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LOCATION
The property is located on Hanover Quay, in Grand Canal
Dock,approximately 1.5 kms east of Dublin City Centre. The property
is
situated on the ground floor of Longboat Quay, a mixed-use
development completed in 2005.
Longboat Quay forms part of the large scale re-development
of
Dublins south docklands which has taken place over the past
decade, creating a new commercial and residential quarter in
the
South inner city.
Other well known developments in the vicinity include Hanover
Quay
and Gallery Quay apartment blocks, the Bord Gais Energy
Theatre,
The Marker Hotel (New), and Office blocks including
McCannFitzgerald HQ, One Grand Canal Square, State Street HQ,
The
Bloodstone Building, Riverside II & IV and Grand Canal
Square.
Retail occupiers in the vicinity include Milano Pizzeria, Bakers
Coffee
Shop (New), Ely Wine Bar & Restaurant, Fresh
Supermarket,
Donnybrook Fair Delicatessen (New) and Il Valentino (Coffee
Shop).
The location benefits from close proximity to public
transport
connections including the DART at Grand Canal Dock, LUAS at
the
IFSC via Samuel Beckett Bridge, and numerous bus routes on
Pearse Street.
DESCRIPTION
The property currently trades as a Spar convenience store
and
benefits from corner profile to both Hanover Quay and Blood
Stone
Road. The shop includes an Insomnia coffee dock,
deli-counter,
off-license and newsagency at ground floor level and
storage,
kitchenette and toilet accommodation at basement level.
ACCOMMODATION
We are advised that the total net internal area of the property
is asfollows:
SQ.M.GROUND FLOOR SHOP 244.8BASEMENT STORES 44.1
TOTAL 288.9
PURCHASERS ARE SPECIFICALLY ADVISED TO VERIFY THE
FLOOR/SITE AREAS AND TO UNDERTAKE THEIR OWN DUEDILIGENCE.
LEASE
The property is let to Astenbond Limited on a 25 year lease
from
16th October 2006. The current contracted rent is 188,390.
By
agreement this rent has been abated to 124,226 per annum
until
October 15th 2016. The lease features upwards only rent
reviews
every 5 years and in October 2016, the rent is due to revert to
the
contracted level or Open Market Rent, whichever is higher.The
tenant is responsible for repairs to the interior of the
property
and the exterior is maintained and covered via the service
charge
(payable by the tenant). The lease is guaranteed by Newhill
Limited,
23 Fitzwilliam Square, Dublin 2.
INVESTMENT
We are guiding a purchase price of 1.50 million (Subject to
Contract)
which equates to a net initial yield (NIY) of 7.93% based on the
rent
receivable and assuming standard purchasers costs of 4.46%.
The immediate area from Sir John Rogersons Quay south to Barrow
Street is home to world leading internet
based companies including Facebook and Google and has recently
been dubbed Silicone Docks.
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TITLE
We are advised that the property is held Long Leasehold at
aPeppercorn Rent.
PLANNING
PERMITTED USE: Retail use with permission for an
ancillaryoff-licence area for the sale of alcohol.
CAPITAL GAINS TAX (CGT)
Purchasers should note that any property purchased in 2014
andheld for a minimum of 7 years will be exempt from Capital Gains
Tax
for that 7 year hold period.
VAT
We are advised that VAT will not be applicable on the sale.
PURCHASERS SHOULD SEEK INDEPENDENT ADVICE ANDSATISFY THEMSELVES
ON ALL ASPECTS OF TAXATIONRELATING TO THE SALE.
BER DETAILS
BER NUMBER 800 161 1929ENERGY PERFORMANCE INDICATOR 215.72 Kg
C02/M2/yr 135
GEORGES QUAY CITY QUAY
EDEN QUAY CUSTOM HOUSE QUAY
LOWER ABBEY ST.
THE 02
FENIANST.GRANDCANALQUAY
ERNEST.
TRINITYCOLLEGE PEARSEST.
GRANDCANALST.MERRIONSQUARE
GRAFTON
S
T.
DAWSONST.
KILDARE
ST
.
MOUNTST.LOWER
MAYOR ST. UPPER
RINGSENDRD.
BARRO
WS
T.
SOUTHLOTT
SRD.
GRAND CANAL DOCK
HANOVER QUAY
CLARIONHOTEL
CUSTOMHOUSE
MASON HAYES& CURRAN
GOOGLE
BORD GIS ENERGY THEATRE
PWC
McCANN FITZGEARLD
FACEBOOK
THE MARKER HOTEL
SAMUEL BECKETT BRIDGE
EAST LINK
RIVER LIFFEY
IFSC
SIR JOHN ROGERSONS QUAY
NATIONALCONFERENCECENTRE
CENTRAL BANK(PLANNED)
NATIONAL COLLEGEOF IRELAND
STATE STREET
UNITS L3, 4 & 5 LONGBOAT QUAY
EASTWALLRD.
GIBSON HOTEL
C2
