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PRIME OFFICE INVESTMENT
OPPORTUNITY
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C O L L E C TIO N
GA LWAY CITY
GEATA NA CATHRACH
& DOCKGATE
DTZ SHERRY FITZGERALD PRESENTS AN OPPORTUNITY TO
G E ATA NA C AT HR ACH
CONTENTS
0507 0910 11
EXECUTIVE LOCATION DESCRIPTION
SUMMARY
ACCOMMODATION
& TENANCY
COVENANT
ACQUIRE GILT EDGE INVESTMENTS IN GALWAY CITY
01
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GA LWAY C IT Y
D OC K G AT E *
*SALE EXCLUDES UNITS 2, 4, 8, 10 & 12
CONTENTS
13 1416 17 20 22
EXECUTIVE LOCATION DESCRIPTION
SUMMARY
ACCOMMODATION
COVENANT & TENANCY
GALWAY OFFICE
MARKET
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1
AERIAL
THE
CLADDAGH
SHOP
STREET
DOCK
ROAD
DOCKGATE
2
NUI
GALWAY
EYRE
SQUARE
GEATA NA
CATHRACH
CEANNT
TRAIN STN.
GALWAY
COACH STN.
LOUGH
ATALIA ROAD
RADDISON
HOTEL
CO RRIB CO LLECTIO N
3
4
GEATA N A C AT H RAC H
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G E ATA N A C ATH R AC H, FAI R GR E EN
EXCEPTIONAL INVESTMENT
OPPORTUNITY GALWAY CITY
AN OPPORTUNITY TO ACQUIRE
GEATA NA CATHRACH, ONE
OF GALWAY’S LANDMARK
BUILDINGS
EXECUTIVE SUMMARY
For Sale by Private Treaty
M
odern 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
L
et to OPW, Ulster Bank, Atlantic Language School &
Loam Restaurant
Tenants unaffected by the sale
C O R R I B CO LLECTIO N / G EATA NA CATHRA CH
5
R336
N6
R864
R338
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SHANTALLA ROAD
LOUGH ATALIA
AY
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R336
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AD
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R337
R864
BELFAST
ND
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AD
RO
SOUTH PARK
H
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GALWAY
DUBLIN
GALWAY BAY
LIMERICK
GRATTAN ROAD
CORK
Galway Bus Stops
6
Bus/Train Station
GEATA N A C AT H RAC H
Taxi Rank
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LOCATION
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.
C O R R I B CO LLECTIO N / G EATA NA CATHRA CHA
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DESCRIPTION
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.
C O R R I B CO LLECTIO N / G EATA NA CATHRA CHA
9
ACCOMMODATION
DESCRIPTION (GIA)
Sq m
Sq ft
Basement
Ground
Mezzanine
First
Second
Third
Apts 11-21
394
3,781
2,856
1,877
871
645
1,046
4,253
40,708
30,750
20,214
9,378
6,948
11,263
837
9,009
11,765
126,637
Sixth
Total Area
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”.
TENANCY
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
5 year lease
1 July 2014
30 June 2019
N/a
N/a
N/a
€100,000
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
Atlantic
Language
School
Atlantic
Language
School
Car parking
10
GEATA N A C AT H RAC H
33
€21,450
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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
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/
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
C O R R I B CO LLECTIO N / G EATA NA CATHRA CH
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D O C KGAT E
HIGH PROFILE
INVESTMENT,
GALWAY CITY. OPPORTUNITY TO
ACQUIRE HIGH
PROFILE BUILDING
WITH SIGNIFICANT
REVERSIONARY
POTENTIAL.
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
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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13
R336
N6
R864
R338
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DOCKGATE
AY
QU
R336
GH
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R337
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R337
R864
AD
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SOUTH PARK
GALWAY BAY
GRATTAN ROAD
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
14
DOCKG AT E
Prime city centre location
approximately 100m south of
Eyre Square and directly adjacent
to the Galway Harbour.
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DESCRIPTION
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
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.
16
DOCKG AT E
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
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Unit
Nett Int. Area
Sq.m
G.F
G.F
1A
1B
127.09
46.45
G.F
1B
37.16
the SCS/IAVI Measuring Practice Guidance Notes.
G.F
1st F
1st F
1st F
13
3
14
15
74.97
405.91
405.30
313.98
Zoning
2nd 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
Floor
ACCOMMODATION
We have set out below the net internal (NIA) floor
areas which have been calculated in accordance with
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”.
Total
4,489.63
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TENANCY
Unit
Unit 1
Unit 18
Unit 9
Unit 11
Unit 21
Parking
Vacant
Tenant
Floor
Unit
Rent
KPMG
2nd F
Units 5, 6 & 17B
€130,653
Bank Of Ireland
3rd F
Unit 7
€ 63,390
Smart Bear
3rd Fl
Unit 19
€ 51,315
Comhairle
4th Fl
Unit 20
€40,400
Davy Stockbrokers Ltd
G.Fl
Unit 1A
€32,840
Heskin Auctioneers
G.Fl
Unit 1B
€12,500
Short Term Tenancy
3rd F
Unit 18
€29,000
Short Term Tenancy
3rd F
Unit 18
€4,800
Short Term Tenancy
3rd F
Unit 18
€5,200
Short Term Tenancy
3rd F
Unit 18
€5,980
Short Term Tenancy
3rd F
Unit 18
€4,680
Short Term Tenancy
3rd F
Unit 18
€8,190
Short Term Tenancy
3rd F
Unit 18
€5,980
Short Term Tenancy
4th Fl
Unit 9
€30,000
Short Term Tenancy
4th Fl
Unit 9
€6,760
Short Term Tenancy
4th Fl
Unit 9
€4,160
Short Term Tenancy
4th Fl
Unit 9
€2,550
Short Term Tenancy
4th Fl
Unit 11
€21,996
Short Term Tenancy
4th Fl
Unit 11
€11,700
Short Term Tenancy
4th Fl
Unit 11
€ 11,400
Short Term Tenancy
4th Fl
Unit 21
€7,200
Short Term Tenancy
4th Fl
Unit 21
€4,680
Short Term Tenancy
4th Fl
Unit 21
€11,440
Short Term Tenancy
4th Fl
Unit 21
€5,200
Short Term Tenancy
4th Fl
Unit 21
€4,420
KPMG
Parking
14 Spaces
€10,500
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
DOCK G AT E
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Lease Start
Length of Lease
Lease Expiry
Break Options
1st July 2014
15 Years
30th June 2029
5,8 & 12
1st January 2012
20 Years
1st January 2032
5,10,15
1st July 2014
2 Years
30th June 2016
1
1st July 2005
20 Years
30th June 2025
10
17th July 2006
25 Years
16th July 2031
5 & 10
1st October 2012
4 Years
30th September 2016
16th July 2010
25 Year
15th July 2035
1st February 2010
1 Year Initially
Ongoing
1st December 2013
6 Months
Ongoing
1st September 2014
6 Months
Ongoing
1st March 2015
6 Months
Ongoing
17th Feb 2012
1 Year Initially
Ongoing
20th June 2012
8 Months
Ongoing
1st May 2011
3 Years
Ongoing
7th April 2014
4 Years 9 Months
6th January 2019
1st August 2014
3 Months
Ongoing
17th September 2010
35 Years
16th September 2045
30th May 2014
6 Months Initially
Ongoing
10th July 2013
6 Months Initially
Ongoing
28th July 2014
3 Months Initially
Ongoing
1st November 2013
3 Months Initially
Ongoing
1st September 2014
4 months Initially
Ongoing
9th March 2015
12 Months
8th March 2016
6th February 2015
3 Months Initially
Ongoing
23rd March 2015
3 Months Initially
Ongoing
1st July 2014
15 Years
30th June 2029
5,10.15 & 20
5,10,15,20,25&30
5,8 & 12
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PRIMARY TENANT INFORMATION
The Bank of Ireland (Banc na hÉireann) is a commercial
bank operation in Ireland and one of the traditional ‘Big Four’
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
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
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
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
KPMG is one of the largest professional services companies
in the world and one of the Big Four auditors, along with
SmartBear is a leading U.S. software application quality and
Deloitte, EY and PwC. Its global headquarters are located
performance management company, has established
in Amsterdam, the Netherlands.
its European Headquarters in Galway.
KPMG employs 162,000 people and has three lines of
For Further information www.smartbear.com
services: audit, tax, and advisory. Its tax and advisory
services are further divided into various service groups.
For further information www.kpmg.ie
20
offices in the United States, Sweden, Spain and Russia
DOCK G AT E
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GEATA NA CATHRACH & DOCKGATE
BER
DATA ROOM
The property is rated
Access to an online data room containing the following
documentation is available via
www.corribcollection.ie
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CO L L E CT I O N
GA LWAY CIT Y
BER is available in the dataroom.
TENURE
- Occupational leases
- Indicative floor plans
- BER’s
- Title Documentation
Title to the property is held
by way of long leasehold on Geata Na
Cathrach and freehold on Dockgate.
PROPOSAL
VAT
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%.
We understand that the property has
been elected for the purposes of VAT.
We are inviting parties to bid by way of individual lots
or the entire.
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 OFFICE MARKET
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
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.
GALWAY OFFICE MARKET: YEAR-ON-YEAR TAKE-UP ( SQ M ) & VACANCY RATE ( % )
20.0%
30,000
Year on Year Take Up
Vacancy Rate
18.0%
25,000
20,000
16.0%
14.0%
12.0%
15,000
10.0%
8.0%
10,000
5,000
6.0%
4.0%
2.0%
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www.corribcollection.ie
CORRIB
C O L L E C T I ON
GALWAY C ITY
AGENTS
All viewings are strictly by
appointment through the
sole selling agent.
Patricia Staunton
2 Dockgate, Dock Road,
Galway, Ireland.
Head of DTZ Galway
Email: [email protected]
Tel: +353 91 569181
Patricia Ward
Director
Email:[email protected]
Tel: +353 01 6399300
Sean Coyne
Associate Director
Email:[email protected]
Tel: +353 91 569181
George Brady
Surveyor
Email:[email protected]
Tel: +353 91 569181
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.
t 01 845 9925
e [email protected]
w www.avalanchedesign.ie
PSRA No. 002222
Brochure design by