Georges Dock House Final Brochure Compressed

george’s dock house

gGeorge’s Dock House, IFSC, Dublin 1

Investment RationalThe property offers investors an opportunity to acquire a high quality modern office building situated in a sought after business location, offering superb rental and capital growth prospects.

Secure Income - The investment is fully let to three exceptionally strong

tenants producing a current rent of €2.05 million. With a weighted average lease term

to expiry of 6.5 years this represents an attractive combination of secure income and

a long unexpired term. Of the total passing rent, 51.5% is secured by Susquehanna

(SIG), 40% by Rabobank and 8.5% by Airbus Finance.

Active Management Potential - Following the relocation

of SIG to the adjoining International House, there may be scope to agree an early

surrender of the second (part), third and fourth floors. Similarly, as SIG have vacated

the part ground floor they sub-let from Rabobank, there may be potential to agree

an early surrender from Rabobank. Subject to planning, there may also be potential

to add a further floor to the building, bringing the height in line with George’s Dock

5 and 6.

Low Vacancy Rate - With effectively no commercial development in

Dublin between 2009 –2014, the supply of quality accommodation is at record lows,

particularly in the core city centre markets. The overall vacancy rate in the Dublin

office market fell from 15.5% in 2013 to 11.6% at the end of 2014. In the IFSC, the

vacancy rate is now less than 3.0%.

Rental Recovery - The IFSC has experienced rapid rental growth in the

past 12 months, recovering some of the fall experienced over 2008 – 2011. The

most recent rent achieved is €37.00 (George’s Dock 6) with over €40.00 per sq.ft.

now quoted for available space. Even at these levels, rents are still more than 20%

below the levels that were achieved when supply was considerably higher. In the

wider market, rents are expected to exceed €55.00 per square foot by the end

of the year. With declining availability, limited supply, strengthening economic

recovery, strong office employment growth and Dublin’s appeal to a broad range of

occupiers this should provide a strong basis for continued growth.


LocationThe property is located on a high profile corner site on George’s Dock in the centre of Dublin’s International Financial Services Centre (IFSC). The IFSC is one of the premier office locations in the city, providing high quality modern office accommodation served by a range of shopping, restaurant and leisure facilities.

The IFSC is home to half of the world’s top 50 banks and to half of the top 20 insurance companies. Merrill Lynch, Sumitomo Bank, Citibank, AIG, JP Morgan (Chase), Commerzbank, BNP Paribas and EMRO are just some of the

big-name operations that have chosen to locate in the area. A sophisticated support network, including shared services centres, software development, legal and accountancy firms has also developed around the IFSC. In addition to the finance sector, the location attracts a wide range of other occupiers including information technology, new media and service companies.

A key attraction of the area is the extensive public transport infrastructure centred on the IFSC including bus, tram (Luas), light rail (DART) and mainline rail.

Busárus

Royal Bank of Scotland

Connolly Station

Zurich Bank

KPMG

JP Morgan

CHQ

Depfa Bank

Jury’s Inn Hotel

Citigroup

BNY Mellon

Nationwide UK

Convention Centre

PWC

AIG

The Building George’s Dock House is a five storey modern office building with basement car parking developed in 1996.

Externally, the building is of reinforced concrete frame construction with attractive Redland clay brick elevations and a striking Yorkstone clad entrance. The windows are a combination of structural glazing on the ground, first and penthouse floors. The balance of the glazing is a proprietary powder coated aluminium cap system.

The entrance to the building is by way of an impressive foyer with polished granite floor and wall finishes. Internally, the offices provide adaptable and flexible work space. All floors are L shaped with a central core allowing for sub-division of the floor plate.

Standard landlord’s finishes include:

n Suspended ceilings incorporating recessed lighting

n Air conditioning

n Raised access floors with floor boxes wired for power and data

n Fully carpeted throughout

n Fully finished toilet facilities

n 2 passenger lifts

n Building management system


Accommodation The lift foyers at each level provide male and female toilet accommodation and a cleaner’s store. The main circulation stair is located in the core with secondary stairs on each wing.

Air conditioning is provided by a four pipe floor standing fan coil system with under floor plenum fresh air supplied from a central fresh air plant and ceiling void plenum air extracts through air handling luminaries and grilles.

The building adjoins George’s Dock 3 and 4, wrapping around a central landscaped courtyard. To the rear, the building overlooks the Dock with extensive water frontage.

Subject to planning, there is potential to add a further floor to the building to bring the block level with the six storey George’s Dock 5 and 6.

40 car parking spaces are provided at basement level. Access to the car park is by way of a shared ramp located between JP Morgan House and George’s Dock House.

Floor Areas:The approximate net internal floor areas are as follows:

Accommodation Area sq.ft Area sq.m

Ground 8,496 789

1st Floor 9,039 840

2nd Floor 9,139 849

3rd Floor 9,080 844

4th Floor 7,757 720

Totals 43,511 4,042

Building Dimensions

Block width 15 metres

Slab to slab 3,600 mm

Slab thickness 300 mm

Floor void 250 mm (including tile)

Raised floor to ceiling 2,650 mm

Ceiling void 400 mm (including tile)

Floor Tenant Sq. M. Sq. Ft. Lease Term Lease End Break Next Rent No. of Car Total Rent Commence Review Spaces passing

Ground - Rabobank 216 2,320 01/07/1996 25 years 30/06/2021 N/A 1st July‘16 2 €111,400 Part (Front) Ireland PLC

Ground - Rabobank 412 4,435 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 3 €193,980 Part (Rear) Ireland PLC

Ground - Rabobank 161 1,730 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 2 €83,120Part Ireland PLC

First Floor Rabobank 839.8 9,040 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 8 €437,500 Ireland PLC

Second Floor - Airbus 342.3 3,684 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 4 €178,250 Part Financial Services

Second Floor (Part) Susquehanna 2,071 22,291 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 21 €1,043,725 Third & Fourth Ireland Ltd.

TOTAL 4,042 43,511 40 €2,047,975

Tenancy ScheduleThe property is let under six 25 year FRI lease from 1/7/1996 at a total rent of €2,047,975 per annum. The leases provide for upward only reviews each 5th year of the term. The lease details are as follows:


Covenant Details

Rabobank Rabobank (Ireland) consists of three banking entities in Ireland which is part of the Dutch owned Rabobank Group. The three Irish based businesses are Rabobank (Ireland) plc, ACC Loan Management and RaboDirect Ireland.

Rabobanks first came to Ireland in 1994 when it established the commercial bank RaboBank (Ireland) plc in the IFSC in Dublin. In 2002 Rabobank bought the Agricultural Credit Corporation (ACC Bank). In 2005 Rabo launched its online savings bank RaboDirect which provides online savings accounts and savings products such as PRSA’s.

The latest published accounts for Rabobank Ireland show a total profit of €35.7 million and assets of €10.7 billion.

Susquehanna Susquehanna (SIG) is a world leading trading, market making, technology, and research firm. SIG is one of the most successful privately held financial institutions in the world. With offices around the globe, the company trades virtually every major financial product and is recognized for its disciplined and quantitative trading approach.

Founded in Philadelphia in 1987, SIG established a European headquarters in Dublin in 1999 and now has over 300 employees working in Trading, Technology, Research, Operations, Compliance, Risk, Legal, Finance and HR. Susquehanna Ireland’s latest accounts show a net profit of €38 million and net assets of €214 million.

Airbus Financial Services

Airbus Financial Services (“AFS”) was set up by Airbus to finance commercially and independently the development costs of the Airbus A321. Ireland was selected because of its skilled professionals, especially with respect to aviation. The success of the Dublin operation has led to the growth of AFS’ activities to being both owner and lease manager for the fleet of “Airbus owned” (including five Beluga aircraft) and financed aircraft, as well as manager of those aircraft owned by third party financiers. The portfolio currently under management is approximately $5 billion in value.



DisclaimerThese particulars are issued by HT Meagher O’Reilly trading as Knight Frank on the understanding that all the negotiations are conducted through them. Whilst every care has been taken in the preparation of these particulars, they do not constitute an offer or contract. All descriptions, dimensions, references to condition, permissions or licenses of use or occupation, access and other details are for guidance only, they are given in good faith and believed to be correct, and any intending purchaser/tenant should not rely on them as statements or representation of fact but should satisfy themselves (at their own expense) as to the correctness of the information given. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchaser/lessee shall be liable for any VAT arising on the transaction. Neither HT Meagher O’Reilly trading as Knight Frank or any of their employees have any authority to make or give any representation or warranty in respect of this property.

HT Meagher O’Reilly trading as Knight Frank, Registered in Ireland No. 385044, PSR Reg. No. 001266. HT Meagher O’Reilly New Homes Limited trading as Knight Frank, Registered in Ireland No. 428289, PSR Reg. No. 001880. Registered Office - 20-21 Upper Pembroke Street, Dublin 2.

ContactSELLING AGENT

Adrian Trueick [email protected]

Ross [email protected]

20-21 Upper Pembroke Street,

Dublin 2

Tel: +353 1 6342466 Fax: +353 1 6342477

KnightFrank.ie

A key attraction of the area is the extensive public transport infrastructure centred on the IFSC including bus, tram (Luas), light rail (DART) and mainline rail.

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Georges Dock House Final Brochure Compressed