D1 Collection

Investment Summary Rare opportunity to acquire a substantial city centre block of seven buildings extending to approx. 3,643 sqm (39,214 sqft) NIA Asset management opportunities for change of use, refurbishment, expansion and substantial redevelopment of the entire block (subject to planning permission) 1,988

Investment Summary

• Rare opportunity to acquire a substantial city centre block of seven buildings extending to approx. 3,643 sqm (39,214 sqft) NIA
• Asset management opportunities for change of use, refurbishment, expansion and substantial redevelopment of the entire block (subject to planning permission)
• 1,988 sqm (21,400 sqft) approx NIA of vacant accommodation (55%) across the seven buildings, offering purchasers immediate scope to increase passing rent and value
• Rental income of €518,279 per annum from ten tenancies including Ladbrokes, Madigans, Tourist Office, Londis with all of the passing rents considered reversionary
• Immediate opportunity to increase the passing rent through rent reviews and the leasing of vacant accommodation
• Current tenancies have a weighted average unexpired lease term of 6.1 years (including nearest break options)
• Opportunities exist for short term income from the vacant space (if desired) with proven demand for same
  Low capital value per sqft
• Site area of approximately 0.1133 ha (0.28 acres)
• Currently zoned Objective Z5 under the 2016-2022 Dublin City Council Development Plan

Transport

The Luas cross-city routes stop at either end of Sackville Place heading north from the GPO stop on O’Connell Street Lower to the north suburbs including the new Dublin Institute of Technology (“DIT”) campus at Grangegorman, and heading to the south from the Marlborough Street stop towards St Stephen’s Green and the south suburbs.

The Luas red line links O’Connell Street Lower to both Connolly Station and Heuston Station (the capital’s access points to the country’s railway network). Connolly Station also provides access to the DART system, the rapid transit service which serves the coastal suburbs to the north and south of the city. The red line also links O’Connell Street Lower to the IFSC, the north docks, the Convention Centre, 3 Arena and the Dublin Port area.

The public transport network on O’Connell Street will be further improved with the development of the Metro, the first phase of which will be an underground link between the city centre and Dublin Airport, with a station on O’Connell Street. The line will be extended as an over ground link to Swords in the north and Sandyford in the south. It is planned that the trains will cater for 15,000 passengers per hour, and could carry up to 50 million passengers per year.

Asset Management Opportunities

• Immediate scope to increase the passing rent through an outstanding rent review and through the leasing of vacant space
• Much of the current rents are considered reversionary in nature are expected to yield further increases in the coming years
• There are elements of the collection which would benefit from refurbishment and possible amalgamation in order to maximise rental values and attract a wider range of occupiers
• Some of the existing buildings would lend themselves to alternative uses – subject to change of use planning
• The immediate surrounding area is undergoing substantial change which should benefit all properties within the collection, and in the wider area in general, underpinning rental values

Redevelopment Opportunities

• Substantial high profile City Centre block of property with excellent transport links, much of which would be suitable for large scale redevelopment in a multitude of uses subject to planning permission
• The relaxation of the building heights in Dublin city should make this more compelling
• Site area of approx. 0.1133 ha (0.28 acres)
• Approx. 25.45 metres frontage onto O’Connell Street Lower, approx. 45.6 metres onto Sackville Place and approx. 13 metres onto Abbey Street Lower
• Just under 55% of the total accommodation within the collection is currently vacant
• The Z5 zoning on the collection is suitable for a multitude of potential uses including, retail, office, educational, residential, hotel, and hostel (subject to planning permission)

Joint Agent
Knight Frank