BIANCONI AVENUEC I T Y W E S T , D U B L I N 2 4

FOR SALE BY PRIVATE TREATY (TENANTS NOT AFFECTED)

COMMERCIAL INVESTMENT OPPORTUNITY

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Citywest is Dublin’s premier business park and 2024 Bianconi Avenue is one of only 4 developments within Citywest that enjoys direct frontage onto the N7. The building is a well-known landmark on the N7 the main arterial route connecting Dublin with Limerick and Cork. The property is easily accessible from the N7 being the first property at exit 3a.

There is excellent transport infrastructure linking Citywest to Dublin City Centre, two LUAS stops are located within 1.8 km of the property. Dublin Bus routes (77A, 65B & 69) serve the campus from the city centre every fifteen minutes. Dublin Airport is located approximately 27 km north of Citywest, with Dublin City Centre located 18 km to the east. The M50

junction 9 N7 is just 6 minutes or 6km from Bianconi Avenue.

Occupiers in Citywest include SAP, Fidelity, Eir, Pfizer, Sanofi Aventis, Sage Software, Sony and Abbott.

There are 24 hectares (59 acres) immediately south of the property with planning for 526 residential units.

LOCATION

Landmark building on significant 1.21 ha (3 acres) site and prime frontage to N7 Grade A tenant covenants Miele Ireland Limited & United Drug (Wholesale) LimitedTotal passing rent €575,000 paTotal floor area 4,590 sq.m (49,406 sq.ft)Significant potential to undertake a number of asset management initiativesLow site coverage, additional development potential (subject to relevant consents)Offers sought above €7.35 million, NIY 7.2% and CAP Val psf €149 (assuming purchaser’s costs of 8.46%)

INVESTMENT SUMMARY

BIANCONI AVENUEC I T Y W E S T , D U B L I N 2 4

N81

N11

N4

N7

N3

N2

M1

M50

M50

DUBLIN CITY

LUAS GREEN LINE

LUAS RED LINE

BIANCONI AVENUEC I T Y W E S T , D U B L I N 2 4

Modern detached mixed-use building on a site extending to approximately 1.21 ha (3 acres) with high profile frontage onto the N7 Naas Road. The office building is the headquarters of Miele Ireland Limited with double height reception and tenant showroom area with bespoke fittings.

The office accommodation extends to 1,777 sq.m (19,127 sq.ft) GIA over two floors with a passenger lift. There is a mix of cellular and open plan accommodation comprising

suspended ceilings with fluorescent lighting, air conditioning and raised access floors. The warehouse at 2,813 sq.m GEA (30,278 sq.ft) is a storage and distribution unit for United Drug and incorporates two mezzanine floors and single storey offices. The warehouse is of twin span steel portal frame construction with clear internal eaves height of 7 metres. Loading is via two roller shutter doors through independent access from Bianconi Avenue. The buildings benefit from 67 surface car parking spaces.

DESCRIPTION

ACCOMMODATION SCHEDULE

The above floor areas have been measured by McGovern Surveyors and are provided to the purchaser by way of an assignable measured survey. A further breakdown of floor areas is provided in the survey.

USE FLOOR AREA SQ. M FLOOR AREA SQ. FT

Office – Ground Floor 896 GIA 9,644 GIA

Office – First Floor 881 GIA 9,483 GIA

Warehouse 2,813 GEA 30,278 GEA

Total 4,590 49,406

Car Spaces 67

ZONINGObjective EE – to provide for enterprise and employment related uses under the South County Development Plan 2016-2022

Miele Ireland Limited, guaranteed by Imanto AG occupy under a 25-year lease from 2nd May 2008 with personal break option in May 2024. Expiry May 2033. There is an outstanding rent review from May 2018, time is not of the essence. The passing rent is €410,000 per annum.

United Drug (Wholesale) Limited occupy under a one-year lease dated 21st July 2016 at a passing rent of €165,000 per annum. The tenancy is determinable by three calendar months’ notice by Landlord or Tenant.

ASSET MANAGEMENT & TENANCY

MIELEMiele is a German manufacturer of high-end domestic appliances and commercial equipment, headquartered in Gütersloh, Ostwestfalen-Lippe, Germany. The company was founded in 1899. The Lessee is Miele Ireland Limited – which is rated a ‘Low Trade Risk’ with a Vision-net.ie credit score of 81, based on 2016 accounts. Imanto AG, the holding company of Miele, provides a guarantee on the lease.

UNITED DRUG DISTRIBUTORSUnited Drug Wholesale is the largest pharmaceutical wholesaler in Ireland headquartered in Magna Business Park, Citywest. Since 2016 United Drug is part of McKesson, currently ranked sixth on the Fortune 500.

Low Site Coverage – potential to increase size and height of properties

Reversionary potential – outstanding 2018 rent review with Miele Ireland Limited

Lease negotiations - pertaining to the current warehouse lease

The asking price represents a capital value per square foot of €149

TWM for themselves and for the vendor/lessor of the property whose agents they are, give notice that: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property are to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and 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 himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. VAT may be payable on the purchase price.

TITLE 999 year long leasehold title from 1 January 1999

VATVAT is applicable on the sale by way of ‘Transfer of Business’ Relief

BERBER No: 800222820

DATA ROOM www.2024bianconi.com

SOLICITORCian MacGinleyT: +353 (0) 1 6644346E: cianmacginley@eversheds-sutherland.ie

PROPOSAL Offers are sought in excess of €7.35 million, providing a net initial yield of 7.2%, assuming purchaser’s costs of 8.46%.

SELLING AGENT Patricia WardT: +353 (0) 1 611 0324E: patricia@twmproperty.ie

James LoughnaneT: +353 (0) 1 611 0321E: james@twmproperty.ie

Michele JacksonT: +353 (0) 1 611 0323E: michele@twmproperty.ie

PSRA No: 001835

TWM4/5 Dawson Street, D02 FH72, Dublin 2www.twmproperty.ie

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