Dublin Landings Forward Sale

Dublin, 4th October 2017 - In what will be the highest quality asset to be offered for sale in the Irish market in recent years, joint developers Ballymore and Oxley are to sell No. 1 Dublin Landings.

Dublin Landings is one of the most important regeneration projects ever undertaken in Dublin. The scheme, located in the heart of the city centre, provides for a comprehensive transformation of one of the largest remaining riverfront blocks. The development, which adjoins the recently completed Central Bank Headquarters and PWC building, will on completion extend to over 100,000 sq.m.

The sale of the signature block in the development, No 1 Dublin Landings, gives investors the opportunity to acquire one of the finest office buildings ever developed in the city. The block, which is due for completion in Q1 2018, will be finished to the highest international standards, targeting a LEED platinum rating.

No 1 Dublin Landings is a striking 10 storey building providing over 13,300 sq.m of office accommodation and 44 car parking spaces. The building, which has extensive river frontage, includes a double height entrance with a generous reception hall opening to large glazed atria and lift lobbies.

Internal finishes will include 4 pipe fan coil air conditioning, metal tile ceilings and fully fitted common areas including natural stone floors. Staff facilities including bike storage, showers and changing rooms will be provided at basement level. The internal elements will be matched by the external design with focus on the quality of both the buildings and the public environment.

The building has been fully pre-let to the National Treasury Management Agency, the State body which provides asset and liability management services to Government. The letting is for a term of 25 years from Practical Completion incorporating a tenant break option after 15 years. The rent is agreed at €50.00 per sq ft and €4,000 per car space. The total rent is estimated at €7.015 million subject to final measurement.

Dublin Landings will, on completion, include five separate office blocks. No. 2 Dublin Landings, which adjoins No.1, is an eight storey block providing over 8,900 sq.m of office accommodation and 28 car parking spaces. The building, which fronts onto Central Square, is currently at an advanced stage of construction and incorporates a dramatic double height entrance and full height glazed atria.

Substructure and basement works for the remaining three blocks, which will provide a further 28,700 sq.m, are currently well underway and it is anticipated that these office will be available for occupation by late 2019.

In addition to the offices and retail/restaurants, the development will include 298 apartments, providing accommodation for the staff of businesses occupying the office space.

The sale will be structured by way of a forward sale with the developers entering an agreement with the purchaser for the sale of the building on practical completion in Q1 2018. The guide price for the completed building is likely to be in the order of €150 million, reflecting an initial return of 4.5%.

In terms of location, design and finishes the development offers an international quality product with the secure income flow guaranteed by a long term letting to a State covenant. The sale will attract interest from both overseas and local investment funds, with the scale of the transaction likely to attract new investors to the market.

Ballymore have teamed up with Oxley to create this new City Quarter. Ballymore have a reputation for delivering new large scale projects such as Snowhill in Birmingham, London City Island and Embassy Gardens in London. Oxley specialises in the development of quality residential, commercial and industrial projects. Developments have included Royal Wharf in London, Oxley Biz Hub in Singapore and KLCC (Oxley Tower), Kuala Lumpur.

CBRE and Knight Frank are jointly advising Ballymore and Oxley on the sale.

Johnny Horgan, Head of Investment Properties, Ireland
It is difficult to remember a core office investment opportunity offered to the market with its combination of quality tenant, building and lease terms. This opportunity is likely to appeal to investors already committed to the Irish market but also new core European and Asian Funds.
Johnny Horgan, Head of Investment Properties, Ireland

Sean Mulryan, Chairman & Group CEO at Ballymore said - “No. 1 Dublin Landings offers investors an opportunity to buy in at the early stages of the transformation of this part of the city centre, giving a real opportunity for growth, underwritten by a lease to the state. The building has beautiful proportions and is built with materials that will stand the test of time. Given its prominence on the banks of the River Liffey we think this will be an important landmark building in Dublin for many years."

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com

CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie