INVESTMENT HIGHLIGHTS

  • Prime city centre real estate block of approx. 0.34 hectares (0.85 acres) linking the best office & retail locations in Dublin city
  • RHW is a core CBD office investment with the benefit of high-end retail and hospitality units at ground floor
  • RHW is at the heart of the city with Grafton Street, Government Buildings, Trinity College & St. Stephens Green are all within 200 metres
  • Unrivalled public transport links
  • Existing accommodation extends to 8,573.9 sq. m (92,289 sq. ft) NIA (78% office and 22% retail). The buildings range in height from four to six stories with 65 car spaces at basement level
  • Passing rent €2.78 million per annum - WAULT 15.33 years to expiry or 6.35 years to earliest break providing medium-term income certainty alongside immediate asset management opportunities and longer-term development angles in Dublin’s best location
  • 92% of the total office space is leased to Davy, a leading player in Dublin’s financial services sector - The vibrant ground floor space includes occupiers such as Marco Pierre White Steakhouse & Grill, Lemon & Duke Bar & Restaurant, Isabelle’s Restaurant & Bar and the recently opened Argentinian Steakhouse Gaucho, BAH33°

 

ASSET MANAGEMENT OPPORTUNITIES

  • Highly reversionary – ERV approx. €5.2 million per annum versus passing rent of €2.78 million per annum
  • Davy office space accounts for 58% of the passing rent and 71% of the total floor area is subject to a rent review in July 2022. The passing rent is off an extremely low base of approx. €236 psm (€22 psf)
  • Block C, a 532 sq. m (5,725 sq. ft) self-contained office block currently vacant - 16 retail units of which 5 are currently vacant with active tenant interest
  • Ongoing discussions with existing retailers to extend/re-gear leases will provide further medium-term cashflow upside

DEVELOPMENT POTENTIAL

  • Prime city centre block on site of approximately 0.34 hectares (0.85 acres) providing scope to significantly increase overall density through extension, refurbishment and / or redevelopment, subject to planning
  • Existing planning permission in place from 2019 to extend and refurbish Block C by 866 sq. m (9,322 sq. ft)
  • Additional opportunities to increase existing building heights, interconnect blocks and amend layouts to increase overall density, subject to planning. Rear section of Block A currently extends to four stories versus six stories for remainder of Block A and entire of Block B

PROPOSAL

  • Offers sought in excess of €80 million reflecting NIY 3.16% and RY of 5.9% (assuming standard purchasers’ costs of 9.96%)
  • This provides a low underlying capital value of €9,331 psm (€867 psf) off existing NIA accommodation and prior to consent for potential to increase density