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CITY CENTRALPORTFOLIOLIMERICKResidential | Retail | Hotel
Portfolio for sale in 3 lots.
T 01 6611233www.realestate.bnpparibas.ie
BNP Paribas Real Estate20 Merrion Road, Ballsbridge, Dublin 4 T +353 1 6611233 [email protected]
+353 1 6611233
On the instructions of the Receiver, William O’Riordan of PwC
FOR SALEby Private Treaty(Tenants not affected)
+353 61 413511
CHARTERED SURVEYORSAND AUCTIONEERS
INVESTMENT SUMMARY¡ RESIDENTIAL: Wholly owned
self-contained Apartment block comprising 84 units producing gross rental income of approximately €660,000 p.a.
¡ RETAIL: 6 attractive modern high profile Retail units accessible from Bedford Row and Henry Street producing combined rental income of €575,000 p.a.
¡ HOTEL: 94 bedroom purpose built Hotel developed to a 5 star standard and including Bar, Restaurant, Leisure and Treatment facilities.
www.citycentrallimerick.com
¡ EXCITING asset management opportunities within the income producing assets and opportunity to acquire Hotel free of franchise or management agreement.
¡ CITY CENTRE Residential,
Retail and Hotel scheme
completed in 2008.
CITY CENTRALPORTFOLIOLIMERICK
HENR
Y STR
EET
HONA
N’S Q
UAY
HARV
EY’S
QUAY
THE B
ISHOP
’S QU
AY
LOWER CECIL STREET
LOWER GLENTWORTH STREET
SHANNON ST.
ROCHES STREET
SARSFIELD STREET
O’CO
NNEL
L STR
EET
CATH
ERIN
E STR
EET
RIVE
R SH
ANNO
N
BEDFORD ROW
CRUISES STREET
Bedford Row competes with Cruises Street as the main pedestrianised retail thoroughfare in Limerick. The Development also forms part of a remodelled streetscape along Henry street consisting predominantly of office and retail use. The Bedford Row / Thomas Street area has had the benefit of a major public works streetscape improvement project over the last ten years.
The subject development’s proximity to Brown Thomas, Dunnes Stores, Debenhams and the rejuvenated Thomas Street ensure that it will remain at the heart of Limerick’s central business
district for many years to come. Both Henry Street and Bedford Row benefit from passing pedestrian/vehicle traffic travelling from all areas of the City Centre to the North City Suburbs including Ennis Road, North Circular Road and the Caherdavin area.
Access to the rear of all retail units and the Hotel is via Stella Lane which runs parallel to Henry Street and is accessed via Shannon Street. The layby to the front of the Hotel allows vehicle drivers to set down and drop off outside the Hotel entrance and a number of the retail units.
CITY CENTRAL IS LOCATED AT THE JUNCTION OF HENRY STREET AND BEDFORD ROW IN LIMERICK CITY CENTRE.
LOCATION
CITY CENTRALPORTFOLIOLIMERICK
Dublin
Wexford
Belfast
Galway
LIMERICK
Cork
Henry Street
O’Connell Street
Catherine Street
Bedford RowEnnis Road
Cruise’s Street
H O T E LR e s i d e n t i a l
( U p p e r F l o o r s )
BE
DF
OR
D R
OW
H E N R Y S T R E E T
CITY CENTRALPORTFOLIOLIMERICK
RESIDENTIALThe Residences at City Central are located on the upper floors above the Retail units and are accessed via a dedicated lobby off Henry Street.
The 84 Apartments are located over seven floors with the building’s footprint reducing in scale and density on the higher floors. The tallest point of the building is at the junction of Bedford Row and Henry Street comprising a footprint of just three apartments on the seventh and eighth floors.
One bedroom apartments average 55 sq.m., two bedroom apartments average 74 sq.m., three bedroom apartments average 113 sq.m. and three bed duplex apartments average 94 sq.m.
The orientation of apartments in the building could be broadly categorised into those with views over Bedford Row, Stella Lane and Henry Street. The stack of curved apartments over the junction of Bedford Row and Henry Street, feature very generous floor space (133 – 141 square metres in the corner apartments) and enjoy panoramic views over the city of Limerick and the River Shannon.
The apartments have been fitted out to a high standard with modern appliances and furnishings throughout. They are well designed in terms of layout and aspect and the building is well serviced by a large number of private balconies, shared balconies and roof terraces.
The building has the benefit of security fob access and CCTV on all floors.
ONE BEDROOM34 Units
41-75 Sq.M.
THREE BEDROOM10 Units
71-133 Sq.M.
TWO BEDROOM34 Units
50-141 Sq.M.
THREE BEDROOM6 Duplex Units87-95 Sq.M.
Not to Scale. For Illustration Purposes Only.
H O T E L
BE
DF
OR
D R
OW
3
5
7
4
2
1
6
8 9
H E N R Y S T R E E T
10
CITY CENTRALPORTFOLIOLIMERICK
RETAILUnits 3, 5 and 6 are accessed off Bedford Row and comprise two-storey over basement properties of approximately 150 sq.m. per floor. The ground and first floors are in Retail use with Basements used as Stores. Units 8 and 9 are accessed off Henry Street and comprise ground floor and first floor accommodation only. Unit 10 which adjoins the Hotel has an entrance lobby at ground floor with Restaurant accommodation provided at basement level.
The retail units feature double height glazed shop fronts with polished granite finish. The units feature generous floor to ceiling height at ground floor level of 4.0 metres and frontage of 6.5 metres.
The units on Bedford Row open onto a pedestrianised street with strong footfall while the units on Henry Street open onto a set down area opposite Harveys Quay shopping centre and multi-storey car park.
For the avoidance of doubt please note that Unit 1 (Diesel), Unit 2 (The Sale Shop), Unit 4 (Clarkes) and Unit 7 (Pamela Scott) at City Central do not form part of this sale.
There are six retail units being sold as part of the portfolio namely;
Not to Scale. For Illustration Purposes Only.
Unit Tenant
3 McGovern Fashions Ltd.
5 Vacant
6 Schuh
8 Vacant
9 Laura Ashley
10 Hamptons Restaurant
CITY CENTRALPORTFOLIOLIMERICK
HOTELto Bord Failte 5-Star standards. The hotel bedroom stock is comprised of 94 en-suite bedrooms comprising 86 bedrooms and 8 junior suites in 7 categories as follows: Deluxe King, Deluxe Twin, Executive King, Executie Twin, Junior Suite, Family Room, and Triple Room.
A leisure centre is located at basement level comprising gym, a plunge pool with ancillary Jacuzzi and changing areas, and a variety of treatment rooms.
The Hotel in general benefits from an excellent fit out designed by leading interior designers, the John Duffy Design Group. The fit out was specified by the previous operator, the Marriott Hotel Group. The ground floor lobby and first floor dining facilities feature a number of paintings and sculptures by high profile, Limerick and Irish artists. The guest rooms and conference rooms are also finished to a five star level and constructed to a Marriott specification.
Parking is not provided at the Savoy Hotel but subsidized parking is available in the multi-storey car park at Harvey’s Quay immediately opposite.
Bord Failte 5-Star hotel currently trading as the The Savoy, the only 5-Star hotel in Limerick City. The Hotel is accessed from Henry Street. The ground floor comprises the Hotel lobby/check in area,the Savoy Bar, and a Restaurant to the rear of the lobby.
The upper floors include the Liszt room, a large open plan tea lounge/restaurant area with a number of break out meeting rooms and private dining rooms at first floor level. The second floor comprises a mix of guest rooms and 10 conference and meeting rooms. A large banqueting and event suite caters for up to 220 delegates. The third to sixth floors contain guest bedrooms designed and maintained
BE
DF
OR
D R
OW
H E N R Y S T R E E T
H O T E L
H H H H HS A V O Y
BEDROOMS86
JUNIOR SUITES8
Not to Scale. For Illustration Purposes Only.
CITY CENTRALPORTFOLIOLIMERICK
RESIDENTIALACCOMMODATION
The Apartment complex is practically fully let and produced a gross rental income of €659,453 in the 12 months to end 2013. No Part V provision was required upon completion of the City Central development. The 84 Apartments are let on short term leases of typically six to twelve months in length at a typical rent of approximately €600 to €650 per month for a one bedroom apartment, €700 to €800 per month for a two bedroom apartment and €900 to €950 per month for a three bedroom apartment, and €800 to €850 per month for a three bedroom duplex apartment depending on apartment type, size and aspect.
Apt. No. Bedrooms Sq M
201 1 50
202 2 54
203 1 48
204 1 48
205 1 47
206 1 44
207 1 47
208 1 50
209 1 56
210 2 69
211 2 69
212 2 67
213 1 50
214 1 51
215 3 78
216 3 71
Apt. No. Bedrooms Sq M
301 3(D) 95
302 2 54
303 3(D) 96
304 3(D) 96
305 3(D) 95
306 3(D) 87
307 3(D) 94
308 3 133
309 1 48
310 1 55
311 2 68
312 2 69
313 2 67
314 2 50
315 1 52
316 2 78
317 2 72
318 1 74
319 3 112
320 1 52
321 1 49
322 1 63
Apt. No. Bedrooms Sq M
401 2 54
402 3 133
403 3 112
404 1 52
405 1 49
406 1 63
407 1 75
408 2 72
409 2 79
410 1 54
411 1 50
412 2 68
413 2 69
414 2 69
415 1 57
416 1 49
Apt. No. Bedrooms Sq M
501 2 67
502 2 70
503 2 69
504 2 67
505 1 70
506 3 133
507 2 78
508 2 71
509 1 75
510 3 113
511 1 52
512 1 49
513 1 63
Apt. No. Bedrooms Sq M
601 2 66
602 2 66
603 1 70
604 3 133
605 2 78
606 2 72
607 1 75
608 3 113
609 1 41
610 1 49
611 1 63
Apt. No. Bedrooms Sq M
701 2 79
702 2 141
703 2 74
801 2 85
802 2 141
803 2 73
FLOOR 2 FLOOR 4 FLOOR 6FLOOR 3 FLOOR 5 FLOOR 7 & 8
w
CITY CENTRALPORTFOLIOLIMERICK
RETAILACCOMMODATION & TENANCIES
Four of the Six subject Retail units are currently let and are producing an annual rental income of €575,000 p.a. and with a weighted average unexpired lease term (WAULT) of 9.3 years. A summary tenancy schedule is provided below.
* Rent from 1st April 2014 €40,000 p.a. or 10% of turnover, whichever is higher. 2015 rent increases to €45,000 p.a. or 12% of turnover. On January 1st 2016 rent reviews to Open Market Rent. ** Agreement to lease signed on this shell & core unit. 10 year lease to Techstar IT Ltd. at initial rent of €15,000 p.a. rising to €20,000 p.a. from year 6 and with annual €1,000 increase to lease end. *** The lease provides for a rental increase to €175,000 p.a. from 26th July 2013 which has not been passed to the tenant.
Unit Tenant / Subtenant Accomm. (Sq. M.)GIA Rent Receivable per annum Lease Terms Lease Commencement Date Break Options Lease Expiry Date
3 McGovern Fashions Ltd*
Ground = 150.0First = 149.0
Basement = 142.0Total = 441.0
_40,000Stepped 25 years 20/12/2007 December 2017
(Landlord & Tenant) 20/12/2032
5 Vacant
Ground = 138.0First = 149.0
Basement = 149.0Total = 436.0
N/A N/A N/A N/A N/A
6 Schuh ROI Ltd
Ground = 136.0First = 149.0
Basement = 149.0Total = 434.0
_175,000 20 year 23/10/2007 November 2022(Tenant only) 23/10/2027
8 Vacant**Ground = 99.0
First = 154.0Total = 253.0
N/A N/A N/A N/A N/A
9 Laura Ashley (Ireland) LtdGround = 166.0
First = 332.0Total = 498.0
_210,000 25 years 26/07/2008 July 2018 & July 2028 26/07/2033
10 Hamptons Bar & Grill Ltd***Ground = 54.0
Basement = 428.0Total = 441.0
_150,000 25 years 25/07/2008 None 23/07/2033
TOTAL 2,544.0 _575,000
HOTELWe are advised that the Hotel is currently operated by Lebarre Limited under a management agreement with the Receiver which will terminate once a sale completes. The Hotel is therefore being sold as a going concern free of franchise or management agreement.
TOWN PLANNINGZONING
The site is zoned ‘1 (A, B, C) City Centre Area’ under the Limerick City Council Development Plan 2010 to 2016.
PLANNING
Planning Permission for each of the various uses is granted under Planning Permission 04/550 and noteworthy amendments are dealt with by way of Planning Permission 06/210. The applicant on both these Permissions is Fordmount Developments (Savoy) Limited. A copy of the relevant permissions are attached to the appendices of this report.
TITLEPart Freehold & Part Long Leasehold
MANAGEMENT COMPANYThe management company known as Henry Bedford Management Limited was set up to manage the development and is fully operational.
VATResidential - We are advised that the sale of City Central Residences will be VAT exempt.
Retail - We are advised that the sale of vacant Units 5 & 8 will attract VAT, otherwise the Retail element of the Portfolio will be VAT exempt.
Hotel - We are advised that the sale of The Savoy Hotel will be VAT exempt.
BER RATINGResidential
Retail
Hotel
Individual BER numbers and certificates are available upon request.
WEBSITEFor further information in respect of the sale please visit the website www.citycentrallimerick.com
CITY CENTRALPORTFOLIOLIMERICK
THE SALEThe portfolio is available in one or more lots as follows:
Residential & RetailLOT 1
The HotelLOT 2
The EntireLOT 3
FURTHER INFORMATIONFor further information or to arrange a viewing please contact joint agents:
Contact: Gordon KearneyEmail: [email protected]
Contact: Peter Flanagan / Patrick CurranEmail: [email protected] / [email protected]
LEGAL ADVISORSArthur CoxEarlsfort CentreEarlsfort TerraceDublin 2
Contact: Mr Kenneth EganTelelphone: 01 6180390Email: [email protected]
T 01 6611233www.realestate.bnpparibas.ie
BNP Paribas Real Estate20 Merrion Road, Ballsbridge, Dublin 4 T +353 1 6611233 [email protected]
+353 1 6611233www.realestate.bnpparibas.ie
+353 61 413511
CHARTERED SURVEYORSAND AUCTIONEERS
BNP Paribas Real Estate and Rooney Auctioneers gives notice that these particulars are set out for general outline only, for the guidance of intending Purchasers and do not constitute, nor constitute part of an offer or contract. All descriptions, dimensions, references to condition and other details are given without responsibility and any intending Purchasers should not rely on them as statements or representations of fact,
but must satisfy themselves or otherwise as to the correctness of each of them. All floor areas are approximate.