CARYSFORT COURT BLACKROCK, DUBLIN - OFFICE INVESTMENT OPPORTUNITY
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CARYSFORT COURT
BLACKROCK, DUBLIN
OFFICE INVESTMENT OPPORTUNITY
FOR SALE BY PRIVATE TREATY
INVESTMENT
SUMMARY
• An opportunity to acquire a superbly located office investment
with the benefit of secure long term income.
• The property benefits from exceptional profile onto Frascati Road
(N31) and Carysfort Avenue.
• The building extends to approximately 2,742.1 sq.m. (29,515 sq.ft.)
together with 51 basement car parking spaces.
• The entire property is let to Permanent TSB PLC.
• Unexpired lease term of approximately 7.92 years
(lease expiry 2022).
• The current passing rent is €540,000 per annum which increases
by increments of €10,000 per annum from 2016 to 2021 to a rent
of €600,000 per annum.
• For the avoidance of doubt please note this is a property
investment sale and the tenant is not affected.
DONABATE
LOCATION
BLACKROACK
DART STATION
The property is situated in Black- BA
TH
PL
SWORDS MALAHIDE
BLACKROACK AC
E
ROCK
PARK HILL
rock, arguably the best suburban office location in Dublin
PORTMARNOCK
approximately 8km south east of the City Centre. The property IDR
ON
ET
ER
RA
UE CE
EN
benefits from exceptional profile at the junction of Frascati E’
S
AV
G
COOLOCK OR IDR
SANTRY GE ON
Road (N31) and Carysfort Avenue. Carysfort Avenue is a busy BLANCHARDSTOWN EL
FINGLAS AN
E
BEAUMONT SUTTON
HOWTH
UE
arterial route connecting Blackrock village with Stillorgan R TA
V EN
MA
CLONTARF FO IN
DRUMCONDRA PORT TUNNEL R YS STR
UE
CASTLEKNOCK EE
CA
village. This unrivaled suburban location is home to many of
E
T
EN
NU
AV
AVE
’S
GE
FR FR
AN’S
AS
OR
Ireland’s major international occupiers such as Zurich,LUCAN
Ulster
AS CA
GE
CA TI
DUBLIN TI
ETM
CHAPELIZOD PA RO TE
R AD MP
CITY CENTRE K LE
E
RO
SW
Bank, Canada Life, AIG Insurance and CIT along with various AD
BALLYFERMOT
E
other government entities. Blackrock village is a commercial
ENU
BALLSBRIDGE
N31
T AV
CRUMLIN RANELAGH
CLONDALKIN
FOR
centre, with cafes, bars, restaurants and shopping centres in- DONNYBROOK
YS
CAR
WALKINSTOWN MILLTOWN
TERENURE
E
cluding Blackrock Shopping Centre (anchored by Superquinn)
NU
CLONSKEAGH
ANG
AVE
LES
T
CHURCHTOWN EA
OUR
BLACKROCK AVE
AN’S
DUNDRUM NUE
and the Frascati Centre (anchored by Marks & SpencerTALLAGHT
and DUN
YC
TEMPLEOGUE
ETM
LAOGHAIRE
CLA
STILLORGAN
SWE
RATFARNHAM
BAR
Debenhams). Blackrock has a population of approximately SANDYFORD
GLENAGEARY
FOXROCK
29,461 people (2011 census). LEOPARDSTOWN
TENANCY
CARRICKMINES
STEPASIDE
CHERRYWOOD The property is let to Irish Life
and Permanent PLC, t/a Permanent TSB on a 25 year Full
Repairing and Insuring lease from 1st August 1997. The
passing rent is €540,000 per annum which increases by
increments of €10,000 per annum from 2016 to 2021 to a
rent of €600,000 per annum. There are no break options
and the lease expires on 31st July 2022.
TENANT COVENANT
Permanent TSB group holdings plc (PTSBGH) is a com-
pany listed on the Enterprise Securities Market of the
Dublin Stock Exchange. It is the holding company for
TRANSPORT
Permanent TSB plc (PTSB) which is a Credit Institution
The suburb of Blackrock licenced and regulated by the Central Bank of Ireland.
has the benefit of excellent transportation routes to Permanent TSB has received significant support from
include the QBC and DART services. Blackrock DART the Irish State in the context of the financial crisis be-
station is located approximately 400 metres to the cause of its systemic importance to the Irish Financial
north west of Carysfort Court. The N11, which is the system. As a result of these State support measures,
primary Dublin to Wexford route, provides vehicular the Minister for Finance of Ireland owns 99.24% of the
access to both the City Centre and the M50. issued ordinary shares of PTSBGH.
DESCRIPTION Carysfort Court comprises a three
storey over basement third generation office building completed in 1997.
This property extends to a Net Internal Area (NIA) of approximately 2,742.1
sq. m (29,515 sq. ft.) with 51 basement car spaces. Externally the building
is of reinforced in-situ concrete frame and prefabricated concrete floors
and block work cavity wall with an attractive red brick façade underneath
a flat asphalt covered roof. The property forms part of a terrace of 3 no.
properties, with the office property to the east currently occupied by An
Garda Siochana and the block to the north being occupied by An Bord At-
lantis – Nursing Board. The property includes a reception area with atrium
in addition to the office accommodation which includes clear span column
free open plan office space, cellular offices, meeting rooms and training
rooms. There is a canteen at first floor level which includes a kitchen, fitted
Approximate Approximate
Level Description Floor Area Floor Area
with stainless steel catering equipment. Vehicular access to the basement SQ M (NIA) SQ FT (NIA)
car park is via Carysfort Avenue Sweetman’s Avenue via or Frascati Road.
SCHEDULE OF
Ground Office 956.42 10,295
Pedestrian access to the property is via steps from Carysfort Avenue, at its First Office 910.64 9,802
junction with Frascati Road.
ACCOMMODATION
Please note the areas were agreed at rent review in 2002.
Second
Total Area
Office 875.04
2742.1
9,418
29,515
All intending purchasers should satisfy themselves in Car Parking Spaces 51
relation to the accuracy of the above floor areas.
TYPICAL FLOOR PLAN SPECIFICATION
• High quality clear span column free open
plan accommodation
• Raised access floors, carpet tiles, suspended
ceilings incorporating recessed light fittings
• Two 6 person passenger lifts
• 4 pipe fan coil air conditioning system
• Clear floor to ceiling heights of approximately
2.68 metres (average)
• High quality windows with strong solar and
acoustic ratings
• Double height reception with atrium
• Concrete floors
CAPITAL GAINS TAX If the property is purchased before the end of 2014 and is held for at least 7 years, the capital gain attributable
to that 7 year holding period will be exempt from Capital Gains Tax (CGT). We recommend that all interested parties satisfy themselves
in relation to CGT and taxation matters relating to the portfolio generally and seek tax advice from their accountant or tax advisor.
BER NUMBER 800329880 TITLE Freehold
VIEWINGS Viewings are strictly by appointment through Savills, the sole selling agents.
SELLING AGENTS SOLICITORS
Savills Ireland Steen O’Reilly
33 Molesworth Street, Trimgate Street,
Dublin 2, Ireland Navan,
www.savills.ie Co. Meath
Paul Callanan Kevin McMahon Tony Hyland
T +353 1 618 1418 T +353 1 618 1328 T +353 46 907 6300
E Paul.Callanan@savills.ie E Kevin.McMahon@savills.ie E thyland@steenoreilly.ie
CARYSFORT COURT
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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