TUNITY - Layden Group · 2018. 3. 23. · Ireland on full repairing and insuring (FRI) leases for...

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DATA ROOM

www.primacyportfolio.com

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1 Ardee

2 Arklow

3 Athy

4 Ballina

5 Raheny

6 Whitehall

7 Ballyfermot

8 Skerries

9 Edenderry

10 Enniscorthy

11 Fermoy

12 Limerick City

13 Longford

14 Loughrea

15 Mallow

16 Roscommon

17 Roscrea

Branch Locations

ExEcutivE summary

n The Primacy Portfolio is for sale by Private Treaty on the instructions of the Vendors.

n We are inviting offers for the entire portfolio as a single lot at a guide price in excess of €28.5 million (Twenty-Eight Million and Five Hundred Thousand Euro) subject to contract and exclusive of VAT, which reflects an attractive Initial Yield of approximately 7.41% for the portfolio, based on a Net Operating Income of €2.29m.

n All 17 assets are let to The Governor and Company of the Bank of Ireland on full repairing and insuring (FRI) leases for 25 years from July 2007.

n Bank of Ireland Whitehall and Limerick City are the only assets that have break options in 2022.

n Strong portfolio WAULT of 14.39 years to expiry and 12.98 years to break.

n For the avoidance of doubt, please note this is an investment sale, therefore all tenants are unaffected.

n Offers for individual branches may be considered

Ardee

ArklowAthy

Ballina

Ballyferm

ot

Raheny

Skerries

Edenderry

Fermoy

Longford

Mallow

Roscommon

Loughrey

Enniscorthy

Roscrea

Whitehall

Limeric

k City

€3,500,000

€3,000,000

€2,500,000

€2,000,000

€1,500,000

€1,000,000

€500,000

€0

covEnant

Bank of Ireland was established in 1783 and is regarded as the leading pillar bank in the Republic of Ireland. They are also one of the Country’s largest employers with over 11,000 employees.

Bank of Ireland has shares listed on the main markets of the Irish Stock Exchange and the London Stock Exchange, the Irish government also holds a 14% stake in the company. The bank offers a diverse array of services including retail, insurance, corporate and commercial.

Bank of Ireland maintains an extremely strong domestic market position as the most predominant retail and commercial banking institution in Ireland. According to the bank’s 2016 End of Year Annual Review published in February 2017, Bank of Ireland made a pre-tax profit was in excess of €1 billion and had over €123 billion in total assets. Standard and Poors (S&P) revised their long-term credit rating of Bank of Ireland to BBB- with a positive outlook.

PortfoLio incomE By Location

PortfoLio vaLuE By Location

48%44%

19%

37%

52%

Dublin Everywhere Else Everywhere ElseCork/Limerick/Galway Dublin/Cork/Limerick/Galway

PortfoLio vaLuE €28,500,000

ARKLOW Bank of Ireland, Main Street, Arklow, Co. Wicklow

LOCAtIOn Arklow is located approximately 70km south of Dublin and approximately 25km south of Wicklow town. It is located just off the M11 (Dublin – Wexford) motorway with a population of 14,353 (2016 Census).The property is well located on the Main Street. Adjoining occupiers in the vicinity include Apache Pizza, McMullans Drapery and Paddy Power.

DeSCRIptIOn The property comprises a three storey period building with modern rear extension. The exterior includes a feature cut stone façade in part. There is a customer car park located to the rear of the building. The ground comprises the main banking hall, offices and storage with the first and second floors comprising accommodation for storage, additional offices, staff canteen and toilets.

ACCOMMODAtIOn

Floor Floor Area (Sq.m) nIA

Floor Area (Sq.ft) nIA

Description

Ground 235.22 2,532 Banking Hall/Offices

First 44.96. 208 Offices/Canteen

Second (Attic) 19.32 484 Storage

299.51 3,224

BeR Exempt

tenAnCy The subject Property is let to The Governor & Company of the Bank of Ireland on 25 Year full repairing and insuring (FRI) lease from the 1st July 2007 at a current rent of €143,350 per annum. The lease is subject to five yearly upward only rent reviews.

tItLe Freehold

pLAnnIng The property is located within an area zoned ‘Town Centre’ in the Arklow Development Plan 2011 – 2017. It is also listed as a Protected Structure.

ARDee Bank of Ireland, Castle Street, Ardee, Co. Louth

LOCAtIOn Ardee is located approximately 66km north of Dublin and approximately 27km North West of Drogheda just off the N2 (Dublin – Derry Road). The town has a population of 7,869 (2016 Census). The property is centrally located in the heart of the town on Castle Street which is the main retail thoroughfare. Adjoining occupiers include McGoeys Pharmacy, AIB and The Railway Bar.

DeSCRIptIOn The property comprises a two storey end of terrace period building with a single storey extension to the rear. The ground floor consists of predominantly open plan retail and banking hall with some cellular offices. The upper floors consist of additional office space, staff canteen, storage and toilet facilities. Finishes throughout include carpets and plastered and painted walls.

ACCOMMODAtIOn



Description


First 97.62 1,051 Offices/Canteen


391.98 4,219

BeR Exempt

tenAnCy

The subject property is let to The Governor & Company of the Bank of Ireland on a 25 Year full repairing and insuring (FRI) lease from the 1st July 2007 at a current rent of €113,519 per annum. The lease is subject to five yearly upward only rent reviews.

tItLe Freehold

pLAnnIng The property is located within an area zoned ‘Town Centre’ in the Ardee Local Area Plan 2011 – 2016. It is also listed as a Protected Structure.

castLE strEEtmain strEEt

LOCAtIOn Ballina is the county town of Mayo and a major hub in the West of Ireland. It has an extensive range of local services and amenities, serving a wide hinterland. The property is located mid-way along Pearse Street, one on of Ballina’s main retailing thoroughfares.

DeSCRIptIOn The property comprises a three storey period building fronting onto Pearse Street with a modern single storey extension to the rear. The ground floor, which has access to Pearse Street, Moy Lane and the rear car park is laid out as a banking hall with ancillary offices. The upper floors are laid out as offices, staff canteen and storage space.

ACCOMMODAtIOn Floor Floor Area

(Sq.m) nIAFloor Area (Sq.ft) nIA

Description


First 85.14 916 Offices/Canteen


970.94 10,452

BeR Exempt

tenAnCy The subject Property is let to The Governor & Company of the Bank of Ireland on a 25 Year full repairing and insuring (FRI) lease from the 1st July 2007 at a current rent of €216,081 per annum. The lease is subject to five yearly upward only rent reviews.

tItLe Freehold

pLAnnIng The property is located within an area zoned ‘Town Centre’ in the Ballina Town Development Plan 2009 – 2015. It is also listed as a Protected Structure.

AtHy Bank of Ireland, emily Square, Athy, Co. Kildare

LOCAtIOn Athy is a busy market town located approximately 70km southwest of Dublin and within 40km south of Naas. The town has become a significant commuter town over the past 15 years and has built on its reputation as an established agricultural hub for the Midlands. The property is located in the heart of Athy town centre on Emily Square close to all local services and amenities.

DeSCRIptIOn The property comprises a three story semi-detached period building with exceptional cut stone façade and a single storey extension to the rear. Accommodation is laid out to include banking hall and as-sociated offices at ground floor level with office space canteen and storage on the upper floors. The property has a small yard to the rear accessed from Emily Square.

ACCOMMODAtIOn



Description




311.89 3,357

BeR Exempt


tItLe Freehold

pLAnnIng The property is located within an area zoned ‘Town Centre’ in the Athy Town Development Plan 2012 – 2018. It is also listed as a Protected Structure.

EmiLy sQuarE

EmiLy sQuarEEmiLy sQuarE

PEarsE strEEt

BALLInA Bank of Ireland, 24 pearse Street, Ballina, Co. Mayo

RAHeny DuBLIn 5 Bank of Ireland, 566 Howth Road, Raheny, Dublin 5

tenAnCy

The subject Property is let to The Governor & Company of the Bank of Ireland on a 25 Year full repairing and insuring (FRI) lease from the 1st July 2007 at a current rent of €97,913 per annum. The lease is subject to five yearly upward only rent reviews.

tItLe

The property is held by way of a long lease-hold title on a 950 year lease from 31.12.49 at €25.39 per annum.

pLAnnIng

The property is located within an area zone ‘Z1 – To protect provide and improve residential amenities’ in the Dublin City Council Development Plan 2016 – 2022

hoWth roaD

LOCAtIOn Whitehall is an established and well located suburb of Dublin, located approximately 6km north of the city centre. The subject property is located along the Swords Road close to the junction with Collins’ Avenue, close to the Port Tunnel. The property enjoys good frontage onto the Swords Road and has a large residential catchment area. The area is predominantly residential in character with some commercial occupiers. The bank is located along a parade of shops which occupiers include Boylepsorts, Conway’s Pharmacy and The Viscount Bar.

DeSCRIptIOn The property is a two storey double fronted terraced building of traditional construction. Internally the property is laid out as a banking hall on the ground floor with offices and canteen on the first floor.

ACCOMMODAtIOnFloor Floor Area


Description


First 112.57 1,212 Offices

317.30 3,416

BeR

WHIteHALL DuBLIn 9 Bank of Ireland, 85/87 Swords Road, Whitehall, Dublin 9

tenAnCy The subject Property is let to The Governor & Company of the Bank of Ireland on a 25 Year full repairing and insuring (FRI) lease from the 1st July 2007 at a current rent of €112,542 per annum. The lease is subject to five yearly upward only rent reviews. The tenant has a break option at the end of year 15.

tItLe The property is held by way of a long leasehold title on a 150 year lease from 28.09.29 at €16.51 per annum.

pLAnnIng The property is located within an area zoned ‘Z3 – To provide for and improve neighbourhood facilities’ in the Dublin City Council Development Plan 2016 – 2022.

The property also has full planning permission for change of use and extension of existing 2 storey terraced premises from commercial bank premises to retail and ancillary uses.

sWorDs roaD

LOCAtIOn

The property is located on the Howth Road approximately 8km north east of Dublin City Centre, in the village of Raheny. Close to the intersection of Howth Road and St. Assam’s Road it enjoys good road frontage and profile. Nearby occupiers include Windsor Raheny, The Cock & Bull, AXA & Ladbrokes. The DART station in Raheny is located within close proximity and allows quick and easy access to Dublin City Centre and environs. There is also a regular local Dublin bus service.

DeSCRIptIOn The building comprises a single storey purpose built bank branch of concrete construction under a flat roof. To the rear there is a large cark which accommodates between 12-14 cars. Internally the branch is laid out as main banking hall, with ancillary offices and staff canteen.

ACCOMMODAtIOn



Description


249.34 2,684

BeR

SKeRRIeS Bank of Ireland, 93 Strand Street, Skerries, Co. Dublin

LOCAtIOn

Skerries is a popular seaside commuter town, located along the east coast approximately 31 km north of Dublin City Centre and has a current population of 10,043 (2016 Census). The property occupies a prime location on the west side of Strand Street, the main retail thoroughfare in Skerries.Adjacent occupiers include Boylesports, Bombay House and Gerry’s Fresh Foods.

DeSCRIptIOn

The property comprises a modern two storey terraced property with a pitched roof to the front and flat roof to the rear. There is a small enclosed yard to the rear.Internally the ground floor provides for the banking hall with ancillary open plan offices and storage, with offices at first floor level.

ACCOMMODAtIOn



Description



209.95 2,260

BeR

tenAnCy

The subject Property is let to The Governor & Company of the Bank of Ireland on a 25 Year full repairing and insuring (FRI) lease from the 1st July 2007 at a current rent of €73,714 per annum. The lease is subject to five yearly upward only rent reviews.

tItLe Freehold.

pLAnnIngThe property is located within an area zoned ‘TC – Town and District Centre’ in the Fingal Development Plan 2017 – 2023.

castLE strEEt

BALLyFeRMOt DuBLIn 12 Bank of Ireland, 312 Ballyfermot Road, Ballyfermot, Dublin 12

LOCAtIOn Ballyfermot is an established Dublin suburb located approximately 7km west of Dublin city centre. The property is located along the Ballyfermot Road within a busy parade of shops. Adjoining occupiers include Londis, Shoezone, and Paddy Power. The area is well served by public transport with a regular Dublin bus service linking the area to the city centre and environs.

DeSCRIptIOn The property comprises a two story late 1970’s building of traditional construction. Internally the ground floor is laid out to provide for a large open plan banking hall and offices on ground floor with the first floor providing additional canteen and storage space. There is a small yard to the rear which is accessed from an adjoining laneway.



Description


First 132.29 1,424 Offices/Canteen

412.76 4,443

BeR


tItLe The property is held by way of a long leasehold title on a 150 year lease from 09.11.57 at €158.72 per annum.

pLAnnIngThe property is located within an area zoned ‘Z4 – To provide and improve mixed services and facilities’ in the Dublin City Council Development Plan 2016 – 2022.

BaLLyfErmot roaD

LOCAtIOn Edenderry, with a population of 7,359 (2016 Census) is the second most populous town in Co. Offaly. Edenderry is approximately 63km west of Dublin and is a well-established commuter town from Dublin.The property is located on the southern side of the Main Street in the centre of the town. Adjoining occupiers include An Post, Boylesports, and Tesco.

DeSCRIptIOn The property comprises a mid-terraced three-story period building with a single flat roof extension to the rear. Internally the ground floor comprises the banking hall with ancillary office space to the rear with the upper floors currently in use as additional offices and storage. There is small yard to the rear which can be accessed through the building.



Description


First 85.28 918 Offices

Second 77.94 839 Offices / Storage

323.00 3,325

BeR Exempt

eDenDeRRy Bank of Ireland, Main Street, edenderry, Co. Offaly


tItLe Freehold.

pLAnnIng The property is located within an area zoned ‘Town Centre/Mixed Use’ in the Edenderry Local Area Plan 2017-2023. It is also listed as a Protected Structure.

main strEEt

LOCAtIOn Enniscorthy, with a population of 11,381 (2016 Census) is a medium sized town located approximately 115km south east of Dublin. It is situated on the N11 (Dublin – Wexford) Road.

The subject property occupies a high profile location in the centre of the town on Abbey Square opposite the local Post Office. The locality provides for an extensive range of amenities and services. Neighbouring occupiers include Super Valu, Enniscorthy Credit Union and An Post Office.

DeSCRIptIOn The property comprises a three storey detached building of traditional construction with a modern single storey extension to the rear. A small car park is located to the side of the building providing staff and customer car parking. Internally, the property comprises a bright, open plan banking hall with offices finished with a modern specification. There are various original building features throughout. The upper floors provide for office accommodation.



Description


First 87.88 946 Offices

Second 76.27 821 Offices/Stores

480.29 5,170

ennISCORtHy Bank of Ireland, Abbey Square, enniscorthy, Co. Wexford


tItLe Freehold

pLAnnIng The property is located within an area zoned ‘Town Centre’ in the Enniscorthy Town & Environs Local Area Plan 2008 – 2014. It is also listed as a Protected Structure.

BeR Exempt

castLE strEEt LoWErABBEY SqUARE

FeRMOy Bank of Ireland, patrick Street, Fermoy, Co. Cork

LOCAtIOn Fermoy is located approximately 36km northeast of Cork city and is an established commuter town. The subject property is located on the southern side of Patrick Street close to the junction with Walkers Hill, in the centre of Fermoy Town. The property occupies a high profile pitch opposite Shaw’s Department store and Centra.

DeSCRIptIOn The subject comprises a three storey terraced building to the front with part two storey and part single storey annex to the rear. The building has a traditional stone cut facade, and is laid out to provide banking hall and cellular offices on the ground floor, with office space, storage, canteen and toilets on the upper floors.



Description



Second 58.71 632 Offices / Storage

397.71 4,281

BeR Exempt


tItLe Freehold.

pLAnnIngThe property is located within an area zoned ‘Town Centre’ in the Fermoy Local Area Plan 2009 – 2015. It is also listed as a Protected Structure.

PatricK strEEt

LIMeRICK Bank of Ireland, 94, O Connell Street, Limerick City

LOCAtIOn Limerick is a key administrative centre in the South West with a population of 94,192 (2016 Census). The property is located on the southern end of O’ Connell Street at the junction of O’ Connell Street and Lower Glentworth Street with rear frontage onto Theatre Lane.

The surrounding area comprises a mix of office/service type users at ground floor with mainly office use on the upper floors. There are a number of local amenities including pubs, restaurants, hotels in the immediate area.

DeSCRIptIOn

The property comprises a three storey over basement period building with single storey over basement modern extension to the side. The ground floor is laid out as a banking hall and ancillary offices whilst the basement is mainly used as stores, vaults and offices. The first floor is in use as offices and a canteen whilst the second floor is in use as storage.



Description

Basement 73.39 790 Stores/Offices



Second 105.44 1,135 Storage

646.26 6,956

BeR Exempt

tenAnCy The subject Property is let to The Governor & Company of the Bank of Ireland on a 25 Year full repairing and insuring (FRI) lease from the 1st July 2007 at a current rent of €210,504 per annum. The lease is subject to five yearly upward only rent reviews. The tenant has a break option at the end of year 15.

tItLe Freehold

pLAnnIngThe property is located within an area zoned ABC City Centre Area in the Limerick Development Plan 2010-2016 (extended). It is also listed as a Protected Structure.

o’connELL strEEt

LOugHReA Bank of Ireland, 59 Main Street, Loughrea, Co. galway

LOCAtIOn Loughrea is a busy provincial town located 35km east of Galway city just off the M6 (Dublin – Galway) motorway. The subject property is located midway along Main Street and enjoys good frontage. There is side access to the property through an archway and iron gate leading from the main street. Surrounding occupiers include Walsh’s Pharmacy, Super Valu, An Post and The Department of Food and Agriculture.

DeSCRIptIOn

The subject property comprises a three storey building with part single and two storey extension to the rear.



Description



Second 89.50 963 Residential

672.34 7,237

BeR Exempt


tItLe Freehold

pLAnnIngThe property is located within an area zoned ‘Town Centre’ in the local Development Plan 2009 – 2015. It is also listed as a Protected Structure.

main strEEt

LOCAtIOn Longford is the principal town of Co. Longford. The town is located on the main Dublin – Westport (N5) road and is home to a wide range of local services and amenities.The property occupies a high profile position along Main Street which is the main commercial thoroughfare in the town. Local occupiers include Ladbrokes, Spar, EBS, AIB and Supermacs.

DeSCRIptIOn The bank comprises a three story period building to the front with a single storey extension to the rear. The ground floor comprises open plan retail with private meeting room whilst the upper floors are mainly laid out as offices with a canteen area and toilets provided.

ACCOMMODAtIOn



Description



Second 65.68 707 Offices/Storage

478.44 5,150

BeR Exempt

LOngFORD Bank of Ireland 68 Main Street, Longford town, Co. Longford


tItLe Freehold

pLAnnIng The property is located within an area zoned ‘Town Centre’ in the Longford Town & Environs Local Area Plan 2018 – 20122. It is also listed as a Protected Structure.

main str

LOCAtIOn Roscommon, with a population of 5,876 (2016 Census) is the main administrative town in Co. Roscommon. The subject property is centrally located in the heart of the town centre, on the northern end of Main Street. The area surrounding Main Street and Market Square is predominantly retail in character with notable occupiers including Super Valu, An Post, Easons and Ulster Bank.

DeSCRIptIOn The subject property comprises a large two storey landmark stone cut building. The building occupies the majority of the site and features attractive iron railings along is perimeter. Internally, the ground floor comprises a large open plan banking hall offering an extensive amount of period features including cornicing. The first floor provides a number of ancillary offices and facilities.

ACCOMMODAtIOn



Description



542.81 5,843

BeR Exempt

ROSCOMMOn Bank of Ireland, Harrison Hall, Market Square, Roscommon town.


tItLe Freehold

pLAnnIng The property is located within an area zoned ‘Core Town Centre’ in the Roscommon Town Local Area Plan 2014 - 2020. It is also listed as a Protected Structure.

MALLOW Bank of Ireland 150 Bank place, Mallow, Co. Cork

LOCAtIOn The subject property is located on the south side of Bank Place, the main thoroughfare and retail area of Mallow.Mallow is the administrative capital of North Cork and is a strong retailing town which includes Dunnes Stores, Heatons, LIDL and adjoining occupiers to the subject property, Permanent TSB, AIB and McDonalds. The town is well served by a modern road and rail network with ease of access to Cork, Limerick and Killarney.

DeSCRIptIOn The property comprises an imposing detached period property with single storey extension to the rear. The property includes a modern fit out and is accommodation is laid out to provide the main banking hall and associated offices on the ground floor, with the first and second floors laid out to provide for office and storage space. Externally there is a car park to the rear of the property which provides accommodation for up to 7 cars.



Description



Second 76.37 822 Offices/Storage

571.53 6,152

BeR Exempt


tItLe Freehold

pLAnnIngThe property is located within an area zoned ‘Town Centre’ in the Mallow Town Development Plan 2010- 2016. It is also listed as a Protected Structure.

BanK PLacE

marKEt

sQuarE

Murphy MulhallGarryard House, Earlsfort Terrace

Dublin 2Tel 01 6340300 PSRA 003754

Brian Gaffney – [email protected] murphy – [email protected]

Cushman & Wakefield164 Shelbourne Road, Ballsbridge

Dublin 4Tel 01 6399300 PSRA 002222

Jane Dolan – [email protected] hillyer – [email protected]

D I S C L A I M E RThese particulars are issued by Murphy Mulhall on the understanding that any negotiations relating to the property are conducted through them. While every care is taken in preparing them for Cushman & Wakefield, Murphy Mulhall and for the vendor/lessor whose agents they are given notice that (i) The particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract. (ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchasers or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness. (iii) Murphy Mulhall nor any of their employees have any authority to make or give any representation or warranty in relation to the property. Murphy Mulhall PSRA LICENCE NUMBER: 003754. Cushman & Wakefield PSRA LICENCE NUMBER: 002222

ROSCReA Bank of Ireland, Castle Street Lower, Roscrea, Co. tipperary

LOCAtIOn Roscrea is a busy market town in Co. Tipperary located just off the M7 (Dublin – Limerick) Motorway. The current population of Roscrea is 5,446 (2016 Census). The property is located on the northern side of Castle Street opposite the junction with The Mall. Nearby occupiers include Sherry Fitzgerald, Tesco and Centra. There is an extensive public car park located to the rear of the subject property.

DeSCRIptIOn

The property comprises a substantial two storey end of terrace period building with a mixed stonce cut façade. The rear of property comprises a single storey extension and staff car park.Internally the ground floor is laid out as the main banking hall with ancillary accommodation. The first floor is laid out with storage, additional offices, toilets and a staff canteen. There is a small laneway to the side of the bank linking with the public car park on Castle Street.

ACCOMMODAtIOn



Description



438.40 4,719

BeR Exempt


tItLe Freehold

pLAnnIngThe property is located within an area zoned ‘Town Centre’ in the Roscrea Local Area Plan 2012 – 2018. It is also listed as a Protected Structure.

castLE strEEt LoWEr

V I E W I N G S strictly by appointment with the sole joint agents

J O I N T A G E N T S

S O L I C T O R Seugene F Collins

Temple ChambersBurlington Road, Dublin 4

Tel 01 202 6400mark Walsh

D A T A R O O Mwww.primacyportfolio.com

TUNITY - Layden Group · 2018. 3. 23. · Ireland on full repairing and insuring (FRI) leases for...

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Transcript of TUNITY - Layden Group · 2018. 3. 23. · Ireland on full repairing and insuring (FRI) leases for...