FOR SALE by Private Treaty / Tenant not Affected

COMMUNICATION HOUSE

B A R R O W S T R E E T / D 4

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Investment Summary

Offers sought in excess of €6,700,000

representing a net initial yield of 6% assuming standard purchaser’s

costs of 4.46%

Well located Dublin 4 office

investment

Modern 3 storey over basement office building extending to 895 sq m (9,636 sq ft)

17car spaces

Unexpired lease term in excess of

6.5 years

Fully Let to Imagine Telecommunications

Business Ltd. on a 25-year FRI lease from

1st January 1999

Currently producing an income of €419,631 per annum

5 yearly upward only rent reviews (next review

2019)

€6.7M

COMMUNICATION HOUSEB A R R O W S T R E E T / D 4

GoogleGasworks House

GoogleDocks

COMMUNICATION HOUSE

B A R R O W S T R E E T / D 4

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Transport The area is well serviced in terms of public transport links. Grand Canal Dock DART station is located on the opposite side of Barrow Street and Pearse Railway Station is located 1.5 km to the west. Numerous Dublin Bus routes serve the location and the 24-hour aircoach to and from Dublin Airport has a number of stops in the vicinity. A Dublin Bike docking station is located on Barrow Street.

North

Stra

nd Ro

ad

East Wall

Ballyb

ough

Road

O‘Connell Street

Custom House Quay

City Quay

East Link

Mac

ken

Stre

et

Pearse Street

Barro

w S

treet

Gra

fton

Stre

et

Daw

son

Stre

et

Grand Canal Street

Mount Street Lower

Baggot Street

North Quay Wall

Russ

ell S

treet

Dors

et S

treet

Lwr.

North Circular Road

St. Stephen’sGreen

TrinityCollege

West Entrance

East

Ent

ranc

e

LUAS

LUAS

LUAS

CLONTARFDART STATION

DublinPort

TunnelEntrance

CONNOLLYDART STATION

DOCKLANDSSTATION

GRAND CANAL DOCKDART STATION

EastPoint

TARA STREETDART STATION

PEARSE STREETDART STATION

ConferenceCentre

Location COMMUNICATION HOUSE is situated on the east side of Barrow Street, north of its intersection with Grand Canal Street Upper. Barrow Street runs perpendicular to Ringsend Road and Grand Canal Street Upper and comprises a mix of both commercial and residential uses. There is an abundance of services and amenities within the immediate vicinity including restaurants, cafes, pubs and shops as well as the Grand Canal Hotel.

Local occupiers within the area include the international headquarters of Google, Mason Hayes and Curran and Accenture.

Luas Red Line Luas Cross City Line Luas Green Line Train / Dart Dublin Bikes Dublin Bus

KBC

Capita

Google European HQ

Stripe

Revenue

Asavie

Iconic

Bord Gais

Hines

WK Nolan

GOOGLE

Bank Of Ireland Mason Hayes Curran

NTMA, NAMA,Perrigo

HSBC, Accenture

Accenture, BT, BNP Paribas, GooGle

GRAND Canal Dock TRAIN/Dart station

COMMUNICATION HOUSE

COMMUNICATION HOUSE

4

Description

0.081 hectares (0.2 acres)

regular shaped site

895 sq m(9,636 sq ft)

net internal floor area

3 Storeys + BASEMENT

Communication House is a modern office building constructed in the late 1990s. It sits on a regular shaped site of approximately 0.081 hectares (0.2 acres).

The property consists of three storeys over basement car parking and extends to a total net internal floor area of 895 sq m (9,636 sq ft).

It is of concrete frame construction with a part rendered/part brick façade and part pitched roof/part mansard roof. The building is arranged over two blocks connected via a central core designed as a feature tower.

At basement level, there are 17 designated car parking spaces however the tenant has added additional storage which restricts the use of some of these car spaces.

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At ground floor level, the rear block has a large reception area, and open plan offices with a number of partitioned offices.

The front block at ground floor level has a large telecommunications room, which has been fitted out by the tenant.

The first-floor level is similar with a large open plan office and canteen in the rear block and smaller office area in the front block. The building steps in at first floor level to the rear to allow for an external balcony.

The second-floor level is similar to a mezzanine level and has been subdivided to provide boardroom, cellular office accommodation and wc in the rear block. Open plan office accommodation is provided in the front block.

Specification The specification includes

n Suspended ceilings with recessed fluorescent strip lighting

n Plastered and painted walls

n PVC framed double glazed windows

n Raised access floors with concrete floors in core lobby areas and carpet tiles

n The building is served by an 8-person passenger lift serving all floors including basement level.

COMMUNICATION HOUSEB A R R O W S T R E E T / D 4

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Tenancy

The property is let to Imagine Telecommunications Business Ltd. (formerly International Telecommunications Limited) on a 25-year full repairing and insuring lease from 1 January 1999. There are five yearly upward only rent reviews, the next occurring in January 2019. The current passing rent is €419,631 p.a. The tenant is not currently in occupation.

Tenant CovenantImagine Telecommunications Business Ltd. is part of the Imagine Communications Group, one of Ireland’s leading telecommunication providers. Established in 1993, Imagine provides fixed and wireless communication services to both business and residential customers. The Group has substantial business operations in Europe with overall network reach extending from Ireland to the UK, the Netherlands, Austria, Norway and the USA. Its brands include Gaelic Telecom, Irish Broadband, Access and Cinergi.

According to Dun & Bradstreet, Imagine Telecommunications Business Ltd have a rating of “O 1”, representing a minimum risk of business failure. As of the 31st December 2015, Imagine Communications Group Ltd had a stated financial position showing net assets of €77,184,858 up from €71,942,693 the previous year.

Accommodation

PlanningThe subject property is zoned Z2 ‘To protect and/or improve the amenities of residential conservation areas” under the Dublin City Development Plan 2016-2022.

The principal land-use in residential conservation areas is housing but can include a limited range of other secondary and established uses. In considering other uses, the guiding principle is to enhance the architectural quality of the streetscape and the area.

Permissible uses include buildings for the health, safety and welfare of the public, childcare facility, embassy residential, home-based economic activity, medical and related consultants, open space, public service installation and residential.

FloorSq M Sq Ft

Net Internal AreaGround 349 3,756First 300 3,232Second 246 2,648Total 895 9,636

Any intending purchaser will need to satisfy themselves as to the exact floor area of the subject property.

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COMMUNICATION HOUSE

B A R R O W S T R E E T / D 4

Title Freehold.

BER Rating

No. 800522567Full Building Energy Rating certificate and advisory report available on the data room.

VAT Further information on request.

ProposalOffers sought in excess of €6,700,000 which equates to a Net Initial Yield of 6% assuming standard purchaser’s costs of 4.46% and a capital value per sq ft of approximately €695.

Data RoomA bespoke data room containing legal documents and background information is available at: www.communicationhousedublin.com

Access is restricted and will be granted by Cushman & Wakefield to interested parties on verification of information.

ViewingsAll viewings are strictly by appointment through the sole selling agent.

Contact Details

164 Shelbourne Road,Ballsbridge, Dublin 4, Ireland.

T: +353 (0)1 639 9300 www.cushmanwakefield.ie

Clive RocheT: +353 (0)1 639 9202 E: cive.roche@cushwake.iePRSA No. 002222-004568

Jane DolanT: +353 (0) 1 639 9225E: jane.dolan@cushwake.iePRSA No. 002222-002314

DERRY O’NEILLT: +353 (0) 1 639 9283E: derry.oneill@cushwake.iePRSA No. 002222-005591

SolicitorsRutledge Doyle 8-9 Store, Dublin 1.

Gerry Doyle T: +353 (0)1 8556591E: gerry@rutledgedoyle.ie

Conditions to be noted: 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.