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CORRIB COLLECTION GALWAY CITY PRIME OFFICE INVESTMENT OPPORTUNITY GEATA NA CATHRACH & DOCKGATE
CORRIB COLLECTION
GALWAY CITY
PRIME OFFICE INVESTMENT OPPORTUNITY
GEATA NA CATHRACH & DOCKGATE
CONTENTS
05 07 09 10 11EXECUTIVE LOCATION DESCRIPTION ACCOMMODATION COVENANT SUMMARY & TENANCY
GEATA NA CATHRACH
DTZ SHERRY FITZGERALD PRESENTS AN OPPORTUNITY TO ACQUIRE GILT EDGE INVESTMENTS IN GALWAY CITY
CONTENTS
13 14 16 17 20 22EXECUTIVE LOCATION DESCRIPTION ACCOMMODATION COVENANT GALWAY OFFICE SUMMARY & TENANCY MARKET
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GALWAY CITY
DTZ SHERRY FITZGERALD PRESENTS AN OPPORTUNITY TO ACQUIRE GILT EDGE INVESTMENTS IN GALWAY CITY
DOCKGATE*
*SALE EXCLUDES UNITS 2, 4, 8, 10 & 12
01 CORRIB COLLECTION 1
2
AERIAL
DOCKGATE
SHOP STREET
DOCK ROAD
THE CLADDAGH
2 CORRIB COLLECTION 3
GEATA NA CATHRACH
EYRE SQUARE
NUI GALWAY
CEANNT TRAIN STN.
GALWAY COACH STN.
LOUGH ATALIA ROAD
RADDISON HOTEL
4 GEATA NA CATHRACH
EXECUTIVE SUMMARY For Sale by Private Treaty
Modern purpose built, four storey over basement extending to total area of 11,765 sq m (126,637 sq ft)
33 Basement Car Spaces – Potential to increase Car Parking Provision
11 Residential Two Bedroom Apartments
Passing Rent is €1,636,040.96 per annum
Let to OPW, Ulster Bank, Atlantic Language School & Loam Restaurant
Tenants unaffected by the sale
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EXCEPTIONAL INVESTMENT OPPORTUNITY GALWAY CITY
AN OPPORTUNITY TO ACQUIRE GEATA NA CATHRACH, ONE OF GALWAY’S LANDMARK BUILDINGS
GEATA NA CATHRACH, FAIRGREEN
6 GEATA NA CATHRACH
LOUGH ATALIA
SOUTH PARK
RIVE
R CO
RRIB
GALWAY BAY
GRATTAN ROAD
SHANTALLA ROAD
HENRY ROAD
UNIVERSITY ROAD
HEA
DFO
RD R
OAD
BRIDGE STREET
ABBEYGATE STREET
CLADDAGH QUAY
DYKE ROAD
DOCK ROAD
DOCK ROAD
MERCHANTS ROAD
PROSPEC
T HIL
L
BOHERMORE ROAD
EYRE SQUARESTATION RD.
FAIRGREEN
ROAD
COLLEGE ROAD
LOUGH A
TALI
A ROAD
WHITESTRAND ROAD
R864
R864
R336
R864
R864
R337R336
R337
CEANNT
TRAIN/BUS ST
New Road
Mid
dle Stre
et
Eyre Street
St. Augusti
ne St.
N59
N6
R338
GEATA NA CATHRACH
LIMERICK
GALWAY
CORK
DUBLIN
BELFAST
Galway Bus Stops Bus/Train Station Taxi Rank
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Prime city centre location approximately 100m north east of Eyre Square and directly adjacent to the Radisson Blu Hotel
Prominent Corner Building situated at the entrance to the Radisson Hotel and located between Forster Street and Lough Atalia Road on Fairgreen Road
Located adjacent to Galway Coach Station and in close proximity to CIE bus station and Ceannt rail station making it one of the most easily accessible buildings in the city.
LOCATION
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High Profile Building comprising of a four storey over basement.
It extends to a total area of 11,765 sq m (126,637 sq ft) to include the basement.
Bounded by the Radisson Hotel to the south east and adjoining the Webworks development.
The subject property comprises of two levels of retail accommodation with three levels of office accommodation and 11 no two bedroom duplex apartments, together with 33 basement car spaces.
Lift access is provided to all floors.
A communal lobby area on the ground floor which is finished with tiled floors and walls provides access to the upper floors via staircase or two passenger lifts.
The apartments have a separate access from the ground floor, while the public entrance to the Department of Revenue is accessed directly from street level.
DESCRIPTION
Zoning Planning policy for the area is contained within the Galway City Development Plan 2011-2017. The property is located in an area zoned Objective CC which is defined as “To provide for city centre activities and particularly these, which preserve the city centre as the dominant commercial area of the city”.
ACCOMMODATION
TENANCY
DESCRIPTION (GIA) Sq m Sq ft
Basement 394 4,253Ground 3,781 40,708Mezzanine 2,856 30,750First 1,877 20,214Second 871 9,378Third 645 6,948Apts 11-21 1,046 11,263Sixth 837 9,009
Total Area 11,765 126,637
Tenant Lease Term Lease Start Lease Expiry Break Option Rent Review Review Date Current Rent p/a
OPW 20 years 21 February 2006
20 February 2026 N/a Upward Only 21 February
2016 €1,160,118
Ulster Bank 9 year 11 month 25 April 2007 25 March 2017 N/a Upward Only N/a €200,000
Atlantic Language School
5 year lease 1 July 2014 30 June 2019 N/a N/a N/a €100,000
Atlantic Language School 5 year lease 1 July 2014 30 June 2019 N/a N/a N/a €110,000
Loam 20 year lease 1 November 2014
31 October 2044 2, 5, 10, 15 N/a 31 October
2019 €30,000
Evidence Therapy Clinic 3 year lease 1 March 2013 28 February
2016 N/a N/a N/a €14,472
Car parking 33 €21,450
10 GEATA NA CATHRACH
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TENANT INFORMATION
Ulster Bank was established in 1836, Ulster Bank was acquired by the Westminster Bank in 1917. As a subsidiary of National Westminster Bank, it became part of The Royal Bank of Scotland Group in 2000. It has 146 branches in the Republic of Ireland and 90 in Northern Ireland with over 1,200 non-charging ATMs. The Group has over 3,000 employees and over 1.9 million clients.
The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited (UBL – registered in Northern Ireland) and Ulster Bank Ireland Limited (UBIL – registered in the Republic of Ireland). The Group’s headquarters (and UBIL’s) is located in George’s Quay, Dublin in the Republic of Ireland whilst the official headquarters of UBL is in Donegal Square East, Belfast, in Northern Ireland, and it maintains a large sector of the financial services in both the UK and Ireland.
For further information www.ulsterbank.ie
Loam is an award winning restaurant and wine bar run by Michellin Star chef Enda McEvoy. The restaurant was the recent recipient of the RAI award for the Best Emerging Restaurant in Ireland.
For further information visit www.loamgalway.com
The Office of Public Works (OPW) is a State Agency of the Department of Finance in Ireland. Its chief responsibility is the ownership, upkeep, and maintenance of Government of Ireland and historic buildings in Ireland.
For Further information www.opw.ie
Atlantic Language School have over 20 years’ experience providing English Language courses for adults, juniors and families from all over the world. Atlantic Language has schools in Galway and Dublin and offer a wide variety of courses designed to meet the needs of all students of English whatever their language requirements.
For further information http://www.atlanticlanguage.com/
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12 DOCKGATE
EXECUTIVE SUMMARY For Sale by Private Treaty
Impressive five storey office building comprises of Units 1, 3, 5, 6, 7, 9, 11, 13-21 extending to total area of 4,463 sq m (48,039 sq ft) with 90 surface car spaces
Docklands Area likely to witness extensive development further enhancing value in the future
Passing Rent is €526,934 per annum
Current vacancy allows for immediate rental uplift
Strong Reversionary potential
Tenants Unaffected by the sale
HIGH PROFILE INVESTMENT, GALWAY CITY.
OPPORTUNITY TO ACQUIRE HIGH PROFILE BUILDING WITH SIGNIFICANT REVERSIONARY POTENTIAL.
DOCKGATE
THE CURRENT SALES DOES NOT INCORPORATE THE ENTIRE DOCKGATE BUILDING. UNITS 2, 4, 8, 10 & 12 ARE OWNED BY THIRD PARTIES AND DO NOT FORM PART OF THE SUBJECT SALE.
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LOUGH ATALIA
SOUTH PARK
RIVE
R CO
RRIB
GALWAY BAY
GRATTAN ROAD
SHANTALLA ROAD
HENRY ROAD
UNIVERSITY ROAD
HEA
DFO
RD R
OAD
BRIDGE STREET
ABBEYGATE STREET
CLADDAGH QUAY
DYKE ROAD
DOCK ROAD
DOCK ROAD
MERCHANTS ROAD
PROSPEC
T HIL
L
BOHERMORE ROAD
EYRE SQUARESTATION RD.
FAIRGREEN
ROAD
COLLEGE ROAD
LOUGH A
TALI
A ROAD
WHITESTRAND ROAD
R864
R864
R336
R864
R864
R337R336
R337
CEANNT
TRAIN/BUS ST
New Road
Mid
dle Stre
et
Eyre Street
St. Augusti
ne St.
N59
N6
R338
LOCATION
THE SUBJECT PROPERTY IS LOCATED IN GALWAY CITY CENTRE AND HAS DOUBLE FRONTAGE ONTO BOTH DOCK ROAD AND MERCHANTS ROAD. THE BUILDING OVERLOOKS THE GALWAY DOCKS AREA TO THE FRONT
Prime city centre location approximately 100m south of Eyre Square and directly adjacent to the Galway Harbour.
DOCKGATE
14 DOCKGATE
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THE SUBJECT PROPERTY CONSISTS OF A SIX STOREY BUILDING FINISHED TO THE HIGHEST STANDARDS TO TAKE ADVANTAGE OF ITS SITUATION OVERLOOKING GALWAY’S DOCKS. THE BUILDINGS ELEVATIONS ARE MADE UP PRIMARILY OF LARGE GLAZED CURTAIN WALLING. THE DESIGN MAKES THE BUILDING ONE OF GALWAY’S MOST RECOGNISABLE
DESCRIPTION
The property extends over four floors with a fifth floor “penthouse” office on the Dock Road side of the building – the structure is built around a central courtyard which includes 90 car parking spaces.
Internally all units have been fit-out by the tenants to a high standard and each unit accommodates w.c. and kitchen facilities. All units are accessible via a lift and have signage at ground floor lobby.
16 DOCKGATE
Zoning Planning policy for the area is contained within the Galway City Development Plan 2011-2017. The property is located in an area zoned Objective CC which is defined as “To provide for city centre activities and particularly these, which preserve the city centre as the dominant commercial area of the city”.
ACCOMMODATION
We have set out below the net internal (NIA) floor areas which have been calculated in accordance with the SCS/IAVI Measuring Practice Guidance Notes.
Floor Unit Nett Int. Area Sq.m
G.F 1A 127.09G.F 1B 46.45G.F 1B 37.16G.F 13 74.971st F 3 405.911st F 14 405.301st F 15 313.982nd F 5, 6 & 17B 867.00
2nd F 16 325.15
2nd F 17A 212.43 sq
3rd F 7 392.60
3rd F 18 325.16
3rd F 19 317.82
4th F 9 186.00
4th F 11 185.80
4th F 20 159.97
4th F 21 106.84
Total 4,489.63
16 DOCKGATE
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TENANCY
Unit Tenant Floor Unit Rent Lease Start Length of Lease Lease Expiry Break Options
KPMG 2nd F Units 5, 6 & 17B €130,653 1st July 2014 15 Years 30th June 2029 5,8 & 12
Bank Of Ireland 3rd F Unit 7 € 63,390 1st January 2012 20 Years 1st January 2032 5,10,15
Smart Bear 3rd Fl Unit 19 € 51,315 1st July 2014 2 Years 30th June 2016 1
Comhairle 4th Fl Unit 20 €40,400 1st July 2005 20 Years 30th June 2025 10
Unit 1Davy Stockbrokers Ltd G.Fl Unit 1A €32,840 17th July 2006 25 Years 16th July 2031 5 & 10
Heskin Auctioneers G.Fl Unit 1B €12,500 1st October 2012 4 Years 30th September 2016
Unit 18
Short Term Tenancy 3rd F Unit 18 €29,000 16th July 2010 25 Year 15th July 2035 5,10.15 & 20
Short Term Tenancy 3rd F Unit 18 €4,800 1st February 2010 1 Year Initially Ongoing
Short Term Tenancy 3rd F Unit 18 €5,200 1st December 2013 6 Months Ongoing
Short Term Tenancy 3rd F Unit 18 €5,980 1st September 2014 6 Months Ongoing
Short Term Tenancy 3rd F Unit 18 €4,680 1st March 2015 6 Months Ongoing
Short Term Tenancy 3rd F Unit 18 €8,190 17th Feb 2012 1 Year Initially Ongoing
Short Term Tenancy 3rd F Unit 18 €5,980 20th June 2012 8 Months Ongoing
Unit 9
Short Term Tenancy 4th Fl Unit 9 €30,000 1st May 2011 3 Years Ongoing
Short Term Tenancy 4th Fl Unit 9 €6,760 7th April 2014 4 Years 9 Months 6th January 2019
Short Term Tenancy 4th Fl Unit 9 €4,160 1st August 2014 3 Months Ongoing
Short Term Tenancy 4th Fl Unit 9 €2,550 17th September 2010 35 Years 16th September 2045 5,10,15,20,25&30
Unit 11
Short Term Tenancy 4th Fl Unit 11 €21,996 30th May 2014 6 Months Initially Ongoing
Short Term Tenancy 4th Fl Unit 11 €11,700 10th July 2013 6 Months Initially Ongoing
Short Term Tenancy 4th Fl Unit 11 € 11,400 28th July 2014 3 Months Initially Ongoing
Unit 21
Short Term Tenancy 4th Fl Unit 21 €7,200 1st November 2013 3 Months Initially Ongoing
Short Term Tenancy 4th Fl Unit 21 €4,680 1st September 2014 4 months Initially Ongoing
Short Term Tenancy 4th Fl Unit 21 €11,440 9th March 2015 12 Months 8th March 2016
Short Term Tenancy 4th Fl Unit 21 €5,200 6th February 2015 3 Months Initially Ongoing
Short Term Tenancy 4th Fl Unit 21 €4,420 23rd March 2015 3 Months Initially Ongoing
Parking KPMG Parking 14 Spaces €10,500 1st July 2014 15 Years 30th June 2029 5,8 & 12
Vacant
Vacant G.Fl Unit 1A € -
Vacant G.F - Cafe Unit 13 € -
Vacant 1st F Units 3, 14 & 15 € -
Vacant 2nd F 16 € -
Vacant 2nd F 17A € -
€526,934
18 DOCKGATE
Unit Tenant Floor Unit Rent Lease Start Length of Lease Lease Expiry Break Options
KPMG 2nd F Units 5, 6 & 17B €130,653 1st July 2014 15 Years 30th June 2029 5,8 & 12
Bank Of Ireland 3rd F Unit 7 € 63,390 1st January 2012 20 Years 1st January 2032 5,10,15
Smart Bear 3rd Fl Unit 19 € 51,315 1st July 2014 2 Years 30th June 2016 1
Comhairle 4th Fl Unit 20 €40,400 1st July 2005 20 Years 30th June 2025 10
Unit 1Davy Stockbrokers Ltd G.Fl Unit 1A €32,840 17th July 2006 25 Years 16th July 2031 5 & 10
Heskin Auctioneers G.Fl Unit 1B €12,500 1st October 2012 4 Years 30th September 2016
Unit 18
Short Term Tenancy 3rd F Unit 18 €29,000 16th July 2010 25 Year 15th July 2035 5,10.15 & 20
Short Term Tenancy 3rd F Unit 18 €4,800 1st February 2010 1 Year Initially Ongoing
Short Term Tenancy 3rd F Unit 18 €5,200 1st December 2013 6 Months Ongoing
Short Term Tenancy 3rd F Unit 18 €5,980 1st September 2014 6 Months Ongoing
Short Term Tenancy 3rd F Unit 18 €4,680 1st March 2015 6 Months Ongoing
Short Term Tenancy 3rd F Unit 18 €8,190 17th Feb 2012 1 Year Initially Ongoing
Short Term Tenancy 3rd F Unit 18 €5,980 20th June 2012 8 Months Ongoing
Unit 9
Short Term Tenancy 4th Fl Unit 9 €30,000 1st May 2011 3 Years Ongoing
Short Term Tenancy 4th Fl Unit 9 €6,760 7th April 2014 4 Years 9 Months 6th January 2019
Short Term Tenancy 4th Fl Unit 9 €4,160 1st August 2014 3 Months Ongoing
Short Term Tenancy 4th Fl Unit 9 €2,550 17th September 2010 35 Years 16th September 2045 5,10,15,20,25&30
Unit 11
Short Term Tenancy 4th Fl Unit 11 €21,996 30th May 2014 6 Months Initially Ongoing
Short Term Tenancy 4th Fl Unit 11 €11,700 10th July 2013 6 Months Initially Ongoing
Short Term Tenancy 4th Fl Unit 11 € 11,400 28th July 2014 3 Months Initially Ongoing
Unit 21
Short Term Tenancy 4th Fl Unit 21 €7,200 1st November 2013 3 Months Initially Ongoing
Short Term Tenancy 4th Fl Unit 21 €4,680 1st September 2014 4 months Initially Ongoing
Short Term Tenancy 4th Fl Unit 21 €11,440 9th March 2015 12 Months 8th March 2016
Short Term Tenancy 4th Fl Unit 21 €5,200 6th February 2015 3 Months Initially Ongoing
Short Term Tenancy 4th Fl Unit 21 €4,420 23rd March 2015 3 Months Initially Ongoing
Parking KPMG Parking 14 Spaces €10,500 1st July 2014 15 Years 30th June 2029 5,8 & 12
Vacant
Vacant G.Fl Unit 1A € -
Vacant G.F - Cafe Unit 13 € -
Vacant 1st F Units 3, 14 & 15 € -
Vacant 2nd F 16 € -
Vacant 2nd F 17A € -
€526,934
18 DOCKGATE
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PRIMARY TENANT INFORMATION
Founded in 1926, Davy is Ireland’s largest stockbroker, wealth manager, asset manager and financial advisor and has offices in Dublin, Belfast, Cork, Galway and London. Davy offer a range of services to private clients, small businesses, corporations and institutional investors.
Employing over 560 people, Davy is an independent company owned by management and staff.[1] Company operations are centred on five interrelated business areas – Asset Management, Capital Markets, Corporate Finance, Private Clients and Research.
For more information www.davy.ie
KPMG is one of the largest professional services companies in the world and one of the Big Four auditors, along with Deloitte, EY and PwC. Its global headquarters are located in Amsterdam, the Netherlands.
KPMG employs 162,000 people and has three lines of services: audit, tax, and advisory. Its tax and advisory services are further divided into various service groups.
For further information www.kpmg.ie
The Bank of Ireland (Banc na hÉireann) is a commercial bank operation in Ireland and one of the traditional ‘Big Four’ Irish banks. Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history and currently employs over 11,000 people. Bank of Ireland operate their Private Banking section from the Dockgate Building.
For further information www.boi.ie
Headquartered in Beverly, Massachusetts, SmartBear develops software that other software developers use to ensure their applications provide a superior user experience. SmartBear has customers in over 90 countries and additional offices in the United States, Sweden, Spain and Russia
SmartBear is a leading U.S. software application quality and performance management company, has established its European Headquarters in Galway.
For Further information www.smartbear.com
20 DOCKGATE
BERThe property is rated
BER is available in the dataroom.
TENURETitle to the property is held by way of long leasehold on Geata Na Cathrach and freehold on Dockgate.
VATWe understand that the property has been elected for the purposes of VAT.
DATA ROOMAccess to an online data room containing the following documentation is available via www.corribcollection.ie
- Occupational leases- Indicative floor plans - BER’s - Title Documentation
PROPOSAL We are inviting parties to bid by way of individual lots or the entire.
Guiding in excess of €23 million for Geata Na Cathrach, pricing at this level would reflect a net initial yield of 6.47% after standard purchaser’s costs of 4.46%.
Guiding in excess of €9 million for Dockgate, pricing at this level would reflect a net initial yield of 5.6%, after standard purchaser’s costs of 4.46%.
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GALWAY CITYGEATA NA CATHRACH & DOCKGATE
20 DOCKGATE CORRIB COLLECTION 21
The acute shortage of supply in the city centre has resulted in more occupiers looking to the suburbs, in particular to satisfy larger requirements. The proportion of larger Grade A offices has declined rapidly in the suburbs as demand continues to increase.
Demand for offices in Galway is led by multi-national companies looking for high quality large offices.
VERY LOW VACANCY RATES IN GALWAY AT PRESENT WITH ONLY 7.5% VACANCY AT THE END OF MARCH 2015. THIS DEARTH OF SUPPLY IS EVEN MORE ACUTE WHEN IT COMES TO LARGE FLOOR PLATE ACCOMMODATION
GALWAY OFFICE MARKET: YEAR-ON-YEAR TAKE-UP (SQ M) & VACANCY RATE (%)
GALWAY OFFICE MARKET
30,000
25,000
20,000
15,000
10,000
5,000
0
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Q1 2005
Q1 2008
Q1 2006
Q1 2009
Q1 2007
Q1 2010
Q1 2011
Q1 2012
Q1 2013
Q1 2014
Q1 2015
Q3 2005
Q3 2008
Q3 2006
Q3 2009
Q3 2007
Q3 2010
Q3 2011
Q3 2012
Q3 2013
Q3 2014
Vacancy RateYear on Year Take Up
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AGENTSAll viewings are strictly by appointment through the sole selling agent.
2 Dockgate, Dock Road, Galway, Ireland.
Patricia Staunton Head of DTZ GalwayEmail: [email protected] Tel: +353 91 569181
Sean Coyne Associate DirectorEmail: [email protected]: +353 91 569181
George Brady SurveyorEmail: [email protected]: +353 91 569181
Patricia WardDirectorEmail: [email protected]: +353 01 6399300
PSRA No. 002222 Brochure design by
t 01 845 9925e [email protected] www.avalanchedesign.ie
Conditions to be noted: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction.
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