cinema & leisure investment coolock, …...description leisure building the property comprises a...
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L E I S U R E I N V E S T M E N T O P P O R T U N I T Y
FOR SALE BY PRIVATE TREATY
CINEMA & LEISURE INVESTMENT COOLOCK, DUBLIN 17
DRAFT
Investment Considerations• Two adjoining leisure investment properties offered
for sale as one lot
• Ideally located on the busy Malahide Road, within a large residential population of 76,349 (Source Census 2016)
• The leisure building extends to 4,074 sq m (43,858 sq ft) over two floors and is let to Leisureplex Coolock Limited at a passing rent of €675,000 per annum
• The cinema extends to 3,475 sq m (37,404 sq ft) and is let to UCI (Ireland) Limited at a passing rent of €937,000 per annum.
• Very attractive combined WAULT of 18.84 years
• Long leasehold title
• For the avoidance of doubt this is an investment sale and the tenants are not affected
Bowling Alley, Quasar &
Children’s Play
10 Screen Odeon Cinema
LEISUREPLEXODEON CINEMA
CINEMA & LEISUREPLEX COOLOCK, DUBLIN 17
32 L E I S U R E I N V E S T M E N T O P P O R T U N I T Y
DRAFT
Clarehall Shopping Centre
TLC Carton Nursing Home
Donaghmede Shopping Centre
LEISUREPLEX
ODEON CINEMA
Coolock Retail Park
Malahide Road Industrial Park
R 1 0 7
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R136
R136
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2
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44a
N4N4
N7
N7 N81
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N1
N32
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N11
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N31
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N81
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N81
N7
17
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1413
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M1
M50
M50
M50
M50
M50
M11
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4
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M50
M3
M2
M4
M4
M7
M7
M9
M7
DUBLINAIRPORTDUBLINAIRPORT
DUBLINDUBLIN
BallsbridgeBallsbridge
GlenagearyGlenagearySandyfordSandyford
RatfarnhamRatfarnham
DundrumDundrum
ChurchtownChurchtown
StillorganStillorgan
ClonskeaghClonskeagh
BlackrockBlackrock
MilltownMilltownTerenureTerenure
TempleogueTempleogue
FoxrockFoxrockLeopardstownLeopardstown
CarrickminesCarrickmines
CherrywoodCherrywood
DunLaoghaire
DunLaoghaire
DonnybrookDonnybrook
DrumcondraDrumcondra
DocklandsDocklands
Port TunnelPort Tunnel
BeaumontBeaumont
SantrySantryFinglasFinglas
CastleknockCastleknock
LucanLucan
AdamstownRailway Station
AdamstownRailway Station
BallyfermotBallyfermot
WalkinstownWalkinstown
DUBLINDUBLIN
CitywestCitywest
BelgardBelgard
TallaghtTallaght
SaggartSaggart
PortmarnockPortmarnock
MalahideMalahide
ClontarfClontarf
HowthHowthSuttonSutton
SwordsSwords
DunboyneDunboyne
KilcloonKilcloon
CelbridgeCelbridge
StraffanStraffan
CastledillonCastledillon
BackwestonBackweston
Adamstown Adamstown
Moyglare HallMoyglare HallOngarOngar
LeixlipLeixlip
CloneeClonee
MaynoothMaynooth
RathcoffeyRathcoffey
FanaghFanagh
KilshanroeKilshanroe
The GreenhillThe Greenhill
StaplestownStaplestown
The CottThe Cott
BlackwoodBlackwood
RobertstownRobertstown
AllenwoodAllenwood
KilmeageKilmeage
AllenAllenCarraghCarragh
MilltownMilltown
ClonaghClonagh
NaasNaas
MullacashMullacash
BallymoreEustace
BallymoreEustace
BlessingtonBlessington
ManorKilbrideManor
Kilbride
BallinageeBallinagee
ArdcloughArdcloughClaneClane
KildareKildare
MaddenstownMaddenstown
BallysaxBallysax
EnfieldEnfield
RathroneRathrone
Dun Na SiDun Na SiArdrumsArdrums
DerrinturnDerrinturn
JohnstownBridge
JohnstownBridge
Thomas Omer WayThomas Omer Way
AdamstownRailway Station
AdamstownRailway Station
Thomas Omer WayThomas Omer Way
COOLOCKCOOLOCK
R 10 7
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A L A H I DE R
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D
R 1 07
MA
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R 1 0 4
O S C A R T R AY N O R R O A D
T O N L E G E E R O A D
MILLBRO
OK RD
P R I O R S W OO D R O A D
CL
ON
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GH R
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R 1 3 9
R 1 3 9
R 1 3 9
KIL
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K ILBARRON RD
LORC
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SPRINGDALE RD
M1
JUNCTION 3
COOLOCKCOOLOCK
Ard Na Gréine
Malahide Road Industrial Park
Clonshaugh Business & Technology Park
NorthernCross
Ard Na Gréine
Malahide Road Industrial Park
Clonshaugh Business & Technology Park
NorthernCross
SUBJECT PROPERTYSUBJECT PROPERTY
Location The subject assets are situated at the corner of the Greencastle and Malahide road junction in Coolock, North Dublin approximately 7 km north-east of Dublin City Centre. The immediate vicinity comprises one of the largest residential catchments in Dublin City with a population of 76,349 (Source 2016 Census). More importantly this includes 30,814 people between the ages of five and 34 or 40.4% of the total population.
Commercial uses in the locality include Coolock Industrial Estate and Coolock Retail Park. We are aware that Coolock Industrial Estate has been ear-marked for rezoning to residential which will further increase the residential catchment in the medium term. Occupiers in Coolock Retail Park include McDonalds, Woodies, Topaz, Lidl, Halfords and Right Price Tiles. Clare Hall Shopping Centre and the Hilton Hotel are also located nearby.
Situation The Interest for sale comprises the long leasehold interests in the leisure and cinema buildings (for sale as one lot). The buildings sit on a site which extends to 2.72 Ha (6.73 Ac) which accommodates over 500 car parking spaces. The site includes a third retail building, let to Power City, and a Drive Thru Burger King. These buildings do not form part of this sale.
Transport Strategically located within close proximity to the Dublin Port Tunnel, The Cinema and Leisureplex have excellent access to principal routes including the M50 and M1 which provide expedient vehicular access to both Dublin Airport and Dublin City Centre. The property also benefits from accessible public transport with the 27, 42 and 43 Dublin Bus routes providing regular service to the surrounding suburbs.
The Cinema and Leisureplex have excellent access to the M50 and M1 which provide excellent access to both Dublin Airport and Dublin City Centre
Within 7 km of Dublin City Centre
Within 2 km of M50 Motorway
Within 3 km of Dublin Airport
CINEMA & LEISUREPLEX COOLOCK, DUBLIN 17
54 L E I S U R E I N V E S T M E N T O P P O R T U N I T Y
Hilton Hotel
DRAFT
Description Leisure Building The property comprises a two-storey stand-alone building which extends to of 4,074 sq m (43,858 sq ft). The Leisureplex consists of a bowling alley, a quasar facility, a children’s play area, an arcade, pool/snooker room and offices.
Accommodation
Ground Floor (bowling alley and arcade) Approx. 2,036 sq m Approx. 21,934 sq ft
First Floor (quasar & children’s play area) Approx. 1,652 sq m Approx. 17,787 sq ft
First Floor (offices) Approx. 384sq m Approx. 4,136 sq ft
*All intending purchasers should satisfy themselves in relation to floor areas. The above measurements represent Gross Internal Area
Odeon The Cinema building is a part two-storey part single storey modern 10 screen cinema with the capacity to hold 2,189 people, making up 9% of the entire cinema capacity of Dublin. The building was recently refurbished and comprises two auditoriums and 8 ground floor cinema screens. The property extends to 3,475 sq m (37,405 sq ft)
Accommodation
Ground Floor (cinema) Approx. 3,473 sq m Approx. 37,391 sq ft
First Floor (office) Approx. 636 sq m Approx. 6,849 sq ft
All intending purchasers should satisfy themselves in relation to floor areas. The above measurements represent Gross Internal Area. Note that the rent review was agreed on the basis of the ground floor area only so we have not stated the first floor area anywhere else in this document
CINEMA & LEISUREPLEX COOLOCK, DUBLIN 17
76 L E I S U R E I N V E S T M E N T O P P O R T U N I T Y
DRAFT
Tenancy Details Odeon Cinema The entire property is let to United Cinemas International (Ireland) Limited on a 25 x 5-year full repairing and insuring (FRI) lease from the 1st August 2008. The current passing rent is €937,000 per annum
Lesiureplex The entire property is let to Leisureplex Coolock Limited on a 25 x 5-year full repairing and insuring (FRI) lease from the 1st January 2019. The current passing rent is €675,000 per annum. The first and second rent reviews will be five-yearly CPI linked with a minimum uplift of 1% and a maximum uplift of 15% over each 5-year period. Rent reviews revert to open market in 2034.
The Cinema and Leisureplex are let to United Cinemas International (Ireland) Limited and Leisureplex Coolock Limited respectively
CINEMA & LEISUREPLEX COOLOCK, DUBLIN 17
PLAN TO BE SUPPLIED
Gents WC
Ladies WC
Store
Store
Stairs
Store
Store
Foyer
Counter
SCREEN 1
SCREEN 2
SCREEN 3
SCREEN 4
SCREEN 5
SCREEN 6
SCREEN 7SCREEN 8
SCREEN 9
SCREEN 10
ENTRANCE
Floorplans
Odeon Cinema - Ground Floor
Leisureplex - Ground Floor
98 L E I S U R E I N V E S T M E N T O P P O R T U N I T Y
DRAFT
Further Information Pricing €22,000,000 representing a net initial yield of 6.75% (after deducting standard purchaser’s costs of 8.46%)
Viewings Viewings are strictly to be arranged through the sole selling agent, Savills.
Title Long leasehold
BER ratingBER rating: F – G
BOX OFFICE IN LOCAL CURRENCY ADMISSIONS
COUNTRY (CURRENCY 2017 CHANGE IN % 2017 CHANGE IN % PER CAPITA
Albania (ALL) 180.0 +7.0 0.3 +7.0 0.1
Bosnia and Herzegovina (BAM) 5.7 +21.0 1.1 +17.8 0.3
Austria (EUR) 130.2 –1.9 14.5 –3.6 1.7
Belgium (EUR) 161.0 +8.6 19.6 +0.8 1.8
Bulgaria (BGN) 50.7 +4.7 5.6 +0.8 0.8
Croatia (HRK) 134.2 +5.8 4.5 +5.7 1.1
Czech Republic (CZK) 2,004.2 –0.3 15.2 –2.5 1.4
Denmark (DKK) 1,080.8 –4.1 12.5 –8.1 2.2
Estonia (EUR) 19.4 +9.8 3.5 +6.7 2.7
Finland (EUR) 98.3 +8.8 8.9 +3.0 1.6
France (EUR) 1,380.6 –0.6 209.4 –1.8 3.3
Germany (EUR) 1,056.1 +3.2 122.3 +1.0 1.5
Greece (EUR) 65.0 +0.9 10.1 +0.7 0.9
Hungary (HUF) 20,652.4 +4.1 14.9 +2.1 1.5
Ireland (EUR) 113.8 +5.8 16.1 +2.1 3.4
Israel (ILS) 582.6 +7.0 18.2 +7.0 2.1
Italy (EUR) 584.8 –11.6 92.3 –12.4 1.5
Latvia (EUR) 12.9 +5.3 2.5 –1.6 1.3
Lithuania (EUR) 20.2 +14.0 4.0 +9.4 1.4
Luxembourg (EUR) 8.4 +3.8 1.2 +4.8 2.0
Macedonia (MKD) 82.0 +6.0 0.4 +9.0 0.2
Montenegro and Serbia (RSD) 1,463.1 +6.4 3.8 +7.3 0.5
Netherlands (EUR) 301.9 +4.9 36.0 +5.3 2.1
Norway (NOK) 1,260.9 –8.3 11.8 –10.3 2.2
Selling Agents Solicitors
Shane Corby John [email protected] [email protected]+353 (0)1 618 1450 +1 7755600
Darragh Doyle [email protected] +353 (0)1 618 1341
Fergus O’Farrell [email protected]+353 (0)1 618 1311
Economic OverviewIreland’s economy continues to power ahead with total output growth averaging 7.2% per annum over the past four quarters. The labour market is also performing especially well. Total employment is rising by 66,700 (+3%) per annum and there are more people employed in the Republic than ever before. Unemployment has fallen to 5.3%, leading to a more competitive labour market and four straight years of annual earnings growth. Greater numbers at work, coupled with increased earnings and consecutive tax cuts, have led to strong growth of over 5% in real aggregate disposable incomes in the last twelve months (see Figure 1). Adding to this, sustained growth in consumer credit balances is undoubtedly adding to consumers’ spending power.
Figure 1: Real Aggregate Household Disposable Income (4 Qtr Moving Average)
According to the UNIC, International Union of Cinemas, Ireland has the highest rating in Europe for cinema attendance per capita (see figure 2).
Figure 2: Cinema attendance across Europe per capita
-8
-6
-4
-2
0
2
4
6
8
2004
Q3
2005
Q1
2005
Q3
2006
Q1
2006
Q3
2007
Q1
2007
Q3
2008
Q1
2008
Q3
2009
Q1
2009
Q3
2010
Q1
2010
Q3
2011
Q1
2011
Q3
2012
Q1
2012
Q3
2013
Q1
2013
Q3
2014
Q1
2014
Q3
2015
Q1
2015
Q3
2016
Q1
2016
Q3
2017
Q1
2017
Q3
2018
Q1
2018
Q3
% C
hang
e Y/
Y
Source: CSO
CINEMA & LEISUREPLEX COOLOCK, DUBLIN 17
1110 L E I S U R E I N V E S T M E N T O P P O R T U N I T Y
DRAFT
PROPERTY MISREPRESENTATION ACT
The Vendors/Lessors and their Agents 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 Ireland nor Savills UK 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 Ireland nor Savills UK 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.
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DRAFT