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SALES PROPOSAL TO

D E C E M B E R

2 0 1 6

EAR LS F ORT TE R RACE DU B LI N 2


Introduction

Ke y S e l l i n g Po i n t s

Firstly, thank you for inviting CBRE to put forward our sales proposal and recommendations regarding the upcoming sale of Dolmen House, Earlsfort Terrace, Dublin 2. When making an appointment with a leading international firm there should be an expectation that anyone can run a process and sell a building. Our proposal highlights how, by selecting CBRE, you will receive best in class service from a senior and experienced team highly motivated to secure the maximum price for you. Our difference will be that we will align a team that will be truly passionate about securing the best price achievable in the market given the longstanding working relationship between our firms and the high profile nature of your asset. In doing so we see an excellent opportunity to align the values of CBRE and Arthur Cox.

Arthur Cox Values

CBRE Values

Integrity

Respect

Performance

Integrity

Partnership

Service

Responsiveness

Excellence

• Prime located HQ building - 12,000sqft • Good car parking provision - 15 cars • Optimum floor plates allowing floor by floor occupation • High Profile CBD location • Excellent transport options on the doorstep • Refurbishment and value add opportunity

C B R E Te a m involved in this transaction

Mark Smyth

Lead Agent, Office Agency

Innovation During this process we will operate to reflect the Arthur Cox values: Integrity – This sales process reflects the Arthur Cox brand reputation. We will ensure a fully transparent process Performance – We continually strive to outperform and deliver maximum pricing for our clients Responsive – We will ensure full resources are allocated and speed of response to enquiries is unrivalled

Megan Burke Surveyor, Office Agency

Alan Moran

Director, Office Agency

Johnny Horgan

Executive Director, Capital Markets


Sales Methodology

Indicative Marketing Budget

Key elements to maximise value

We recommend that we offer the property For Sale by Private Treaty and advertise for an initial period of 3 weeks. Following which we recommend that we call for a single round of Best Bids.

Indicative Timescales

Weeks 1-3

• An ability to explain the potential of the building Irish Times

3 x 1/4 page advert

€7,050.00

Irish Independent

2 x 1/4 page advert

€3,192.00

Signage

Banner on Building Facade

€2,300.00

Brochure

Bespoke, 6 Page

€1,800.00

Website

Bespoke Website

€1,800.00

E-Merge

Bespoke E-merge

€800.00

Daft.ie & CBRE.ie

Website

FOC

Photography

Building & Locational

€750.00

Pre Marketing Preparation

Weeks 4-7

Marketing Period

Weeks 8-10

Bids/Negotiations

Weeks 11+

Signing

Marketing

the best view.

We also suggest the following

• An ability to explain the office market to buyers, the potential supply and the timing that competing stock will be delivered to the market and where rents are forecasting • An ability to access owner occupiers and developers both locally and internationally

Owner Occupier / Special Purchaser

Investor

€9.5m - €10.5m

€8.5m - €9.5m

coverage for this disposal.

Price Range

marketing suite to include a new ceiling grid and lighting installation. The marketing suite should be positioned on the highest floor with

detailed plans and CGI images are generated

Our comprehensive knowledge of the opportunity, in terms of the myriad of potential purchasers, investors and end use occupiers together with unrivalled access to the international markets will ensure extensive

We suggest that a section of the office is refurbished as a This will give buyers a sense of the potential end product.

to potential buyers. In order to achieve this we propose that

To drive pricing it is important to promote the property to the widest

Delivering Maximum Pricing

owner occupier/investor audience. In addition, there are a number of • Detailed CGI imagery

!

adjoining occupiers that are special purchasers.

• A dedicated website

We maintain good contacts with State Street / Irish Life who will look

As mentioned in our strategy we have the research capabilities to

• CAD and PDF Floor plans

at this acquisition as a larger redevelopment play. We would use our

demonstrate to the target buyers the relevant rental and yield forecasts

• Indicative layouts

hotels and licensed team to ensure that the correct personnel are

so that they in turn can model their pricing and returns.

• A branded e-merge campaign

contacted within the Conrad Hotel and Gallagher Family as we see this

Our in-house Building Consultancy team can assist with providing

• A branded print media campaign

as a possibility for them to relocate certain back of house functions to

refurbishment costings as a guideline and thereafter prospective

We will also utilise our contacts in the national press to ensure

Dolmen House allowing them to develop further bedrooms/conference

purchaser’s will price this themselves in order to maximise the bid they

maximum exposure.

rooms within the envelope of the hotel.

can put forward.


We have the answer to buyers & investors questions through unrivalled research

CB R E Office PLU S

Fees

Office PLUS is a proprietary software that has been

We propose a flat fee of €40,000 plus VAT.

• What rents can be achieved?

developed by CBRE to meet the needs of our business and more

• What upgrade works will be required to maximise value?

specifically our clients. Office PLUS is a single database that holds

•  Where rents are now, where were they historically and

information such as;

that being mandated with this prestigious instruction is extremely important to the team and we will demonstrate our hunger and passion

where will they be in the future? • What is the competition?

We are happy to consider an incentivised fee but would emphasise

•  Total Stock

•  Availability

•  Take Up

•  Demand

•  Rents

•  Lease Information

in the marketplace to achieve maximum pricing for you.

• When is the competition being delivered? • Who has lease events that could be targeted? • Who is considering Dublin as a new location? CBRE have a leading Office Agency team which work hand in hand with our Capital Market colleagues and between us we have

CB R E In-House Legal & Compliance

(including expiries •  Future Development Stock

and break options)

brought some of the largest new investors and purchasers into the

CBRE have a dedicated onsite legal & compliance officer. Meadhbh McClean is an LCOI member of the Association of

Irish market in recent years. We are confident that with this skillset we can ensure that Dolmen House is promoted to the right people

Making this information available to our clients in a user-friendly format

Compliance Officers. Our compliance policies and procedures are

within these organisations and we have set out in our track record

is a key differentiator and will ensure that all key strategy decisions are

continually reviewed and updated, in compliance with changing laws

similar assets where we achieved outstanding results.

supported by real time market information.

and regulations.


CBRE Track Record

Indicative Floor Plan, Dolmen House (Prepared by CBRE Building Consultancy Team)

23 Shelbourne Road, D4

18 – 20 Merrion Row, D2

25,361 sq ft

12,160 sq ft

Sold Q1 2016

Sold Q1 2016

€18.1 million

€10.3 million

Pembroke Street, D2

2 - 4 Merrion Row, D2

24,487sq ft

12,000 sq ft

Sold Q1 2014

Sold as part of

€12 million

Sovereign Portfolio

FOR FURTHER INFORMATION CONTACT

MARK SMYTH T: +353 (1) 6185567 M: +353 (86) 2719720 E: mark.smyth@cbre.com

MEGAN BURKE T: +353 (1) 6185595 M:+353 (86) 3959170 E: megan.burke@cbre.com


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