HOUSE GENERALI High Yielding Office Investment Opportunity - TWM
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High Yielding Office Investment Opportunity
GENERALI
HOUSE
IDA Business & Technology Park
Navan, Co. Meath
For Sale by Private Treaty
(Tenant not affected)
B2
EXECUTIVE SUMMARY • Modern Office Headquarters • Fully let Generali Worldwide Insurance Company Limited (previously Generali International Limited) • 20 year lease from 23 August 2011 at €505,714 per annum • Fixed increase to €556,260 per annum in 2021 • 8.3 year term certain (to break option) • High yielding reflecting a NIY of 8.48% with a fixed increase to 9.32% in 2021 • Secure investment and attractive lot size LOCATION Navan is the county town and administrative centre for Meath with a population of 30,689 (Census 2016) making it the fifth largest town in Ireland and tenth largest urban settlement in Ireland. Navan is located approx. 45 km to the north of Dublin city centre and is serviced by several regional roads and the N51 National Road. The N51 also links the M1 to the M3 providing excellent connectivity to Dublin City and Northern Ireland. The town is also a key service centre with a number of retail offerings such as Navan Shopping Centre and Johnstown Shopping Centre serving the local population which has seen a 55% increase in population since 2002 (Census Ireland). Key employers in the area include Tara Mines (Europe’s largest zinc mine), Meath County Council, Lir Chocolates, Department of Justice and Our Lady’s Hospital. Generali House is located in Navan Business and Technology Park approximately 4km south east of Navan Town Centre and 3.8km north east of junction 8 of the M3 motorway. The asset is located to the rear of the park and is accessed through a local access road. Notable occupiers in the immediate area include Lir Chocolates, OPW, Adtec Teoranta Limited, Welch Allyn Limited and Ecomm Merchant Solutions.
DESCRIPTION Generali House, constructed in 2010, comprises a modern two-storey office building extending to approximately 2,421 sq. m (26,059 sq. ft). The building is situated on a large site adjacent to the River Boyne of approximately 2.4 acres (0.97 ha) which includes 109 surface level car spaces. Externally the building has an attractive and distinctive façade comprising a mix of plastered and painted render, glazing and aluminium cladding. The office space benefits from a high quality third generation specification including raised access floors, suspended ceilings, AHU air conditioning, double height glazed atrium, shower and kitchenette / canteen facilities at each level and a 10 person Otis passenger lift in the main reception area. Both floors provide for predominantly open plan office space with some cellular offices and meeting rooms. Accommodation Floor Use Sq. m Sq. ft Ground Floor Office 1,271 13,681 First Floor Office 1,150 12,378 Surface level Car parking 109 Total 2,421 26,059 Any intended purchaser will need to satisfy themselves as to the exact area of the subject property.
TENANT ZONING
Generali Worldwide Insurance Company Limited (previously Generali International) is part Zoned Objective E1, Strategic Employment Zones (High Technology Use). “To facilitate opportunities
of the Generali Group, one of the world’s leading insurers. Generali Group was established for high technology and major campus style office based employment within high quality and
in Trieste, Italy in 1831 and have almost 80,000 employees located internationally. accessible locations” under the Navan Development Plan 2009 – 2015.
Generali Worldwide is located in Ireland with the Irish headquarters established in 1999
and specialise in providing sophisticated wealth management, savings, investment and
employee benefit solutions to individual and corporate clients.
PROPOSAL
Offers are sought in excess of €5,500,000 equating to a net initial yield of 8.48% (rising to 9.32%
in 2021) assuming standard purchaser costs of 8.46%.
Tenancy Overview
Tenant Lease Lease Tenant Break Next Contracted
Start Date Term Break Date Notice Review Rent pa
Generali 23 August 20 years 22 August 6 Months’ 22 August €505,714
Worldwide 2011 2026 written 2021 increasing to
(formally Notice €556,260 on
Generali Int.) 22 August 2021
BER TITLE VAT VIEWINGS SEAN O’NEILL OLLIE LYONS Solicitors - AMOSS
+353 (0) 1 678 5901 +353 (0) 1 611 0328 Joan Maclean
B2, energy performance indicators & Long We understand that VAT is Strictly by appointment
full building energy rating certificate Leasehold. applicable on the sale by way with the sole selling +353 (0) 86 388 9303 +353 (0) 83 442 1683 +353 (0)1 212 0400
available on request. of transfer of business relief. agents TWM. sean@twmproperty.ie ollie@twmproperty.ie jmaclean@amoss.ie
TWM for themselves and for the vendor/lessor of the property whose agents they are, give notice that: 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 are 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. VAT may be payable on the purchase price.
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