Office Investment Opportunity. (Tenant Not Affected) Building 5100 Cork Airport Business Park

Transcription

1 Office Investment Opportunity (Tenant Not Affected) Building 5100 Cork Airport Business Park

2 Executive Summary Exceptional office investment opportunity. Located in one of Ireland s premier business parks, adjoining Cork International Airport. Detached two and three storey third generation office building, located in a high quality business park environment. Approx. floor area 5,619 sqm (60,491 sqft), 240 surface car spaces. Current passing rent of 322,648 per annum with 30% occupancy. Asset management opportunity, potential to significantly increase rental income by securing tenants for the vacant offices.

3 Location Cork Airport Business Park is located immediately adjacent to Cork International Airport and approximately 6km south of Cork city centre. The property is within walking distance of the Airport terminal buildings. The park is accessed from the N27 South 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 Dublin M8 and Waterford N25 Roads. 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 leading corporate occupiers are located in the Cork region including Apple, Amazon, EMC, IBM, Pfizer, Glaxosmithkline, McAfee, Lilly, VM Ware, Marriott Group, Avery Dennison, Tyco, Clear Stream, Boston Scientific, 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. Occupiers in the park include Amazon, IBM, Bank of New York, Logitech, Aviva, Clear Stream, Open Text, Marriott, Red Hat and Newsweaver. The park has a range of services and amenities including two hotels.

4 Description The property comprises a detached three storey and part two storey third generation office building on a site of approx hectares (2.9 acres). The building is constructed on a steel frame with concrete block walls with architectural cladding and stone panels externally, concrete floors and pitched metal deck roof. The offices are finished internally with raised access floors and air conditioning and the typical floor to ceiling height is approx. 2.8m. The design of the building allows flexibility in terms of office unit sizes and there are two main cores with lifts to the upper floors. There are 240 surface car spaces.

5 Floor Plans Ground Floor First Floor Second Floor Occupied by Avery Dennison

6 Tenancy & Accommodation Schedule Floor Ground Net Internal Tenant Sqft Avery Dennison (Ireland) Ltd (Guarantor: 4,397 Avery Holding Ltd) Vacant 11,901 Gross Internal Sqft Lease 20 years from 1/9/2000, five yearly upwards only rent review Sub Total 16,298 19,460 Avery Dennison (Ireland) Ltd First (Guarantor: 10,847 As above Avery Holding Ltd) Vacant 12,329 Sub Total 23,176 26,362 Second Vacant 12,300 14, car spaces 40 car spaces McKesson Ireland Ltd IBM Ireland Product Distribution Ltd Approx Total 51,774 60,491 Licence Agreement Licence Agreement Rent Per Annum 304,148 8,500 10,000 *Avery Dennison is a global leader in labelling and packaging materials and solutions. The company s applications and technologies are an integral part of products used in every major market and industry. Avery Dennison has operations in more than 50 countries and 25,000 employees worldwide. Avery Dennison Corporation ( NYSE: AVY ) is a Fortune 500 company with sales of $6 billion in It is headquartered in California. Tenure The property is held on a long leasehold title. Guide Sale Price 5,500,000 plus VAT (if applicable). BER Certificate Full Building Energy Rating Certificates and Advisory Reports are available. For Further Information/Viewing All viewings are strictly by appointment through the sole selling agents Lisney. Contact Details Edward Hanafin Mark Kennedy Tel: Tel: ehanafin@lisney.com mkennedy@lisney.com Liseny PSRA No: Lisney 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 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.