HAZEL PORTFOLIO - Bannon · The Hazel Portfolio is a geographically diverse collection of retail...

HAZEL PORTFOLIOIrish Retail Investment Portfolio

Cork | Drogheda | Galway

GATEWAY RETAIL PARKGALWAY, CO. GALWAY

WILTON SHOPPING CENTRECORK, CO. CORK

DROGHEDA RETAIL PARKDROGHEDA, CO. LOUTH


PORTFOLIO IN NUMBERS

02 03




Net Operating Income

of €8,972,523 per annum

Low vacancy rate of

2.1%

37,867 sq m of retail accommodation

79% of income from multi-national and

national tenants

Immediate

asset management opportunities

Overall WAULT

9.11 years92 Tenants in total

Cork | Drogheda | Galway HAZEL PORTFOLIOIRISH RETAIL INVESTMENT PORTFOLIO

PROPOSAL

• The Hazel Portfolio is for sale by Private Treaty on the instructions of the Vendors.

• We are inviting offers for the entire portfolio as a single lot at a guide price in excess of €115 million (One Hundred and Fifteen Million Euro) subject to contract and exclusive of VAT, which reflects an attractive Initial Yield of approximately 7.47% for the portfolio, based on a Net Operating Income of €8.97m (after abatements and landlord irrecoverables).

• It will be necessary for buyers to apportion the overall purchase price across the three assets.

• 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 the avoidance of doubt, please note this is an investment sale, therefore all tenants are unaffected.

INTRODUCTION

Bannon and DTZ Sherry FitzGerald are pleased to present the Hazel Portfolio, an opportunity for investors to access a cross section of Irish retail assets which are geographically diverse.

The Hazel Portfolio offers purchasers the ability to acquire long term income along with asset management and value add opportunities including leasing and development at a time of economic recovery.

Ireland’s domestic market continues to show positive economic and consumer sentiment trends making Ireland the fastest growing economy in Europe. The Hazel Portfolio offers investors access to this growth through the retail market from assets that dominate their respective catchments.

WILTON SHOPPING CENTRECORK, CO. CORK 10,151 sq m (109,259 sq ft)excluding Tesco

DROGHEDA RETAIL PARKDROGHEDA, CO. LOUTH 19,919 sq m (214,405 sq ft)

GATEWAY RETAIL PARKGALWAY, CO. GALWAY 7,798 sq m (83,936 sq ft) excluding Dunnes

WEXFORD

DUBLIN

WATERFORD

LIMERICK

TIPPERARY

MALLOW

CORK

SLIGO

DUNDALK

CASHEL

GALWAY

BELFAST

N11

N11

N25

N22

N21

N20

N18

M6

N5

N17

N17

N15

N14

A4A1

M2

M1

A5

A6

A29

A26

A32

M8

M8

M7

N7

M7

M4

M1N3

M2

N2N3

N4

N4

M50

M9

N24

N24

BALLINA

LETTERKENNY

DONEGAL

DROGHEDA

MULLINGAR

ATHLONE

CAVAN

PORTLAOISE

KILKENNY

WICKLOW

DERRY

ENNISKILLEN

KILLARNEY

N84

N59

CASTLEBAR

THE 3 RETAIL ASSETS:

04 05

INVESTMENT HIGHLIGHTS The Hazel Portfolio is a geographically diverse collection of retail assets which benefit from their position as dominant retail centres in their respective catchments. It represents a true retail-based property portfolio of significant scale, comprising a shopping centre and two retail parks. Key highlights of the portfolio include:

• A diverse retail portfolio offering exposure to a cross section of the Irish retail market

• 92 tenants in three locations comprising a total of 37,867 sq m

• Attractive net initial yield of 7.47% based on guide price of €115m • High profile tenants include Penneys, TK Maxx,

Next, New Look, Homebase, B&Q and Harvey Norman which collectively represent 47% of the passing rent• Passing rent of €9,042,328 per annum

with approximately 2% vacancy and a Net Operational Income of €8,972,523

• Access to 309,947 people and €1.37bn disposable income

• Overall weighted average unexpired lease term of 9.11 years

• Immediate asset management opportunities to drive income and enhance returns

• 3.80 hectares (9.39 acres) of development land at Gateway Retail Park


CORK

DROGHEDA

GALWAY

GATEWAY RETAIL PARK

• Modern open use retail park located in Galway City

• Anchored by B&Q and owner occupied Dunnes

• High profile tenants include New Look, Next and McSharry Pharmacy

• Total Net Operating Income of €1,409,063 per annum (after abatements and landlord irrecoverables) with a WAULT of 7.99 years

• Full planning permission for Phase 2 (over 80,000 sq ft) on 3.94 acres

• Additional 5.45 acres of development land located at the entrance to the retail park with potential to add complementary uses, subject to planning permission.

DROGHEDA RETAIL PARK

• Dominant retail park in the largest town in Ireland

• Diverse mix of occupiers which encourages frequent visits

• Anchored by Homebase and Harvey Norman together with owner occupier Aldi

• Total Net Operating Income of €2,492,645 per annum (after abatements and landlord irrecoverables) with a WAULT of 8.34 years

• Strong tenant line-up including TK Maxx, Argos, Homestore + More, Halfords, Costa Coffee amongst others

• Access to core catchment of just under 100,000 people

• Sale includes Unit 15 Newgrange Business Park which is occupied by Blackstone Motors paying €120,000 per annum.

06 07

WILTON SHOPPING CENTRE

• Suburban Shopping Centre 7 minutes from Cork City

• Anchored by Tesco and Penneys together with household names Lifestyle Sports, New Look and Boots

• Total net operating income of €5,070,815 per annum (after abatements and landlord irrecoverables) with a WAULT of 9.80 years

• Exceptionally strong footfall of 5 million per annum

• Core catchment of approximately 100,000 people

• Offers a range of asset management initiatives to improve and strengthen the current retail profile

• 10 year planning permission for development at parts of Wilton Shopping Centre on a site of 15.1 acres was granted in 2011.

SHOPPING CENTRE RETAIL PARKS


08 09

PORTFOLIO ANALYSIS


Total Floor Area WAULT

Total Passing Rent

Passing Rent v NOI Vacancy

Unexpired Lease Term Covenant Profile

Multinational€5,466,278 - 60%

National€1,680,381 - 19%

Local€1,895,669 - 21%

10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%Wilton Shopping Centre Drogheda Retail Park Gateway Retail Park

1.22%

0.00%

3.67%

€6,000,000

€5,000,000

€4,000,000

€3,000,000

€2,000,000

€1,000,000

€0Wilton Shopping Centre Drogheda Retail Park Gateway Retail Park

€1,417,000

€2,492,645

€2,508,854

€5,070,815

€5,116,474

€1,409,063

27%

53%

56%28%

16%

2<5yrs

60%19%

21%

0>2yrs

5<10yrs

10+yrs

Wilton Shopping Centre10,151 sq m - 27%

Drogheda Retail Park19,919 sq m - 53%

Gateway Retail Park7,798 sq m - 20%

Wilton Shopping Centre€5,116,474 - 56%

Drogheda Retail Park€2,508,854 - 28%

Gateway Retail Park€1,417,000 - 16%

2<5yrs €2,347,332

0>2yrs €606,479

5<10yrs €3,022,252

10+yrs €3,066,265

20%


National€1,680,381 - 19%

Local€1,895,669 - 21%

10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%


1.22%

0.00%

3.67%

€6,000,000

€5,000,000

€4,000,000

€3,000,000

€2,000,000

€1,000,000


€1,417,000

€2,492,645

€2,508,854

€5,070,815

€5,116,474

€1,409,063

27%

53%

56%28%

16%

2<5yrs

60%19%

21%

0>2yrs

5<10yrs

10+yrs







2<5yrs €2,347,332

0>2yrs €606,479

5<10yrs €3,022,252

10+yrs €3,066,265

20%


National€1,680,381 - 19%

Local€1,895,669 - 21%

10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%


1.22%

0.00%

3.67%

€6,000,000

€5,000,000

€4,000,000

€3,000,000

€2,000,000

€1,000,000


€1,417,000

€2,492,645

€2,508,854

€5,070,815

€5,116,474

€1,409,063

27%

53%

56%28%

16%

2<5yrs

60%19%

21%

0>2yrs

5<10yrs

10+yrs







2<5yrs €2,347,332

0>2yrs €606,479

5<10yrs €3,022,252

10+yrs €3,066,265

20%


National€1,680,381 - 19%

Local€1,895,669 - 21%

10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%


1.22%

0.00%

3.67%

€6,000,000

€5,000,000

€4,000,000

€3,000,000

€2,000,000

€1,000,000


€1,417,000

€2,492,645

€2,508,854

€5,070,815

€5,116,474

€1,409,063

27%

53%

56%28%

16%

2<5yrs

60%19%

21%

0>2yrs

5<10yrs

10+yrs







2<5yrs €2,347,332

0>2yrs €606,479

5<10yrs €3,022,252

10+yrs €3,066,265

20%


National€1,680,381 - 19%

Local€1,895,669 - 21%

10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%


1.22%

0.00%

3.67%

€6,000,000

€5,000,000

€4,000,000

€3,000,000

€2,000,000

€1,000,000


€1,417,000

€2,492,645

€2,508,854

€5,070,815

€5,116,474

€1,409,063

27%

53%

56%28%

16%

2<5yrs

60%19%

21%

0>2yrs

5<10yrs

10+yrs







2<5yrs €2,347,332

0>2yrs €606,479

5<10yrs €3,022,252

10+yrs €3,066,265

20%


National€1,680,381 - 19%

Local€1,895,669 - 21%

10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%


1.22%

0.00%

3.67%

€6,000,000

€5,000,000

€4,000,000

€3,000,000

€2,000,000

€1,000,000


€1,417,000

€2,492,645

€2,508,854

€5,070,815

€5,116,474

€1,409,063

27%

53%

56%28%

16%

2<5yrs

60%19%

21%

0>2yrs

5<10yrs

10+yrs







2<5yrs €2,347,332

0>2yrs €606,479

5<10yrs €3,022,252

10+yrs €3,066,265

20%WAULT Per Scheme:

Wilton Shopping Centre 9.80 years

Drogheda Retail Park 8.34 years

Gateway Retail Park 7.99 years

Total Portfolio 9.11 years

Rent p.a.

1 Penneys €1,226,000

2 New Look €840,000

3 Homebase €660,000

4 Next €450,000

5 Harvey Norman €431,445

6 B&Q €370,000

7 TK Maxx €236,225

8 Lifestyle Sports €203,000

9 Argos €199,877

10 Homestore + More €181,000

TOTAL €4,797,547

Top 10 tenants account for 53% of the total passing rent.

Top 10 Tenants

WHY INVEST IN IRISH RETAIL? Fastest Growing Economy in Europe

Most economic data released so far confirms that the Irish economy is likely to continue trends seen in 2014, with significant growth expected again in 2015. GDP growth for 2014 came in at an impressive 4.8%, far exceeding the 0.2% expansion in 2013, while GNP grew by 5.2% overall.

Following a strong first half of 2015, the ESRI expect Ireland’s GDP to grow by 4.4% this year and 3.7% in 2016.

All data released so far in 2015 reflects a continuation of the strong economic performance seen in 2014. It is believed that the combination of these trends, along with a further boost in investment will result in real GDP returning to pre-recession levels by 2016.

Falling Unemployment

From a domestic perspective, Live Register figures continue to show increases in labour market participation with the unemployment rate falling to 9.7% in June 2015, down from a peak of 15.2% in 2012 and at a level not seen since 2008. The ESRI expect unemployment to fall again in 2016 to 8.3%.

Improving Consumer Sentiment

The ESRI Consumer Sentiment Index has shown a consistent upward trend since 2011. For the 12 months to June 2015 the index increased from 89.4 to 102.8. These factors are having a visible impact on consumer spending, with the Visa Europe Irish Consumer Spending Index showing an annual increase of 4.0% in overall spend in May. The Central Bank expects spending to increase by 2.2% overall in 2015, double the rate of growth recorded in 2014.

Increasing Retail Sales

Recovery in consumer sentiment and increased disposable incomes in recent months are now feeding through to retailers’ tills, with the latest figures published by the CSO (July 2015) showing the total volume of retail sales to have increased 5.4% in the year with almost all sectors showing positive growth.

Sales of clothing, footwear and textiles have been particularly strong with volumes up 7.6%, while motor trades have seen an increase of 5.4% annually. The former is a key factor in rental levels and sustainability on Irish shopping centres and retail parks.

Rising Rents and Capital Values

The MSCI / IPD Property Index show that across all retail sectors, rents fell by 50.38% from the peak of the market in 2008 to the trough in Q2 2014. Since they bottomed, they have increased by 4% with further growth expected over the next 12 months.

Retail Capital Values have also decreased significantly, with falls of 71.48% from the peak in Q4 2007 to the trough in Q1 2014. Positively, Capital Values have increased for the last six consecutive quarters, with an increase of 27.1% since the trough.

Capital Values Peak to Trough Growth Since Trough

All retail property -71.48% +30.40%

Shopping Centre -69.86% +33.34%

Retail Parks -67.42% +19.26%

Rental Values Peak to Trough Growth Since Trough

All retail property -50.38% +3.67%

Shopping Centre -49.08% +0.36%

Retail Parks -48.82% +3.60%

Jan

00Ju

l 00

Jan

01Ju

l 01

Jan

02Ju

l 02

Jan

03Ju

l 03

Jan

04Ju

l 04

Jan

05Ju

l 05

Jan

06Ju

l 06

Jan

07Ju

l 07

Jan

08Ju

l 08

Jan

09Ju

l 09

Jan

10Ju

l 10

Jan

11Ju

l 11

Jan

12Ju

l 12

Jan

13Ju

l 13

Jan

14Ju

l 14

Jul 1

5Ja

n 15

140

120

100

80

60

40

20

0

Consumer Sentiment - Monthly Index 3 Month Moving Average

Consumer Sentiment

10%

5%

0

-5%

-10%

-15%

Value Volume

Value & Volume of Retail Sales Year-on-Year % Change

2006 2007 2008 2009 2010 2011 2012 2013 2014

Dec

94

Sep

95

Jun

96

Mar

97

Dec

97

Sep

98

Jun

99

Mar

00

Dec

00

Sep

01

Jun

02

Mar

03

Dec

03

Sep

04

Jun

05

Mar

06

Dec

06

Sep

07

Jun

08

Mar

09

Dec

09

Sep

10

Jun

11

Mar

12

Dec

12

Sep

13

Jun

14

Mar

15

700

600

500

400

300

200

100

0

Capital Value Rental Value

Irish Property Index: Retail Property

2,200

2,150

2,100

2,050

2,000

1,950

1,900

1,850

1,800

1,750

1,700

1,650

16%

14%

12%

10%

8%

6%

4%

2%

0%

Employment and Unemployment (CSO and Ibec)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(f)

2016

(f)

Total In Employment Unemployment %

6

4

2

0

-2

-4

-6

-8

-10

GDP GNP

GDP & GNP: Annual % Change

2008 2009 2010 2011 2012 2013 2014

10 11

10%

5%

0

-5%

-10%

-15%

Value Volume

Value & Volume of Retail Sales Year-on-Year % Change

2006 2007 2008 2009 2010 2011 2012 2013 2014

Dec

94

Sep

95

Jun

96

Mar

97

Dec

97

Sep

98

Jun

99

Mar

00

Dec

00

Sep

01

Jun

02

Mar

03

Dec

03

Sep

04

Jun

05

Mar

06

Dec

06

Sep

07

Jun

08

Mar

09

Dec

09

Sep

10

Jun

11

Mar

12

Dec

12

Sep

13

Jun

14

Mar

15

700

600

500

400

300

200

100

0

Capital Value Rental Value

Irish Property Index: Retail Property


FURTHER INFORMATION

Pricing

The Hazel Portfolio is for sale by Private Treaty as a single lot. The joint agents are inviting offers in excess of €115 million (One Hundred and Fifteen Million Euro) subject to contract and exclusive of VAT, reflecting an attractive Net Initial Yield of approximately 7.47% for the portfolio. It will be necessary for buyers to apportion the overall purchase price across the three assets.

Rent, Service Charge and Rates Arrears*

The Vendors will assign the benefit of all rent arrears to the purchaser (save the current quarter for performing tenants). Additionally, the Vendors agree to make an allowance, by way of price apportionment, on closing for any outstanding rates and service charge arrears on vacant units or for occupied units where those arrears are older than 12 months.

Website / Data Room

Detailed tenancy schedules and further information for each of the assets is available on the dedicated data room.

To request access please go to www.hazelportfolio.com

VAT

Information on VAT for each asset is provided within the Hazel Portfolio data room. To request access please go to www.hazelportfolio.com

Viewings

Viewings are strictly to be arranged through the joint selling agents. This is an investment sale and therefore tenants are not affected. *Exceptions may apply

Contact Joint Agents

Hambleden House 19/26 Pembroke Street Lower Dublin 2 Ireland

+353 (1) 647 7900 www.bannon.ie

PSRA No. 001830

Roderick Nowlan Investment Director +353 (0) 1 647 [email protected] No. 001830 - 002131

David Carroll Associate Director +353 (0) 1 647 [email protected] No. 001830 - 002388

Alex Patterson Associate Director +353 (0) 1 647 7946 [email protected] No. 001830 - 002397

164 Shelbourne RoadBallsbridgeDublin 4Ireland

+353 (0) 1 639 9300www.dtz.ie

PSRA No. 002222

Karl StewartRetail Director +353 (0) 1 639 [email protected] No. 002222 - 02958

Kevin DonohueHead of Investments+353 (0) 1 639 [email protected] No. 002222 - 005462

Jane DolanSurveyor+353 (0) 1 639 [email protected] No. 002222 - 002314

PROPERTY MISREPRESENTATION ACTThe joint agents and the Vendor/Lessor 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, Lessees 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 Bannon, DTZ 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 Bannon, DTZ nor any of their employees nor the vendor or lessor 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/lessees 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


12



15

HAZEL PORTFOLIOIRISH RETAIL INVESTMENT PORTFOLIO


WHY INVEST IN WILTON SHOPPING CENTRE?

• Modern covered Shopping Centre extending to approximately 10,151 sq m (109,259 sq ft) excluding Tesco.

• Total rent roll of €5,116,474 with a WAULT of approximately 9.80 years.

• Dominant Shopping Centre only 7 minutes from Cork City Centre and benefits from a catchment of 104,324 people within a 20 minute drivetime.

• Low vacancy – with approximately 1% of the floor area vacant.

• 36% of the passing income is from Penneys (€1.226m), New Look (€365k) and Lifestyle Sports (€203k).

• Exceptionally strong footfall of 5 million people per annum.

• Full planning permission for the partial redevelopment of the centre (expires 2021).


LOCAL ECONOMY

Cork City is the primary centre for industry in the south of Ireland with pharmaceuticals and information technology being its main employment sectors. Multinationals such as Pfizer Inc. and Swiss company Novartis are large employers in the region. Cork is also the European headquarters of Apple Inc. employing over 3,000 staff across manufacturing, research & development and customer support.

Other notable employers include Heineken, Amazon, Cork University Hospital (adjacent to Wilton Shopping Centre), Boston Scientific, Cork City Council, Cork Institute of Technology and University College Cork.

19



RETAILING IN CORK

Cork City’s retail offer extends to over 85,000 sq m with the majority of this situated within established shopping centres in the city centre and suburbs. The main retail thoroughfare in the city is focused on Patrick Street and in Merchants Quay Shopping Centre anchored by Debenhams.

Other shopping centres within the region include; Mahon Point anchored by Tesco and Debenhams, Douglas Court and Douglas Village anchored by Dunnes and Tesco respectively, all of which are located in the south east area of Cork. Blackpool Shopping Centre, anchored by Dunnes, completes the main centres within Cork and is located in the northern suburbs.

SITUATION

Wilton Shopping Centre is located in the suburb of Bishopstown approximately 3 kms south west of the city centre. The shopping centre is situated opposite Cork University Hospital and bounded by the N71 link road at the east, the N40 to the south, Bishopstown Road to the north and housing to the east.

The shopping centre has extensive surface car parking, 607 included within the sale and a further 394 relating to Tesco, situated on a site area of approximately 9 hectares (23 acres).

DESCRIPTION

Wilton Shopping Centre first opened in 1979 and underwent an extensive extension in 2003 which included the addition of a Tesco Superstore and 11 large units. In 2007, at the northern end of the scheme, Penneys took occupation of the former Roches Stores unit.

It is the second largest shopping centre in Cork (after Mahon Point), with an impressive footfall of approximately 105,000 per week (5.5 million per annum).

The centre extends to 10,151 sq m (109,259 sq ft) (excluding Tesco) of sales, ancillary and storage accommodation over predominately one trading level. The centre comprises an enclosed mall running north to south with Penneys anchoring its northern end and Tesco its southern end. The two anchor stores are linked via two malls situated at the eastern and western end of the centre.

The 2004 refurbishment and extension works included:

• Construction of a new Tesco store of 5,080 sq m doubling the size of their former store

• Construction of a new mall comprising 11 retail units and linking the original centre to the new Tesco Superstore

The site also houses the Bishopstown Library building situated at its western end opposite Tesco and a stand-alone Bank of Ireland situated on the western car park (both long leasehold).

20


Wilton Shopping Centre extends to approximately

10,151 sq m (109,259 sq ft)

19


21

INCOME ANALYSIS

Local 36%

National 22%

Multinational 42%(Penneys 25%)

CORKBallincollig

Ballinhassig

Coachford

Stuake

Blarney

Bandon

Glanmire

Passage West

Cohn

Carrigaline

Carrigtohill

Watergrasshill

Midleton

CORKBallincollig

Ballinhassig

Coachford

Stuake

Blarney

Bandon

Glanmire

Passage West

Cohn

Carrigaline

Carrigtohill

Watergrasshill

Midleton

WhitegateWhitegate

M8

N2

N40N22

N20

N27 N28

22



23

CATCHMENT

The catchment for Wilton Shopping Centre is generally within a 20 minute drivetime south west of Cork City. The population of this area is 104,324 according to the 2011 Census.

Area Area Area (% Change)

Total Population 2002 97,157 5.11%



The demographic profile of the catchment can be categorised as follows:

• 31% of the population is in the 25-44 age category, that are most likely to be purchasing houses.

• 36% of the catchment is within the top tier social class of professional, managerial and technical (AB). This is above the national average of 34%.

• 85% of the catchment is in employment, students, retired or dedicated to home duties which is on par with the national average.

• 50% of the catchment has completed third level or vocational education which is above the national average of 43%.

• 87% of the housing stock is occupied compared to the national residential occupancy rate of 83%.

• 63% of homes are owner occupied. Of all owner occupied homes 53.4% have no mortgage.

The total annual household spend within the defined catchment is €1.70bn, however this includes spends not relevant to the goods and services that would be common in a retail environment similar to Wilton Shopping Centre. The spend has therefore been refined to only reflect expenditure relevant to Wilton Shopping Centre as shown opposite.

40%

30%

20%

10%

0%

Total Population<15 Years

Total Population15-24 Years



Total Population65+ Years

Wilton Shopping Centre Catchment Area National Aera

Age Profile, Census 2011

Cork Core Catchment Area

Bespoke Catchment

20 mins DrivetimeCategory of Spend Annual Spend in Catchment Area

Food €271,402,930

Drink and Tobacco €67,007,948

Clothing and Footwear €86,348,648

Household Non Durable €32,665,974

Household Durable €17,336,197

Transport €17,850,646

Miscellaneous €148,798,007

Totals €641,410,352

The sales potential for Wilton Shopping Centre’s catchment area is based upon the latest Census and Household Budget Survey.

Wilton Shopping Centre

56

25,26 57

27

28,29,31

32-33A33B,34,35,3637,

37A,38,3915D

15C

1618C

17,18B

18A19

20

2122B

23B23C

23D

24

22A23A

4443

42 41

45

46

4748, 49

50

51A

5152

5354,55

13,14A

13,14B

13,14C

13,14D

13,14E

12A/B

10A,119, 10B

87

5,6,6A4A 4B

3C3D

21A/B

1X

3,3A

BOOTSCHEMIST

EURO GIANT

28, 29, 31STORE 30A

30B

LIBRARY40A,B,C,D,E

15B

15F

15E

34, 35, 36STORE

NEW LOOK

O’BRIEN’SSANDWICH

BAR

LIFESTYLESPORTS

EASONS

SKECHERSSPECSAVERS

TENANCY OVERVIEW

Top 9 tenants by Income are as follows:

Unit No Tenant Name Area (sq m) Lease Start Date Lease Expiry Term Break Contracted Passing

Anchor Penneys 3,790.34 07/09/2007 06/09/2032 25 - €1,226,000 €1,226,000

48/49 New Look 506.90 01/07/2004 30/06/2029 25 - €365,000 €365,000

54/55 Lifestyle Sports 362.99 01/07/2004 30/06/2029 25 - €203,000 €203,000

33B/34/35/36 Easons 317.72 01/01/2012 31/12/2027 15 01/01/2020 €125,000 €125,000

47 Skechers 219.58 01/09/2014 31/08/2024 10 - €115,000 €115,000

37/37A/38/39 Boots Chemist 249.45 01/01/2012 31/12/2027 15 01/01/2020 €180,000 €180,000

50 O’Brien’s Sandwich Bar 149.37 01/07/2004 30/06/2029 25 - €112,000 €112,000

28/29/31 Euro Giant 181.73 17/10/2012 16/10/2027 15 - €110,000 €110,000

51 Specsavers 112.97 01/07/2004 30/06/2029 25 - €100,000 €100,000

Top 9 Totals 5,891.05 €2,536,000 €2,536,000

Property Totals 10,151 €5,047,974 €5,047,974

The service charge is approximately €9.60 per sq ft, excluding VAT.


24 25


Retail Units

Grocery

Café/Restaurant

Other Use

Held Long Leasehold

Not to scale. For indicative purposes only

27



PLANNING

Planning permission was granted in 2011 for the partial demolition and redevelopment of the current scheme to include adding four blocks. The proposed uses can be summarised as follows:

Block Type Gross area

Ground floor of all blocks Retail 24,483 sq m

A Medical Services 5,363 sq m

B Offices 9,811 sq m

C 13 Screen Cinema 6,119 sq m

C Multifunction Conference Centre 8,176 sq m

C Student Accommodation 1,946 sq m

D 141 Bedroom Hotel 7,144 sq m

- Landlord Areas 9,811 sq m

Total 64,677 sq m

B I S H O P S T O W N R O A D

SA

RS

FIE

LD

RO

AD

Block B5/6/7 Storey,Retail Ground Floor,Of�ces Upper Floors

Block A4/5 StoreyRetail, Medical, Hotel

Block C4/5 Storey,Retail Ground/First,Bowling,Cinema,Student Accommodation

Block D4/5 Storey,Conference Centre,Hotel, Gym,Retail Ground Floor,Link to Cinema

BLOCK A

BLOCK D

BLOCK B

BLOCK C

TESCO

,

Permission was granted in 2011 for a large mixed use development. The proposal consists of a total Gross Floor Area of 64,677 sq m. There is an agreement in place with Penneys (Primark) to relocate them to a unit over 80,000 sq ft in the event of the landlord redeveloping the centre.

CGI images of the proposed redevelopment of Wilton Shopping Centre.

26

TITLE

The property is held Freehold/Long Leasehold.

SOLICITORS DETAILS

Jerome O’ Sullivan JW O’Donovan Solicitors T: +353 (0) 21 7300250

BER RATING:

28


PROFILE TENANTS

PenneysPrimark Limited trading as Penneys opened its first store in Dublin in 1969. Today it operates in 270 stores in 9 countries in Europe and the US. According to Dun & Bradstreet, Primark Limited rating is O2 based and has a lower than average risk of business failure.

Euro GiantBushgrove Limited is trading as Euro Giant and currently trades from over 500 stores in the UK & Ireland. According to Dun & Bradstreet, Bushgrove Limited rating is 2A 2 based on turnover in excess of €32.5 million from May 2014 company accounts.

Boots Boots Retail (Ireland) Limited is trading as Boots and is one of the Ireland’s leading pharmacy and beauty retailers. Established in Ireland since 1996, Boots has 74 stores trading nationwide as the largest pharmacy chain in Ireland. According to Dun & Bradstreet, Boots Retail (Ireland) Limited rating is 5A 2 based on turnover in excess of €298 million based on company accounts dated March 2014.




WHY INVEST IN DROGHEDA RETAIL PARK?

• Dominant retail park in its catchment extending to over 19,919 sq m (214,405 sq ft).

• Total passing rent roll of €2,508,854 p.a. with a WAULT of 8.34 years and a 99% collection rate for 2014.

• Highly accessible location which benefits from proximity to the M1 motorway and a major Tesco F60 Store (with its PFS on subject site) plus Aldi (also on subject site).

• Low vacancy - one unit vacant / 3% of the floor area.

• 53% of the passing income is from Homebase, TK Maxx and Harvey Norman.

• Included in the sale is Unit 15 Newgrange Business Park which is let to Blackstone Motors at €120,000 p.a. with 5.87 years term certain.


31

LOCATION

Drogheda is Ireland’s largest town with a population of over 38,500 persons (Census 2011). The town is easily accessible with the M1 Dublin to Belfast Motorway located 3 kms west of the town centre and directly adjacent the Retail Park. Travel time to Dublin and Belfast is 40 minutes and 90 minutes respectively.

Drogheda is an important administrative centre for south Louth and east Meath with Louth County Council, Drogheda Borough Council and government offices for the Department of Agriculture, Fisheries & Food and the Revenue Commissioners all located in the town.

The town has witnessed considerable development over the past decade with the establishment of two shopping centres namely Laurence Town Centre and Scotch Hall Shopping Centre. These retail schemes have added considerable retail quantum to the town but the accessibility of Drogheda Retail Park combined with adjoining developments like Tesco, Lidl and on site Aldi has made the surrounding area a major convenience and comparison hub for the catchment. The town is highly accessible via public transport with main line rail to Dublin operating daily.

Drogheda Retail Park is situated at Junction 9 of the M1 Motorway and Donore Road.

M1 M

OTO

RW

AY

D O N O R E R O A D

PL

AT

I N R

OA

D

R

15

2

BE

AM

OR

E

RO

AD

R

10

8

R1 3 2

R 1 3 2

D U BL I N

RO

A D

R 1 6 6

R166

MA

TT

HE

WS

LN

S

D O N O R E R O A D

R AT H M U L L A N R O A D

N O R TH S T R A N D

R1 6 7

R 8 9 9

BOYLE O’REILLY TERRACE

SH

AM

RO

C

K

VI L

LA

S

KIN

G S

T

M A R S H R O A D

DONORE ROAD

R 1 6 8

JCT 9

Drogheda Station

R I V E R B O Y N EDrogheda

Town CentreDrogheda

Town Centre

M1

MO

TO

RW

AY

N 5 1

R1 6 8

M1

The town is highly accessible with the

M1 Dublin to Belfast Motorway located 3 kms

west of the town centre, directly adjacent

to the Retail Park

DROGHEDA RETAIL PARK

32

Trainline

Dublin 50 kms

Belfast 120 kms

Drogheda Town Centre


WEXFORD

DUBLIN

WATERFORD

LIMERICK

TIPPERARY

MALLOW

CORK

SLIGO

DUNDALK

CASHEL

GALWAY

BELFAST

N11

N11

N25

N21

N20

N18

M6

N5

N17

N17

N15

N14

A4A1

M2

M1

A5

A6

A29

A26

A32

M8

M8

M7

N7

M7

M4

M1N3

M2

N2N3

N4

N4

M50

M9

N24

N24

BALLINA

LETTERKENNY

DONEGAL

DROGHEDA

MULLINGAR

ATHLONE

CAVAN

PORTLAOISE

KILKENNY

WICKLOW

DERRY

ENNISKILLEN

KILLARNEY

N84

N59

TRALEE

CASTLEBAR

Dunore Road

DESCRIPTION

Drogheda Retail Park was developed in 2005 with additional phases added in 2006 and 2008. The entire extends to approximately 19,919 sq m (214,405 sq ft) across 15 units with over 982 free surface car parking spaces.

The retail park is anchored by Homebase, TK Maxx, and Harvey Norman. These anchors alongside Homestore + More, Argos, Halfords, DID Electrical, CarpetRight and The Sofa Company provide a diverse retailing offer. These users are supported by Costa Coffee, Fast Fit and Beacon Medical. A Tesco Petrol filling station, Aldi and KFC Drive-thru restaurant are also located within the retail park, however these are not included in the sale (long leasehold).

The entire produces an income of €2,508,854 per annum with a WAULT of 8.34 years.

Included in the sale is Unit 15 Newgrange Business Park which is located adjacent to the Retail Park. The unit is fully occupied by Blackstone Motors at a passing rent of €120,000 per annum with a term certain of 5.87 years. This unit is located close the Tesco F60 store.

34 35

Drogheda Retail Park extends to approximately

19,919 sq m (214,405 sq ft) Unit 15 Newgrange Business Park / Blackstone Motors



M1

M1

M1

M1

M3

M3

M3

N2

N2

N51

N2

N52

N52

N2

N51

DROGHEDASlane

Wilkinstown

Duleek

Navan

Ardee

Clogherhead

Kingscourt

Kells

Trim Skerries

Balbriggan

Swords

DunshaughlinAshbourne

Tallanstown

Dundalk

DROGHEDASlane

Wilkinstown

Duleek

Navan

Ardee

Clogherhead

Kingscourt

Kells

Trim Skerries

Balbriggan

Swords

DunshaughlinAshbourne

Tallanstown

Dundalk

CATCHMENT

Drogheda Retail Park’s core catchment generally falls within a 15 minute drivetime with a growing population of approximately 100,000 people which represents a 36% increase since the 2002 Census, over double the national average of 17% for the same period.

Key statistics for this catchment population are:

• 50% of the catchment is over 15 years of age and in full time employment.

• 51% are classed as ABC1 social status.

• 33% of this population is in the 25 – 44 age category being the most likely to be purchasing houses.

• 34,400 residential units (87.91%) are occupied with 4,750 (12.09%) unoccupied.

The total annual household spend within the defined catchment is €1.48bn, however this includes spends not relevant to the goods and services that would be common in a retail park environment similar to Drogheda Retail Park. The spend has therefore been refined to only reflect expenditure relevant to Drogheda Retail Park as follows:

Category of Spend Annual Spend in Catchment Area

Household Durables €49,564,169

Clothing and Footwear €68,607,461

Housing €256,987,686

Other Miscellaneous €441,934,328

Food Consumed Away from Home €237,729,566

Fuel €67,802,937

Transport €228,520,030

Totals €1,351,236,177

The sales potential for Drogheda Retail Park’s catchment area is based upon the latest Census and Household Budget Survey.

36 37

Drogheda Core Catchment Area

25%

20%

15%

10%

5%

0%

1996 2002 2006 2011

Drogheda Retail Park Core Catchment National Average

Population Percentage Change 1996 -2011



Bespoke Catchment

20 mins Drivetime

Drogheda Retail Park

VACANT

Blackstone Motors

BEACON

MEDICAL

Harry Corry

TENANCY OVERVIEW

The top 5 Tenants by Income are as follows:

Unit Tenant Area (sq m) Lease Start Lease Expiry Lease Term (Years) Break Option Date Contracted Rent PA Passing Rent PA

Unit 6 Homebase 3,750 01/07/2005 30/06/2030 25 - €660,000 €660,000

Unit 8, 9, 10 & 11 Harvey Norman 3,788 07/09/2006 07/09/2026 20 06/09/2021 €575,260 €431,445*

Unit 7 TK Maxx 1,549 31/07/2006 31/07/2026 20 30/07/2021 €253,800 €236,225**

Unit 2 Argos 911 21/11/2005 21/11/2025 20 20/11/2020 €199,877 €199,877

Units 12, 13 & 14 Homestore + More 2,072 06/05/2011 05/05/2026 15 05/05/2019 €181,000 €181,000

Top 5 Total 12,070 €1,869,937 €1,708,547

Property Totals 19,919 €2,697,420 €2,508,854

* Harvey Norman is on a temporary rent abatement to €431,445 which expires on 01/10/2015. ** TK rent reduces to €230,00 p.a. from 30/07/2016 to 30/07/2021.

39

Retail Units

Grocery

Café/Restaurant

Other Use

Held Long Leasehold




M1

PROFILE TENANTS

Homebase Homebase Limited is part of the Home Retail Group Plc which has more than 340 stores throughout the UK and Republic of Ireland serving around 64 million customers a year.

Harvey Norman HoldingsHarvey Norman Holdings is the Australian parent company and has over 280 stores worldwide. Turnover for the year end 30/06/2014 was over $1.5bn AUD. with a profit after tax of $212m AUD.

TK Maxx TJX Ireland trading as TK Maxx is a subsidiary of TJX Companies which is a global retailing company. TJX Ireland was established in 2003 and has 18 stores across Ireland. According to Dun & Bradstreet the company has a rating of 3A 2 with a reported turnover of over €142m in their February 2013 accounts.

TITLE

The property is held Freehold.

SOLICITORS DETAILS

Ciara McDonnell JW O’Donovan Solicitors T: +353 (0) 21 7300200

BER RATING:

40





WHY INVEST IN GATEWAY RETAIL PARK?

• Modern retail park extending to 7,798 sq m (83,936 sq ft), excluding owner occupied Dunnes, which partially has the benefit of open retail use.

• Total rent roll of €1,417,000 p.a. with 100% collection rate for 2014 and a WAULT of 7.99 years.

• 91% of the passing income is from multinationals B&Q, Next and New Look.

• 100% occupancy with full planning permission for Phase 2 on 3.94 acres which also has the benefit of open retail planning.

• Additional 5.45 acres of undeveloped commercial zoned land located at the entrance to the retail park providing further development potential (Subject to Planning).

• Profile and accessibility will be significantly enhanced with a major junction off a dedicated spur of the proposed M6 Galway city bypass earmarked 400 metres north of the retail park.


HAZEL PORTFOLIOIRISH RETAIL PORTFOLIO

43

Galway is Ireland’s fourth largest city and

the main administrative centre for County Galway

with a population of 76,778 persons


44

LOCATION

Galway is Ireland’s fourth largest city and the main administrative centre for County Galway with a population of 76,778 persons (2011 Census).

It is located on the north-west coast of Ireland on the banks of the River Corrib approximately 200 kms west of Dublin via M6 Motorway, 100 kms north of Limerick via N18 Primary Road and 135 kms south of Sligo via the N17 Primary Road.

Galway is a popular tourist and cultural base with its population expanding significantly in the summer months. It has several large hotels including the five star G Hotel, Radisson Blu and the Meyrick Hotel.

Galway is host to several leading multinationals including Boston Scientific, IBM, Hewlett Packard and Medtronic. These are all large employers in Galway as are University College Hospital Galway, University College Galway and Galway Mayo Institute of Technology.

Gateway Retail Park is located on the west side of Galway City just off the Bothar na dTreabh via the Western Distributor Road. The surrounding area is a densely populated suburb of Galway City with undeveloped residential zoned land which has potential to absorb future housing demand.

Profile and accessibility to the retail park will be significantly enhanced with the construction of the M6 Galway City Bypass which is planned to circle the city from Doughiska to the east as far as Barna to the west. One of the main junctions serving the city is earmarked to be located immediately north of Gateway Retail Park with a link road proposed to meet the junction of Rahoon Road and Bóthar Stiofáin 400 metres north of the retail park.

Galway Station

PROPOSEDJUNCTION

PROPOSEDJUNCTION

PROPOSEDJUNCTION

PROPOSEDJUNCTION

R338R

33

8

R338

WEST DISTRIBUTOR ROAD

RAHOON ROAD

R

864

R338

R 338

R33

7

R337

R336

R336

R336

R337

COO

LOU

GH

RO

AD

RO

AD

CLY

BA

UN

LETTERAGH BUSHYPARKN6

N6

N6

N17

N17

PROPOSED M6 MOTORWAY

PROPOSED M6 MOTORWAYN59

N5

9

PROPOSEDLINK ROAD

N8

4

GalwayCity Centre

GalwayCity Centre

GATEWAY RETAIL PARK

WEXFORD

DUBLIN

WATERFORD

LIMERICK

TIPPERARY

MALLOW

CORK

SLIGO

DUNDALK

CASHEL

GALWAY

BELFAST

N11

N11

N25

N21

N20

N18

M6

N5

N17

N17

N15

N14

A4A1

M2

M1

A5

A6

A29

A26

A32

M8

M8

M7

N7

M7

M4

M1N3

M2

N2N3

N4

N4

M50

M9

N24

N24

BALLINA

LETTERKENNY

DONEGAL

DROGHEDA

MULLINGAR

ATHLONE

CAVAN

PORTLAOISE

KILKENNY

WICKLOW

DERRY

ENNISKILLEN

KILLARNEY

N84

N59

TRALEE

CASTLEBAR

Site Works Underway

Seamus Quirke Road

Galway City Centre Galway University Hospital

DESCRIPTION

Gateway Retail Park forms part of a wider estate which includes an office development occupied by Aviva and an industrial unit occupied by Zenimax. Planning permission was granted for Aldi immediately adjacent to Gateway Retail Park with site works underway. Planning permission was also granted for a primary school on adjacent lands. The retail park was developed in 2005 and comprises over 7,798 sq m (83,936 sq ft) across four units (excluding Dunnes). Car parking is provided at surface and basement levels for 698 cars.

The retail park has been well maintained and is anchored by Dunnes (owner occupied) and B&Q. The remaining units have the benefit of open retail planning and are occupied by Next, New Look and McSharry Pharmacy.

The entire is fully occupied producing an annual rent of €1,417,000 with a WAULT of 7.99 years.

ASSET MANAGEMENT POTENTIAL

Phase 2

Immediately adjoining the retail park to the north is a 3.94 acre site which is zoned ‘CI - Commercial / Industry’. It has full planning permission for Phase 2.

The planning permission was originally granted in 2009 under reg. ref. 08/597 and extended by the Vendor’s in 2013 (reg. ref 13/353) until 4th January 2019. The proposed development consists of a 3/4 storey block to include:

Use Floor Size (Gross)

Crèche Ground with external play area 247 sq m

7 retail units - 75% open retail use

Ground & First 8,735 sq m

Primary Health Care Facility Second 1,752 sq m

Offices Third 1,752 sq m

Car Parking Surface & Basement 149 spaces

2 ESB Substation - 58 sq m

The planning consent also includes a two storey building extending to 976 sq m for restaurant use. A pedestrian walkway is also proposed to run in front of the new units linking Bóthar Stiofáin to the estates inner distributor road. Part of the excavation works for Phase 2 are completed with retention permission obtained under reg. ref. 13/105.

46 47

Gateway Retail Park extends to approximately

7,798 sq m (83,936 sq ft)



Retail Park

Phase 2

Bóthar S

tiofáin

Potential to Diversify Uses

In addition to the Phase 2 site there are 5.45 acres of undeveloped land which occupy a high profile position either side of the distributor road serving the retail park and wider estate. These lands benefit from the same zoning as the retail park and phase 2 ‘CI - Commercial / Industry’.

Planning permission for a Drive-Thru restaurant was granted on 5th April 2011 on the north east corner of this site. Subject to planning permission, the remaining lands could be used to add further uses such as coffee pod, petrol filling station amongst others.

Commercial Lands

40%

30%

20%

10%

0%

Total Population<15 Years




Total Population65+ Years

Galway Retail Park Catchment Area National Aera

4948



CATCHMENT

The catchment is generally within a 30 minute drivetime of Gateway Retail Park, save for the area to the west which is within a 60 minute drivetime where there is a lack of competition in this region. The total population of this area is 106,595 according to the 2011 Census.

The demographic profile of the catchment area is as follows:

• The catchment has grown 16.17% since the 2002 Census, which is in line with the national average.

• 35% of the catchment are in the 25-44 category, the category most likely to be purchasing houses.

• 35% of the catchment are educated to third level.

• 51% are classed as ABC1 social status.

• 57% of homes are owner occupied, with 52% of all owner occupiers having no mortgage.

The total annual household spend within the defined catchment is €1.57bn, however this includes spends not relevant to the goods and services that would be common in a retail park environment similar to Gateway Retail Park. The spend has therefore been refined to only reflect expenditure relevant to Gateway Retail Park as follows:

Category of Spend Annual Spend in Catchment Area

Foods €215,877,419

Drink and Tabacco €67,151,772

Clothings and Footwear €77,976,663

Non Durable Household €35,500,283

Durable Household €25,776,715

Miscellaneous €87,630,591

Totals €509,913,443

The sales potential for Gateway Retail Park’s catchment area is based upon the latest Census and Household Budget Survey.

Galway Core Catchment Area

Drogheda Retail Park Core Catchment

Age Profile, Census 2011

GALWAY MAP TO BE SUPPLIED

M8

N59

N84

N84

N17

N59

N59

N59

R336

R336

R340

R344

R345

GALWAY

OughterardOughterard

Maam CrossMaam Cross

LeenaunLeenaun

ClogbrackClogbrack

Costelloe Costelloe

KilkieranKilkieran

HeadfordHeadford

BallinrobeBallinrobe

ClifdenClifden

GALWAYGalway Retail Park

Bespoke Catchment

60 mins Drivetime

30 mins Drivetime

15 mins Drivetime

TENANCY OVERVIEW

Tenants by Income are as follows:

Unit Tenant Area (sq m) Lease Start Lease Expiry Lease Term (Years) Break Option Date Contracted Rent PA Passing Rent PA

Units 3 & 4 New Look 1,289 01/08/2008 01/08/2033 25 01/08/2023 €475,000 €475,000

Unit 2 Next 1,451 07/04/2008 07/04/2028 20 06/04/2023 €450,000 €450,000

Unit 1 B&Q 4,576 16/07/2007 16/07/2027 20 15/01/2023€370,000 or 5% of T/O

€370,000

Unit 5 McSharry Pharmacy 482 01/01/2008 01/01/2028 20 - €215,000 €110,000*

Aerial Metor - 20/04/2010 20/04/2015 5** - €12,000 €12,000

Property Totals 7,798 €1,522,000 €1,417,000

* Terms agreed with tenant to abate the rent to €110,000 per annum until 31/12/2015.** Licence provides that tenant has the option to renew for a further two periods of 5 years.

51



Retail Units

Owner Occupied


PROFILE TENANTS

B&Q B&Q Ireland Ltd trading as B&Q is a wholly-owned subsidiary of Kingfisher and is the leading home improvement and garden centre retailer in Europe with more than 350 stores in the UK and eight in Ireland. B&Q Ireland Ltd was subject to an examinership in 2013 which resulted in the closure of their Waterford store and Kingfisher investing more than €2.4m in B&Q Ireland. Turnover for the Irish entity was €76.7m as reported in their February 2014 accounts.

Next Next Group PLC trading as Next operates over 500 Next stores across the UK and Ireland with 30 of these located in Ireland. Next Group PLC have a Dun & Bradstreet rating of 5A 1 with a reported turnover of £197.7m and £1.3bn net worth in their January 2014 accounts.

New LookNew Look Retailers Ireland Ltd trading as New Look is one of the leading retailers in UK and Ireland with over 569 stores, 24 of which are located in Ireland.

TITLE

The property is held Freehold.

SOLICITORS DETAILS

Sean Greene Eversheds Solicitors T: +353 (0) 1 664 4200

BER RATING:

52


FURTHER INFORMATION

Pricing

The Hazel Portfolio is for sale by Private Treaty as a single lot. The joint agents are inviting offers in excess of €115 million (One Hundred and Fifteen Million Euro) subject to contract and exclusive of VAT, reflecting an attractive Net Initial Yield of approximately 7.47% for the portfolio. It will be necessary for buyers to apportion the overall purchase price across the three assets.

Rent, Service Charge and Rates Arrears*

The Vendors will assign the benefit of all rent arrears to the purchaser (save the current quarter for performing tenants). Additionally, the Vendors agree to make an allowance, by way of price apportionment, on closing for any outstanding rates and service charge arrears on vacant units or for occupied units where those arrears are older than 12 months.

Website / Data Room

Detailed tenancy schedules and further information for each of the assets is available on the dedicated data room.

To request access please go to www.hazelportfolio.com

VAT

Information on VAT for each asset is provided within the Hazel Portfolio data room. To request access please go to www.hazelportfolio.com

Viewings

Viewings are strictly to be arranged through the joint selling agents. This is an investment sale and therefore tenants are not affected. *Exceptions may apply

PROPERTY MISREPRESENTATION ACTThe joint agents and the Vendor/Lessor 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, Lessees 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 Bannon, DTZ 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 Bannon, DTZ nor any of their employees nor the vendor or lessor 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/lessees 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


54

Contact Joint Agents

Hambleden House 19/26 Pembroke Street Lower Dublin 2 Ireland

+353 (1) 647 7900 www.bannon.ie

PSRA No. 001830

Roderick Nowlan Investment Director +353 (0) 1 647 [email protected] No. 001830 - 002131

David Carroll Associate Director +353 (0) 1 647 [email protected] No. 001830 - 002388

Alex Patterson Associate Director +353 (0) 1 647 7946 [email protected] No. 001830 - 002397

164 Shelbourne RoadBallsbridgeDublin 4Ireland

+353 (0) 1 639 9300www.dtz.ie

PSRA No. 002222

Karl StewartRetail Director +353 (0) 1 639 [email protected] No. 002222 - 02958

Kevin DonohueHead of Investments+353 (0) 1 639 [email protected] No. 002222 - 005462

Jane DolanSurveyor+353 (0) 1 639 [email protected] No. 002222 - 002314

HAZEL PORTFOLIO - Bannon · The Hazel Portfolio is a geographically diverse collection of retail...

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Transcript of HAZEL PORTFOLIO - Bannon · The Hazel Portfolio is a geographically diverse collection of retail...