3 Retail Investment Properties Hanover Quay, Grand Canal Harbour, Dublin 2 - HWBC
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For Sale by Private Treaty (Available in one or more lots) 3 Retail Investment Properties Hanover Quay, Grand Canal Harbour, Dublin 2 (Tenants Not Affected) www.hanoverquaydublin.com Lot 1 – Herbstreet - Units H3 & H4 Lot 2 – Vacant – Unit H2 Lot 3 – Bakers Coffee Company – Units H1 & H5 Lot 4 – The Entire
Hanover Quay, Grand Canal Harbour, Dublin 2
Location
Dublin South Docklands has undergone substantial rejuvenation including new modern office blocks, residential, retail
and cultural developments. The location provides ease of access to public transport facilities including the DART and
the Luas red line located on the North Docks and serving The Point Depot to Tallaght and Saggart via the IFSC. The
North Docks and the IFSC are easily accessible via the Samuel Beckett. The nearest DART Station is Grand Canal
Dock, approximately five minutes walk from the property.
Nearby amenities include the Bord Gais Energy Theatre, the National Convention Centre on the North Docks and the
PO
new Marker Hotel.
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Hanover Quay, Grand Canal Harbour, Dublin 2
Situation
The properties are situated on Hanover Quay overlooking Grand Canal Harbour and Grand Canal Square, a short
distance from Sir John Rogersons Quay. Located in the heart of the South Docks this is a vibrant retail and residential
location with occupiers in the immediate vicinity including; Ely Wine Bar, The Ocean Bar and Milanos.
The Grand Canal Docks area includes many leading office occupier including Facebook, HSBC, State Street Bank,
BNY Mellon, O2, McCann Fitzgerald, Beauchamps and Dillon Eustace Solicitors.
Matherson
Bord Gais O2 Marker Dillon McCann Subject BNY Mellon National Facebook Ormsby
Energy Theatre Hotel Eustace Fitzgerald Units Conference Prentice
Centre
HSBC & Grand Canal Dock
Accenture
Page 3
Units H3/H4 - Hanover Quay, Grand Canal Harbour, Dublin 2 Lot 1 - Units H3/H4 Herbstreet Restaurant Description The property comprises two ground floor interconnected retail units in use as a restaurant. The units are regular rectangular in shape and extending to a total net internal area of 157.40 sq. m. (1,694 sq. ft.). The property is situated within a residential development and fronts Grand Canal Basin. The unit is of modern construction with full height glazing providing excellent natural light. Internally the property is fitted out to a very high standard as a stylish contemporary restaurant to include a kitchen/ food preparation area, customer seating and toilet facilities. External seating is provided to the front of the unit under a retractable awning however, the external seating area does not form part of the property for sale. The tenant has been granted planning permission to upgrade the current extraction, ventilation and filtration system. The unit has a gross frontage to Grand Canal Harbour of 14.1 m (46 ft. 3 in.). To learn more about the restaurant visit www.herbstreet.ie Page 4
Units H3/H4 - Hanover Quay, Grand Canal Harbour, Dublin 2 Accommodation We understand that the net internal floor areas of the property are as set out below: Demise Use Sq.m Sq.ft H3/H4 Restaurant 157.40 1,694 We recommend that interested parties satisfy themselves as to the accuracy of the floor areas by measuring or otherwise. Tenancy The property is single let to Vinny Mullen, Niall Mullen, Mark Foran and Siobhan Kennedy t/a Herbstreet under a 25 year effectively full repairing and insuring lease (by way of service charge) incorporating 5 yearly upwards only rent reviews from 17th December 2007 at a headline rent of _120,000 per annum. The rent has been varied for 10 years from the 1st January 2012 as follows; For the 5 year period from the 1st January 2012 to 31st December 2016 the rent has been varied to _65,000 pa. For the 5 year period from 1st January 2017 to 31st December 2021 the rent has been varied to _75,000 pa. Price We are guiding _700,000 for the Herbstreet restaurant unit subject to contract/contract denied. A purchase at this level would produce an income yield of 8.89% (on the current varied rent of _65,000 pa) after allowance for normal acquisition costs of 4.46%. BER Details BER : D1 BER No: 800163883 Energy Performance Indicator: 260.1 kgCO2 / m2 / yr 1.73 Page 5
Unit H2 - Hanover Quay, Grand Canal Harbour, Dublin 2
Lot 2 - Unit H2
Vacant
Description
The property comprises a ground floor retail unit extending to a total net internal area of 85.84 sq.m. (924 sq.ft.)
and fronting Grand Canal Basin. Situated within a residential development, the unit is of modern construction
with full height glazing providing excellent natural light.
The previous tenant fitted
out the property as a gallery
with display columns, stud
walls, hanging spot lighting, a
kitchen/staff area and an air
handling system. Access to
the common service corridor is
provided at the rear of the unit.
The unit has a gross frontage
to Grand Canal Harbour of 7.8
m (25 ft. 7 in.).
Not to scale, for identification purposes only.
Page 6
Unit H2 - Hanover Quay, Grand Canal Harbour, Dublin 2 Accommodation We understand that the net internal floor areas of the property are as set out below: Demise Use Sq.m Sq.ft H2 Retail 85.84 924 We recommend that interested parties satisfy themselves as to the accuracy of the floor areas by measuring or otherwise. Tenant Demand In the short period of time that the property has been vacant and without formally marketing the unit there have been a number of rental offers made on the property in the region of _35,000 per annum. The unit would also suit an owner occupier wishing to retail from the property. There is increased demand for this property and for Hanover Quay as a location since the opening of the Grand Canal Theatre. The increased take up in office accommodation in the area and the opening of the Marker Hotel has seen Grand Canal Dock emerge as a vibrant retail destination. Price We are guiding _340,000 for Unit H2 subject to contract/contract denied. VAT will be chargeable on the sale price. BER Details BER : G BER No: 800184244 Energy Performance Indicator: 552.89 kgCO2 / m2 / yr 5.49 Page 7
Units H1/H5 - Hanover Quay, Grand Canal Harbour, Dublin 2 Lot 3 – Units H1/H5 Bakers Coffee Company Description The property comprises a ground floor split level retail unit with ancillary storage extending to a total net internal area of 153.11 sq.m. (1,648 sq.ft.) and occupying a corner site with return frontage to Asgard Road. Situated within a residential development, the unit is of modern construction with full height glazing providing excellent natural light. The property is fitted out for use as a coffee shop to include hanging lighting, an air handling system, a customer counter/food display and providing Ladies/Gents and disabled toilet facilities. A food preparation area is situated down a short flight of stairs to the rear section of the property. Stores are located separately from the property at the end of a service corridor. External seating is provided to the front of the unit with a retractable awning however the external seating area does not form of the property for sale. The unit has a gross frontage to Grand Canal Harbour of 10.15 m (33 ft. 4 in.) and a return frontage to Asgard Road of 20.5 m (67 ft. 3 in.). To learn more about the coffee shop visit www.bakerscoffeeco.com Page 8
Units H1/H5 - Hanover Quay, Grand Canal Harbour, Dublin 2
Accommodation
We understand that the net internal floor areas of the property are as set out below:
Demise Use Sq.m Sq.ft
H1 Retail 92.90 1,000
H5 Retail 50.50 544
Stores 9.71 104
Total 153.11 1,648
We recommend that interested parties satisfy themselves as to the accuracy of the floor areas by measuring or
otherwise.
Tenancy
The entire property is single let to RFG Ireland (Hanover Quay) Limited t/a Bakers Coffee Company under a 20 year
effectively full repairing and insuring lease (by way of service charge) incorporating 5 yearly up and down market rent
reviews from 13th February 2013. The passing rent is _40,000 per annum. VAT is chargeable on the rent. The tenant
has a break option on expiry of the 5th and 15th year of term on serving 6 months’ notice.
The lease is guaranteed by RFG Ireland Limited for the first 5 years of the term to an amount equal to one years rent
and outgoings.
Guarantor
The most recently filed accounts with the Companies Registrations Office record that the Guarantor, RFG Ireland
Limited had a net asset value of _1.45M for the financial year ended 31st December 2011.
RFG Ireland Limited operates BB’s Coffee and Muffins in Ireland. There are 19 BB’s stores across the country. In this
regard it was originally intended that the unit would trade as BB’s. The same brand operates 32 stores throughout the
UK.
Price
We are guiding _545,000 for the Bakers Coffee Company unit subject to contract/contract denied. A purchase at
this level would produce an income yield of 7.03% after allowance for normal acquisition costs of 4.46%. VAT will be
chargeable on the sale price.
BER Details
BER : D1
BER No: 800184285
Energy Performance Indicator: 229.18 kgCO2 / m2 / yr 1.45
Page 9
The Entire - Hanover Quay, Grand Canal Harbour, Dublin 2
Lot 4 – The Entire
We are guiding _1,585,000 for Lot 4 (the entire) subject to contract/contract denied. Pending a letting of the vacant
unit H2, a purchase at this level would produce an income yield of 6.34%, should the vacant unit be let at rent of
_35,000 pa the income yield would rise to 8.46% after allowance for normal acquisition costs of 4.46%. VAT will
be chargeable on the sales price of units H2 and H1/H5.
Not to scale, for identification purposes only.
Capital Gains Tax (CGT)Provisions
A purchase prior to 31st December 2013 would benefit from favourable Capital Gains Tax provisions. In this regard
if the properties are then held for 7 or more years the gain attributable to the 7 year period will be exempt from
Capital Gains Tax (CGT). We recommend that interested parties satisfy themselves in relation to CGT and taxational
matters relating to the property generally and seek tax advice from their accountant or tax advisor.
Planning
The properties are located in an area zoned Objective Zone 14 in the Dublin Docklands Area Master Plan 2008, “To
seek the social, economic and physical development or rejuvenation of an area with mixed use of which residential
and Zone 6 would be predominant uses”.
Zone 6; “To provide for the creation and protection of enterprise and facilitate opportunities for employment
creation”.
Title(s)
Long Leasehold Title(s).
Page 10Hanover Quay, Grand Canal Harbour, Dublin 2 Investment Summary • 3 High profile retail units • For sale in one or more lots • Located in the heart of the rejuvenated South Docklands area. • Strong demand for retail units on Hanover Quay and Unit H2 in particular. • 2 units let on FRI leases and currently producing _105,000 per annum. • Very favourable CGT provisions apply to a purchase completed prior to 31st December 2013. No Contract Note that no contract shall exist or be deemed to exist until such time as formal contracts have been executed and exchanged and deposit paid. These details do not form part of an offer or contract. Viewing Strictly by appointment with the sole agents, HWBC Chartered Surveyors. Contact Pat Campion for further information. Email: pcampion@hwbc.ie Important Notice: Messrs. HWBC Limited t/a HWBC and for the vendors or lessors of this property whose Agents they are, give notice that:- (i) The particulars are set out as a general outline for the guidance of intending purchasers or lessees, and do not constitute part of an offer or contract. (ii) All descriptions, dimensions, areas, uses, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct, however they are not warranted and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them, (iii) No person in the employment of HWBC Limited t/a HWBC has any authority to make or give any representation or warranty whatever in relation to this property. PSRA Licence No: 002098 Page 11 Page 7
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