White Water Investment

WHITEWATER SHOPPING CENTRE

IRELAND’S LARGEST REGIONAL SHOPPING CENTRE FOR SALE BY PRIVATE TREATY

WHITEWATER SHOPPING CENTRE

‘A Rare Opportunity to Acquire Quality and Scale in Retail Real Estate in Ireland’

IRELAND’S LARGEST REGIONAL SHOPPING CENTRE

www.whitewaterscsale.com

IRELAND’S LARGEST REGIONAL SHOPPING CENTRE

Freehold Investment For Sale by Private Treaty (Tenants Not Affected)

Guide Price: In excess of €150 million (subject to contract) equating to a net initial yield of 7.47%

WHITEWATER

SHOPPING CENTRE

OVERALL NET OPERATING INCOME APPROX:

€11,708,000 PER ANNUM WAULT:

11.4 YEARS

29,788 SQ M (320,640 SQ FT) OF RETAIL ACCOMMODATION

84 RESIDENTIAL UNITS

(EXCLUDING RESIDENTIAL)

1,700 CAR PARKING SPACES

4 KEY ANCHOR TENANTS

AFFLUENT CATCHMENT AREA EXTENSIVE AND

02 03

A SUCCESSFUL SHOPPING CENTRE Whitewater Shopping Centre comprises an extensive two storey mall constructed to the highest standards and home to over 80 retailers.

The scheme includes 4 anchor tenants, 63 retail units, 11 food court units with seating for 650 people, a 6 screen cinema and 1,700 car parking spaces.

WHITEWATER

SHOPPING CENTRE

KEY ANCHORS

DIVERSE FASHION MIX

DESTINATION RETAILERS

LEISURE AND FOOD OFFERING

04 05

CENTRE OPENING (NUMEROUS PRE-LETS IN SITU)

INITIAL RENT REVIEWS (NOT APPLICABLE) UCI (NOW ODEON) OPENED NEW 6 SCREEN CINEMA

DEVELOPED

BY BALLYMORE

PRE 2006

2006

2009

2011

ASSET MANAGEMENT

TRADING IMPROVEMENTS

NEW LETTINGS

NEW LETTINGS

TRADE UP 10% Y/Y (AVERAGE)

FORECASTING FURTHER TRADING IMPROVEMENTS

FOOTFALL UP A FURTHER 8% Y/Y

PLANNING FOR 2 NEW RESTAURANTS ANNUAL FOOTFALL UP 5%

THE WHITEWATER STORY 2013

2014

NOW

FUTURE 06 07

Newbridge is within the Dublin commuter-belt, approximately 50 km south-west of Dublin City Centre. The area is connected by both road and rail services. As a result, the Newbridge/ Naas area has emerged as a hub of industry with firms like Kerry Group, Oral B, Newbridge Silverware and Pfizer choosing to locate here. The area is also renowned as the ‘Home of Irish Horse Racing’ and the location of the Irish Army’s largest military base, both of which stimulate growth in the local economy.

A STRONG PERFORMING LOCATION

DERRY

LETTERKENNY

A6

N14

M2

A5

DONEGAL

A29 A26

N15 A32

ENNISKILLEN SLIGO

N59

BELFAST

M1 A4

A1

MONAGHAN

BALLINA

N2 N3

N17

CAVAN

N4

DUNDALK

CASTLEBAR N5 N84

N3

N4 N17

M1 M2

MULLINGAR ATHLONE

M4

DUBLIN

GALWAY

N7

PORTLAOISE N18

M7

WICKLOW

LIMERICK N24

M8

CASHEL

KILKENNY N11

TIPPERARY N21

N24

N20

M8

WATERFORD

MALLOW N25 N22

N11

M9

M7

KILLARNEY

M50

NAAS

M6

CORK

WEXFORD

WHITEWATER

SHOPPING CENTRE

DUBLIN AIRPORT

M4

M1

N2 N3

M50

KILCOCK

JOHNSTOWN BRIDGE

M4 M50

MAYNOOTH LUCAN

R402

M4 R406

M50

R407

UT E

R403

CLANE

M CO

NE LI

CLONDAKIN

DUBLIN

M

DUN LAOGHAIRE

N7

RA IL

-

BLACKWOOD R403

IN BL U D

R

HEUSTON STATION

N81

R407

M50

Bus Route 126

R414 R409

N7 R415

R401

M7

NAAS MILLTOWN

10

NEWBRIDGE STATION

R115

R414

M11

N81

M7

NEWBRIDGE

KILDARE 12

WICKLOW MOUNTAINS NATIONAL PARK

R411

KILCULLEN M9

R417

R759

R413

R755 LIFFEY

R418

...Newbridge is firmly established as a major commercial hub.

08 09

EMPLOYMENT & ATTRACTIONS IN THE AREA • Kerry Group has developed a Global Innovation Centre in Millennium Park in Naas and employs over 1,000 people.

• Newbridge Silverware continues to attract vast numbers of visitors to its Main Store and Museum of Style Icons.

• Kildare contains the European base of electronics firms, Intel (employs approximately 4,500 people) and Hewlett Packard (employs approximately 4,000 people), two of the largest employers in this sector.

• Pharmaceutical giant Pfizer has its European Manufacturing base in Newbridge.

• The Irish Army’s largest military base containing its command headquarters and training centre is located at the Curragh.

• County Kildare is world famous for staging the most exciting horse racing events in Ireland. The Curragh, Punchestown and Naas racecourses attract people from all over the world who come to see the top international horses and jockeys compete in races throughout the year. Highlights include all five Irish Classic races which run at the Curragh and the Irish National Hunt Festival at Punchestown. Other local thoroughbred attractions include The Irish National Stud and Goffs International Sales Complex.

WHITEWATER

SHOPPING CENTRE

RETAIL CATCHMENT 53%

N2

M4

of the catchment area is within the ABC1 socio-economic group

N3

M4

310,851* population within the catchment reflecting an increase of approximately 30% since the 2002 census versus the national average of 16%

45%* of the catchment is in the 15-44 age profile

Edenderry

DUBLIN

N52

M50

NEWBRIDGE

Naas

Kildare

Portarlington N80

E20

M9

Portlaoise

N81

Athy N80

Balthinglass

E20 N77

Carlow

25%* of the catchment population is under 15 years of age, contributing to a significant increase in the forecasted 15-24 year age group

N78 N80

M9

N77

10 min drive time 20 min drive time 40 min drive time N81 M50 - 28 min drive time

*Source Gamma/CSO 2011

10

11

SHOPPING IN NEWBRIDGE Newbridge hosts a diverse selection of shops, from large international brands to long established local traders.

Whitewater Shopping Centre has established itself as the focal point for the town centre and is complemented by an extensive range of additional shopping and leisure amenities.

Accessed from Main Street and Cutlery Road, Whitewater is situated adjacent to TK Maxx, Penneys and The Courtyard Shopping Centre.

MAIN STREET

PEDESTRIAN ACCESS

THE COURTYARD SHOPPING CENTRE

NEWBRIDGE RETAIL PARK

WHITEWATER

SHOPPING CENTRE

WHITEWATER SHOPPING CENTRE

CUTLERY ROAD

ACCESS TO CAR PARK

ATHGARVAN ROAD

ACCESSING WHITEWATER The Curragh

Newbridge Train Station

ES ACC

LIFFEY BRIDGE

CA

RP A RK

PEDESTRIAN ACCESS

O ST HI TE

A W

R

CA

R

PA R

K

ER

CUTLERY RD

W TE

EW AT

MOOREFIELD CROSS

N7 TO DUBLIN

To Naas / Dublin

NEWBRIDGE MAIN ST

IT

N7 SOUTH

C AC

S ES

TO

W

H

12

13

WHITEWATER INCOME Anchored by Debenhams, Marks & Spencer, H&M and Zara; other significant tenants include Boots, New Look, River Island and Odeon cinema as well as an array of high quality aspirational retailers including Oasis, Diesel, Bershka, Tiger and i-Connect. The centre is currently 98% occupied.

Whitewater is let in accordance with the tenancy and accommodation schedule available in the data room.

The majority of leases are effectively on full repairing and insuring terms by means of a comprehensive service charge. In addition, 25 tenancies incorporate some form of base rent and turnover provision within their lease.

Whitewater has a current gross income of â‚Ź11,960,724 per annum. After deduction of all occupational shortfalls, the centre produces a current net rent of â‚Ź11,707,749 per annum (as at 1st October 2015).

The majority of tenants with turnover rent provisions are experiencing very strong sales growth. This provides an element of operating leverage at the centre to drive potential income beyond current levels.

Turnover numbers, in the current turnover period, have demonstrated strong year on year sales growth of up to 45%, with an average sales growth for those tenants who provide turnover figures of 10%.

12-month average turnover growth of 10%

WHITEWATER

SHOPPING CENTRE

INCOME PROFILE Whitewater has an unrivalled strength of income. The scheme (excluding the multi-family units, car park and promotions) has a weighted average unexpired lease term (WAULT) of 11.4 years to break/expiry.

INITIAL INCOME SUMMARY - AS OF 1ST OCTOBER 2015 RENT €

SHORTFALLS €

NOI €

NOI - SPLIT %

9,155,188

(153,958)

9,001,230

77%

Foodcourt

618,335

(77,612)

540,723

5%

Kiosks

273,643

(1,402)

272,241

2%

Mall income

153,963

N/A

153,963

Mall units (incl cinema)

External units

WAULT of 11.4 years to break 1%

5%

2%

1%

245,625

(20,003)

225,622

10,446,754

(252,975)

10,193,779

5% 87%

Residential

542,828

N/A

542,828

5%

Car park

888,494

N/A

888,494

7%

82,648

N/A

82,648

1%

11,960,724

(252,975) 77%

11,707,749

100%

Sub-total - Main Centre

Promotions TOTAL

2%

2%

7%

1%

NET OPERATING INCOME (NOI)

WAULT of 11.4 years to break 5%

2%

1%

Major Tenants 13%

2% 5%

77% Mall Units

2%

External Units

5%

Foodcourt

5%

Residential

2%

Kiosks

7%

Car Park

1%

Mall Income

1%

Promotions

7%

7%

1% 77%

5%

48%

5%

WAULT of 11.4 years to break/expiry Income Expiry 5%

4%

4%

3%

3%

3%

77% Mall Units

2%

External Units

13% Debenhams

4%

Boots

5%

Foodcourt

5%

Residential

7%

Car Park

4%

New Look

2%

Kiosks

7%

Car Park

5%

Marks & Spencer

3%

Easons

1%

Mall Income

1%

Promotions

5%

H&M

3%

Odeon

5%

Residential Net Income

3%

Zara

14

15

48% Remainder

7% 7%

1%

5% 48% 5%

5%

INCOME EXPIRY/BREAK PROFILE 4%

Hypothetical

Within 5 Years €

Mall Units

2%(incl External Units Mall units Cinema)

1,098,262

Foodcourt

5% Residential Foodcourt

Kiosks

Mall Income

4%

Kiosks

7%

Car Park

1%

Promotions

Mall income

External units

165,739

5 to 10 Years €

100,000 7% 0 153,963

96,983

TOTAL %

3%

2,244,661 13% Debenhams 175,000

113,000 0

10 to 15 3% years €

0

9,155,188

4% New Look 618,335 352,596

5%

Marks & Spencer

5%

H&M

5%

Residential 2,502 Net Income

0

Total €

4% Boots 5,637,265

Car Park0

45,000

3% Greater than 15 years €

3%

Easons

3%

Odeon

3%

Zara

115,643 0

146,140

273,643 153,963 245,625

48% Remainder

1,473,984

2,498,624

222,502

6,251,644

10,446,754

14%

24%

2%

60%

100%

Excludes residential, car park and promotions which equates to an additional €1,513,970 pa.

Income Expiry Profile

INCOME EXPIRY PROFILE (TERM CERTAIN)

60% of the income is secured for over 15 years Within 5 years

5 to 10 years

10 to 15 years

Greater than 15 years

WHITEWATER

SHOPPING CENTRE

TOP 10 TENANTS The top 10 tenants at Whitewater account for over 52% of the income.

Tenant

Rent - â‚Ź

%

1,575,000

13%

1

Debenhams

2

Car Park

888,494

7%

3

Marks & Spencer

630,000

5%

4

H&M

575,000

5%

5

Residential Net Income

542,828

5%

6

Boots

500,000

4%

7

New Look

425,000

4%

8

Easons

380,000

3%

9 Odeon WAULT of 11.4 years to break 370,000

3%

10

Zara

5%

2%

1%

Remainder

2%

330,766

3%

5,743,636

48%

11,960,724

100%

Major Tenants 13%

5%

TOTAL

7% 7%

87% of the income is generated by the shopping centre tenants 1% including food court, kiosks and mall income.

77%

5%

48%

7% of the income is generated by the car park with 5% from the multi-family residential and 1% from promotions.

5%

5%

4%

MAJOR TENANTS

Major Tenants

4% 3%

13%

77% Mall Units

2%

External Units

5%

5%

Residential

Foodcourt

2%

Kiosks

7%

Car Park

1%

Mall Income

1%

Promotions

7%

5% 48%

3%

3%

13% Debenhams

4%

Boots

7%

Car Park

4%

New Look

5%

Marks & Spencer

3%

Easons

5%

H&M

3%

Odeon

5%

Residential Net Income

3%

Zara

48% Remainder

5%

Top 10 tenants Income Expiry Profile= 52% of the income 5%

4%

4%

3%

3%

3%

13% Debenhams

4%

Boots

7%

Car Park

4%

New Look

5%

Marks & Spencer

3%

Easons

5%

H&M

3%

Odeon

5%

Residential Net Income

3%

Zara

16

17

2014 - 2015 RETAIL INVESTMENT DEALS 2 LETTERKENNY

2/6 SLIGO

6 DUNDALK

5 DROGHEDA

5

7

MULLINGAR

4 4

BALBRIGGAN

2

ATHLONE

TULLAMORE

GALWAY

DUBLIN AREA 5 CARLOW

4

4 GOREY

KILKENNY

4 TIPPERARY

3

5/7 CLONMEL

TRALEE

2 KILLARNEY

6/7 CORK

6 KILBARRACK

6

DUBLIN 4

CLONDALKIN ORWELL

6

2

1 DUN LAOGHAIRE

NUTGROVE DUNDRUM

5

DUBLIN AREA

CARRICKMINES

WHITEWATER

SHOPPING CENTRE

RECENT RETAIL INVESTMENT TRANSACTIONS Property

1. PROJECT JEWEL (incl. Dundrum Town Centre)

Area (sq ft) N/A (Dundrum 1,500,000 sq ft)

€162,000,000 (Guide Price)

7.26% (At Guide)

Q3 2015

€59,000,000

7%

Q2 2015

€102,000,000

7.17%

Q4 2014

€158,000,000

5.73%

Q4 2014

€124,750,000

7.17%

Six nationwide shopping centres/retail parks.

Properties within this portfolio include Dundalk Retail Park, Co. Louth (incl. 30 acres of development land); The Mill Shopping Centre, Clondalkin (incl. an office building); Douglas Court Shopping Centre, Cork; Bloomfields Shopping Centre, Dun Laoghaire; Quayside Shopping Centre, Sligo and Kilbarrack Shopping Centre, Dublin 5.

706,222

7. ACORN PORTFOLIO

Sale Agreed

Four provincial retail parks and one prime Dublin retail park. The properties within this portfolio include The Park, Carrickmines, Dublin; Lakepoint Retail Park, Mullingar; Four Lakes Retail Park, Carlow; M1 Retail Park, Drogheda and Poppyfield Retail Park, Clonmel.

471,026 6. SPECTRUM PORTFOLIO

4% blended excluding development sites

Six small/medium sized shopping centres nationwide along with 150 residential units. Properties within this portfolio include Orwell Shopping Centre, Templeogue; Westside Shopping Centre, Galway; Tipp Town Shopping Centre, Tipperary; Athlone Town Centre, Westmeath; Macdonagh Junction Shopping Centre, Kilkenny and Gorey Shopping Centre, Wexford.

798,017

5. PARKS PORTFOLIO

Q3 2015

€1,850,000,000 (Hammerson PR)

A fully let, provincial shopping centre and retail park on the outskirts of Tralee, Co. Kerry.

511,330 4. CORNERSTONE PORTFOLIO

Net Yield on NOI

Portfolio comprises of four small/medium sized provincial retail parks and one Dublin retail park. The properties include Nutgrove Retail Park, Dublin; Sligo Retail Park; Deerpark Shopping Centre, Killarney; Letterkenny Retail Park, Donegal and Tullamore Retail Park, Offaly.

349,998 3. MANOR WEST, KERRY

Sale Price

Comprised the acquisition of a portfolio of loans secured against prime retail assets in Dublin (including Dundrum Town Centre, the Ilac Centre and The Pavillions in Swords).

1,147,678

2. NATIONAL PORTFOLIO

Date

Q3 2014

€170,000,000

7.36%

The portfolio comprised three provincial shopping centres, namely Blackpool Shopping Centre and Retail Park, Cork; Showgrounds Shopping Centre, Clonmel, Co. Tipperary and Millfield Shopping Centre, Balbriggan, Co. Dublin.

Please note prices and yields stated above are approximate.

20

21

REAL GDP

6.5%

INVEST IN IRELAND’S RETAIL STORY

RETAIL ECONOMY IMPROVING Real GDP is now rising at a remarkable 6.5% per annum

UNEMPL

WHITEWATER

SHOPPING CENTRE

9.7%

9.7%

XX%

10%

10%

10%

16.1%

16.1%

16.1%

6.5%

6.5%

6.5%

9.7%

LREAL GDPREAL GDP UNEMPLOYMENT GDP UNEMPLOYMENT UNEMPLOYMENT SENTIMENT SENTIMENT SENTIMENT RETAIL RETAIL SALES RETAIL SALES SALES FORECAST FORECA FO

2016 2016 201

UNEMPLOYMENT CONTINUES TO FALL

CONSUMER SENTIMENT UP

RETAIL SALES GROWTH

Encouraging growth in new jobs suggests unemployment is set to decrease to 9.7% in 2015

Consumer sentiment up 16.1% year-on-year

Retail sales have risen almost 10% in real terms while VAT receipts, arguably the most direct measure of retail sector activity, are up 7.9% year-on-year

Source: Savills Research Team

...a true sign of the retail economy improving is the 6.5% per annum rise in GDP

22

23

ACCOMMODATION RETAIL ACCOMMODATION (NIA) Floor

Sq m

Sq ft

Ground

16,213

174,510

First

13,576

146,130

TOTAL

29,788

320,640

Car Parking: 1,700 basement and multi-storey car parking spaces

An assignable measurement survey for the shopping centre is available on the data site.

RESIDENTIAL ACCOMMODATION Type

No.

Average Size (Sq m)

Average Size (Sq ft)

Average Passing Rent (per month)

One Bed

23

45

484

€847

One Bed Penthouse

1

76

821

€900

Two Bed

37

69

747

€962

Two Bed Penthouse

23

78

839

€983

TOTAL

84

Parties are advised to satisfy themselves as to the accuracy of the residential floor areas.

WHITEWATER

SHOPPING CENTRE

FLOOR PLANS

MULTI-STOREY CAR PARK

60 Subject to Planning

ENTR A N CE

MULTI-STOREY CAR PARK

Vacant 27

Kilkenny Design 2A

UCI Entrance

Ice Gin Cr o’s ea m

IN ST RE ET

MA

NE

IN

DG

ET

RI

RE

E

NE WB

RI

Service Yard

DG E

14/15

WB

ST

Hidden Hearing CU4

MA

O’Reilly Recruitment CU5A

Customer Service Desk

1

CU5B

Carraig Donn 25

enty 21 Tw

Craft Angels CU6

Quigleys Cafe

Sky Kiosk

AKM Accessories

CU1B

Neeba Hair Dressers CU2

Bits & Pieces CU3

13B 12A

MK Meats 12B

Vacant 27 Skechers 26

1

Subway Peter Mark 13A CU1AHolland & Barratt Hidden Hearing CU1B

CU4

4

O’Reilly Recruitment CU5A

CEX 28 Carraig Donn 25

Golden Discs 2C

Claire’s Accessories 3B

enty 21 Tw

CU5B

Skechers 26

Dune 2B Vodafone 1A The Health Store 3A

Quigleys Customer The Health Store 3A Cafe Service Desk

Sky Kiosk

19/20

Craft Angels CU6

Whitewater Dental 50

Dune 2B

AKM Accessories

18 Art & Hobby

16B Boston Barbers

MK Meats 12B Neeba Hair Dressers CU2

Vacant 27 ENTRANCE

4

Brambles Cafe

CEX 28

2C to Planning Discs Golden60 Subject Kilkenny Design 2A

Kilkenny Design 2A

5

Beauty Plus

Holland & Barratt 12A Service Yard

Vodafone 1A

Claire’s Accessories 3B

19/20

17 Letting in Legals

E

17 Letting Clarks 8 ls in Lega

DG

16B Boston Barbers

11

Beauty Plus

16A Fields

RI

Brambles Cafe

rs 9Fields Pave16A

WB

Euro Giant

Whitewater Dental 50

51 Newbridge 200

5

NE

11

52 Vacant

53 Kildare GAA

ENTRANCE

51 Newbridge 200

Shoe Lace

wear 6st Menswear 6 Best Mens Be

ET

Customer Service Desk

54 Amarro Bridle

Clarks 8

RE Service Yard Quigleys Cafe

55-56 Vacant

Euro Giant

Pavers 9

ST

UCI Entrance

18 Art & t 7 y Hobb ott 7 mela Scot Pamela Sc Pa

Carraig Donn 25

10 l Express 10 Optical Express Optica

Service Yard

IN

Claire’s Accessories 3B

52 Vacant

53 Kildare GAA

GBK 57-59

MA

Skechers 26

Dune 2B The Health Store 3A

54 Amarro Bridle

55-56 Vacant

60 Subject to Planning

Shoe Lace

CEX 28

Golden Discs 2C

Ice Gin Cr o’s ea m

GBK 57-59

Vodafone 1A

Ice Gin Cr o’s ea m

Whitewater Dental 50

Peter Mark 13A

Subway CU1A

Service Yard

ENTRANCE 14/15

CUTLERY ROAD

GROUND FLOOR CU1B

Neeba Hair Dressers CU2

Bits & Pieces CU3

13B

Subway CU1A

ENTRANCE CUTLERY ROAD

Available

Available

Letting in Legals

Letting in Legals

Subject to Planning

Subject to Planning Available

Occupied

Occupied Letting in Legals

Anchor Tenants

Anchor Subject Tenants to Planning Occupied

MULTI-STOREY CAR PARK

Anchor Tenants MULTI-STOREY CAR PARK

Br o De adw li K ay 1

Pedestrian Footbridge

Br o De adw li K ay 1

FOOD COURT

Burger King FC4 Ginzeng

Vacant

Vacant Vacant K4

l

Diese

ius arius tradiv 46 S

45A

44

and 43 Pull Bear

41/42

ports ports yle S yle S Lifest 45B

l

ar tradiv 46 S

K3 Costa Coffee Lifest 45B

Diese

Kiosk 12

Abrakabara FC5 Burger King FC4

45A

44

41/42

and 43 Pull Bear

30

Card Gallery 31

40 Tiger

a 39 Bershk

40 Tiger

a 39 Bershk

Kiosk 14 Tian Mix

E E IDG IDG BR BR EW EW R ET N R ET N RE RE ST IN MA

Vacant FOOD K4 COURT

Bagel Bar K2

Kiosk 12

ST

K3 Costa Coffee

IN

KFC FC1 O’Briens FC1

Br o De adw li K ay 1

Ginzeng

Abrakabara FC5

MA

30

Card Gallery 31

A Oasis 33

36 Letting in Legals

37 Vacant

38 Vacant

GE

36 Letting in Legals

RID

37 Vacant

WB

arius

ports yle S Lifest

l

Diese

tradiv

45B

45A

44

46 S

Kiosk15

Bagel Bar K2

Kiosk 14 Tian Mix

Kiosk15

38 Vacant

Happy Feet Shoes 35A

Starbucks 35B

Perfume Direct

KFC FC1 O’Briens FC1

e 32 th Sense 32 Sixth Sens Six

A Oasis 33

Perfume Direct

JD Sports 34A/33B

Starbucks 35B

Kiosk 12

E R ET N RE

Vacant K4

Kiosk 14 Tian Mix

ATM

ST

Vacant

IN

Burger King FC4

K3 Costa Coffee

MA

Bagel Bar K2

Abrakabara FC5

JD Sports 34A/33B

ATM

FOOD COURT

Happy Feet Shoes 35A

KFC FC1 O’Briens FC1

ear Menswear Replay MenswReplay 34B 34B

Pedestrian Footbridge Ginzeng

CUTLERY ROAD

CUTLERY ROAD

FIRST FLOOR

24

25

WHITEWATER

SHOPPING CENTRE

PROPOSAL

PRICE

SERVICE CHARGE

We are seeking offers in excess of €150 million exclusive of VAT and subject to contract.

All of the leases are let on an effectively FRI basis with the full cost of running the units being reclaimed via the service charge.

Pricing at this level would reflect a net yield of 7.47% based on Net Operating Income (NOI) of approx. €11,708,000 per annum.

Each tenant has an allocated percentage of this charge which is linked to occupied floor area.

BER

TENURE

BER range:

Freehold.

BER numbers available upon request.

www.whitewaterscsale.com

26

27

CONTACTS

SELLING AGENTS

SOLICITORS

SAVILLS IRELAND 33 Molesworth Street, Dublin 2, Ireland PSRA: 002233

COADY SUPPLE 12 St George Street, London, W1S 2FB, United Kingdom

MCCANN FITZGERALD Riverside 1, Sir John Rogerson’s Quay, Dublin 2, Ireland

Domhnaill O’Sullivan +353 (0) 1 618 1364 Domhnaill.OSullivan@savills.ie

Robin Coady +44 (0) 20 7629 5272 Robin@coadysupple.com

James Murphy +353 (0) 1 607 1272 James.Murphy@mccannfitzgerald.ie

Dessie Kilkenny +353 (0) 1 618 1401 Dessie.Kilkenny@savills.ie

David Sadler +44 (0) 20 7629 5259 David@coadysupple.com

William Scott +353 (0) 1 618 1435 William.Scott@savills.ie

Charles Emmett +44 (0) 20 7629 5251 Charles@coadysupple.com

PROPERTY MISREPRESENTATION ACT The joint agents and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills or Coady Supple nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills or Coady Supple nor any of their employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland.

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