for sale - sherryfitz.ie northern cross brochur… · the 4 star hilton dublin airport hotel. ......

MALAHIDE ROAD, DUBLIN 17

FOR SALE BY PRIVATE TREATY (TENANT NOT AFFECTED)

INVESTMENT OPPORTUNITY

NEWENHAM COURTAT NORTHERN CROSS

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Investment Summary 01Location Map 02Location 03Transport 03 Aerial 04Description 06

Accommodation Schedule 06Specification 07Zoning 07Floor Plans 08Tenancy Schedule 08Covenant Information 10

Occupier Market 11BER 12Title 12Proposal 12Data Room 12Contacts 14

CONTENTS

N E W E N H A M C O U R T || 1


INVESTMENTSUMMARYOpportunity to acquire a high yielding suburban office investment and development site (subject to fpp).

¡ Modern five storey over basement office building extending to approx. 4,511.20 sq m (48,558 sq ft)

¡ Fully let to Mylan Ireland Limited with full parent company guarantee from Mylan Inc. who are listed on the NASDAQ

¡ Development site (subject to fpp) extending to approx. 0.73 hectares (1.795 acres)

¡ Current passing rent €976,690 per annum subject to a deed of variation. Further information available upon request

¡ For sale by Private Treaty

¡ Tenant not affected

¡ Offers sought in excess of €9,150,000 which equates to Net Initial Yield of 9.84% assuming standard purchasers costs of 8.46%

N2

N1

R1O7

R139

R1O7

M3

M3

N7

N4

N7

N81

N81

N11

N11

M50

M50

M50

M50

M50

M50

M1

M50

TRAIN LINE

DUBLIN PORT

PHOENIXPARK

MARLEYPARK

DUBLIN BAY

MALAHIDE

PORTMARNOCK

CLONTARF

BALLSBRIDGECRUMLIN

RATHFARNHAM

TALLAGHT

CLONDALKIN

BLANCHARDSTOWN

LUCAN

BLACKROCK

DUN LAOGHAIRE

GLENAGEARY

DUNDRUM

SANDYFORDIND. ESTATE

DUNBOYNE

SWORDS

SANTRY

BEAUMONT

ARTANE

RAHENY

BALDOYLE

DUBLINAIRPORT

DRUMCONDRA

PO

RT TU

NN

EL

KINSEALY

DUBLINCITY CENTRE

LUAS RED LINE

LUA

S G

RE

EN

LIN

E

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LOCATION MAP




ACCESSIBLE

4 min drive to M50

3km to Clongriffin and Howth Junction Dart Stations

10km to Dublin City Centre

7.5km to Dublin Airport

TRANSPORTNorthern Cross is situated adjacent to the junction of the Malahide Road and the R139, which provides access to the M1/M50 motorway interchange, approximately 3 km west of Northern Cross. Dublin city centre is easily accessible via the Dublin Port Tunnel which is located 6 km from the development and Dublin Airport is 7.5 km northwest of Northern Cross.

Northern Cross has good access to public transport links, with the Malahide Road Quality Bus Corridor linking the area with the city centre, DCU and Swords. Nearby bus routes include no 15, 27, 27X, 42 and 43. Both Clongriffin and Howth Junction DART stations are located 3.2 km and 3 km away respectively with free parking available for commuters at Clongriffin.

Northern Cross Business Park also provides a shuttle bus service to and from the DART daily.

LOCATIONNewenham Court is located in Northern Cross Business Park which forms part of the Northern Cross mixed use commercial and residential development. The development is situated on the Malahide Road approximately 10km northeast of Dublin City Centre and adjacent to the 4 star Hilton Dublin Airport Hotel. The Hotel offers business and conference centre facilities along with a gym and a restaurant. Clare Hall Shopping Centre anchored by Tesco Extra is located on the Malahide Road 750m from Newenham Court. The vibrant coastal villages of Howth and Malahide are within a 15 minute drive.

As a result of substantial development in recent years, the area is considered a strong suburban office location in north Dublin.

Meadows & Byrne/Eurospar

t To MALAHIDE

Clongriffin Train/Dart Station

Carechoice Nursing Home

Bank of Ireland

Walls Construction

Car Park

DUBLIN AIRPORTx

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AERIAL

MALAHIDE ROAD

N32

To CITY CENTRE u

TO CITY CENTRE M1/M50 JUNCTION

PORT TUNNELDUBLIN AIRPORT

q

Hilton DublinAirport Hotel

Experian/ Cerner/Aramark

Clare Hall Retail Centre

Baldoyle Industrial Estate

Howth

The Logiskills Group/Xsimbus Resources

Bewleys Coffee Ltd

Clare Hall Shopping Centre

Howth Junction Train/Dart Station




For illustration purposes only

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DESCRIPTIONNEWENHAM COURTThe property comprises a five storey over basement modern office building with L shaped floor plates. The location of the main core allows for the floor plates to be sub-divided if required. The main core contains two 10 person passenger lifts, stairs, and male and female toilet facilities. Adjacent occupiers in Newenham House include: Experian, Cerner and Aramark.

FloorLease Area Lease Area NIA Measurement Survey GIA Measurement Survey

sq.m. sq.ft. sq.m. sq.ft. sq.m. sq.ft.

Ground Floor 1,009.95 10,871.00 767.90 8,265.60 1,011.30 10,885.53

First Floor 994.99 10,710.00 836.10 8,999.70 1,014.60 10,921.05

Second Floor1,966.30 21,165.10

824.20 8,871.61 1,018.30 10,960.88

Third Floor 837.10 9,010.46 1,013.70 10,911.37

Fourth Floor 539.96 5,812.00 404.20 4,350.77 548.60 5,905.08

Total 4,511.20 48,558.10 3,669.50 39,498.13 4,606.50 49,583.91

An assignable measured survey has been completed by ORS and is available on the data room. Any intended purchaser will need to satisfy themselves as to the exact area of the subject property. Please note the lease areas above are as stated in the occupational lease documents.

ACCOMMODATION



NEWENHAM COURT SURFACE CAR PARK AND SITE

The subject site extends to approximately 0.73 hectares (1.795 acres) and forms part of the Northern Cross development. The site is situated to the north of Newenham Court and is currently in use as a car park, generating income of €207,000 per annum under a 10 year licence.

The landlord reserves the right upon granting at least one months’ notice to re-allocate or substitute all licenced car spaces.

Planning was granted by Dublin City Council on 25th June 2014 for a period of 5 years. We understand this planning permission will expire on 25th June 2019.

ZONING

Newenham Court office building & development site are zoned “Z14 Strategic Development and Regeneration Areas” under the Dublin City Council Development Plan 2016 – 2022, The local authority describes the zone as – “To seek the social, economic and physical development and/or rejuvenation of an area with mixed use, of which residential and Z6 would be the predominant uses.”

PROPERTY SPECIFICATION

¡ Raised access floors¡ Floor boxes at ratio of 1 per 10 sq.m ¡ Suspended ceilings with recessed

CAT 2 lighting ¡ Four pipe fan coil air conditioning system ¡ High quality reception finishes¡ Two by ten person Otis passenger lifts¡ Each floor can be separately metered

PLANT

TOILETS

STAIRS

LIFTS

TOILETS

STAIRS

STAIRS

STAIRS

LIFTS

STAIRS

TOILETS

STAIRS

RECEPTION LIFTS

STAIRS

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FLOOR PLANS

TYPICAL FLOOR PLAN

TENANCY &ACCOMMODATION SCHEDULE

Tenant Name FloorLease Area sq.m.

Lease Area sq.ft.

MeasurementBasis

Car Parking Spaces

Term (Years)

Commencement Date Expiry Date Break

OptionNext Rent

ReviewCurrent Rent Receivable

p.a.

Mylan Ireland Ltd. 2nd and 3rd 1,966.30 21,165 GIA 18 10 18/03/2012 17/03/2022 30/11/2019 n/a €397,170

Mylan Ireland Ltd. Ground, 1st and 4th 2,544.90 27,393 NIA 27 10 01/12/2014 01/12/2024 30/11/2019 n/a €372,520.35

Mylan Ireland Ltd. Car Park License n/a n/a n/a 207 10 01/12/2014 01/12/2024 30/11/2019 n/a €207,000

Total 4,511.20 48,558 252 €976,690.35

PLANT

TOILETS

STAIRS

LIFTS

TOILETS

STAIRS

STAIRS

STAIRS

LIFTS

STAIRS

TOILETS

STAIRS

RECEPTION LIFTS

STAIRS


FOURTHFLOOR

For illustration purposes only.

Notes:1. The tenancy schedule contains floor areas stated in the

respective lease documents.2. Lease 1 has a break option on 30 November 2019 and

should the break not be exercised the lease extends to 17 March 2022.

3. Lease 2 has a break option on 30 November 2019 and should the break not be exercised the lease extends to 30 November 2024.

4. The rental position assumes a restructuring of the car spaces within Lease 1 and Lease 2 from what exists presently.

5. The area occupied by the Car Park License is a surface car park which extends to 1.795 acres.

6. The planning consent for the surface car spaces under Licence 3 expires in June 2019.

Tenant Name FloorLease Area sq.m.

Lease Area sq.ft.

MeasurementBasis

Car Parking Spaces

Term (Years)

Commencement Date Expiry Date Break

OptionNext Rent

ReviewCurrent Rent Receivable

p.a.

Mylan Ireland Ltd. 2nd and 3rd 1,966.30 21,165 GIA 18 10 18/03/2012 17/03/2022 30/11/2019 n/a €397,170

Mylan Ireland Ltd. Ground, 1st and 4th 2,544.90 27,393 NIA 27 10 01/12/2014 01/12/2024 30/11/2019 n/a €372,520.35

Mylan Ireland Ltd. Car Park License n/a n/a n/a 207 10 01/12/2014 01/12/2024 30/11/2019 n/a €207,000

Total 4,511.20 48,558 252 €976,690.35


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COVENANT INFORMATIONGuarantorMylan Inc. is one of the world’s leading generic and specialty pharmaceutical companies, with sales in approximately 165 countries and territories. The company was founded in Pennsylvania in 1961 and listed on the public stock exchange in February 1973. They have been dedicated to providing access to medicine for more than 50 years, distributing high quality medicine to 7 billion people globally and have a portfolio of more than 7,500 products.They employ a workforce of 35,000 people worldwide and have approximately 1000 employees in Ireland. The Newenham Court offices act as their Centre of Excellence and is a regional hub for a variety of business functions, some of which include, Global Supply Chain, Sales & Marketing, Sourcing, Master Data, Quality, Product Launch, IT and HR.

Mylan posted a total revenue of $2.99 billion for the first 3 quarters of 2017, of which $1.04 billion was attributed to their Europe segment. Their net cash flow for the same period was $1.57 billion.

Prime45%

Secondary18%

IFSC/NorthDocklands

12%

West10%

South8%

North7%



NORTH SUBURBAN OFFICE MARKET, Q3 2017

Office leasing activity in the northern suburbs of Dublin amounted to approximately 2,900 sq m in the three months to September 2017, bringing year to date take up to 14,250 sq m. This accounts for 7% of the overall 195,950 sq m of space occupied in the entire Dublin market during the nine-months to September.

A comparison with the same nine-month period last year reveals a significant uplift in activity, when just 3,050 sq m was taken up. However, the fourth quarter of 2016 saw an additional 5,400 sq m of space taken up in the North suburbs, specifically the Serviced Office occupier, Regus, occupied approximately 1,300 sq m in the Tasc Building, Dublin Airport in Q4 2016.

The largest deal so far in 2017, both in the North suburbs and indeed outside of Dublin’s CBD, was that of 8,350 sq m at One, Dublin Airport Terminal, taken up by ESBI in quarter one. All other deals in this area were less than 1,000 sq m in size.

As a result of the increase in demand and the reduction in availability of good quality accommodation, rents are experiencing upward pressure for both office accommodation and car parking spaces. In the northern suburbs, headline rents generally range between €183 and €296 per sq.m per annum.

Source: Cushman & Wakefield Research

IT/Telecommunications tenants continue to be the most active in the Dublin market, accounting for a 30% share of total take up in the year to date. Looking specifically at tenant demand in the North suburbs, the State absorbed 59% of activity in the nine months to September, due to the occupation of the ESBI. This was followed by the IT/Telecommunication sector, which accounted for 18% of North suburban activity in the year to date.

The stock of available office space in the North suburbs continues to decline; at the end of September 2017, availability stood at just 25,350 sq m. This compares to 37,650 sq m in Q3 2016, a 33% decline year on year. When space that was signed and reserved at the end of Q3 is excluded, net availability declines further to 20,250 sq m. This represents just 4% of the total stock available in the entire Dublin office market.

Development activity in the north suburbs remains limited. While the past three quarters has seen many new office developments in Dublin, this has not been the case in the north suburbs. Just one building, Dublin Airport Central, is now under construction, which only just commenced in the third quarter of this year. This is expected to complete in 2018. Extending to 19,100 sq m upon completion, there is nothing pre-let or reserved in this building.

DUBLIN TAKE UP BY AREA (SQ M), YTD 2017

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BER RATING

Full Building Energy Rating certificate is available on request.

TITLELong Leasehold, further details on request.

VIEWINGSAll viewings are strictly by appointment through the sole selling agent.

VATFurther information available on the data room.

DATA ROOM A bespoke data room containing documents and background information is available at www.newenhamcourt.com Access is restricted and will be granted by Cushman & Wakefield to interested parties on the verification of information.

PROPOSAL

Offers sought in excess of €9,150,000 which equates to Net Initial Yield of 9.84% assuming standard purchasers costs of 8.46%.

A full copy of our general brochure conditions can be viewed on our website at http://www.sherryfitz.ie/terms, or can be requested from your local Cushman and Wakefield office. We strongly recommend that you familiarise yourself with these general conditions. While care has been taken to ensure that information contained in Cushman & Wakefield publications is correct at the time of publication, changes in circumstances after the time of publication may impact on the accuracy of this information.


AGENT

164 Shelbourne RoadBallsbridgeDublin 4PSRA No. 002222

JONATHAN HILLYER+353 (0)1 639 [email protected] No. 002222-002663

JANE DOLAN+353 (0)1 639 [email protected] No. 002222-002958

DERRY O’NEILL+353 (0)1 639 [email protected] No. 002222-006581

Brochure design by

SOLICITOR Michael DoranMason Hayes & CurranSouth Bank House Barrow Street Dublin 4Tel: 01 614 5000

for sale - sherryfitz.ie northern cross brochur… · the 4 star hilton dublin airport hotel. ......

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