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DUBLIN

ONE GRAND PARADE

ALEXANDRA HOUSE, THE SWEEPSTAKES

86-88 LEESON STREET LOWER

CONTENTS

The Opportunity 03Proposal 03Why Dublin for Occupiers? 04Why Dublin for Investors? 06One Grand Parade, Dublin 6 08Alexandra House, Dublin 4 2086-88 Leeson Street Lower, Dublin 2 32Further Information 42Contacts 42

THE OPPORTUNITY

Tara Collection offers an unrivalled opportunity for investors to gain exposure to the strongly growing Dublin CBD office market.

This market is experiencing strong occupier demand and reducing vacancy levels. It is projected to have the best growth in Europe for the next five years.

The Tara Collection provides core rental income with value add opportunities through new lettings, re-gearing lettings, refurbishment and redevelopment.

The following properties make up the “Collection”.

n 4 & 5 Grand Canal Square, Dublin 2 – designed by renowned international architect Daniel Libeskind, these are quite simply the best office buildings in Dublin. Extending to approximately 23,274 sq m (250,522 sq ft) and producing €10.5m per annum these buildings are let to Facebook under two separate leases and are Facebook’s new EMEA headquarters.

(Please note there is a separate brochure for this property)

n One Grand Parade, Dublin 6 – a high quality modern office building overlooking the Grand Canal in Dublin’s city centre on the fringe of Dublin 2. This is a multi-let office building of 2,929.60 sq m (31,534 sq ft) producing €759,474 per annum with one floor vacant. There is an opportunity to improve returns with this property by letting the vacant ground floor space as well as capitalising on rental uplift at rent reviews / renewals.

n Alexandra House, The Sweepstakes, Ballsbridge, Dublin 4 – detached 6 storey office building extending to 5,195.50 sq m (55,923 sq ft) in a highly prestigious location. Producing €818,500 per annum, there is an opportunity to significantly increase value by letting the remaining 3 floors or alternatively refurbishing the building prior to re-letting to maximise achievable rents.

n 86-88 Leeson Street Lower, Dublin 2 – this modern property which sits behind a new Georgian façade currently extends to 1,535.60 sq m (16,529 sq ft) with short term income to 2016. The property is in the absolute prime CBD office area. There is planning permission to extend the building to approximately 2,166 sq m (23,315 sq ft) to provide floor plates of between 333 - 441 sq ft (3,584 - 4,747 sq ft) and improve the overall quality of the space.

PROPOSAL

The properties are for sale by Private Treaty. We are marketing the properties for sale individually; however we will also accept bids on the basis of a single portfolio sale.

No warranties or guarantees in any respect, including but not limited to VAT, can be given. The Vendors are not bound to accept the highest or indeed any offer and are acting without personal liability.

For details of the guide prices please contact Joint Agents JLL and CBRE. For the avoidance of doubt, please note that this is an investment sale, therefore all tenants are unaffected.

03

04

WHY DUBLIN FOR OCCUPIERS?

Ireland has one of the fastest growing economies in Europe. Following a period of decisive corrective action, the country has a forecast GNP growth of 5% in 2014 and 2015 (ESRI). Inward investment to Ireland has continued unabated throughout the last 10 years and Ireland is now the chosen European base of over 1,150 international companies. It is home to:

n 9 of the Top 10 ICT companies in the worldn 8 of the Top 10 pharmaceutical companies n 15 of the Top 20 global medical technology companies n 9 of the Top 10 global software companies, and n 3 of the leading global security software companies

Occupiers are drawn to Ireland by the highly educated workforce – Ireland has a higher proportion of 15-34 years olds with third-level qualifications (48%) which is higher than the UK, the US or OECD. The country is native English speaking, in the same time zone as London and a member of the Euro.

Dublin is a truly European capital city. With a population of 1.3 million people, 53% are under 35 years old and the city is growing faster than most European cities (the population increased by +7.2% between 2006 and 2011) . Dublin is a vibrant city with access to music, theatre, culture and sporting events, which along with its renowned bars, restaurants and nightlife generate a real buzz in the city.

Dublin has a diverse high quality transport network with trams, railway, bus, city bikes and a number of on going government-led regeneration and transport improvements underway across the city.

Dublin has evolved into one of Europe’s top tech hubs. In addition to companies such as Amazon, Paypal, E-Bay, Yahoo, AOL and Dropbox, Dublin city centre is the European Headquarters for:

These companies act as magnets to each other and to similar businesses, creating a virtuous circle which attracts a national and international skilled workforce. Each of these large organisations has expanded exponentially since settingup in Dublin’s city centre:

n Google has spent over €280m on property since opening in 2003 and now occupies over 60,000 sq m (646,000 sq ft) employing over 2,500 staff.

n LinkedIn has just announced the purchase of a new office site to allow it double its capacity in Dublin.

n Twitter is in the process of acquiring a new 17,000 sq m (183,000 sq ft) European Headquarters building.

n Facebook has just acquired its second building, doubling their size to over 23,225 sq m (250,000 sq ft).

06

WHY DUBLIN FOR INVESTORS?

Dublin has one of the best real estate recovery stories in Europe. The market bottomed in 2012, and since then Dublin property markets are in the second phase of recovery, with stabilised growth across all sectors driving market activity.

The volume of direct commercial property investment activity has now returned to levels ahead of the peak, with 2014 forecast to be around €4.00 billion ($5.44 billion). Investor demand is broad across all asset classes, with recent sales in offices, retail, industrial, hotels and bars. In terms of geography, Dublin is the dominant market in Ireland.

Compared to other cities across Europe, prime Dublin office yields continue to offer strong returns ahead of similar stable markets, and are supported by a strong rental growth pattern. Dublin is an established international market with approximately 65% of investor demand from overseas. Capital values, while growing, are still well below the 2007 peak.

In the next 5 years, Dublin prime office rental growth is forecast to be the strongest performer across Europe. Prime rents have grown by more than 25% in 2013 and 20% up to Q3 2014, due in part to an over correction in 2008-2012 and to a strong demand for high quality centrally located office space. JLL and CBRE forecast Dublin office rental growth to be between 7.4% and 8.1% per annum for the next five years. This is in contrast to average annual growth of 3% per annum in the Eurozone.

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IRISH PROPERTY INDEX OFFICE CAPITAL VALUES

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Behind this strong forecast growth is a low supply of prime offices. Construction activity ceased in the period 2011-2013. Long-term annual average office take-up in Dublin is approximately 170,000 sq m (1.8 m sq ft) per annum which is considerably higher than the volumes of leasing activity achieved in similar sized cities in the UK regions and elsewhere in Europe as a result of its dominance in attracting foreign direct investment. The relative strength of the underlying occupier market and the critical shortage of modern office accommodation in the Dublin 2/4 district (which typically accounts for just less than 50% of overall office take-up in the city every year) is one of the key attractions for investors in the Dublin office sector.

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DUBLIN OFFICE TAKE-UP & CONSTRUCTION LEVELS

Take-up Under Construction

0% 2% 4% 6% 8%

EUROPE

LUXEMBOURG ROME

BRUSSELS COPENHAGEN AMSTERDAM BUCHAREST

WARSAW BUDAPEST

LISBON MOSCOW

PRAGUE MUNICH

MILAN STOCKHOLM PARIS - CBD

OSLO LONDON - WEST END

LONDON - CITY MADRID DUBLIN

EUROPEAN CITIES PRIME FORECAST AVERAGEANNUAL OFFICE RENTAL GROWTH 2014 - 2018

THE OPPORTUNITY

n Prominent Grade A multi-let office building

n High profile accessible location overlooking the Grand Canal

n Multi-let to the Kuwaiti Embassy, Zendesk and Oasis Global Management

n Passing rent of €759,474 per annum on expiry of rent frees and opportunity to increase income through letting of vacant floor

09

GOVERNMENT BUILDINGS

IRISH LIFE & PERMANENT

BORD GÂIS ENERGY THEATRE

MERCERCENTRAL BANK

INVESTEC DELOITTEAVIVA/DROPBOX

DUBLIN 6 OFFICE MARKET

One Grand Parade is in the best office location in Dublin 6 beside the Charlemont LUAS Station and overlooking the Grand Canal. One Grand Parade is located on the fringes of the well established Dublin 2 office area which has experienced strong rental growth. There is currently 11,148 sq m (120,000 sq ft) of new office accommodation planned within the immediate vicinity. With development economics for modern offices in city centre locations in the region of €484 per sq m (€45 per sq ft) we expect strong rental growth for One Grand Parade.

Vacancy rates for Dublin 6/8 are presently 12.5% while vacancy levels for Grade A accommodation are 6.2% further strengthening the rental position of One Grand Parade.

One Grand Parade is on the fringe of Dublin 2

in an already established office location

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ALEXANDRA HOUSETWITTER (NEW LOCATION)

AVIVA STADIUMGOOGLE MARSH

DEPT OF COMMS & ENERGYNTMA

CIF

LINKEDIN

RABOBANK BANK OF IRELAND

HILTON HOTEL AMAZON

ONE GRAND PARADE

11

LOCATION

Grand Parade runs along the southern banks of the Grand Canal in close proximity to the core city centre office market of Dublin 2. One Grand Parade is in a prominent position at the junction of Grand Parade and Ranelagh Road. The area is ideally situated between Dublin City Centre and the idyllic Ranelagh Village. The immediate area has attracted a variety of occupiers including Rabobank, Hilton Hotel, Department of Communications, Energy & Natural Resources and Marsh. It is also a short stroll to the National Concert Hall, St. Stephen’s Green and Dublin’s premier shopping street, Grafton Street.

One Grand Parade is adjacent to the Charlemont LUAS Station which offers its occupiers the convenience of quickly connecting with the wider city. There are also numerous bus routes in close proximity to the property providing access to surrounding Dublin suburbs. The completion of the LUAS BDX line which is expected in 2017 will further improve the accessibility of One Grand Parade.

ONE GRAND PARADE

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HARCOURT

CHARLEMONT

ST. STEPHEN’SGREEN

FITZWILLIAMSQUARE

DARTMOUTHSQUARE

IVEAGHGARDENS

NATIONALCONCERT

HALL

HATCH STREET LOWERHATCH STREET UPPER

LEESON STREET LOWER

ST. STEPHEN’S GREEN F

ITZW

ILLI

AM S

T UP

PER

FITZ

WIL

LIAM

PL

LAD

LANE

FITZWILLIAM SQ N

ELY

PLAC

E

LEESON LANE

KINGRAM PL CUMBERLAND RDLESS

ON C

L

HAT

CH L

N

HATCH PL

HATCH LN

ADELAIDE RD

STABLE LN

HARCO

URT ST

HAR

COU

RT S

T

PEM

BROK

E ST

UPP

ER

ADELAIDE RDADELAIDE RD

LEESON STREET UPPERGROVE RD CANAL ROAD

GRAND PARADE

MESPIL RD

RANELAGH ROAD

CHARLEMONT ST

RICHM

ON

D ST SOU

TH

CAMDEN

ST LOW

ER

GRANTHAM PLACE

LENNOX STCHARLEMONT PLACE

CHARLEMONT MALL

RICHM

ON

D ROW

DARTMOUTH RD

DARTMOUTH SQ S

DARTMOUTH RD

LEESON PARK

NORTHBROOK RDCAMBRIDGE TERR.

DARTMOUTH SQ N

WARNER’S LN

DARTMOUTH PL

GROVE PARK

SUSSEX RD

HARCO

URT TERR

LEESON PL WILTON TERRACE

WEXFO

RD ST

MONTAGUE ST

ONE GRAND PARADE

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DESCRIPTION

n Striking 6 storey over basement modern Grade A office building extending to 2,929.60 sq m (31,534 sq ft)

n 15 car parking spaces provided at basement level accessed via a lane off Grand Parade

n Light filled open floor plates with full height glazing overlooking the Grand Canal

n Glazed entrance leading to a triple height atrium

n Fitted out to a very high standard by all of the tenants

n 4 pipe fan coil air conditioning system, raised access floors and floor boxes at 1 per 10 sq m, category 2 lighting

n Floor slab to underside of ceiling slab of approximately 3.5m to 3.8m

n Multi-let to 3 tenants and ground floor currently vacant

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ACCOMMODATION

Floor / Demise Sq M Sq FtBasement Storage 48.20 519Ground 338.70 3,645First 556.50 5,990Second 556.50 5,990Third 472.90 5,090Fourth 477.10 5,135Fifth 479.70 5,163Total NIA 2,929.60 31,534Common Reception 58.60 631

In addition there are 15 basement car parking spaces with the property.

The areas stated are provided on a net internal area basis in accordance with the SCSI Measuring Practice Guidelines. Assignable measurement surveys undertaken by an independent third party are available.

TYPICAL FLOOR PLAN

RISER

RISER

RISER

LOBBY

LOBBY

LOBBY

MEETINGROOM

WC

WC

WC

LIFT

LIFT

OPEN PLANOFFICE

OPEN PLANOFFICE

RISE

R

MEETINGROOM

MEETINGROOM

MEETINGROOM

MEETINGROOM

MEETINGROOM

MEETINGROOM

MEETINGROOM

STORE

STORE

46494

1224

6

STAIRS

DNUP

ATRIUM FLAT ROOF

STAIRS

DNUP

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TENANCY

One Grand Parade has a total passing rent of €432,274 per annum rising to €759,474 per annum when rent free periods expire in January 2016. The WAULT from the current lettings is approximately 3.2 years with the ground floor currently vacant.

Demise Tenant Area Sq M

Area Sq Ft

Cars Lease Start Lease End Break Date Contracted Rent pa

Current Passing / Abated Rent pa

Yrs to Break / Expiry

Review Pattern

Basement Vacant 48.20 519 - -

Grd Floor Vacant 299.00 3,218 3 -

Grd Floor Vacant 39.70 427 - -

1st Floor Zendesk International Ltd [1]

556.50 5,990 2 28-Mar-14 25-Nov-23 25-Nov-18 € 171,200 € 0 4.0 Market Rent

2nd Floor Zendesk International Ltd [2]

556.50 5,990 2 26-Nov-13 25-Nov-23 25-Nov-18 € 156,000 € 0 4.0 Market Rent

3rd Floor Zendesk International Ltd

472.90 5,090 2 26-Nov-13 25-Nov-23 25-Nov-18 € 132,000 € 132,000 4.0 Market Rent

4th Floor Oasis Global Management Company (Ireland) Limited [3]

477.10 5,135 2 05-Jan-12 04-Jan-22 04-Jan-17 € 142,174 € 142,174 2.1 Market Rent

5th Floor Embassy Of The State of Kuwait

479.70 5,163 2 23-Sep-11 22-Sep-16 None € 153,100 € 153,100 1.9 N/A

Car Parking Embassy Of The State of Kuwait [4]

- 2 € 5,000 € 5,000 0.0 N/A

Total 2,929.60 31,534 15 € 759,474 € 432,274 3.2

[1] Passing rent is zero as the tenant is on a rent free period which expires on 28th March 2015.[2] The 2nd and 3rd floors are held under a single lease with the rent split between the two in the documentation and different initial rent free periods. Passing rent is

currently zero for the 2nd floor as the tenant is on a rent free period which expires on 26th January 2016.[3] There is an additional rent free of 6 Months’ Rent from 1 April 2017 on basis break isn’t exercised.[4] The Embassy occupy 2 additional car spaces on licence agreements. They can be determined subject to 1 month’s notice on one and 3 months’ notice on the other.

All intending purchasers are specifically advised to verify the information and undertake their own diligence.

COVENANT INFORMATION

Zendesk offer a customer service platform which is operated globally. It’s headquarters are based in San Francisco. Oasis Global Management are wealth managers who manage a number of funds listed on the Irish Stock Exchange. The company was formed in 1997 and has developed a strong track record. The Kuwait Cultural office, located in One Grand Parade offers support between educational and research institutions in Kuwait and Ireland. The office also offers support to students enrolled in courses in Irish educational institutions.

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BER DETAILS

BER No: 800042301Energy Performance Indicator:271.34kWh/m2/yr

ASSET MANAGEMENT OPPORTUNITIES

The property is on the fringe of the Dublin 2 office market and the immediate area is set for further development as a result tightening supply of modern office space in the area. The current passing rents in the building range from €25 - €28 per sq ft with prime rents in Dublin 2 of €45 per sq ft and further continued growth expected.

There is an opportunity to improve returns with this property by letting the vacant ground floor space as well as capitalising on rental uplift at rent reviews / renewals.

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THE OPPORTUNITY

n Capitalise on strong Dublin 4 office market by refurbishing and letting the vacant space

n 52% let to Regus with 9.5 years unexpired

n Ability to deliver high quality space in 2015 through refurbishment of the vacant space

n Grade A vacancy in the Dublin 4 area is currently at 3.3%

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BALLSBRIDGE OFFICE MARKET

Ballsbridge is an established office location and home to well-known occupiers such as AIB Bank, Zurich Insurance, Goodbody Stockbrokers, IBM and Eirgrid. Ballsbridge is part of the Dublin 4 office market which has been the second most active submarket in 2014 after Dublin 2, with 20% of all take-up. Demand in Dublin 4 is focused on space less than 1,858 sq m (20,000 sq ft) which accounted for 85% of all deals.

Occupier demand is also focused on prime space, with 99% of all deals in this location for Grade A buildings. In terms of sectors, the majority of take-up (54%) was for TMT with companies such as AdRoll, Amazon and Avalon occupying space in the last 3 quarters.

There is 42,365.5 sq m (456,018 sq ft) of vacant space in Dublin 4, which equates to a vacancy rate of 11.3%. There is just 3,979 sq m (42,834 sq ft) of Grade A space available, which is a vacancy rate of 3.3%. 91% of vacant stock is therefore Grade B&C, and a large proportion is likely to be in need of refurbishment.

With only one development currently under construction in Dublin 4, we expect this vacancy rate to continue to reduce into 2015, particularly for modern high quality space.

HERBERT PARK HOTEL

BANK OF IRELAND HQ & AMAZON

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IFSC

SOUTH DOCKLANDSCONVENTION CENTRE

BALLSBRIDGE & CLYDE COURT HOTELS

US EMBASSY

EIRGRID

ZURICH

GOODBODY STOCKBROKERSFOUR SEASONS HOTEL

GOOGLE AVIVA STADIUM

FACEBOOK

SANDYMOUNT DART STATIONLANSDOWNE DART STATION

AIB BANK HQRDS

ALEXANDRA HOUSE

IBM

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LOCATION

Alexandra House forms part of the Sweepstakes office development in the heart of Ballsbridge, Dublin 4 approximately 4km southeast of Dublin city centre. The Sweepstakes is immediately off Merrion Road opposite the Royal Dublin Society (RDS) and adjacent to AIB Bank Headquarters.

The location benefits from excellent transportation links including Lansdowne and Sandymount DART stations as well as numerous bus routes serving the south suburbs and city centre. Ballsbridge is also home to the Aviva Stadium and a host of other amenities including Herbert Park Hotel, Four Seasons Hotel, Ballsbridge Hotel and a wide variety of cafes, bars, restaurants and leisure facilities. The US and British Embassies, as well as many others, are situated within this prestigious area.

ALEXANDRA HOUSE

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HERBERT PARK

SHELBO

URN

E RDSH

ELBOU

RNE RD

LANSDOWNE RD

LANSDOWNE RD

HERBERT RD

SERPENTINE RD

SHELBOURNE AVE

BALL

SBRI

DGE

PARK

ANGL

ESEA

RD

CLYDE LANE

ELGIN RD

LANSDOWNE PARK

NORTHUMBERLAND RD

PEMBROKE RD

MERRION ROAD

TRIT

ON

VILL

E RD

SERPEN

TINE A

VE

SERPENTINE

AVE

PEMBROKE RD

PEMBROKE LANE

RAILWAY COTTAGES

HERBERT PARK

AVIVASTADIUM

SANDYMOUNT

LANSDOWNE RD

ALEXANDRA HOUSE

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DESCRIPTION

n 6 storey detached office building extending to 5,195.50 sq m (55,923 sq ft)

n Secure undercroft and surface car park providing 90 car parking spaces

n Developed circa. 1999 as part of the Sweepstakes office and residential development

n Open plan floor plates centred around a large light filled atrium

n Modern specification including raised access floors, suspended ceilings and recessed lighting

n Heating and cooling is provided through perimeter radiators with natural ventilation and fresh air (AHUs) air handling units. Tenants have also installed localised air conditioning units

n Floor to ceiling height of approximately 2.6m - 2.7m

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ACCOMMODATION Floor / Demise Sq M Sq FtGround 810.50 8,724 First 915.30 9,852Second 980.40 10,553Third 902.50 9,714Fourth 861.10 9,269Fifth 725.70 7,811Total NIA 5,195.50 55,923Common Reception 275.10 2,961Basement Storage 100.10 1,077

In addition there are 90 car parking spaces with the property.


TYPICAL FLOOR PLAN

RISER

Stair

WC WC

WC

Cl

Stair

Stair

Lift

Lift

Atrium

2607

1

3801

5

Office

RISER

Circulation

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TENANCY

Alexandra House has a total passing rent of €818,500 per annum from 3 of the 6 floors, which are occupied by Regus with over 9.5 years unexpired, and additional income from two telephone masts.

Demise Tenant Area Sq M Area Sq Ft Cars Lease Start Lease End Break Date Contracted Rent pa


Yrs to Break / Expiry

Review Pattern

Grd, 1st & 2nd Floors

Dublin The Sweepstakes Centre Limited (t/a Regus) [2]

2,706.20 29,129 36 18-Jun-99 17-Jun-24 None € 800,000 € 800,000 9.6 Up Only[1]

3rd, 4th & 5th Floors

Vacant 2,489.30 26,794 33 € 0 € 0

Car Parking Vacant 21 € 0 € 0

Roof Aerial 1 02 Communications Ltd

€ 9,500 € 9,500 5.4 Market Rent

Roof Aerial 2 Vodafone Ireland Limited

21-Oct-16[3]

€ 9,000 € 9,000 1.9 N/A

5,195.50 55,923 90 € 818,500 € 818,500 9.5

[1] There is an outstanding rent review on the Regus Lease from 17th June 2014.[2] The Regus lease is guaranteed by Office Metro Limited as well as a bank guarantee from Lloyds subject to a cap of €800,000 which reduces to €400,000 from

1st January 2016.[3] The break option is a mutual break option exercisable at anytime from 21st October 2016 subject to 12 months notice.


COVENANT INFORMATION

Regus are an international serviced office provider. They are in approximately 2,000 locations in 750 cities across 100 countries. In Ireland they have 5 locations in Dublin and 1 in Cork and are currently expanding with new locations opening in Dublin and Cork.

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The Dublin 4 office market is performing exceptionally well at present. We have witnessed strong rental growth for high quality modern space in Ballsbridge recently which we see continuing into 2015. There is strong occupational demand and vacancy levels continue to contract. Alexandra House provides an opportunity to refurbish the common areas and vacant floors and present high quality space to the market. A number of other office buildings have successfully undergone refurbishment and reletting in the immediate vicinity.

The Regus lease has an outstanding rent review from mid-2014 at a passing rent of less than €24 per sq ft. There is an opportunity to implement this review to seek an uplift in the passing rent for this space.

BER DETAILS


Computer generated image for illustrative purposes only


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THE OPPORTUNITY

n Prime Dublin 2 office location

n Located 100 metres from St. Stephen’s Green

n Opportunity to add value through refurbishment / development

n Planning permission to extend the property to 2,166 sq m (23,315 sq ft)

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DUBLIN 2 OFFICE MARKET

Dublin 2 has consistently been the strongest-performing submarket in Dublin. In the year-to-date, it has accounted for 28% of total take-up, with 33,466 sq m (360,226 sq ft) across 37 deals. 68% of deals were for space less than 929 sq m (10,000 sq ft), with 57% of all deals for space less than 464.5 sq m (5,000 sq ft).

Demand is also focused on prime space, with 74% of take-up for Grade A buildings. TMT is the most dominant sector, accounting for 51% of take-up in Dublin 2, followed by 13% for Other Business Services. Dropbox, Riot Games, Square Space, Twitter, LinkedIn and Indeed are examples of TMT firms who have occupied space in D2 so far in 2014.

In total, there is 1.17m sq m (12.6m sq ft) of space in Dublin 2, of which 0.13m sq m (1.4m sq ft) is currently vacant. This is a vacancy rate of 11.4% which is significantly lower than the Dublin average of 15.0%. Supply is tighter for prime, with just 34,027 sq m (366,268 sq ft) of Grade A space available, or 2.9% of all stock in this location.

We are aware of approximately 22,297 sq m (240,000 sq ft) of this space that is currently reserved and under offer. There is currently one building under construction in this postcode, but it is not likely to be delivered until early 2016. With demand likely to remain strong from occupiers, supply is expected to continue to tighten.

Dublin 2 has consistently been the strongest-performing submarket in Dublin

KPMG

GRAFTON STDELOITTE

EVERSHEDS SOLICITORS

METLIFENATIONAL CONCERT HALL

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ST. STEPHEN’S GREEN

CONRAD HOTEL

ESB INTERNATIONAL

ARTHUR COX SOLICITORS

PERMANENT TSB HQMODERN OFFICE UNDER CONSTRUCTION

SHELBOURNE HOTEL

GOVERNMENT BUILDINGS

MERRION HOTEL

FITZWILLIAM SQUARE

DEPT. OF JUSTICE & EQUALITY

35

86-88 LEESON ST LOWER

LOCATION

86-88 Leeson Street Lower is located at the south east corner of St. Stephen’s Green in the heart of the Dublin 2 CBD. The immediate area is the absolute core of Dublin City Centre in close proximity to the prime retail area of Grafton Street and St. Stephen’s Green Shopping Centre, the Shelbourne Hotel, the Conrad Hotel and a wide range of well-known bars, restaurants and amenities.

The area is also well serviced by public transport with DART, LUAS Green Line and numerous bus routes serving all areas of Dublin. The completion of the LUAS BDX line which is expected in 2017 will further improve the accessibility of the location.

The mix of large modern floor plates and smaller Georgian buildings provides a wide variety of office occupiers. Aviva, KPMG, Arthur Cox, Irish Medicines Board and numerous government departments are all in the immediate area. The location is absolute prime and we have started to see buildings being refurbished in the immediate location as a direct response to the acute Grade A supply shortage in the core.


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HARCOURT

ST. STEPHEN’SGREEN

FITZWILLIAMSQUARE

MERRIONSQUARE

IVEAGHGARDENS

NATIONALCONCERT

HALL

GRAF

TON

ST

MERRION SQUARE N

BAGGOT STREET LOWER


KILD

ARE

ST

HATCH STREET LOWERHATCH STREET UPPER

EARL

SFOR

T TE

RRAC

E

ST. S

TEPH

EN’S

GRE

EN

LEESON STREET LOWER LEESON STREET LOW

ER


FIT

ZWIL

LIAM

ST

UPPE

R

FITZ

WIL

LIAM

SQ

E

FITZ

WIL

LIAM

PL

MERRION SQUARE S

DAW

SON

ST

JAM

ES’S

PLA

CE E

LAD

LANE

FITZWILLIAM SQ N

FITZWILLIAM SQ S

ELY

PLAC

E

FITZWILLIAM LANE

BAGG

OT P

L

MOLESWORTH ST

SCHOOL HOUSE LN E

CHATHAM ST

ANNE ST

HUME ST

LEESON LANE

KINGRAM PL CUMBERLAND RD

LESS

ON C

L

HAT

CH L

N

HATCH PL

HATCH LN

CONVENT PL

KING ST SOUTHADELAIDE RD

STABLE LN

PEMBROKE RD

HAGAN’S CT

HARCO

URT ST

HAR

COU

RT S

T

ST. S

TEPH

EN’S

GRE

EN

YORK ST

MER

RION

SQU

ARE

W

MER

RION

STR

EET

UPPE

R

BAGGOT STREET LOWER

MERRION ROW

PEM

BROK

E ST

UPP

ER

PEMBROKE ST LOW

ER

WILTON TERRACE


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DESCRIPTION

n 5 storey modern office building behind new Georgian façade extending to 1,535.60 sq m (16,529 sq ft)

n Less than 100m from St. Stephen’s Green

n 26 car spaces to the rear of the property accessed off Stable Lane

n Short term income of €168,702 per annum with ability to obtain vacant possession in June 2016

n Planning permission for full refurbishment and extension to provide 2,166 sq m (23,315 sq ft) and 28 car parking spaces

n Opportunity to create modern floorplates o f less than 5,000 sq ft to meet strong occupier demand in this location

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ACCOMMODATION

Floor / Demise Sq M Sq FtGround 304.40 3,277First 333.60 3,591 Second 335.80 3,614 Third 334.10 3,596 Fourth 227.70 2,451 Total 1,535.60 16,529

In addition there are 26 car parking spaces with the property.


TYPICAL FLOOR PLAN

UP

UP

DN

DN

LIFT

MALE WCFEMALE WC

CIRCULATION

STAIRS

STAIRS

RISE

R

CIRC

ULA

TIO

N

TEACHING AREA

20474

1946

2

CUPB

OAR

D

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TENANCY

The property is multi-let with 3 of the 5 floors leased and the car parking held under short term licences. One of the floors is vacant and another floor is occupied by a connected party of the vendor under a licence. The total passing income is €168,702 per annum with an ability to gain vacant possession of the entire in June 2016 and all tenants have signed a deed of renunciation.

Demise Tenant Area Sq M Area Sq Ft Cars Lease Start Lease End Break Date Contracted Rent pa


Years to Break / Expiry

Grd Floor Tottoria Trading (The Institute of Education)

304.40 3,277 1 01-Jan-12 30-Jun-16 None € 45,000[1]

€ 45,000[2]

1.65

1st Floor Tottoria Trading (The Institute of Education)

333.60 3,591 - 01-Jan-12 30-Jun-16 30-Jun-15 € 45,000[1]

€ 45,000[2]

0.65

2nd Floor Vacant 335.80 3,614 4 € 0 € 0 0.00

3rd Floor Vacant [3] 334.10 3,596 5 € 0 € 0

4th Floor Fieldaware (Ireland) Limited

227.70 2,451 - 01-Jun-11 30-Jun-16 None € 42,624 € 42,624 1.65

Car Spaces Various Licences 16 € 36,078 € 36,078 N/A [4]

1,535.60 16,529 26 € 168,702 € 168,702 1.03

[1] Tottoria trading are due a credit against rent in Q2 2015 of €11,448.85 plus VAT (€12,994.45) re air-conditioning works carried out by Tottoria.[2] There is a non-recoverable service charge cost of approximately €3,820 per annum in respect of the ground and first floor as the tenant does not contribute to

common area costs.[3] The third floor is occupied by a connected party to the Vendor under a short term agreement determinable at anytime subject to 2 months notice.[4] The 16 car spaces are held under month to month licences, determinable by either party giving 30 days written notice.


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The location is absolute prime and we have started to see buildings being refurbished in the immediate location as a direct response to the acute Grade A supply shortage in the core. The existing space is dated and would benefit from being upgraded to achieve higher rental levels. In addition, there is existing planning permission (Ref: 6011/07 & 3254/08) which runs to 2018 for the refurbishment and extension of the building. The planning provides an ability to increase the overall net internal floor area from 1,535.6 sq m (16,529 sq ft) to approximately 2,166 sq m (23,315 sq ft) by extending the floors to the rear and also adding an additional penthouse level.

This will provide modern floor plates of approximately 333 - 441 sq m (3,584 - 4,747 sq ft) with a smaller penthouse level. The market for floors less than 464.5 sq m (5,000 sq ft) is the most active in Dublin 2 with over 55% of deals in 2014 being less than this. With strong occupier demand for this size category and extremely limited supply of similar sized floor plates we have witnessed strong rents being achieved for refurbished office space with €45 per sq ft recently achieved in a refurbished office building in very close proximity to 86-88 Leeson Street Lower.

Floor / Demise Sq M Sq FtGround 383 4,123First 441 4,747Second 441 4,747Third 441 4,747Fourth 333 3,584Fifth 127 1,367Total 2,166 23,315

Indicative net internal areas following redevelopment based on existing planning permissions.

There will also be 28 car parking spaces with the property based on planning permission.

LIFT

LIFT

DUCT

EXISTING BUILDING

APPROVED PERMISSION



Proposed Third Floor Plan based on planning

BER DETAILS


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SOLICITORS

A&L GoodbodyInternational Financial Services CentreNorth Wall QuayDublin 1Ireland

www.algoodbody.com

Mairead SherlockPartner+353 (0) 1 649 [email protected]

FURTHER INFORMATION

Detailed tenancy schedules, floor plans, financial information and additional documentation is available in the dedicated dataroom.

To request access please go to: www.tara-collection.com

CONTACTS

CBRE3rd Floor Connaught House1 Burlington RoadDublin 4Ireland

www.cbre.ie

Johnny HorganExecutive Director+353 (0) 1 618 [email protected]

Colm LuddySenior Director+353 (0) 1 618 [email protected]

Emma CourtneySurveyor+353 (0) 1 618 [email protected]

JLL10/11 Molesworth StreetDublin 2Ireland

www.jll.ie

John MoranManaging Director+353 (0) 1 673 [email protected]

Margaret FlemingInternational Director+353 (0) 1 673 [email protected]

Brian ShieldsSenior Surveyor+353 (0) 1 673 [email protected]

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PROPERTY MISREPRESENTATION ACTThe joint agents and the Vendor 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 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 CBRE, JLL 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 CBRE, JLL nor any of their employees nor the vendor 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 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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