BALLINCOLLIG | CORK FOR SALE
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SQUARE
BALLINCOLLIG | CORK
FOR SALE
01
An exclusive office
campus and restaurant
investment with strong
tenant covenants and
an unrivalled rent roll
INVESTMENT OVERVIEW
Cushman & Wakefield are excited to offer the Barrack
Square investment portfolio for sale. This highly
attractive sale includes 6 modern office buildings with
100% occupancy; Kavanagh House, Pearse House, Yeats
House, Behan House, Unit 3 Emmet House, Parnell House.
It also includes the adjoining Sliced Restaurant and 375
spaces in the multi-storey car park. This highly anticipated
investment is offered for sale in 1 Lot.
The investment is anchored by VM Ware International,
a leading international IT software company owned by
Dell EMC. VM Ware accounts for 94% of total rental
income and the total passing rent for the investment
is €2.1M per annum. The offices also have the benefit
of a multi-storey car park, serving all the buildings within
the campus.
02 03
KAVANAGH INVESTMENT
HOUSE HIGHLIGHTS
PARNELL HOUSE
THE
INVESTMENT
PEARSE HOUSE 6 MODERN OFFICE BUILDINGS
UNIT 3, LOCATED IN BALLINCOLLIG, CORK
EMMET HOUSE (IRELAND’S SECOND LARGEST CITY)
TODAY YEATS HOUSE
The campus originally consisted of four barracks buildings and
a central courtyard. Today, the office campus, which was rebuilt and 126,297 GIA SQ FT OF OFFICE
extended in 2004, provides modern office accommodation to VM Ware, S PACE, 1 00% OCCUPIED
eSentire and other occupants including Foley Turnbull solicitors and BEHAN HOUSE
McCutcheon Halley surveyors. The central courtyard has been maintained
and modernized including a feature fountain and historic artillery. CAFE/RESTAURANT
The sale includes 5 of the 8 office blocks, Unit 3 of the sixth block in
the scheme and also Sliced Restaurant which is located directly between
Barracks Square and Ballincollig Main Street. Office accommodation €2. 1 M OF RENTAL INCOME
includes modern, open plan office space, board rooms, reception areas, PER YEAR WITH A LONG 6. 3
numerous large canteens, break out space, external balcony areas and YEAR WAULT
a gym. The development also provides 652 multi-storey parking spaces Aerial
in addition to surface car parking to occupants and visitors, 375 of which
are included in the sale.
THE LEGACY
9 4% OF RENTAL INCOME SECURED
Barracks Square was originally a military barracks established in AGAINST LONG LEASES TO V M WA RE,
approximately 1800. Soldiers working at the barracks provided protection A LEADING INTERNATIONAL IT FIRM
for the gunpowder mills located to the rear of what is now the Barracks OWNED BY DELL COMPUTERS
Square Office Campus.
375 MULTI-STOREY CAR
Office Space PARKING S PACES
S EEKING OFFERS IN
EXCES S OF €24M
TENANTS ARE NOT AFFECTED
Pearse House Yeats House Canteen
04
LOCATION
N 20
Ballincollig is Cork’s largest town located 5 miles west
of Cork City Centre. Cork is Ireland’s second largest
city with a population of 417,211 in the county and 125,657
persons in the City. It is also a university city and is home
C ORK CI TY
to approximately 25,000 students. ( 1 0 M I N UTES)
ST
K
PA T R I C
The satellite town is recognised as one of Cork’s most LL
A
attractive suburbs due to its proximity to both the local T HM
S OU
employment hubs at Barracks Square and Castle West N22
N22
Shopping Centre in addition to the city centre, Mahon
Point and Little Island. THE KINGSLEY
HOTEL UNIVERSITY
COLLEGE CORK
Local connections include the South Link Ring Road,
N22 Cork to Kerry road network, the M8 Cork to Dublin
motorway, the Jack Lynch Tunnel, N25 Cork to Waterford ORIEL HOUSE
Road and a number of public bus routes. HOTEL
There are a number of large scale local housing
developments and there are 278 apartments in the BA L L I N C O L L IG CORK INSTITUTE CORK UNIVERSITY
Castle West Quadrant apartments that neighbour OF TECHOLOGY H O S P I TA L
Barracks Square.
W I LT O N S H O P P I N G
The town is well serviced by a large variety of local CENTRE
amenities, retailers and service providers including
Dunnes Stores, Tesco, Aldi, Lidl, SuperValu, Heatons,
McDonalds, Topaz, AIB, multi storey car parks, a medical
N 40
centre, New Look, Boots and a number of pharmacies.
Ballincollig is a strategically located town providing
an attractive range of residential, retail and
N 40
employment options.
N22 & N40 ROADS
MULTI STOREY, ON-STREET N 71
& SURFACE PARKING N27
MULTIPLE PUBLIC BUS ROUTES
ON-SITE BIKE DEPOTS
15KM TO CORK
INTERNATIONAL AIRPORT
ORIEL HOUSE & THE
KINGSLEY HOTELS CORK AIRPORT
(20 MINUTES)
06 07
EXCE L L E N T BUI L D
Q UA L I T Y & WE L L
PR ES E N TE D
MULTI-STOREY
CAR PARK
MEDICAL MCDONALDS
CENTRE N E I G HBO UR I N G
A PA RTME N TS
ALDI
& HO US I N G
D E VE LO PME N TS
BALLINCOLLIG TOWN
CENTRE & APARTMENTS
CASTLEWEST LO CA L S E R VI CES
SHOPPING CENTRE I N CLUD E R E TA I L ,
BANKING, EDUCATION,
FO O D & L E I S UR E
DUNNES
STORES
AIB
MULTI STO R E Y
& S UR FACE CA R
PA R K I N G
TESCO
A WI D E R A N G E
O F LO CA L
TRANSPORT LINKS
08 09
TENANCY & ACCOMODATION SCHEDULE
RENT LEASE TENANT UNEXPIRED
LEASE LEASE TERM
BUILDING USE TENANT PER COMMENCEMENT BREAK SQ M GIA SQ FT GIA
EXPIRY (YEARS) AS OF
ANNUM DATE OPTION SEPTEMBER 2017
VM WARE
BEHAN
OFFICE INTERNATIONAL €659,505 17.07.2011 17.07.2021 18.07.2031 3.83 3,501 37,686
HOUSE
LIMITED
VM WARE 19.12.2017
KAVANAGH
OFFICE INTERNATIONAL €450,795 19.12.2007 NOT 20.12.2027 10.25 2,274 24,474
HOUSE
LIMITED EXCERCISED
VM WARE
PARNELL
OFFICE INTERNATIONAL €429,940 13.11.2006 NA 14.11.2026 9.15 3,021 32,518
HOUSE
LIMITED
VM WARE
YEATS
OFFICE INTERNATIONAL €376,250 01.05.2015 30.04.2022 01.05.2028 4.61 1,997 21,500
HOUSE
LIMITED
VM WARE
UNIT 3
OFFICE INTERNATIONAL €62,825 13.02.2015 NA 13.02.2018 0.40 316 3,398
EMMET HOUSE
LIMITED
VM WARE
€1,979,315
SUBTOTAL RENT
MULTI-STOREY CAR PARK
ESENTIRE
PEARSE HOUSE OFFICE €92,430 17.09.2015 18.11.2020 17.09.2025 2.99 478 5,150
EU LTD A four storey car park is located immediately next to Barrack
Square and offers secure parking to tenants and visitors. The
STAR car park offers an electric charging point for cars and access is
CAFE
RESTAURANT INNOVATION €23,500 29.05.2015 29.05.2020 29.05.2025 2.69 146 1,571 via controlled swipe cards. 375 car parking spaces are included
POD
LTD in the sale and are held by way of a 999 year lease. The car
parking spaces included are as follows:
TOTAL €2,095,245 6.3 YEAR WAULT 11,733 126,297
NO. OF
LEVEL OCCUPANT LEASED LICENCED
SPACES
INCOME OCCUPANCY
KEY ESENTIRE 15 15 0
INCOME 1 VM WARE 12 12 0
94.5% V M WA R E
4.4% ESENTIRE VISITOR 3 NA NA
TOTAL: 1.1% SLICED
TOTAL: VM WARE 49 49 0
€2,095,245 126,297 2
OCCUPANCY
SQ. FT. GIA UNASSIGNED 2 NA NA
93.7% V M WA R E
4.7% ESENTIRE 3 VM WARE 147 147 0
1.6% SLICED
4 VM WARE 147 122 25
TOTAL 375
10 11
INVESTMENT MARKET The Office Rental Market
• Availability in the Cork office market is now at its lowest point
since 2008.
IRISH INVESTMENT MARKET BY
LOT SIZE, H1 2016 & H1 2017 • Q3 2017 supply levels stood at just under 60,000 sq m
/645,000 sq ft.
he shortage of available Grade A office space continues as the
• T
current net vacancy rate in Cork is 7.4%. Cork has now overtaken
Galway as the region with the lowest vacancy rate.
• O
ffice rents are anticipated to continue trending upwards,
reaching €325 per sq m by the latter stage of the year. At
H1 2016 the end of quarter two 2017, prime headline rents remained
unchanged on the previous quarter at €315 per sq m per
annum. This represents an annual uplift of 8.6%. Prime
suburban accommodation, such as Ballincollig, saw a 2% rise
on the previous quarter, while rent in Mahon remained stable
at €255 per sq m per annum.
ffice space take up in the first half of 2017 recorded a threefold
• O
increase to just over 3,900 sq m / 42,000 sq ft, bringing total take
€1-10m (72 deals) €10-20m (13 deals)
up in the year to date 5,150 sq m/ 55,450 sq ft. Approximately
€20-50m (9 deals) €50 -100m (7 deals) 30% of the newly completed office development, The Capitol,
was occupied in the second quarter of 2017.
€100m+ (4 deals)
TENANTS 2. ESENTIRE EU LIMITED
– Generate 4.4% of Rental Income & Occupy 4.7%
CORK OFFICE NET AVAILABILITY BY GRADE A, Q2 2017
OVERVIEW
SUM OF
of the investment NO. OF
A STOCK AVAILABILITY %
OFFICES
eSentire is leading and internationally recognised cyber SQ M
-security firm. The company provides the financial services
sector protection against online hacking and cyber attacks. H1 2017 CITY CENTRE
1. V
M WARE INTERNATIONAL This Canadian company originated in Cambridge, Ontario
however they have identified Barrack Square as their
LIMITED European headquarters.
1,000 – 5,000 SQ M 3 4,800 16%
of the investment The company currently employs approximately 20 people
in Cork, however planned expansion over the next five years
VM Ware (NYSE: VMW) is a global leader in virtualization will see this figure increase to approximately 100 employees.
>5,000 – 10,000 SQ M 0 – –
solutions. Dell EMC Corporation acquired VM Ware in 2004 Like VM Ware, eSentire identified Cork as a suitable location
and as such is now a subsidiary company providing customers for the European Headquarters because of the access to €1-10m (73 deals) €10-20m (13 deals) SUB -TOTAL 17 10,250 34%
of all sizes strategic solutions to reduce capital and operating technical talent. €20-50m (9 deals) €100m+ (1 deal)
expenses, ensure business continuity, strengthen security SUBURBS
and go green.
3. INNOVATION STAR LIMITED 1,000 – 5,000 SQ M 7 12,900 43%
worldwide and more than 22,000 partners. VM Ware is Innovation Star Limited, trading as Sliced, is a modern investment spend in H1 2017 which was largely
recognised for their award-winning technology and employ >5,000 – 10,000 SQ M 0 – –
restaurant offering wood fired pizzas, healthy salad options, driven by the sale of 13-18 City Quay, Dublin
more than 6,600 people in 40 locations worldwide. coffee and cakes. The restaurant is operated by a local for €126M.
restaurant owner and has been trading in Ballincollig for SUB -TOTAL 26 19,950 66%
VM Ware employs over 1,000 people in Ballincollig, over two years since taking occupation of the property. The Capitol office and retail development at
a number which is constantly expanding. The availability The company is currently expanding their successful offering the Grand Parade, Cork City was recently sold TOTAL 43 30,200 100%
of a skilled local workforce attracted the company to Cork. and is opening a second, city centre location in late 2017. to German property investment fund Real IS
Services provided from the Cork headquarters include; for €43.75M providing an initial yield of 5.5%. Source for both graphs: Cushman & Wakefield Research
sales, marketing and software support for VW Ware
products and related services.
12
SA LES I N FO R M AT IO N CONTAC T
Data Room Sales Agent
www.barracksquarecork.com
Title
We have been advised the properties Cushman & Wakefield PETER O’FLYNN
are held by way of a long leasehold title 6 Lapps Quay T: 021 464 8502
Cork E: peter.oflynn@cushwake.ie
Zoning T: +353 (0)21 427 5454 SIOBHÁN YOUNG
E: cork@cushwake.ie
Town Centre, Ballincollig Local Area Plan T: 021 464 8524
cushmanwakefield.ie E: siobhan.young@cushwake.ie
Tenure
Tenants not Affected Solicitor
Guide Price DUBLIN | BELFAST | LONDON | NEW YORK | SILICON VALLEY
Seeking offers in excess of €24M exclusive Arthur Cox Solicitors DEIRDRE BARRETT
Ten Earlsfort Terrace T: 01 920 1100
Dublin 2 E: deirdre.barrett@arthurcox.com
BER
T: +353 (0)1 920 1000 GILLIAN BEECHINOR
E: dublin@arthurcox.com
T: 01 920 1322
BER Numbers available upon request arthurcox.com E: gillian.beechinor@arthurcox.com
Disclaimer
Conditions to be noted: A full copy of our general brochure conditions can be viewed on our website at http://www.sherryfitz.ie/terms or can
be requested from your local Cushman & Wakefield office. We strongly recommend that you familiarise yourself with these general conditions.
PSRA Registration Number: 002607.
BA R R AC KS QUAR ECOR K . COM
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