2 Custom House Plaza, Custom House Harbour, IFSC, Dublin...
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OFFICE INVESTMENT FOR SALE 2 Custom House Plaza, Custom House Harbour, IFSC, Dublin 1
Transcript of 2 Custom House Plaza, Custom House Harbour, IFSC, Dublin...
OFFICE INVESTMENT FOR SALE
2 Custom House Plaza, Custom House Harbour,
IFSC, Dublin 1
SUMMARY
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1. TheProperty2. Citco3. Maxol4. Caceis5. Deutsche Bank6. Connolly Station7. Wells Fargo8. KPMG9 Zurich10. Susquehanna11. Societe Generale12. JP Morgan13 BNP Paribas14. CHQ15. DEPPA Bank16. Jurys Hotel17. Bank Of ireland18. Citi19. Spencer Hotel20. A&L Goodbody
21. AIG22. Merrion Stockbrokers23. Guild House24. Convention Centre25. PWC26. New Central Bank HQ27. O2
28. Matheson29. McCann Fitzgerald30. Three31. Morgan Stanley32. BNY Mellon33. Grant Thornton34. GAM Fund Management35. Invesco36. Pioneer37. Ulster Bank38. Custom House39. Busaras
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Office Investment For Sale | 2 Custom House Plaza, IFSC, Dublin 1
SUMMARY
Custom House Plaza is a modern development extending to approximately 16,320 sqm (174,700 sqft) and contains six interconnecting office buildings designed around a central linear glass atrium. The atrium area provides pedestrian access at ground floor level to each of the buildings, as well as forming a secure social area linking the buildings and south facing courtyards that open off this area. The buildings were constructed between 1997 and 1999.
2 Custom House Plaza is a 5 storey over basement office building that extends to approximately 2,727 sqm (29,430 sqft) and was constructed in Phase 1 of the larger development. The building benefits from an existing annual rental income of €990,900 secured from 6 tenants with strong covenants.
The property is being offered for sale by Private Treaty.
KEY FEATURES
Modern office building located within the IFSC Dublin 1
The building extends to 2,727 sqm (29,430 sqft) with 29 car parking spaces at basement level
Entire leased with a current passing rent of €990,900 per annum with a WAULT of 5.19 years
Tenants include VHI, PTSB Finance, Calypso, Robert Walters, TD Global Finance, and Squared Financial Services.
Offers are sought in excess of €14,350,000 which represents €488 psf and a net initial yield of 6.61% after allowing for standard acquisition costs at 4.46%.
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LOCAL AREA MAP
Office Investment For Sale | 2 Custom House Plaza, IFSC, Dublin 1
Custom House Plaza is located to the rear of the International Financial Services Centre (IFSC), on the north side of Custom House Harbour, adjacent to Connolly Station and is accessed from Harbourmaster Place. The development is approximately 0.5km from Dublin City Centre at O’Connell Street.
The IFSC is one of Dublin’s main business districts housing many of the world’s premier financial institutions together with law firms and other professional advisors. Occupiers within the Custom House Plaza development include; Citco, RBS, and Maxol, whilst other occupiers represented in the IFSC include; Societe Generale, Wells Fargo, BNP Paribas, Zurich Bank, Citi Bank, Depfa, Credit Suisse, JP Morgan, Deutsche Bank, ACE, AIG, Susquehanna, BNY Mellon.
The area is well served by public transport with both bus and rail networks located nearby. The Luas Red line terminus, Connolly DART and mainline stations almost adjoin Custom House Plaza to the west. In addition, Busaras (Dublin’s central bus station for intercity and regional bus services) is within a five minute walk from the building.
LOCATION
SUMMARY
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CUSTOM HOUSE PLAZA GROUND FLOOR PLAN
Office Investment For Sale | 2 Custom House Plaza, IFSC, Dublin 1
The property forms part of a scheme of six office buildings known as Custom House Plaza (CHP) within the first phase of the IFSC. In total the entire CHP scheme provides approximately 16,230 sqm (174,700 sqft) of net office accommodation designed around a central linear glass atrium. The atrium provides pedestrian access at ground floor level to each of the buildings, as well as forming a secure social area linking the buildings and the south facing courtyards that open off this area. The buildings were constructed 1997-1999.
Car parking is provided via two separate underground car parks which are accessed off Sherriff Street with each Plaza building having direct access via staircases and lifts from the car park to the various floors. Pedestrian access to the entire of CHP is through a single entrance at Harbourmaster Place and thereafter the individual buildings are accessed off the internal street.
2 Custom House Plaza is a five storey over basement office building extending to approximately 2,727 sqm (29,430 sqft) which was constructed in Phase 1 of the development. The property is finished to standard developer’s specification with raised access floors, medium grade carpet tiles, floor boxes, suspended ceilings, category two light fittings, plastered and painted walls, fully finished lobbies/entrances and are serviced by a floor mounted four pipe fan coil air conditioning system that provides heating and cooling.
The floor plates are well configured and benefit from excellent natural light.
SUMMARY SPECIFICATION
Four pipe fan coil air conditioning system
Suspended ceilings with mineral fibre acoustic ceiling tiles
1 floor box provided per 10 sqm including power, voice, and data wiring
Raised access flooring
Two passenger lifts to each floor.
DESCRIPTION
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Not to scale. For identification purposes only.
SAMPLE FLOOR PLANS
GroundFloorLevel1
Office Investment For Sale | 2 Custom House Plaza, IFSC, Dublin 1
The property is fully let under six individual leases. Summary tenancy details and the net internal floor areas as outlined in the leases are set out below. 29 car parking spaces are located at lower ground floor level.
There is an estate service charge for the common areas of Custom House Plaza (car parks & enclosed atrium and contributions to IFSC estate) which currently costs €3.35 per sqft per annum net of vat for Plaza 3.
There is an internal service charge for Plaza 2. This equates to €7.65 per sqft net of V AT.
Included with the building there is a sinking fund in place which will transfer with the building. The sinking fund currently has €77,019.70 in place.
ACCOMMODATION & TENANCY SCHEDULE
BUILDING MANAGEMENT & SERVICE CHARGE
Level Tenant Rent Sqft SqmParking Spaces
Lease Start
Lease Term
(years)Expiry
Break option
NoticeRent
ReviewRR
mechanism
5Calypso Technology International Limited
€116,256 4,844 450 0 13/02/15 5 12/02/20 12/02/189
monthsn/a n/a
4VHI Health Insurance (not signed yet)
€193,170 6,351 590 3 Sep-15 10 01/09/25 01/09/20 Sep-20 Up/Down
3Robert Walters Limited
€144,722 6,351 590 2 31/07/14 10 30/07/19 30/07/199
months31/07/19 Up/Down
2 TD Global finance €324,752 6,366 584.2 5 03/10/97 25 02/10/22 n/a 03/10/17 Up Only
1A PTSB Finance Ltd €151,310 2,734 254 3 03/10/97 25 02/10/22 n/a 03/10/17 Up Only
1BSquared Financial Services Limited
€60,690 2,785 258.70 2 27/03/12 5 26/03/17 26/03/156
monthsn/a n/a
Parking Vacant 14
TOTAL €990,900 29,430 2,727.00 29
The essential facts are as follows:
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CALYPSO Calypso is a leading provider of capital markets software solutions. Since its founding in 1997, the company has grown to now employ 800 staff in 22 global offices with its headquarters in San Francisco, California. Calypso is used by over 34,000 market professionals in over 60 countries. The Irish business operates under Calypso Technology International Limited and was established in November 2014. There is a parent company guarantee in the lease from Calypso Technology Inc which has worldwide sales of US$200,000,000 and a D&B Credit Rating of 1R3.
ROBERT WALTERSEstablished in 1985, Robert Walters is an international professional recruitment consultancy firm spanning 24 countries worldwide and employing over 2,700 people. The Irish office operates under Robert Walters Limited and was incorporated in July 1999. There is lease guarantee from Robert Walters Holdings Limited which had a Net Worth of GB£60,107,000 for the year ending 31st December 2014 and a D&B Credit Rating of 5A1, the highest D&B credit rating available.
VHItbc
TD GLOBAL FINANCETD Global Finance is an Irish company that trades international equity and credit derivatives, manages asset portfolios and provides structured finance solutions to customers of the Toronto Dominion Bank network. It was founded in August 1996 and has a D&B Credit Rating of 5A2. The company had Net Assets of CAD$1,038,599,000 for the year ending October 2014.
PERMANENT TSB FINANCE LIMITEDPermanent TSB Finance Limited was incorporated in December 1992. The company had a turnover of €1,478,155 in 2013 and has a current D&B Credit Rating of N3. The company’s immediate parent is Permanent TSB PLC.
SQUARED FINANCIAL SERVICES LIMITEDSquared Financial Services Limited is a financial services provider headquartered in Dublin and regulated by the Central Bank of Ireland (CBI). The company was incorporated in was incorporated in March 2005 and had a turnover of €7,044,933 and a Net Worth of €2,096,348 for the year ending 31st December 2013. The company has a D&B Credit Rating of 2A2.
TENANT COVENANT INFORMATION
Office Investment For Sale | 2 Custom House Plaza, IFSC, Dublin 1
DETAILS & SELLING AGENTS
TITLEThe property is held on a 10,000 year lease from 27th March 1997 and subject to an annual peppercorn rent.
BERC1-E1. BER numbers available from the selling agents.
PRICEOffers are sought in excess of €14,350,000 which represents €488 psf and a net initial yield of 6.61% after allowing for standard acquisition costs at 4.46%.
VATTBC.
VENDORS SURVEYSBuilding Condition, Mechanical & Electrical and Measured surveys are available
For further information please contact
The Agents and the Vendor give note that the particulars and information contained within this Investment Memorandum do not form any part of any offer or contract and are for guidance purposes 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 Investment Memorandum, intending purchasers or any third party should not rely on these particulars and information contained within as statements of fact, but must satisfy themselves as to the accuracy of details given to them. Lisney 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 Lisney nor its employees shall be liable for any loss suffered by an intending purchaser or any third party arising from the particulars or information contained within this brochure. Prices quoted are exclusive of VAT (unless otherwise state) and all negotiations are conducted on the basis that the purchaser shall be liable for any VAT arising on the transaction.
Christopher BeltonDirect: +353 1 638 2750Mobile: +353 86 8910022Email: [email protected]
Maria LennonDirect: +353 1 638 2754Mobile: +353 87 935 7600Email: [email protected]
Duncan LysterDirect: +353 1 638 2743Mobile: +353 86 833 0001Email: [email protected]
St. Stephen’s Green House, Earlsfort Terrace, Dublin 2T: +353 1 638 2700E: [email protected]
29-33 Montgomery Street, Belfast BT1 4NXT: +44 2890 501 501E: [email protected]
1 South Mall, CorkT: +353 21 427 5079E: [email protected]
103 Upper Leeson Street, Dublin 4T: +353 1 638 2700E: [email protected]
141 Lower Drumcondra Road, Dublin 9T: +353 1 884 0700E: [email protected]
11 Main Street, Dundrum, Dublin 14T: +353 1 817 2727E: [email protected]
Terenure Cross, Dublin 6WT: +353 1 492 4670E: [email protected]
106 Lower George’s Street, Dun Laoghaire, Co DublinT: +353 1 280 6820E: [email protected]
Associate Offices:Conway Auctioneers, KildareSmith Harrington, Navan
International Alliance Partner:Cushman & Wakefield
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