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T H E T R E A S U R Y B U I L D I N GGrand Canal Street, Dublin 2
PRIME OFFICE INVESTMENT OPPORTUNITY
FOR SALE BY PRIVATE TREATY - TENANTS NOT AFFECTED
PROPOSAL
On behalf of the vendors CBRE are offering the
freehold interest of one of Dublin’s most prestigious
office developments the Treasury Building. The Treasury
Building is occupied by a number of tenants such as
Perrigo, NAMA & NTMA and is currently producing a
rent of €5,482,576 p.a. The office is let under a 10,000
year lease entitling the freeholder to 33.33% of the
net income.
LOCATIONThe Landmark Treasury Building built on the site of the old Bolands Mill is located on the corner of Lower Grand Canal Street and Macken Street forming a centre point of the Dublin 2 & 4 business districts. The positioning of the building allows exceptional access to Merrion Square, St Stephens Green, Ballsbridge and The South Docklands, which are all within a short walking distance.
Grand Canal has experienced a resurgence in the past 5 years with companies like Google, Twitter, Stripe & Mason Hayes & Curran taking occupancy in the area. There has also been an increase in office accomodation with the refurbishment of the One Building, construction of the Velasco building and the redevelopment of Boland’s Mill.
TRANSPORTConvenient access to a range of public transport facilities. The DART commuter rail service can be accessed at the Barrow Street station which is approximately 500 metres from the property. Frequent Dublin Bus services are provided at Mount Street Lower and nearby Baggot Street. There are two Dublin Bikes stations located within meters of the subject property on Mount Street Lower and Grand Canal Street.
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2627
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1 MARINE HOUSE
2 VELASCO BUILDING
3 BORD GAIS ENERGY
4 7 GRAND CANAL
5 THE SCHOOLHOUSE HOTEL
6 CLANWILLIAM COURT
7 ACCENTURE
8 BT
9 GRAND CANAL DOCK DART STATION
10 GOOGLE
11 BOLANDS MILL (RE-DEVELOPMENT)
12 HANOVER QUAY (UNDER CONSTRUCTION)
13 MATHESON
14 NEW CENTRAL BANK (UNDER CONSTRUCTION)
15 PWC
16 CONVENTION CENTRE
17 BEAUCHAMPS
18 THE MARKER HOTEL
19 HSBC
20 WILLIAM FRY
21 BORD GAIS ENERGY THEATRE
22 FACEBOOK
23 MC CANN FITZGERALD
24 HUBSPOT
25 A&L GOODBODY
26 THE SPENCER HOTEL
27 CITIBANK
28 THE JURYS HOTEL
29 CHQ BUILDING
30 GRANT THORNTON
31 ULSTER BANK
32 CHARTERED ACCOUNTS HOUSE
33 PEARSE STREET DART STATION
34 TRINITY COLLEGE DUBLIN
35 MERRION SQUARE
36 CUMBERLAND HOUSE (PRE-LET TOTWITTER)
37 KBC BANK
38 STRIPE
39 55 PERCY PLACE
40 MEISIAN PLAZA
41 BANK OF IRELAND
42 GOVERNMENT BUILDINGS
43 THE SHELBOURNE HOTEL
44 ESB HEADQUARTERS
45 BAGGOT PLAZA (PRE – LET TO BOI)
46 THE TREASURY BUILDING
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9 10
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1920
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DESCRIPTIONThe property comprises a modern 6 storey Grade A office extending to approximately 11,619 sq m (125,066 sq ft) with 110 car parking spaces and an additional 24 spaces in Clanwilliam Place. The building is of steel framed construction and is of irregular shape sitting on a site of 0.69 hectare (1.71 acres).
Externally the property provides a mix of marble panelling and red brick. Each floor is laid out in similar fashion with 2 separate office areas either side of the lift core. The property was fully refurbished to Grade A standard. The accommodation also benefits from an impressive marble clad full height atrium.
SPECIFICATION• Raised access floors• Suspended ceilings with recessed lighting• Standby generator• Full VAV air conditioning• 24 hour security and fully staffed reception • Generous floor to ceiling height• Four 12 person passenger lifts serving all floors• Producing a rent of €5,482,576 p.a• Extends to approximately 11,619 sq m (125,066 sq ft)
INDICATIVE FLOOR PLAN
PLANNINGThe property is located in an area that is zoned Z6 “to provide for the creation and protection of enterprise and facilitate opportunities for employment creation” on the Dublin City Council Development Plan 2011-2017.
COVENANT
Perrigo is the world’s largest manufacturer of over the counter (OTC) pharmaceutical products and supplier of infant formulas for the store brand market. The Company is also a leading provider of branded OTC products and generic extended topical prescription products.
®
COVENANT
The National Asset Management Agency was established in December 2009 by the Irish Government as a separate statutory body, with its own Board and Chief Executive appointed by the Minister for Finance and operating under the aegis of the National Treasury Management Agency (NTMA).
COVENANT
The NTMA was established in 1990 to borrow for the Exchequer and manage the National Debt. Since then it has grown considerably and now has a range of functions providing financial and risk management services to the Government. These include the National Pensions Reserve Fund, the National Development Finance Agency, the State Claims Agency and the National Asset Management Agency.
PROPERTY USE
UNITNO./ADDRESS
TENANTNAME
AREASQ M
CARPARKING
STARTDATE
BREAKDATE
NEXT RENTREVIEW DATE
LEASEEXPIRY DATE
RENT
Retail Ground Floor Atrium Kiosk
O’Briens Sandwich Bar
- - 01/04/2004 - - - e5,000
Offices Part Grd Floor & Mezz (behind
fountain)
Vacant 111 0 - - - - e0
Offices Ground Floor NTMA 1,747 18 23/11/1990 - 23/11/2015 22/11/2025 e809,000
TERMYEARS
35
Offices Part 1st Floor (over fountain)
NTMA 70 0 01/02/2004 - 01/09/2016 31/08/2026 e35,15622.5
Offices Part 1st Floor (Annex)
NAMA 491 0 01/07/2013 01/07/2018 01/07/2018 22/11/2025 e127,12412.33
Offices 1st Floor NAMA 1,827 20 13/03/2014 22/10/2020 13/03/2019 12/03/2029 e835,47215
Offices 2nd Floor Perrigo Pharma International DAC
1,757 20 13/03/2014 - 13/03/2019 12/03/2024 e819,87910
Offices 3rd Floor NAMA 1,920 25 22/10/2010 - 22/10/2015 21/10/2020 e810,84510
Offices 4th Floor NTMA 1,957 30 01/05/1992 - - 30/04/2017 e1,070,00025
Offices 5th Floor NTMA 1,739 21 01/09/1991 - 01/09/2016 31/08/2026 e948,50035
Masts Roof & Part ground
WorldCom Ltd (Verizon Business)
0 0 01/02/1998 Rolling - 31/01/2018 e4,60020
Masts Roof Meteor Mobile Communications
Ltd
0 0 11/06/1999 - - 07/06/2010 e15,00021
Masts Roof Telecom Holdings Limited
0 0 22/06/2015 Rolling - 21/03/2020 e2,0004.75
11,619 134 e5,482,576
DISCLAIMER: CBREThese particulars are issued by CBRE Ireland on the understanding that any negotiations relating to the property are conducted through them. While every care has been taken in preparing them, CBRE Ireland for themselves and for the vendor/lessor whose agents they are, give 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 purchaser 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) Neither CBRE Ireland nor any of their employees have any authority to make any or give any representation or warranty in relation to the property.
TENUREWe understand that the property is held freehold.
BERBER D1-GBER No. 800161127 - 800240137ENERGY PERFORMANCE INDICATOR: 705.37 kWh/m²/yr 2.02
CONTACT
COLM LUDDYT: (01) 618 5729
STEPHEN AHERNET: (01) 618 5718