T E M P L E B A R , D U B L I N 2
F O R S A L E B Y P R I V A T E T R E A T Y | T E N A N T S N O T A F F E C T E D
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THE OPPORTUNITY
LOCATION
DESCRIPTION
TENANCY
INCOME PROFILE
SCHEME LAYOUT
RECENT SALES
RETAIL MARKET
CONTACTS
C O N T E N T S
THEOPPORTUNITYICONIC DUBLIN CITY CENTRE COMMERCIAL PROPERTY SITUATED IN THE TOURIST AND CULTURAL HEART OF THE CITY
PASSING RENT PRICING IN EXCESS OF
€700,000 PER ANNUM
Upper floor residential units owned by Dublin City Council on long lease and were subject to a recent refurbishment programme.
reflecting a net income yield of 5.70% after standard
purchaser’s costs.with 57% of income derived from 3 tenants.
€11,750,000
to Ireland in 2016 with Temple Bar providing a key Dublin attraction. Well known adjoining occupiers include The Oliver St. John Gogarty, The Auld Dubliner licensed premises together with the Morgan Hotel.
OF RETAIL AND RESTAURANT UNITS1,588.7 SQ M (17,100 SQ FT)
8.8 MILLION OVERSEAS VISITORS
occupied by established traders such as Elephant & Castle, Gallaghers Boxty House and Café Nero amongst others.
YEARSWAULT
9.0
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4 5
C R A M P T O N B U I L D I N G S
Grafton St.
Trinity College
Former Central Bank Building
O’Connell St.
Luas Cross City Route
Luas Cross City Route
Luas Cross City Route
Luas Cross City Route
Temple Bar
Jervis St. Shopping Centre
Dame St.
ILAC Shopping Centre
Henry St.
Temple Bar is situated in the core of Dublin
City Centre immediately south of the River
Liffey and 50m west of O’Connell Bridge. The
area is one of Dublin’s most vibrant and thriving
cultural hubs attracting significant visitors
annually to its cobbled streets, colourful social
scene and established traders.
The Crampton Buildings are situated in the
centre of Temple Bar immediately adjacent
Meeting House Square. The multi-let
development has frontage onto Temple Bar,
Bedford Row, Adsills Row and Crampton Quay
and benefits greatly from its proximity to the
Ha’Penny Bridge which acts a high volume
pedestrian link between north and south city
retailing districts.
Future development in the immediate vicinity,
most notably the former Central Bank
building, will bolster the vibrance of the area
further ensuring Temple Bar remains one of
the busiest districts in Dublin City.
LOCATION
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C R A M P T O N B U I L D I N G S
GEORGES QUAY
ASTON QUAY
GEORGE’S QUAY
CRAMPTON QUAYBACHELORS WALK
TAR
A S
TR
EET
D’OLIER STREET
WES
TM
OR
ELA
ND
ST
EDEN QUAY
O’C
ON
NELL ST
PARNELL STREET
JERV
IS STR
EET
MARY STREET
HENRY STREET
ABBEY STREET
JERVIS STREET
TALBOT STREET
TALBOT STREET
CA
PEL ST
REET
PAR
LIAM
ENT
ST
GEO
RG
ES S
TR
EET
EXCHEQUER STREET
AU
NG
IER
ST
REE
T
GR
AFT
ON
ST
REE
T
MOLESWORTH ST
DA
WSO
N S
TR
EET
KIL
DA
RE
STR
EET
MER
RIO
N S
TREE
T U
PPER
BAGGOT STREET LOWER
PEM
BRO
KE S
T LO
WER
CUFFE STREET
KEVIN STREET
PAT
RIC
K S
TR
EET
DAME STREET COLLEGE GREEN
MA
RLB
OR
OU
GH
ST
GA
RDIN
ER STREET LO
WER
MO
SS
STR
EET
TOWNSEND STREET
PEARSE STREET
NASSAU STREET LINCOLN
T E M P L E B A R
G R A F T O NS T R E E T
S H O P P I N GD I S T R I C T
H E N R YS T R E E T
S H O P P I N GD I S T R I C T
Busaras
Abbey
Jervis
FourCourts
Dominic
O’ConnellUpper
O’ConnellGPO
Trinity
Dawson
Marlborough
St.Stephen’s
Green
DUBLINCASTLE
TRINITYCOLLEGE
CHRISTCHURCHCATHEDRAL
HA’PENNYBRIDGE
THESPIRE
ST. PATRICK’SCATHEDRAL
ST STEPHEN’SGREEN
EW
N
S
CGI Image
CGI Image
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C R A M P T O N B U I L D I N G S
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The Crampton Buildings were originally developed
in 1891 by the Dublin Artisans Dwelling Company.
The U-shaped three storey building currently comprises
10 retail units and 28 own door Apartments over-head
which are held by Dublin City Council under a 999 year
lease and accessed via Adsill’s Row. The apartments
have recently undergone a substantial refurbishment
modernising the upper floors to current building
regulations.
The subject interest comprises the ground and
basement retail units of the entire block which extend
to an NIA of 1,588.7 sq m (17,100.62 sq ft) and
incorporates frontages onto Temple Bar, Bedford
Row and Crampton Quay. The block is let in its entirety
to well know traders such as Elephant & Castle,
Gallaghers Boxty House, Café Nero, Starbucks and
Forbidden Plant amongst others.
THE CRAMPTON BUILDINGS CURRENTLY COMPRISE 10 RETAIL UNITS AND 28 OWN DOOR APARTMENTSAPARTMENTS HELD UNDER SEPARATE OWNERSHIP BY DUBLIN CITY COUNCIL
DESCRIPTION
Residential access from Adsill Row Bedford Row
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C R A M P T O N B U I L D I N G S
The Crampton Building is occupied by a range of leading
domestic and international traders accounting for €700,000 of
rent and a WAULT of 9.0 years. The vendor will underwrite all
existing tenant inducements to include rent free periods and
lease rent steps.
The management regime is operated directly by the landlord with
the 2016/2017 Service Charge Budget equating to €14,026 +VAT
per annum. The majority of this is recoverable from the scheme
tenants however a non-recoverable service charge of €4,598.27 +
VAT is currently discharged by the landlord (Subject to Change).
(1) All rent free’s and rent steps will be underwritten by the Vendor via apportionment on closing. (2) Rent steps as follows: yr 1 €25,000, yr 2 €30,000, yr 3 €35,000, yr 4 €35,000, yr 5 €40,000. Steps will be underwritten by vendor. (3) Service Charge not recoverable
– 100% Scheme occupancy
– €400,000 (57% of Income) derived from three units fronting Temple Bar two of
which have highly established trade.
– WAULT of 9.0yrs to sooner of lease Break or Expiry.
– A number of rent reviews due in short term with reversionary potential.
TENANCY INCOME PROFILE
UNIT LOCATIONFLOOR AREA SQ. M
FLOOR AREA SQ. FT
TENANT GUARANTOR LEASE START DATE
LEASE EXPIRY DATE
LEASE RENTPER ANNUM (1)
NEXTRENT REVIEW
BREAKOPTION
18-19 Temple BarGrd. 130.8Bst. 80.2
Grd. 1,408Bst. 863
Elephant & Castle Limited T/A Elephant & Castle
N/A 01/09/1994 31/08/2029 €160,000 (3)01/09/2019
Upwards OnlyN/A
20-21 Temple BarGrd. 123.9Bst. 71.3
Grd. 1,334Bst. 767
Boxty House Limited T/A Gallaghers Boxty House
N/A 15/04/2014 14/04/2034 €120,000 (3)15/04/2019Market Rent
15/04/2024
22-23 Temple BarGrd. 101.0Bst. 71.9
Grd. 1,087Bst. 774
Café Nero Ireland LimitedT/A Café Nero
Nero Holdings Limited (UK) 04/09/2017 03/09/2032 €120,000 (1)03/09/2022Market Rent
03/09/2027
1-2 Bedford RowGrd. 61.4Bst. 47.8
Grd. 661Bst. 515
Temple Bar Shops LimitedT/A La Gondola
Moussa Bouguerra 01/10/1987 30/09/2022 €58,000 (3)01/10/2017
Upwards OnlyN/A
3-4 Bedford RowGrd. 64.7Bst. 56.8
Grd. 696Bst. 611
Mark CheungT/A Banyi Japanese Dining
N/A 07/03/2016 06/03/2026 €45,00001/10/2017
Market Rent07/03/2021
5 Bedford RowGrd. 28.0Bst. 27.2
Grd. 301Bst. 293
ULU’s Enterprise Limited T/A Cocobrew
N/A 31/08/2016 30/08/2026 €14,00031/08/2021
Market Rent31/08/2023
6 Bedford RowGrd. 23.7Bst. 12.1
Grd. 255Bst. 130
The Best Barbers Limited T/A The Best Barber
N/A 24/05/2015 23/05/2025 €13,00024/05/2020Market Rent
24/05/2020
1-3X Crampton QuayGrd. 138.4Bst. 135.0
Grd. 1,490Bst. 1,453
Tailes LimitedT/A Starbucks
N/A 10/07/2017 09/07/2037 €75,000 (1) N/A N/A
4 Crampton QuayGrd. 64.9Bst. 58.0
Grd. 699Bst. 624
Irish City Link Comfortdelgro Limited
T/A City LinkBraddell Limited 27/01/2016 26/01/2031 €40,000**
27/01/2021Market Rent
27/01/2021
5-7X Crampton Quay Grd. 144.0Bst. 147.6
Grd. 1,550Bst. 1,589
Forbidden Plant (Scotland) Limited
T/A Forbidden PlanetN/A 11/09/2017 10/09/2027 €55,000 11/09/2022 11/09/2022
Total Grd. 880.8Total Bst. 707.9
Total Grd. 9,480Total Bst. 7,619
TOTAL 1,588.7 17,100 €700,000
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C R A M P T O N B U I L D I N G S
H A ’ P E N N Y B R I D G E
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18-19 TEM
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1-2 BEDFORD ROW 3-4 BEDFORD ROW 5 BEDFORD ROW 6 BEDFORD ROW
C O U R T Y A R D
1-3 CRA
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4 CRA
MPTO
N Q
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5-6 CRA
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7 CRA
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R I V E RL I F F E Y
B E D F O R D R O W
M E R C H A N T ’ S A R C HT E M P L E B A RS Q U A R E
THE AULDDUBLINER
THE OLIVERST. JOHNGOGARTY
L A G O N D O L A T H E B E S TB A R B E R
SCHEME LAYOUT
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RETAIL MARKET
IRELAND’S ECONOMIC SUMMARY
Investment returns from Irish Commercial property have normalised
since the market recovered with growth of 2.1% recorded for the second
quarter of 2017 across all sectors compared with 3.1% for the same period
last year. This follows the 2.0% growth recorded in Q1 2017. The market
has been driven by rental growth in particular which is now driving capital
value increases across all sectors. On an annual basis total returns across
all property types are up 10% relative to 2016.
1ST
12%2.9%
4.5%
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POPULATION GROWTH (2006-2016)
GROWTH IN CONSUMER SPENDING
EMPLOYMENT GROWTH (YEAR ON YEAR)
OVERSEAS VISITORS
IN EUROPEFOR ECONOMIC GROWTH
MILLION
RECENT SALESTRANSACTION PRICE RENT YIELD PURCHASER
Morrison Chambers, Nassau Street, Dublin 2
€14m €548,000 + T/o Top up 4.25% Meyer Bergman
McDonalds, Temple Bar, Dublin 2 €6.55m €350,317 5.12% Private Investor
Madrid Portfolio, Dublin 2 €30m €1,063,113 4.07% Friends First
Grafton Collection,Dublin 2
€55m €1,881,345 3.27% Hines
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C R A M P T O N B U I L D I N G S
CONTACTSTENUREFreehold with Dublin City Council holding a 999 year lease in
respect of the apartment complex above.
VATThe property will be sold by way of a Transfer of Business Relief
DATAROOMA data room containing legal documents and background
information is available. Please contact Bannon or log onto
www.cramptonbuildings.com to request access.
PROPOSALWe are guiding €11,750,000 representing a Net Initial Yield of 5.70%
after standard acquisition costs of 4.46%.
VIEWINGSStrictly by appointment through the sole selling agent
PLANNING The property is situated in an area zoned Objective Z5 “To
Consolidate and facilitate the development of the central area and
to identify, reinforce and strengthen and protect its civic design,
character and dignity” under Dublin City Council Development
Place 2011 -2017. The Crampton Buildings are listed as a Protected
Structure (#2069) under Dublin City Council’s record of
protected structures.
BERThe property is a protected structure thus BER exempt.
SOLICITORSLeman SolicitorsJohn Hogan
T: +353 1 639 3000
David Carroll
+353 (0) 1 6477961
PSRA Licence No. 001830-002130
Rod Nowlan
+353 (0) 1 6477900
PSRA Licence No. 001830-002131
Hambleden House
19-26 Pembroke Street Lower
+353 (0) 1 647 7900
www.bannon.ie
ASSET & INVESTMENT MANAGER
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WWW.CRAMPTONBUILDINGS.COM