Exceptional Office Investment Opportunity

Transcription

1 Exceptional Office Investment Opportunity Buildings 6400, 6600, 6700, 6800, 6900 and adjoining Development Site Cork Airport Business Park (Phase 2), Cork, Ireland

2 A prime high yielding office investment in one of Ireland s premier business parks adjoining Cork International Airport

3 6400 (Building 27) Executive Summary Cork Airport Business Park (Phase 2) Exceptional Office Investment Opportunity. Prime high yielding investment. Located in one of Ireland s premier business parks adjoining Cork International Airport. Five detached two storey 3rd generation office buildings completed in 2006/2007, located in a high quality business park environment (Building 22 ) The buildings have raised access floors and air conditioning. In total the buildings provide approx. 11,222 sqm (120,797 sqft) of accommodation with surface level car parking. Enviable mix of FDI and indigenous tenants including Amazon, GlaxoSmithKline, Red Hat, the National Cancer Registry Board, Hittite and Vertex. Current passing rent of 1,639,429 per annum with 92% occupancy (Building 23) Opportunity site of 1.2 ha (3 acres) with full planning permission for an office scheme. For Sale by Private Treaty in one or more lots.

4 Location Cork Airport Business Park is located immediately adjacent to Cork International Airport and approximately 6 km south of Cork city centre. The property is within walking distance of the airport terminal building. The park is accessed from the N27 South City Link Road/ Kinsale Road connecting the airport and the city centre. The park also benefits from proximity to the N40 South Ring Road providing direct access to the M8 and N25 to Dublin and Waterford respectively at Dunkettle Interchange and the N22 to Killarney and the N71 to West Cork via the recently opened Bandon Road and Sarsfield Road flyovers. Cork city is the second largest city in the Republic of Ireland and the city and environs has a population in the region of 220,000 people according to the 2011 Census. Many of the world s largest corporate occupiers are located in the Cork region including Apple, Amazon, EMC, IBM, Pfizer, GlaxoSmithKline, McAfee, Lilly, VM Ware, Marriott Group, Johnson & Johnson, CITCO, Boston Scientific, VCE, Solar Winds, Blizzard, Fire Eye, DELL, Stryker and Gilead. Cork Airport Business Park Cork Airport Business Park is the premier office location in the Cork region. The park provides approximately 70,000 sqm (750,000 sqft) of modern third generation office accommodation laid out in a low density campus style landscaped environment. It was developed in two main phases with the subject property located in Phase 2. Phase 1 commenced construction in the late 1990 s, while Phase 2 was completed in 2006/2007.

5 Description Summary of Asset The property comprises five no. detached modern two storey third generation office buildings and an adjoining development site in Phase 2 of Cork Airport Business Park, adjacent to the Cork International Airport Hotel. The buildings are of architectural design and provide approximately 11,150 sqm (120,000 sqft) of modern office accommodation and are effectively fully let. Internally the buildings are finished to a high standard and provide flexibility facilitating tenants taking entire floors or a range of different floor plate splits. Each building also benefits from bespoke tenant fitout. The adjoining opportunity site is located between the Amazon European Headquarters and Bank of New York Mellon and extends to approximately 1.2 ha (3 acres). The site is zoned Existing Built Up Area and is thus suitable for a range of uses subject to planning permission. Buildings The buildings comprise five no. detached modern two storey third generation office buildings. They are of concrete frame construction with a mixture of glass, architectural cladding and coloured clay tiles on the external elevations. Internally, the main entrance foyers of each building, offer a double height atrium lobby area with office suites located either side of the central core, providing flexibility in terms of tenants taking entire floors or different floor plate splits. Each building is situated within a well-defined site with surface level car parking provided around the building. Internally the offices are finished to a very high standard comprising raised access floors, finished with quality carpets, suspended ceilings comprising acoustic ceiling tiles incorporating air conditioning, plastered and painted walls and quality internal tenants fit-outs throughout. Lighting is generally by way of direct/indirect modular fluorescent type and there is lift access serving the first floor in each building. Specification Finished to a very high standard throughout Feature double height entrance lobby to each building Suspended ceilings comprising acoustic ceiling tiles incorporating air conditioning Lighting by way of direct/indirect modular fluorescent 150mm raised floors with carpet floor covering Plastered and painted walls Cork Airport Business Park (Phase 2) Quality tenant fitout throughout Mix of open plan and cellular offices Separate male and female toilets on each floor Fully disabled access Modern 8 person lift Fully landscaped site Dedicated surface car parking adjoining each building 24 hour on site security

6 Opportunity Site The opportunity site extends to approximately 1.2 hectares (3 acres). It is the last remaining development site within Cork Airport Business Park. It is prominently located at the eastern end of Phase 2 of the Business Park between Amazon s European Headquarters and Bank of New York Mellon. It benefits from extensive road to the main park thoroughfare and is fully serviced. The site is zoned Existing Built Up Area under the Carrigaline Electoral Area Local Area Plan A range of uses are permitted in principle and open for consideration under this land use zoning. The property is ideally suited for the development of a modern office scheme and a range of other uses subject to planning permission being granted. The site has the benefit of full planning permission (Reference No ) for two office buildings with a gross internal floor area of approx. 2,398 sqm (25,812 sqft) each, or full planning permission (Reference No ) for a single office building with a gross internal floor area of 7,618 sqm (82,000 sqft).

7 Tenancy & Accommodation Schedule Cork Airport Business Park (Phase 2) Property Tenant Floor Sqm Sqft Lease Term Rent Reviews Break Option Current Rent pa 6400 (Building 27) Amazon CS Ireland Ltd Ground & First 3, ,913 9 years 11 months from 12/4/06 5 yearly 700, (Building 25) Amazon CS Ireland Ltd Ground & First 2, , years from 21/9/12 5 yearly 20/9/17 & 20/9/22 222, (Building 23) Red Hat Ltd Part Ground , years from 1/2/13 5 yearly 31/1/18 63,779 Red Hat Ltd Entire First 1, ,214 Vacant Part Ground , years 4 months from 1/10/09 31/1/18 31/1/18 160,000 BNY Mellon Fund Services (Ireland) Ltd 40 car spaces 1 year from 13/12/12 Mutual break option with 3 months notice 20, (Building 24) Vacant Part Ground ,229 National Cancer Registry Board Part First ,612 5 years from 01/12/12 30/11/15 80,000 Vertex Global Tax Solutions Ireland Part First , years from 8/4/13 5 yearly 8/4/16 & 8/4/18 26, (Building 22) Hittite Microwave Corporation Ground 1, , years from 15/2/12 5 yearly 15/2/17 111,170 GlaxoSmithKline Trading Services Ltd GlaxoSmithKline Trading Services Ltd GlaxoSmithKline Trading Services Ltd Part First ,026 Part First , years and 1 month from 1/8/07 20 years and 1 month from 1/1/08 31 car spaces 1 year from 1/1/13 5 yearly 31/7/17 & 31/7/22 120,000 1/8/12 & 5 yearly thereafter 1/1/18 & 1/1/23 120,000 Mutual break option with 3 months notice 15,500 Total 11, ,797 1,639,429 * Net internal floor areas

8 Data Site A range of additional information and documentation is available in an online datasite including the following: Lease documentation Building Energy Rating certificates Floor plans Site plans Service charge information Capital Gains Tax Purchasers can benefit from Capital Gains Tax Relief if they purchase a property before 31st December 2014 and hold the property for 7 years. We recommend all interested parties seek advice from their tax advisors and satisfy themselves in relation to all taxation matters. For Further Information/Viewing All viewings are strictly by appointment through the Joint Agents Lisney and DTZ Sherry Fitzgerald. Contact Details Planning documents Access to the datasite is restricted. The Joint Agents DTZ Sherry FitzGerald and Lisney will grant access on the verification of information and signing of a Non- Disclosure Agreement by the interested party. Tenure We understand that the property is held long leasehold. Building Energy Rating (BER) Certificates and Advisory Reports are available on request. VAT Further information available on request. Edward Hanafin Margaret Kelleher Duncan Lyster T: +353 (0) T: +353 (0) T: +353 (0) E: ehanafin@lisney.com E: mkelleher@lisney.com E: dlyster@lisney.com Peter O Flynn Eoin Ryan Ciara Horgan T: +353 (0) T: +353 (0) T: +353 (0) E: peter.oflynn@dtz.ie E: eoin.ryan@dtz.ie E: ciara.horgan@dtz.ie Solicitors James Riordan & Partners, 50 South Mall, Cork. Contact: Juli Rea. Lisney and DTZ Sherry Fitzgerald for themselves and the Vendor/Lessor whose Agents they are give notice that: 1. These particulars do not constitute any part of an offer or contract. 2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. 3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation nor for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant. 4. Neither the Vendor/Lessor nor Lisney and DTZ Sherry Fitzgerald nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. Lisney PSRA No DTZ Sherry FitzGerald Cork PSRA No