Dublin Investment
Opportunities.
MARCH 2018
www.KnighFrank.ie
A. CORE
(NEW)
5 Hanover Quay.
DUBLIN 2
• New 7 storey office building overlooking Grand Canal Dock
• Extends to 14,985 sq.m. (161,300 sq.ft.) plus 40 car spaces
• Completion date in Q1 2018 (LEED Gold target)
• Developer is Target Investment Opportunities (Oaktree/Bennett/NAMA)
• Top three floors have been pre-let to Delphi Technologies at €57.50 psf.
The balance accomm. is currently being marketed
• Rent is estimated to average €55 psf
• Anticipated Guide Price: Region €195 million (NIY 4.25%)
• Cap Value: €13,013 p.sq.m. (€1,209 p.sq.ft.)
• Asset likely to be sold once the letting programme has completed
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
A. CORE
(NEW)
No. 2 Dublin Landings
NORTH WALL QUAY, DUBLIN 2
• 8 storey over basement Grade A office block adjoining the National Treasury
Management Agency (NTMA) and Central Bank
• Extending approx. 9,005 sq.m. (96,915 sq.ft.) & 29 secure basement car
spaces
• Pre-let agreed to WeWork. 20 year lease with no breaks at rental income of
approx €4.96 million (€50 psf & €4,000 per car)
• Anticipated Guide Price: Region €97.50 million (NIY 4.70%)
• Cap Value: €10,827 p.sq.m. (€1,006 p.sq.ft.)
• Note: Fixed rental uplift to €52.50 psf at end year 5
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
A. CORE
(NEW)
The Reflector
HANOVER QUAY, DUBLIN 2
• New 6 storey over basement Grade A office building overlooking Grand
Canal Dock
• Extends to 11,451 sq.m. (123,259 sq.ft.) plus 34 car spaces
• Completion date in Q3 2018 (LEED Gold target)
• Developer is Park Developments
• Part pre-let to LogMeIn at €54.00 psf. The balance accomm. is currently
being marketed
• Anticipated Guide Price: Region €155.0 million (NIY 4.25%)
• Cap Value: €13,455 p.sq.m. (€1,250 p.sq.ft.)
• Note: Not currently For Sale. Off-market opportunity
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
A. CORE
(NEW)
The Sharp Building
HOGAN PLACE, DUBLIN 2
• Six storey over basement Grade A prime city centre office block scheduled
for completion at end Q1
• 4,157 sq.m. (44,746 sq.ft.) & 41 secure basement car spaces plus bike
parking and staff showers
• Expected rent roll of €2.66 million (€55 psf, €4,000 per car space)
• Anticipated Price: €57.70 million (NIY 4.25%)
• Cap Value: €13,880 p.sq.m. €1,290 p.sq.ft.)
• Note 1: Not currently For Sale. Knight Frank the letting agents
• Note 1: Exceptional specification and finish. Target LEED Platinum accredi-
tation. Terracing at fourth and fifth floors
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
A. CORE
(NEW)
Waterways House
GRAND CANAL QUAY, DUBLIN 2
• New landmark 7 storey office building overlooking Grand Canal Quay
(opposite the Google Campus)
• Currently under construction with completion April 2018
• When complete, the property will extend to 2,784 sq.m. (29,967 sq.ft.)
with 15 car spaces
• Quoting rent €60 psf. Multi-lets the likely outcome
• Guide Price: Not for sale. €40.0 million the approx. deal size. On market to
let (Knight Frank letting agents)
• Net Initial Yield: c. 4.25% upon completion and letting
• Cap Value: €14,370 p.sq.m. €1,335 p.sq.ft.)
• Note: .Owned by a Private Irish investor
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
B. CORE
(SECOND HAND)
Trinity Point
10-11 LEINSTER STREET SOUTH, DUBLIN 2
• Six storey over basement modern CBD office block
• Extends to 4,070 sq.m. (43,809 sq.ft.) plus 20 car spaces
• Current Rental income of €2.62 million p.a. (Avg €58 psf)
• Let to BNP Paribas & OPW (Irish State) who have taken a 2018 assignment
of the Ground, Third, Fourth & Fifth floors
• WAULT 4.15 years but OPW likely to renew their leases
• Anticipated Guide Price: Region €55.0 million (NIY 4.50%)
• Net Initial Yield: 4.60%
• Cap Value: €13,515 p.sq.m. (€1,255 p.sq.ft.)
• Note: Owned by a Private Irish investor. Not currently for sale
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
B. CORE
(SECOND HAND)
2 Burlington Road
DUBLIN 4
• Six storey modern office block close to Grand Canal
• Extends to 7,921 sq.m. (85,261 sq.ft.) plus 33 car spaces
• 25 x 5 FRI lease to the Educational Building Society owned by AIB Bank
(State covenant) expiring 2027 (9.5 years term certain)
• Current rental income of €4.20m p.a. ERV €4.38m p.a. (€50 psf)
• Estimated deal size in the order of €95.0m (TBC)
• Net Initial Yield: Sub 4.50%
• Cap Value: €11,993 p.sq.m. (€1,144 p.sq.ft.)
• Note: Owned by Green REIT. Not currently for sale. Rent review from May
2017 remains outstanding. Reviews are upwards only
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
B. CORE
(SECOND HAND)
One Grand Canal Quay
DUBLIN 2
• Eight storey over basement floors modern office block situated at Grand
Canal Dock
• Extends to 6,254 sq.m. (67,320 sq.ft.) plus 58 car spaces
• 88% let to Google (Ground to Fifth Floors) on a new 20 year FRI lease with
break at year 10
• 12% let to Comunicorp (Sixth & Seventh Floors) on anew 10 year FRI lease
(TBC). Google have an option on this space
• Total rental income of €3,785,000 p.a. (TBC) avg €53.18 psf
• Estimated deal size €75.0 million (Net Initial Yield: 4.50%)
• Cap Value: €11,992 psm (€1,115 psf)
• Note: Owned by Private Irish. Not currently For Sale
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
B. CORE
(SECOND HAND)
Block C
77 Sir John Rogerson’s Quay
DUBLIN 2
• Grade A six-storey Office block extending to 3,195 sq.m. plus 20
basement car spaces constructed 2004
• Prime South Docks location
• Recently acquired by Hibernia REIT who are currently refurbishing the
property
• Entire pre-let to subsidiary of IWG (formerly Regus). 25 year lease with 15
years term certain. Stepped rent commencing at €1.80m p.a. Fixed uplift
year 5 (avoiding the upwards/downwards review)
• Estimated Price: Region €40.0 million (NIY: 4.50%)
• Cap Value: €12,228 p.sq.m. €1,136 p.sq.ft.)
• Note: Not for sale. Potential off-market transaction
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
B. CORE
(SECOND HAND)
No. 1 Upper Hatch Street
DUBLIN 2
• 6 storey Grade A CBD office block overlooking Iveagh Gardens
• Extending to 2,749 sq.m. (29,590 sq.ft.) & 13 car spaces
• Fully let to Deloitte and H&R Block
• Current rental income of approx €1.45m (TBC)
• WAULT excess 12 years
• Estimated Price: Region €30.0 million (NIY: 4.63%)
• Cap Value: €10,913 p.sq.m. €1,014 p.sq.ft.)
• Note: Not currently for sale. Owned by a Swedish Private investor. 3 Park
Place under construction on adjacent site and scheduled for completion in
Q1 2018
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
C. CORE
PLUS
Bishops Square
KEVIN STREET, DUBLIN 2
• 6 storey Grade A prime city centre office block
• Extending approx. 14,266 sq.m. (154,000 sq.ft.) & 64 secure basement
car spaces
• Multi let to tenants including Office of Public Works or OPW (State), Tourism
Ireland and News International
• Current rental income of approx €7.0 million
• Estimated Price: €135.0 million (Not including extension)
• Net Initial Yield: 5.00%
• Note: Owner Hines has secured PP for an additional floor and office space
of 3,154 sq.m. Contractor appointed
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
C. CORE
PLUS
New Century House
IFSC, DUBLIN 1
• Six storey over basement office in the IFSC
• 7,420 sq.m. (79,872 sq.ft.) plus 87 car spaces
• Current rental income: €2,847,444 p.a. ERV €3.85m+ (€45 psf)
• Single let to Bank of Ireland on a 25x5 FRI lease expiring 2024
• Guide Price: €67.0 million (NIY 3.92%. RY Jan 2019 5.25%)
• Cap Value: €9,198 p.sq.m. (€853 psf)
• Note: Excellent refurbishment and extension potential (20,000 sq.ft.). The
tenant has signalled a willingness to vacate
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
C. CORE
PLUS
No 1 & 2
Heuston South Quarter
DUBLIN 2
• Grade A Office building completed in 2008
• Extends to 20,279 sq.m. (218,284 sq.ft.) plus 204 secure basement car
spaces
• Developed in two sections. No. 1 is nine-storey (14,747 sq.m.) and No. 2
is seven storey (5,532 sq.m.)
• Entire let to Eircom Ltd. on two 25 x 5 FRI leases from July 2008
• Current income of €9,324,966 p.a. (€39.45 psf)
• Highly reversionary in July 2018 with minimum rental uplift to
€10,942,022 p.a. (€46.86 psf)
• Anticipated Price: €175.0 million (NIY 5.10%, RY 5.99%)
• Note: Owned by Northwood who have signalled a potential sale
• Note 2: Rent reviews are upwards only
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
C. CORE
PLUS
Watermarque Building
RINGSEND ROAD, DUBLIN 4
• Prominent corner building at edge City Centre
• Extends to 9,969 sq.m. (107,306 sq.ft.) plus 99 car spaces
• Multi-let to tenants including Pfizer, Air BNB, News International &
Laurence RE
• Current rental income: €4.12 million p.a.
• WAULT of approx. 2.15 years
• Anticipated Guide Price: €75 million (TBC)
• Net Initial Yield: 5.20%
• Cap Value: €7,523 p.sq.m. (€700 p.sq.ft.)
• Note: Proximity to Google Campus and South Docks
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
C. CORE
PLUS
Fitzwilliam Court
LEESON CLOSE, DUBLIN 2
• Seven storey refurbished Office block. Former HQ of Siemens
• Extends to 3,771 sq.m. (40,590 sq.ft.) plus 30 car spaces
• Refurbished in 2016. Building Energy Rating (BER) of B1
• Multi-let to Lonestar/Hudson, Caz Media, Glandore Business Centre and
OPW (State)
• Rental income: €1,945,000 p.a. exclusive
• Guide Price: Region €35.00 million (NIY 5.00%)
• Cap Value: €9,400 p.sq.m. (€870 p.sq.ft.)
• Note: Not currently for sale. Knight Frank the leasing agents
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
C. CORE
PLUS
31-36 Golden Lane
DUBLIN 8
• Three storey refurbished Office block. Former HQ of GE Capital
• Extends to 2,877 sq.m. (30,967 sq.ft.). No car spaces but numerous
public car parks nearby
• New 20 year lease to Nasdaq listed New Relic. Tenant break at year 10
and rent reviews every 5 years with 10% cap and collar
• Rental income: €1,455,000 p.a. exclusive (€47 p.sq.ft.)
• “STRIKE” Price: €25.00 million (NIY 5.35%)
• Cap Value: €8,690 p.sq.m. (€807 p.sq.ft.)
• Note: Obvious scope for future extension (potential for 2 additional floors)
or site redevelopment
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
D. VALUE
ADD FUND
24-26 City Quay
DUBLIN 2
• Six-storey office block at City Quay with frontage to the River Liffey
• 7,526 sq.m. (81,009 sq.ft.) with 30 car spaces
• Current rental income: €2,756,148 p.a.
• Let to Grant Thornton, Quintillion & KBC Bank Ireland Limited
• Grant Thornton due to exit the property at end 2017. Refurbishment and
extension opportunity
• Guide Price: TBC. Off-market opportunity. Deal size in the region of €70.0
million
• Note: Owned by Irish Life who have signalled a willingness to sell
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
D. VALUE
ADD FUND
New Century House
IFSC, DUBLIN 1
• Six storey over basement office in the IFSC
• 7,393 sq.m. (79,578 sq.ft.) plus 87 car spaces
• Current rental income: €2,847,444 p.a. ERV €3.85m+ (€45 psf)
• Single let to Bank of Ireland on a 25x5 FRI lease expiring 2024
• Guide Price: €67.0 million (NIY 3.86%. RY Jan 2019 5.16%)
• Cap Value: €9,198 p.sq.m. (€853 psf)
• Note: Excellent refurbishment and extension potential (20,000 sq.ft.). The
tenant has signalled a willingness to vacate
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
E. OFFICE OPPORTUNITIES
ONES TO WATCH
Hardwicke House
HATCH STREET, DUBLIN 2
• Grade A Office building completed in 2000
• Extends to 3,995 sq.m. plus 23 car spaces
• Multi-let to Deloitte (two leases) and Renaissance Services
• Highly reversionary in 2018 with anticipated income of €2.36 million
following rent reviews
• WAULT approx 6.5 years (to tenant break (Renaissance August 2018)
• Anticipated Price: €48.00 million (NIY 4.50%)
• Note: Owned by Hibernia REIT who have signalled a potential sale in 2018
(See Montague House)
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
E. OFFICE OPPORTUNITIES
ONES TO WATCH
Montague House
ADELAIDE ROAD, DUBLIN 2
• Grade A Office building completed in 1999
• Extends to 4,181 sq.m. plus 29 car spaces
• Multi-let to Prudential International Services Ltd., Capita Life & Pension
Servuces Ltd., and Bearing Point Ireland Ltd
• Highly reversionary in 2018 with anticipated income of €2.35 million follow-
ing rent reviews on the entire
• WAULT approx 6.0 years (to lease expiries)
• Anticipated Price: €48.00 million (NIY 4.50%)
• Note: Owned by Hibernia REIT who have signalled a potential sale in 2018
(See Hardwicke House)
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018
E. OFFICE OPPORTUNITIES
ONES TO WATCH
One & Two Dockland Central
IFSC, DUBLIN 1
• Refurbished five storey over basement adjoining office blocks
• Profile location between IFSC and Spencer Dock
• Extends to 13,657 sq.m. plus 147 car spaces
• Tenants include BNY Mellon, Hubspot & Com Reg (state)
• Current rental income: €3.70m (Block One). Block Two refurbishment and
letting programme to complete in Q3
• Anticipated Guide Price: €160.0 million (TBC)
• Net Initial Yield: Sub 4.75%
• Cap Value: €11,715 p.sq.m. (€1,088 p.sq.ft.)
• Note: Owned by Hibernia REIT. Blocks may be sold separately
KNIGHT FRANK DUBLIN INVESTMENT OPPORTUNITIES March 2018