Office investment opportunity in Dublin City - Amazon S3
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Office investment opportunity in Dublin City
BLOCK D
Leased to Health Service Executive
Two high-profile Dublin
city office blocks
Turley Property Advisors are delighted to bring
two high profile Dublin city centre office blocks
extending to a net internal area of 3,298 sq. m.
(35,499 sq. ft.) to the market, Blocks C and D
Parkgate Business Centre, Dublin 8. The properties
are for sale by private treaty.
This a rare opportunity for investors to acquire
two modern third generation office blocks with
reversionary potential, fully let to AAA convents,
the Health Service Executive (HSE) and Transport
Infrastructure Ireland (TII). The total rental income is
€1,109,200 per annum with a WAULT of 9.71 years to
lease expiry.
BLOCK C
Leased to Transport Infrastructure Ireland
Internal area of
3,298 sq. m.
INVESTMENT
OVERVIEW
> Two 3rd generation office blocks extending to a net internal area of
3,298 sq. m. (35,499 sq. ft.) over four floors with 38 car spaces. Passing rent of
> Centrally located opposite the landmark Criminal Courts building, €1,109,200 p.a
Phoenix Park and adjacent to Heuston Rail Station and the Red Line
LUAS.
> Within 3 km of Dublin city centre, 3.5 km of International Financial
Services Centre and 4.5 km of Dublin’s Central Business District.
> Future development of St. James Gate will further enhance Dublin 8
as an office destination.
> Block C and D are fully let to two excellent tenant covenants, WAULT of
Transport Infrastructure Ireland (TII) and the Health Service Executive
(HSE) on Full Repairing and Insuring Leases with no breaks.
9.71 years
> Passing rent of €1,109,200 per annum.
> Reversionary rent potential of €1,346,965 per annum at 2021 review
NIY: 5.11%
The Convention Centre
Heuston South Quarter
Dublin Docklands
IFSC The Georgian Quater
Temple Bar
Heuston Station
Criminal Courts Building
Smithfield
EET
STR
KG ATE
PAR
Located opposite the landmark
Criminal Courts building St James Gate
3 km
to city centre
LOCATION
The properties are located within one of Ireland’s busiest rail stations
Parkgate Business Centre, an is located 300 metres south of
established office development Parkgate Business Complex.
4.5 km adjacent to Heuston Railway Station
and opposite the main gates of
The nearby LUAS station also at
Heuston station, now provides
Heuston Station
to the IFSC the Phoenix Park, Europe’s largest
access to both Red and Green
enclosed city park that extends
line services, via the cross city,
to 707 hectares (1,747 acres), and
connecting Tallaght with the Point
the Criminal Courts Complex.
station via the IFSC, to Brides Glen
Nearby commercial occupiers
via established business parks and
include Eircom, AOL and Diageo.
residential suburbs of Sandyford,
Parkgate Business Centre is located Leopardstown and Central Park.
approximately 3 kilometres west
300m to of Dublin city centre. It forms
The surrounding area is set to
benefit from a major rejuvenation
part of an established mix use
Heuston Station complex, comprising four modern
project by Diageo of its 5.09
Hectare (12.6 acre) St. James
office buildings, several apartment Criminal Courts Building
Gate site located approximately 1
blocks and a basement level car
km south of the subject property
park located to the rear of the site
which will further enhance Dublin
which overlooks the River Liffey.
8 as an office destination.
The immediate area benefits from
excellent public infrastructure and
public transport links. Heuston Station,
1 km
St. James Gate The Phoenix Park
BLOCK C BLOCK D
Block C comprises a third generation office Block D comprises a third generation office
building extending to approximately 1,469 sq. m. building extending to approximately 1,829 sq.
(15,817 sq. ft.) over four floors built in 1996. Floors m. (19,682 sq. ft.) over floor fours. Internally
are laid out in a mixture of open plan and cellular the floor plates are L-shaped providing flexible
office accommodation. accommodation capable of subdivision suitable
for cellular or open plan layout. The third floor
There are 17 secure car parking spaces providing a
accommodates a large roof terrace set back from
well proportioned parking ratio of 1:86 per metre.
the building. There are 21 car parking spaces that
Block C is fully let to Transport Infrastructure
reflect a parking ratio of 1:87 per metre. Block D is
Ireland (TII) at rent of €494,220 per annum with
fully let to the Health Service Executive at a rent
11.27 years to lease expiry.
of €615,000 per annum with 8.45 years to lease
The next rent review is in September 2021 with expiry.
potential for reversionary rent increase to €600,345
The next rent review is in November 2021 with
per annum (Office accommodation of €35 per sq.
potential for reversionary rent increase to €746,620
ft. and €2,750 per space).
per annum (€35 per sq. ft. and €2,750 per space).
Both blocks are fitted with
an excellent specification
SPECIFICATION ACCOMMODATION
Both office blocks are fitted with an excellent
C
specification comprising;
Floor Sq. Ft. Sq Ft.
Raised floors Third 294 3,168
Second 391 4,209
Suspended ceilings First 392 4,220
Ground 392 4,220
Air conditioning
Total 1,469 15,817
A mixture of open plan and cellular
office accommodation.
D Floor
Third
Sq. Ft.
271
Sq Ft.
2,914
Block C is fitted with a 10 passenger lift.
Second 581 5,580
Block D is fitted with a 10 passenger lift.
First 522 5,619
Ground 517 5,569
Total 1,829 19,682
Note: IPMS Measured Areas and floorplans
to be provided on data room.
TENANCY SCHEDULE
Building Tenant Net Internal Area Car Lease Start Lease Lease Rent Review Passing
SQ M SQ.FT Spaces Term Expiry Rent
Block C TII 1,469 15,817 17 29/09/2001 28 28/09/2029 28/09/2021 €494,200
Block D HSE 1,829 19,682 21 01/12/2001 25 30/11/2026 30/11/2021 €615,000
TOTAL 3,298 35,490 38 €1,109,200
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COVENANT INFORMATION
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st. james
HOSPITAL
st. lukes avenue
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Transport Infrastruture Ireland (TII) Health Service Executive (HSE)
cor W
CUFFE STREET
Transport Infrastructure Ireland was established through The Health Service Executive (HSE) was established
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a merger of the National Roads Authority and the in January 2005 and is responsible for running all
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Railway Procurement Agency under the Roads Act 2015. of the public health services in Ireland and employs
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The TII's primary function is to provide an integrated approximately 100,000 people. Their budget iveaghof over €13
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gardens
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approach to the future development and operation of billion is the largest of any public sector organisation.
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the national roads network and light rail infrastructure The majority of employees are frontline staff providing
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throughout Ireland. patient care. The HSE is also the largest purchaser in the
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state, spending approx. €4 billionHARCOUR
annually
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services and works.
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FURTHER CONTACT
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CANAL RO
INFORMATION Further information, please contact
RAN
LAGE
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WER
TENURE
ROAD LO
BLACK
Freehold / equivalent Longlease hold. BIRD
RANELAGH
S
BER
RATHMINE
RATHMINES
COLLEGE
D1 – D2 (BER numbers available on request) OMNIPLEX
89 Harcourt Street
GUIDE PRICE Dublin 2
On Application. E
AD E NU
RO AV
Kevin Daly INS
TE
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CASTL
EWOO
D
BELGRAVE
SOLICITOR LE
T: +353 1 479 1500
SQUARE
Amoss E: kevin@turley.ie
RAT
Warrington House
HM
Beechwood
Mount Street
INE
Michael Turley
S
Crescent
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T: +353 1AD479 1500
Dublin 2.
D
RO
E: michael@turley.ie
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Billy Parker KENILWORTH
T: +353 1 212 0400 parkgateinvestment.com
SQUARE
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E: bparker@amoss.ie OA
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CLARE
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design | conradjones.com
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These particulars are issued strictly on the understanding that they do not form part of any contract. Maps and Plans are not drawn to scale and
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measurements are approximate. Intending purchasers must satisfy themselves as to the accuracy of details given to them either verbally or part of this
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brochure. Such information is given in good faith and is believed to be correct, however the vendors or their agents shall not be liable for inaccuracies. All
maps produced by permission of Ordnance Survey Ireland licence No. 00440044 Government of Ireland. PSRA Licence No. 002187.
PALMERSTON PARK
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