S U B U R B A N O F F I C E I N V E S T M E N T O P P O R T U N I T Y

N o r t h P a r k B u s i n e s s P a r kD u b l i n 1 1

For Sale by Private TreatyTenants not a�ected

J5 Plaza occupies a prominent position within North Park, an established business park located off exit 5 on the M50.

The property has excellent visability from the M50 and is ideally positioned for easy access to a number of road networks. These include the M50 and M1 ensuring Dublin city and outer suburbs are readily accessible as well as Dublin Airport and Dublin Port.

The area also benefits from numerous occupier amenities to include Charlestown Shopping Centre, Blanchardstown Shopping Centre and Finglas Town Centre. Surrounding occupiers include Volkswagen, Audi, BMW and U Store It.

Four storey over basement office building in North Park, Dublin 11

Extending to approx. 5,780.5 sq m (62,221 sq ft) GIA with flexible floor plates

Current income of approx. €728,128 per annum

Significant reversionary potential:

Current rent analysed as approx. €11 per sq ft (avg.) and €330 per car space (avg.)

Current ERV is approx. €20 per sq ft (avg.) and €500 per car space (avg.)

Strong tenant line up to include the HSE, Waters, Fehily Timoney and the Exam Centre

Generous car parking provision with 242 car spaces

Excellent profile in a highly sought-after business park

Strong take-up demand due to rental affordability

Location

The OpportunityModern, suburban office investment with majority Government backed income

SALLINS

& NAAS

Heuston

Connolly

BRAY

Docklands

Malahide

Howth

M3 Parkway

D A R T

D A R T

Saggart

Tallaght

The Point

St Stephen'sGreen

Broombridge

Bride's Glen

D U B L I NA I R P O R T

D U B L I NB A Y

D U B L I N

W I C K L O W

N A A S

W I C K L O W M O U N T A I N SN A T I O N A L P A R K

N E W B R I D G E

B L A C K W O O D

B L E S S I N G T O N

P H O E N I XP A R K

S T .C A T H E R I N E ' S

P A R K

C L O N D A L K I N

S A L L I N S

C A R R I C K M I N E S

L U C A N

M A Y N O O T H

C E L B R I D G E

B L A N C H A R D S T O W N

S W O R D S

F L E E N S T O W N

M A R L A YP A R K

T Y M O NP A R K

D Ú N L A O G H A I R E

B R A Y

H O W T H

B U L LI S L A N D

C H A R L E S T O W NS H O P P I N G C E N T R E

F I N G L A ST O W N C E N T R E

R O S E M O U N TB U S I N E S S PA R K

N O R T H W E S TB U S I N E S S PA R K

M50N3

N4

N7

N81

N11

M11

M7

N2M3

M2

M1

M4

M50

M50

M50 Immediate

M1 7km

Dublin City Centre 8km

Dublin Airport 8km

Dublin Port 12km

Distance to:

Highly reversionary with an ERV in excess of

€1.2 million per annum

Live asset management initiatives

Pricing below replacement cost

J5 PL A Z A DUBLIN 11

2 3

Description

Accommodation

The property is divided into three cores, each with an access point from the basement and ground floor, offering maximum flexibility for sub division. The accommodation is a mix of cellularised and open plan offices, which are bright and well laid out, offering a pleasant occupational environment.

J5 Plaza is a third generation, four storey over basement office building with excellent underground and surface car parking provisions.

M50 South

Dub l in C i t y Cent re

M50 Nor th

Dub l in A i rpo r t

I kea

Joe Du f f y BMW

Mygan Bus iness Park

Aud i Nor thDub l in

Den is MahonyToyo ta & Lexus

F ing lasTown Cent re

Char les townShopp ing Cent re

Floor Sizes Typical Floor Plates

Air conditioning

Raised access floors

Suspended ceilings

Recessed office lighting

Lift access to all floors

Specification

G R O U N D F L O O R

T H I R D F L O O RAssignable measurement survey is available.

For illustrative purposes only.

Floor Sq M (GIA) Sq Ft (GIA)

Ground Floor 1607.4 17,302

First Floor 1607.4 17,302

Second Floor 1607.4 17,302

Third Floor 958.3 10,315

Total 5,780.5 62,221

Reserved

J5 PL A Z A DUBLIN 11

4 5

EconomicOverviewDUBLIN OFFICE MARKET

In the last two years office-based employment in Dublin has risen by 5.3%, with an additional 12,100 office based jobs created in that time. As a result, office based employment now accounts for over 35% of all jobs in the capital.

A busy final quarter in 2017 propelled full-year take-up of purpose built office space in Dublin to over 276,000 sq m, making it one of the strongest years on record. Indeed, Figure 1 below illustrates the momentum that currently exists in the market, with take-up continuing to trend higher through the first six months of 2018.

The Health Service Executive is Ireland’s public health care system that provides free health and social services to the public throughout Ireland. It is Ireland’s largest employer with over 100,000 employees allowing it to offer its services through hospitals, medical centres and in the community. The organisation is publicly funded with a budget of €13 billion in 2017 making it the largest publicly funded organisation in the country.

Founded in 1958, Waters is an established analytical instruments development company that assists scientists in their research, development and quality control in all areas of laboratory work. Operating in 31 countries, Waters now employs approx. 6,900 people around the world making it one of the largest companies in their industry. Waters is a publicly traded company on the New York Stock Exchange reporting a revenue of US $2.2 billion in 2016 with products available in more than a 100 different countries.

Fehily Timoney is one of Ireland’s largest independent consultancy firms involved in global management, engineering and environmental issues. Fehily Timoney uses designers, engineers and scientists to create sustainable solutions in areas such as planning, waste management, infrastructure, data management, the environment and energy. Established almost 30 years ago, the company now has offices in Dublin, Cork and in the Middle East allowing them to offer services across Ireland and around the world.

Established in 2011, the Exam Centre is now Ireland’s largest dedicated examination centre with 95 seats available in two Dublin locations. The Exam Centre provides individuals with a place to sit both computer and paper-based exams in a professional environment 6 days a week allowing for flexibility and convenience. It hosts thousands of different types of exams for clients such as Microsoft, Adobe, Oracle and Citrix whilst also providing an invigilation service.

While the traditional ‘core’ Central Business District (CBD) and the South Docks area remain the dominant locations for market activity, multiple large lettings, including Google in Sandyford, Accenture in Cherrywood and IT Tallaght in Dublin 24, demonstrate continued demand for suburban office space. Indeed Savills’ active demand tracking system shows that a number of large suburban requirements have emerged this year and suburban locations continue to appeal to mature occupiers seeking a lower cost base.

With net absorption subtracting from the quantum of vacant space, Dublin’s office vacancy rate pushed down to 8.4% at the end of the first quarter. This represents its lowest level since 2000. As ever, the vacancy rate varies by location and building quality and while at 9.5% vacancy in Dublin’s north Suburbs is slightly higher than the capital as a whole, it’s still well below the natural level of vacancy of 12% - 15% for the Dublin market.

Ireland continues to experience the fastest rate of economic growth in the EU with total output now rising at an annual rate of 9.1%. Jobs growth remains the catalyst for this expansion. With more than 62,000 net new jobs created in the last twelve months, total employment has now surpassed its boom-time on a seasonally adjusted basis.

Tenancy Schedule

Covenants

J5 Plaza benefits from a strong covenant line up with the majority of the current income underpinned by the Irish State.

*Please note that the building is let on an NIA basis** The entire 2nd floor, including 56 car spaces, is currently reserved to a AAA covenant and the above tenancy information outlines the agreed terms*** Approximate measurements

Looking ahead, prospects for the Irish economy remain favourable with consensus forecasts pointing to average jobs growth of over 2.0% per annum and output growth of close to 4.5% per annum over the next two years. This positive outlook bodes well for office demand.

Additionally, with old stock still being withdrawn from supply for redevelopment, this should ensure that new supply does not swamp the market and that the vacancy rate only edges up slowly from what is an already a low starting point.

Outlook

Source: Savills Research

Dublin Office Take-Up - 4 Quarter Moving Sum

Dublin Office Vacancy Rate

450,000

Q4

20

09

Q4

20

10

Q2

20

10

Q2

20

11

Q4

20

11

Q2

20

12

Q2

20

13

Q2

20

14

Q2

20

15

Q2

20

16

Q2

20

17

Q2

20

18

Q4

20

12

Q4

20

13

Q4

20

14

Q4

20

15

Q4

20

16

Q4

20

17

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0 sq.m

Q4

20

11Q

1 2

012

Q2

20

12Q

3 2

012

Q4

20

12Q

1 2

013

Q2

20

13Q

3 2

013

Q4

20

13Q

1 2

014

Q2

20

14Q

3 2

014

Q4

20

14Q

1 2

015

Q2

20

15Q

3 2

015

Q4

20

15Q

1 2

016

Q2

20

16Q

3 2

016

Q4

20

16Q

1 2

017

Q1

20

18

Q2

20

17Q

3 2

017

Q4

20

17

22

20

18

16

14

12

10

8%

Description Tenant Use Total GIA (sq ft)

Total NIA (sq ft)

Car Spaces

Lease Start

Lease Expiry

Break Option

Rent Per Annum*

Rent PSF

Ground Floor HSE Office 17,302 14,152 100 16-May-11 15-May-36 16-May-21 €154,483 €9.39

Basement Storage HSE Storage 357*** 0 16-May-11 15-May-36 16-May-21 €3,000 €8.40

1st Floor HSE Office 17,302 14,038 60 10-Oct-13 09-Oct-23 10-Oct-18 €150,283 €9.68

2nd Floor Reserved ** Office 17,302 13,830 56 10 year term At year 5 €254,025 €16.75

Part 3rd Floor Fehily Timoney Office 3,510 2,740 4 10-Jan-11 31-Dec-22 €51,531 €17.71

Part 3rd Floor Waters Office 4,596 3,588 20 08-May-18 07-May-33 08-May-23 €82,838 €18.40

Part 3rd Floor Exam Centre Office 2,209 1,725 2 20-Jan-17 19-Jan-27 20-Jan-22 €31,968 €17.66

Basement Storage Vacant Storage 280*** 0 Vacant Vacant Vacant Vacant €-

Total 62,221 50,073 242 €728,128

J5 PL A Z A DUBLIN 11

6 7

T I T L E

Long Leasehold

V I E W I N G S

All viewings are strictly by appointment

B E R R A T I N G

BER Nos. Available upon request

Range of Energy Performance Indicators: 344.37 kWh/m2/yr 1.31 - 4,008.24 kWh/m2/yr 11.63

S O L I C I T O R

Dillon Eustace33 Sir John Rogerson’s QuayDublin 2

Louise Wright+353 1 673 1817louise.wright@dilloneustace.ie

Contacts & Further Information

33 Molesworth StreetDublin 2

Dessie Kilkenny+353 1 618 1401dessie.kilkenny@savills.iePSRA License: 002233-003108

John Earley+353 1 618 1766john.earley@savills.iePSRA License: 002233-007379

S E L L I N G A G E N T

The 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 Savills 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 Savills 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.

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