Gu8r-Spar Longboat Quay

UNITS L3 L5
LONGBOAT QUAY
GRAND CANAL DOCK
DUBLIN 2
SOUTH DOCKS RETAIL INVESTMENT
TENANT NOT AFFECTED
FOR SALE BY TENDER
WWW.SPARGRANDCANAL.COM
INVESTMENT SUMMARY
Established convenience store located in Dublins newest district Grand Canal Dock
Entire let to Astenbond Limited on a 25 year lease from October 2006
Contracted rent of 188,390 p.a. abated to 124,226 p.a. until October 2016
Lease expiry October 2031 i.e.17.5 year term certain
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 McCann
Fitzgerald 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 as
follows:

SQ.M.
GROUND FLOOR SHOP 244.8
BASEMENT STORES 44.1
TOTAL 288.9
PURCHASERS ARE SPECIFICALLY ADVISED TO VERIFY THE
FLOOR/SITE AREAS AND TO UNDERTAKE THEIR OWN DUE
DILIGENCE.
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.
UNITS L3, L4 & L5

LONGBOAT QUAY
FACEBOOK
OAKTREE CAPITAL/
BENNETT GROUP/
NAMA SITE
STATE STREET
THE MARKER
HOTEL
BORD GIS
ENERGY THEATRE
BARROW
STREET
HSBC
GALLERY QUAY BNY MELLON
A&L GOODBODY CHQ CITIGROUP
NATIONAL
CONFERENCE
CENTRE SPENCER DOCK
PWC CONNELLY STATION
MATHESON
MCCANN
FITZGERALD
TITLE
We are advised that the property is held Long Leasehold at a
Peppercorn Rent.
PLANNING
PERMITTED USE: Retail use with permission for an ancillary
off-licence area for the sale of alcohol.
CAPITAL GAINS TAX (CGT)
Purchasers should note that any property purchased in 2014 and
held 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 AND
SATISFY THEMSELVES ON ALL ASPECTS OF TAXATION
RELATING TO THE SALE.
BER DETAILS
BER NUMBER 800 161 1929
ENERGY PERFORMANCE INDICATOR 215.72 Kg C02/M
2
/yr 135
GEORGES QUAY CITY QUAY
EDEN QUAY CUSTOM HOUSE QUAY
LOWER ABBEY ST.
THE 02

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GRAND CANAL DOCK
HANOVER QUAY
C

CLARION
HOTEL

CUSTOM
HOUSE

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
NATIONAL
CONFERENCE
CENTRE
CENTRAL BANK
(PLANNED)
NATIONAL COLLEGE
OF IRELAND

STATE STREET
UNITS L3, 4 & 5 LONGBOAT QUAY
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GIBSON HOTEL
C2
TENDER PROCESS
Tender documents are available from the Vendors solicitors McCann
Fitzgerald. All completed tender documents should be returned to
the offices of McCann Fitzgerald no later than 12 noon on 5th March
2014. Envelopes should be marked Spar Grand Canal.
Please note that the Vendor does not undertake to accept the
highest or indeed any offer submitted.
WEBSITE AND DATA ROOM
Further information on the property and the sale is available on
the dedicated website www.spargrandcanal.com. Access to the
property Data Room will be granted to parties on completion of a
Non Disclosure Agreement (NDA) available from BNP Paribas
Real Estate.
FURTHER INFORMATION & CONTACTS
SOLE SALES AGENT
Peter Flanagan
Investment Department
BNP Paribas Real Estate
20 Merrion Road
Ballsbridge
Dublin 4
T. +353 1 66 11233
E. peter.flanagan@bnpparibas.com
SOLICITOR
Lonan McDowell
McCann Fitzgerald
Riverside One
Sir John Rogersons Quay
Dublin 2
T. +353 1 829 0000
E. lonan.mcdowell@mccannfitzgerald.ie

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UNITS L3 L5

UNITS L3, L4 & L5

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