Tenants Not Affected - Investment & Development Opportunity For Sale by Tender at 12 noon on the 14th May 2015
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Investment & Development Opportunity
For Sale by Tender
at 12 noon on the 14th May 2015
Tenants Not Affected
HIGH QUALITY OFFICE INVESTMENT WITH ADJOINING ZONED DEVELOPMENT SITE.
Savills is pleased to present City East Plaza, offering
investors/ developers an excellent opportunity to
acquire a fully let modern office block of c.4,180
sq.m. (45,000 sq.ft.) with Northern Trust occupying
90% of the building, together with formal heads
of agreement to lease 50% of block B yet to be
constructed the building will extend to 5,110 sq.m.
(55,000 sq.ft.). The remainder of the site is also
included which offers a development opportunity
of c. 1.96 ha (4.9 acres) situated in one of Limericks
progressive suburbs.
TENANCY
City East Plaza comprises three elements namely Block A (Fully Let) Block
B (to be constructed) & remaining development lands c. 1.96 hectares (4.9
acres). Block A is 100% occupied and let under four separate leases. Three
of the leases are held with Northern Trust with a lease expiry date of the 3rd
of February 2023. The remaining lease is held with City Plaza Express Ltd
which trades as a convenience store. Block B which is yet to be constructed
will extend to 5,110 sq.m. (55,000 sq.ft.) Formal Heads of Agreement have been
signed with Northern Trust for 2,555 sq.m. (27,500 sq.ft.).
TENANT
Northern Trust is a Chicago based global bank which has been operating for
the 125 years and now has more than 20 international locations. Northern
Trust (Nasdaq:NTRS) is a global leader in delivering innovation investment
management, asset and fund administration, fiduciary and banking solutions to
corporations, institutions and affluent individuals. As of the 30th of June 2014,
Northern Trust Corporation had:
• $106 billion in banking assets
• $6.0 trillion assets under custody
• $924.4 billion in assets under management
COVENANT INFORMATION
According to Dun & Bradstreet, Northern Trust Management Services (Ireland)
Ltd have a rating of “4 A 3” with a net worth of €20,014,965.
PAGE 3
River Shannon
SUBURBAN LOCATION
City East Plaza is situated on the
Ballysimon Road located approx.
4Kms south east of Limerick City.
Ballysimon is well established from a commercial
perspective and the locality benefits from an excellent
range of amenities and road network. The M7, M20 and
N24 motorways are easily accessible and provide swift
access to all Limerick regions and the rest of the country. RIVER SHANNON
Ballysimon and surrounding area is home to many
high profile occupiers including B&Q, Dell, Johnson
& Johnson, Volvo, Wurth, Vistakon, Analog Devices
amongst many more.
Office occupiers in the surrounding area include over 80
global multi nationals, Irish technology companies, R&D
and support services with a focus on ICT, healthcare and
E-learning organisations with 5,000 skilled employees.
The University of Limerick is located in close proximity.
East Point
4KM FROM LIMERICK CITY
COMMERCIAL CENTRE
EXCELLENT ROAD NETWORK
PAGE 4
Thomond Park
Limerick City
Limerick Train Station
Parkway Business Park
City East Business ParkLIMERICK CITY
LIMERICK TRAIN STATION
PARKWAY SHOPPING CENTRE
N25
CITY EAST BUSINESS PARK
To UL and NTP
City East Retail Park
EAST POINT
CITY EAST RETAIL PARK
To M7 Motorway
N24 Approx. outline for illustration purposes only.
ASSET OVERVIEW
City East Plaza was partially constructed in 2008 and
the original design concept was a Multi Use Park which
incorporated a mix of office space, primary health care,
commercial bulky retail outlets, car showrooms and
sports/leisure activities.
The total site extends to 7.213 hectares (17.823 acres) comprising 4,180 sq.m.
(45,000 sq.ft.) of office/ commercial space. In addition to this, City East Plaza also
incorporates approximately 4.9 acres of zoned undeveloped land.
Car parking for up to 500 cars, all public lighting, footpaths, and underground
services etc.
BLOCK A BLOCK B
Block A at City East Plaza is a three storey Block B is yet to be constructed
building extending to approximately 4,180 but will extend to 5,110 sq.m.
sq.m. (45,000 sq.ft.) of office/ commercial (55,000 sq.ft). Formal Heads of
space. Northern Trust occupy 3,512 sq.m. Agreement have been agreed
(37,806 sq.ft) with the remainder 364 with Northern Trust for 2,555 sq.m.
sq.m.(3,918 sq.ft.) leased to Plaza Express (27,500 sq.ft.). Northern Trust have
Store located at ground floor. an option over the remaining 2,555
sq.m. (27,500 sq.ft.).
The offices have been fully fitted to a high
specification with raised floors, carpet
tiles, suspended ceilings, fluorescent tube
DEVELOPMENT
lighting, air conditioning, fire alarm, smoke SITE
detectors, burglar alarm, camera controlled Surplus undeveloped lands of c.
intercom access and double glazed 1.96 hectares (4.9 acres), which
windows. has one active planning for car
showroom and service building
Accommodation consists predominantly on portion of the site.
of open plan office space with separate
boardroom and kitchen/ canteen as well as
male and female WC’s.
PAGE 6
Groody River
Extent of Lands
Available for
Future Development
c. 2 hectares
(4.9 acres)
Groody Valley
Phase 2 Completed Site Green Wedge
Development of Development (Castletroy LAP
Block B (Block A & Car Park) 2009-2015)
Internal images: Northern Trust (Block A) PAGE 8
INCOME SUMMARY
BLOCK A
The passing rent rises from €367,223 in 2015 to €434,769 in 2019. The WAULT (weighted average unexpired
lease term) is 7.35 years. The guaranteed annual income stream for Block A from 2019 – 2023 is €434,769.
Block A 2015 2016 2017 2018 2019 2020 2021 2022 2023
Northern Trust €72,295 €76,100 €87,515 €87,515 €87,515 €87,515 €87,515 €87,515 €87,515
Northern Trust €60,125 €63,290 €72,784 €72,784 €72,784 €72,784 €72,784 €72,784 €72,784
Northern Trust €214,803 €226,736 €238,670 €274,470 €274,470 €274,470 €274,470 €274,470 €274,470
Plaza Express Ltd €20,000 €20,000 €20,000 €20,000 €0 €0 €0 €0 €0
€367,223 €386,126 €418,969 €454,769 €434,769 €434,769 €434,769 €434,769 €434,769
BLOCK B
Northern Trust have agreed Formal Heads of Agreement for 2,555 sq.m. (27,500 sq.ft.) of Block B (Gross Floor
area) of 5,110 sq.m. (55,000 sq.ft.) at €16 per sq.ft. equating to €440,000 per annum exclusive.
Northern Trust have agreed to a 15 year lease from certified practical completion of the shell and core (August
2016). Northern Trust will have an option to break at the expiry of year 12 subject to 6 months written notice.
Northern Trust will be granted a rent free period equal to 18 months effective from the latter of the practical
completion date of the building or the lease commencement date. This will be divided into 9 months from Q1 of
Year 1 and 9 months from Q1 of Year 2.
TYPICAL FLOOR PLANS (NOT TO SCALE)
Northern Trust Northern Trust
BLOCK A
FIRST & SECOND FLOOR PLAN
Plaza Express Northern Trust
Northern Trust
BLOCK A
GROUND FLOOR PLAN
Northern Trust
BLOCK B
TYPICAL GROUND, FIRST & SECOND FLOORTENANCY SCHEDULE
Block A Level Tenant Area Term Term Term End Rent Free Break Average Total Rent
Sq.Ft. Start Option Rent Received
G.I.A 2013 –2018 from 2018 –
2023
Office 1 First Floor Northern 7,610 10 years 04.02.2013 03.02.2023 Expired None €73,056 €437,575
Trust
Office 2 First Floor Northern 6,329 9 years 25.11.2013 03.02.2023 Expired None €52,602 €363,920
Trust 3
months
Office 3 Entire Second Floor. Northern 23,867 8 years 10.10.2014 03.02.2023 Due to expire on None €190,936 €1,372,350
Lobby & remaining Trust 4 the 10.10.2015
Ground Floor space months
Retail Ground Floor Plaza 3,918 4 years 19.07.2014 18.04.2019 Expired None €20,000 €0
Express 9
Store Ltd months
Total 41,724 €336,594 €2,173,845
Block B Level Tenant Area Term Term Term End Rent Free Break Average Total Rent
Sq.Ft. Start Option Rent Received
G.I.A 2016 - 2021 from 2016 –
2021
Offices Northern 27,500 15 years 01.08.2016 31.07.2031 18 months – 9 31.07.2028 €308,000
Trust months in Year
1 – 9 months in
Year 2
Total 27,500 €308,000 €1,540,000*
*Please note that the total rent received reflects 18 months’ rent free in Year 1 and Year 2.
CAR PARKING
Northern Trust has a total of 264 dedicated car parking spaces plus additional spaces held by way of a licence.
SCHEDULE OF FEATURES &
ACCOMMODATION SPECIFICATIONS
BLOCK A (G.I.A)
• Northern Trust occupy 90% of Block A
Level Sq.M. Sq.Ft. • Formal Heads of Agreement with Northern
Ground Floor 1,393 15,000 Trust for 27,500 sq.ft. of Block B
First Floor 1,393 15,000 • Immediate Development Opportunity on
Second Floor 1,393 15,000 c. 1.96 hectares (4.9 acres)
Total Gross 4,180 45,000 • Availability of Fibre Network
• Superb fit out (Block A)
• Exceptional profile to the N24 Limerick/
BLOCK B (G.I.A) Waterford Route
• Third generation Office/Commercial building
Level Sq.M. Sq.Ft.
of c.4,180 sq.m. (45,000 sq.ft.) & 5,111 sq.m.
Ground Floor 1,698 18,277
(55,000 sq.ft.) to be constructed
First Floor 1,698 18,277
• In excess of 479 car parking spaces
Second Floor 1,698 18,277
• Total site area approximately 17.823 acres
Total 5,094 54,831
PAGE 11DEVELOPMENT SITE VIEWING
In addition to the development of Block B there is also Strictly by appointment with sole sales
surplus undeveloped lands of c.2 hectares (4.9 acres). agents.
ZONING TITLE
The property is located in an area zoned Employment and Freehold.
Enterprise in the Castletroy Local Area Plan as prepared
by Limerick City & County Council. FURTHER
PLANNING PERMISSION INFORMATION
OVERVIEW Interested parties may be given access
The original design concept for City East Plaza was a to a data room upon signing a non
Multi Use Park which incorporated a mix of office space, disclosure agreement.
primary health care, commercial bulky retail outlets,
car showrooms and sports/leisure activities. Planning CONTACT
permissions were secured for all of the above activities on Savills,
the site. 11 South Mall, Cork.
+353 21 4271371
Block A originates from planning permission 07/32378 and savills.ie
has undergone a variety of “change of use” applications
over a period of time to reflect various amendments Peter O’Meara
sought to the original design. Block A now has a +353 21 4906114
convenience store at ground floor with the balance of this peter.omeara@savills.ie
floor and the upper floors having planning permission for Licence No: 002233-002907
office use.
Isobel O’Regan
Planning Permission has been lodged for Block B which +353 21 4906344
extends to 5,110 sq.m. (55,000 sq.ft.) of office space isobel.oregan@savills.ie
with a decision due shortly. A full copy of the planning Licence No: 002233- 002909
application is available on request through our Data Site.
Niall Guerin
+353 21 4906340
ACTIVE PLANNING niall.guerin@savills.ie
There remains one active planning on site at present. Licence No: 002233-002996
Planning permission (Ref: 11/746) for 1600 sq.m. car
showroom and service building (to Audi design format) Lia Dennehy
this planning is active until July 2017, this proposed car +353 21 4906122
showroom refers to part of the undeveloped site. lia.dennehy@savills.ie
Licence No: 002233-003080
OVERALL SITE AREA
7.213 hectares (c. 17.823 acres). SOLICITOR
Matheson,
70 Sir John Rogerson’s Quay
GUIDE PRICE Dublin 2.
On application.
BER
BER Rating C2 - E2.
design | conradjones.com | # 50330
Savills Ireland 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, rentsor 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 Ireland nor any of its employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills Ireland nor any of its
employees nor the vendoror 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 arisingon the transaction.
This brochure is issued by Savills Ireland on the understanding that any negotiations relating to the property are conducted through it.
All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland | August 2014.You can also read
