981 €11,000 €11,000 4 years 01/12/2011 31/08/2016
9 month
R-A5R4 The Carphone Warehouse Ltd Carphone Warehouse 104.90 1,129 €62,037 €62,037 25 years 01/07/2007 30/06/2032 01/07/2017 30/06/2022
RB1-R1P Serangton Ltd Pizza Hut 88.10 948 €56,000 €24,000 25 years 01/07/2007 30/06/2032 01/07/2016
RB1-R2P Mark Belton The Coffee Shot 95.80 1,031 €30,000 €28,500 10 years 25/07/2013 24/07/2023 25/07/2018 24/07/2016 & 24/07/2018
RB1-R3P Michie Sushi Ltd Michie Sushi 92.00 990 €30,000 €30,000 10 years 31/07/2013 30/07/2023 31/07/2018 30/07/2018
RB1-R4P Munchies Sandyford Ltd Munchies 91.80 988 €60,000 €32,000 25 years 01/07/2007 30/06/2032 01/07/2017 30/06/2022
RB1-R5P Starbucks Coffee Company (Ireland) Ltd Starbucks 142.20 1,531 €60,000 €60,000 20 years 07/01/2008 06/01/2028 07/01/2018 06/01/2023
A6 Caretaker in place Vacant 45.80 493 €0 €0
A7 Imaginosity Ltd Imaginosity 1,308.60 14,085 €85,000 €85,000 25 years 20/01/2016 19/01/2041 20/01/2021
RA8 Vacant Vacant 1,031.30 11,101 €0 €0
Observe Site Knights Catering Limited Knights Catering 380.80 4,099 €40,000 €40,000 10 years 25/02/2014 24/02/2024 24/02/2017 & 24/02/2018
10,917.20 117,511 €1,067,521 €948,289
Net Operating Income €534,407
Please see Data Room for rates, service charges and assignable measurement survey.
The measurement survey includes a breakdown of areas for mezzanine & other levels where applicable.
PAge 10
6 B S Q i n v e s t m e n t p o r t f o l i ocourtyard Level
Gym
unne
Ben D
n’s
O’Brie ence
Off Lic
ic
Class ure
Furnit arth
Red E
t
Vacan
ncept
n BoCo
Kitche acy
KUBE tudio harm
Roche is S ocal P
Your L
Bobo
ent
asem
s to 800 b
s
acce stomers
s and u
c ar space for retail c
4 surface r spaces res
5 ca Dunn
es Sto
t
Vacan02L)
(RW C
.L.
S.O.U tyle
Lifes
PAge 7plaza Level
A6 (Management Suite)
)
t (RA8
Vacant (RA2P) Vacan
The Beacon Barber
Carphone Warehouse
t
5R1) Vacan 1P)
t (R-A (RA
Vacan
1P)
t (RA3
o
Mang e Vacan 2P)
Tre n t (RA3
Vaca
Hut
osity Pizza
Imagin e Sho
t
Coffe
ichie Sushi
M
hies
Munc
ucks
Starb
Bank
Ulster
lthcare
ic Hea
Centr C06U
)
t (RW
Vacan C10)
t W
(R
Vacan
n
Beaco al
Ren
of
Bank nd
Irela
res
es Sto
Dunn
t
Vacan 2U)
0
(RW C
B S Q i n v e s t m e n t p o r t f o l i o PAge 8Income Analysis
income by term certain top 5 tenants by income
Ulster Bank
€284,752
51%
>10 Years
41.52%Asset Management
Vacant Units
RW CO2L/U 1,310.8 sq.m. (14,109 sq.ft.) operators to complement the existing food RA3 1P 181.8 sq.m. (1,957 sq.ft.) R A6 45.8 sq.m. (493 sq.ft.)
This unit extends to 1,310.8 sq.m. (14,109 sq.ft.) and offerings on the plaza level. A prominent unit located at Plaza Currently occupied by BSQ
is currently in shell condition. An ideal flagship Level - visible immediately in front of Management Company Ltd.
store due to its prominent location between R-A1P 294.6 sq.m. (3,171 sq.ft.) customers exiting the travellator. An attractive unit with double frontage,
S.o.u.l. and Dunnes Stores. This unit would be ideal for uses such as fitted with a floor, ceiling and tea
personal training, yoga, pilates studio etc. The RA3 2P 180.6 sq.m. (1,944 sq.ft.) station.
RW C06 Upper 393.3 sq.m. (4,233 sq.ft.) existing modern fit out includes a reception area, Located adjacent to RA3 1P above, with
Located immediately adjacent to the recently dressings rooms and two studios. planning for restaurant use, the unit R A8 1,031.3 sq.m. (11,101 sq.ft.)
let Centric Healthcare unit which creates an benefits from views to Japanese garden. Fully fitted licenced restaurant and
opportunity to target complimentary medical uses. R-A2P 109.5 sq.m. (1,179 sq.ft.) bar over three floors. Includes a
Formerly occupied by a dry cleaning RA5 R1 1,076.5 sq.m. (11,587 sq.ft.) private function room and outdoor
RW C10 315.8 sq.m. (3,399 sq.ft.) business, this unit has the benefit of a Substantial unit suitable for seating area. The unit has kitchen
Located immediately adjacent to Dunnes customer area and serving counter. sub-division and a number of uses and bar facilities and was previously
homewares entrance. This unit has planning for food The unit is located at Plaza Level adjacent such as retail, office and medical occupied by The Copper Bar &
use, there is an opportunity to target restaurant to an apartment entrance. (subject to planning). Grill Restaurant.
PAge 10‘Observe Site’ 19 Corrig Road, Sandyford, Dublin 18
The ‘Observe Site comprises a detached
three storey warehouse on a site of
approximately 0.214 ha (0.53 acres).
The property is currently let to Knights
Catering Ltd on a 10 year lease from
25th February 2014 at a passing rent of
€40,000 per annum. The tenant has an
option to terminate the Lease at the
expiration of the second, third and
fourth year of the Term. There is a
guarantor to this lease.
The tenant has the benefit of a
purchase option. Purchasers should
satisfy themselves as to the details of
this purchase option by referring to the
relevant document in the data room.
The site is zoned objective MOC “To
provide for a mix of uses. Which
complements the inner core but with
less retail and residential and more
emphasis on employment and services.”
Under the Dun Laoghaire Rathdown
Development Plan 2010 to 2016.
B S Q i n v e s t m e n t p o r t f o l i o PAge 11Buoyant opening quarter for Tenure
We understand that the property is held under long leasehold title.
retail investment
The share of retail investment has grown 6.3%. Another notable shopping centre sale
Planning
The property (excluding The Observe Site) is zoned MIC which is defined as ‘To consolidate
progressively over the past two years on the during the quarter included the acquisition of
and complete the development of the mixed use inner core to enhance and reinforce sustainable
back of increasing consumer confidence and Athlone’s Golden Island Shopping Centre by
development’ as set out in the Dun Laoghaire Rathdown Development plan 2010-2016.
retail sales. A key trend during 2015 was the Credit Suisse for a reported €43.5 million.
rising volume of retail investment. 2015 saw
capital continue to flow into the retail sector, Total return to retail property stood at 3.3% VAT
accounting for 27% of overall investment in quarter one of 2016, according to the latest A VAT note is located on the Data Room.
and the second most traded asset type in results from the IPD/SCSI Ireland Quarterly
2015. Approximately €1 billion worth of retail Property Index. Income return to retail was
investments changed hands during the year, steady at 1.2% while capital values returned BER B3 G
broadly in line with turnover in 2014. 2% during the three month period. Key retail Full Building Energy Rating Certificates and Advisory Reports are available in the data room.
locations, especially properties on Dublin’s
This trend continued into 2016 with retail prime streets continue to perform strongly.
investment commanding solid investor interest The opening quarter also witnessed Proposal
in the opening months of 2016. A total of €252 improvements in the regional retail sector, We are instructed to seek offers in excess of €11,500,000 (Eleven million five hundred
million was invested in retail property in the recording a total return of 3.3%, as recent thousand euros) for our client’s long leasehold interest. An acquisition at this level reflects
three months to the end of March. Retail spend transactions made their presence felt in a NIY of 4.28% and a capital value per sq ft of €98 per sq ft after the allowing for acquisition
accounted for 35% of overall investment and market valuations. costs of 4.46%.
overtook the office sector as the most sought
after asset class. The outlook for the retail investment market
in 2016 is positive underpinned by strong
Data Room
Retail spend during the quarter was driven economic conditions and robust market Access to the data room will be granted to interested parties on the signing of a Non Disclosure
by shopping centre sales and, in particular, fundamentals. In addition, the impending sale Agreement (NDA). Please log on to the data site at www.theBSQinvestmentportfolio.com
the sale of Ireland’s largest regional shopping of the Blanchardstown Centre, with a guide
centre, the Whitewater Shopping Centre in Co.
Kildare. The centre was sold to German based
price of approximately €1 billion, will be the
largest single asset sale in the history of the Estate Management
fund, Deka Immobilien GmbH, for €180 million state and will see the volume of retail sales Beacon South Quarter is managed by Aramark. Full service charge budgets and management
and reflects a net initial yield of approximately surpass 2015 levels. company details are available on the data site at www.theBSQinvestmentportfolio.com
PAge 12 B S Q i n v e s t m e n t p o r t f o l i oB S Q i n v e s t m e n t po r t f ol i o
Sandyford, Dublin 18
VIEWINGS:
All viewings are strictly by appointment through the sole selling agent.
DATA ROOM:
www.theBSQinvestmentportfolio.com
CONTACT DETAILS:
DTZ Sherry FitzGerald, 164 Shelbourne Road, Ballsbridge, Dublin 4, Ireland.
T: +353 (0) 1 639 9300. Web: www.dtz.ie
Patricia Ward
T: +353 (0) 1 639 9249 E: patricia.ward@dtz.ie
Johnny O’Connor
T: +353 (0) 1 639 9213 E: johnny.oconnor@dtz.ie
Peter Love
T: +353 (0) 1 639 9612 E: peter.love@dtz.ie
PSRA No: 002222
Conditions to be noted: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property to be relied on as a statement or
representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions,
references to condition and necessary permission for use and occupation, and 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 himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract
of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT
(unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction. 7. The Vendor reserves the right not to accept the highest or any offer made.
May 2016
PAge 2 B S Q i n v e s t m e n t p o r t f o l i oYou can also read
