P R I M E R E S I D E N T I A L D E V E L O P M E N T O P P O R T U N I T Y

S O U T H D U B L I N

THE OPPORTUNITY 4

THE STATISTICS 6

LOCATION 9

ACCESSIBILITY 10

AMENITIES & OCCUPIERS 12

DEVELOPMENT 14 OPPORTUNITY

SITE PLAN 16

ACCOMMODATION 18 SCHEDULES

PRIVATE RENTAL SECTOR 21 MARKET COMMENTARY

FURTHER INFORMATION 23

CONTACTS 23

32

P R I M E R E S I D E N T I A L D E V E L O P M E N T O P P O R T U N I T Y

LUAS Green Line Stillorgan Stop

D U B L I N C I T Y C E N T R E

S T I L L O R G A N V I L L A G E C E N T R E

B E A C O N S O U T H Q U A R T E R

U C D

Exceptional opportunity to acquire a large-scale

development opportunity with full planning permission for 459

apartmentsOn the instructions of Duff & Phelps, Cushman & Wakefield

is pleased to present Sandyford Central, a rare opportunity to acquire a large-scale apartment development opportunity in

South Dublin.

With full planning permission for 459 apartments and the potential for redesign to achieve approx. 539 units under

a BTR scheme, subject to planning permission, Sandyford Central has the scale and flexibility to provide private rental

sector or build to sell accommodation, or a combination of each.

This development opportunity is offered in one lot.

Site of approx. 1.54 ha (3.81 acre) with full planning permission for the development

of 459 apartments and ancillary accommodation, including crèche, gym, office suite, lounge, games room and a two-level basement containing 454 car parking spaces. 45 podium car parking

spaces are also included.

P R I M E R E S I D E N T I A L D E V E L O P M E N T O P P O R T U N I T Y

4 5

Computer Generated Image - View of permitted development from Stillorgan Luas.

Economy predicted to grow by

7.50% in 20184.20% in 2019

3.30%H1 2018 national house

price growth

5.80%Unemployment

Employment grew by

3.40% YOYto Q2 2018

Average weekly wage increased by

3.30% YOYto Q2 2018

Home to 9 out of

the TOP 10 global software, ICT and pharmaceutical companies

NATIONAL ECONOMY SANDYFORD DEMOGRAPHICS - 5KM CATCHMENT

CONNECTIVITY

DUBLIN PRIVATE RENTAL SECTOR

GDP growth of 9% YOY to Q2 2018

(incl. aircraft leasing)

Population 4.76 million

4.96 million by 2021 5.52 million by 2031

Outflow of individual residential investors from the market increasing the requirement for institutional residential landlords

Population of

154,600 56,394

households (2.74 average)

€4.22 billion purchasing power (€27,300 per capita)

€576 million 2018 turnover to Q3(incl. forward deals)

1% of accommodation available to rent as at

August 2018

Apartment rents increasing by approx.

8% per annum16% of Ireland’s

rented accommodation within 15-minute drive of Sandyford Central

AUG

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2

3

2

23

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N7

N7

N7

N81

N81

N4

N3

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N2

N1

N32

N1

N2

N2

N11

N11

N31

N31

N11

N81

N81

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17

16

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DUBLINAIRPORT

Ballsbridge

SANDYFORD

Ratfarnham

Dundrum

Churchtown

Stillorgan

Clonskeagh

Blackrock

Milltown

Terenure

Foxrock

Leopardstown

Carrickmines

Stepaside

Cherrywood

Donnybrook

Crumlin

Drumcondra

Chapelizod

Port Tunnel

Beaumont

CoolockSantry

Finglas

Castleknock

Lucan

Ballyfermot

Walkinstown

DUBLIN

Clondalkin

Portmarnock

Malahide

Clontarf

Howth

Sutton

Swords

Donabate

Ballsbridge

SANDYFORD

Ratfarnham

Dundrum

Churchtown

Stillorgan

Clonskeagh

Blackrock

Milltown

Terenure

Foxrock

Leopardstown

Carrickmines

Stepaside

Cherrywood

Donnybrook

Drumcondra

Chapelizod

Port Tunnel

Beaumont

CoolockSantry

Finglas

Castleknock

Lucan

Ballyfermot

Walkinstown

DUBLIN

Clondalkin

CitywestCitywest

BelgardBelgard

SaggartSaggart

Portmarnock

Malahide

Clontarf

Howth

Sutton

Swords

Donabate

DunboyneDunboyne

SterlingSterling

MulhuddartMulhuddart

CloneeClonee

BlanchardstownBlanchardstown

The Square

5 km Catchment

Stillorgan LUAS Station

1 min walk

Air Coach5 min walk

M50 Motorway3 min drive

Dublin Airport25 min drive

St Stephen’s Green25 min on LUAS

Dundrum Town Centre7 min drive

10 min on LUAS

Sandyford Central is situated in a highly accessible location, adjacent to the Luas Green Line as well as multiple bus routes, both offering regular services to Dublin city centre

APARTMENT

TO LET

6 7

Sandyford Central occupies a prime location in South Dublin in a pivotal residential and employment cluster,

with the Luas Green Line situated within approx. 80 metres

Sandyford, located approx. 9 km south of Dublin city centre, represents one of Dublin’s most successful regeneration stories and continues to evolve from a traditionally industrial centre into one of Dublin’s most significant suburban living and employment hubs.

Sandyford Central is situated within the former Sandyford Industrial Estate and the Sandyford Urban Framework Plan area with dual frontage onto Blackthorn Drive and Carmanhall Road. The Sandyford Urban Framework Plan provides for the redevelopment of key sites within Sandyford Industrial Estate for residential and commercial uses, including Sandyford Central. A number of high profile international occupiers are now based in the vicinity, including Google, Microsoft, Vodafone, AIB, Bank of America Merrill Lynch and Salesforce.

Sandyford Central is situated in a highly connected location, adjacent to the Luas Green Line as well as multiple bus routes, both offering regular services to Dublin city centre. The property is well serviced by the M50 motorway and N11 dual carriageway which provide access to Dublin city centre and Dublin Airport. With a planned completion date of 2027, Dublin Metrolink will connect Sandyford to Dublin city centre, Dublin Airport and Swords. The Dublin Metrolink will connect to Tara Street DART station. See: www.metrolink.ie.

Upon development, Sandyford Central and the adjoining Rockbrook Phase 2 will mark substantial completion of the “Mixed Use Inner Core Area Zone 1” under the Sandyford Urban Framework Plan, creating in excess of 1,000 new homes for over 2,500 residents. Delivery of this scale on pivotal sites will have a significantly positive onward impact on the viability and vibrancy of the surrounding commercial and employment hubs.

LOCATION

Sandyford Central is situated within the former Sandyford Industrial Estate and the Sandyford Urban Framework Plan area

8 9

Microsoft, South County Business Park

The Beacon HotelBeacon Hospital

Beacon South Quarter

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Ballawley Park

LeopardstownRacecourse

DundrumTown Centre

StillorganVillage Centre

StillorganBusiness Centre

SANDYFORD

DUNDRUM STILLORGAN

M50

Junction 14

KILMACUD

BALALLY

DUNDRUMDUNDRUM

CENTRAL PARK

STILLORGAN

STILLORGAN

SANDYFORD

SANDYFORD

KILMACUD

1

2

3

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N31

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M50

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M50

M50

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3

2

M2

4

4

5

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M50

M3

M4

DUBLINAIRPORT

Ballsbridge

GlenagearySANDYFORDRatfarnham

Dundrum

Churchtown

Stillorgan

Clonskeagh

Blackrock

Milltown

Terenure

Templeogue

Foxrock

Leopardstown

Carrickmines

StepasideCherrywood

DunLaoghaire

Ranelagh

Donnybrook

Crumlin

Drumcondra

Chapelizod

Port Tunnel

Beaumont

CoolockSantry

Finglas

Castleknock

Lucan

Ballyfermot

Walkinstown

DUBLIN

Clondalkin

Portmarnock

Malahide

Clontarf

HowthSutton

Swords

Donabate

Ballsbridge

GlenagearySANDYFORDRatfarnham

Dundrum

Churchtown

Stillorgan

Clonskeagh

Blackrock

Milltown

Terenure

Templeogue

Foxrock

Leopardstown

Carrickmines

StepasideCherrywood

DunLaoghaire

Ranelagh

Donnybrook

Crumlin

Drumcondra

Chapelizod

Port Tunnel

Beaumont

CoolockSantry

Finglas

Castleknock

Lucan

Ballyfermot

Walkinstown

DUBLIN

Clondalkin

TallaghtTallaght

CitywestCitywest

BelgardBelgard

SaggartSaggart

Portmarnock

Malahide

Clontarf

HowthSutton

Swords

Donabate

DunboyneDunboyne

SterlingSterling

LeixlipLeixlip

CloneeClonee

Stillorgan LUAS Station1 min walk

Air Coach5 min walk

Beacon South Quarter1 min walk

M50 Motorway3 min drive

Dublin Airport25 min drive

Dundrum Town Centre7 min drive

10 11

Sandyford Luas Stop

Food and Retail

1. Beacon South Quarter2. Dunnes Stores3. Aldi4. Dundrum Town Centre

Business and Employment

5. Microsoft6. AIB7. Salesforce8&9. Google10. The Hive - Office Refurbishment11. 3 Arkle Road - New Office Development

Residential Accommodation

19. Rockbrook Phase 220. The Maple21. The Cubes22. Prime Living - New Residential Development

23. Beacon South Quarter24. South Central 25. The Forum26. Grande Central

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3

2

1

13

14

7

6

8

18

21 2320

24

25

2619

15

12

22

11

10

17

AMENITIES AND OCCUPIERS

16

M50

12 13

5

9

Mixed Use Inner Core Area Zone 1

Services and Amenities

12. Beacon Hospital 13. Beacon Hotel14. Ben Dunne Gym15. Imaginosity

16. M50 motorway17. Naomh Olaf GAA18. Stillorgan Luas

The Development OpportunityThe extant five-year planning permission was granted on 17 July 2018 for a scheme comprising 459 apartments (Ref. PL06D.301428) across six blocks ranging from 5 - 14 storeys in height. The permitted scheme contains 1 no. studio apartment, 92 no. 1 bedroom apartments, 303 no. 2 bedroom apartments and 63 no. 3 bedroom apartments. Ancillary accommodation includes a crèche, gym, office suite, lounge, games room and a two-level basement containing 454 car parking spaces and a plant area. 45 car parking spaces are also included at podium level. Vehicular access is provided via Carmanhall Road, while Blackthorn Drive provides vehicular access for services.

The apartments in the permitted scheme were designed under the 2015 Department of Environment, Community and Local Government Apartment Standard guidelines. Following the publication of the Design Standards for New Apartments in March 2018, a review of the design was undertaken by Henry J Lyons to evaluate the potential uplift in unit numbers that could be achieved under the new guidelines within the existing envelope of the permitted development. Along with the potential to significantly reduce or eliminate car parking requirements under the BTR asset class, such a strategy offers the potential to significantly enhance and add value through design and planning refinement. This study by Henry J. Lyons provides for a development of 539 apartments, with a single level basement requiring minimal excavation providing 160 car parking spaces and 660 bicycle spaces.

Town PlanningPlanning policy for Sandyford Central is contained within the Dun Laoghaire Rathdown County Development Plan 2016-2022 and The Sandyford Urban Framework Plan 2016 (SUFP). The site is zoned Mixed Use Inner Core Area Zone 1 “MIC” which aims to consolidate and complete the development of the mixed use inner core to enhance and reinforce its sustainable development. 

Under the Sandyford Urban Framework Plan, Sandyford Central has a permitted plot ratio of 4:1 and permitted building height limits of 5 - 14 storeys. The building height limits were established through an assessment of location and character of an area and proposed land use. Building height policy within the Sandyford Urban Framework Plan allows for the design of buildings or elements of buildings to exceed the building height limit at appropriately identified locations.

DEVELOPMENT OPPORTUNITY

Policy ContextMarch 2018 Design Standards for New Apartments

This March 2018 publication on apartment design provides for greater efficiency in apartment design, particularly for schemes planned for long term institutional rental under the BTR model.

Some of the main points of these standards are as follows;

1. BTR (Build to Rent) is now a specific asset class. In order to be classed as BTR, certain covenants must be satisfied, i.e. “the development remains owned and operated by an institutional entity and that this status will continue to apply for a minimum period of not less than 15 years and that similarly no individual residential units are sold or rented separately for that period”. Supporting communal and recreational facilities must also be provided. There are no restrictions on BTR unit mix.

2. No restrictions have been imposed on development height. Instead, this aspect will be assessed on performance based criteria appropriate to general location. This matter has been addressed in the Project Ireland 2040 National Planning Framework.

3. Studios are included at a minimum size of 37 sq m, 2 bed units (4 person) remain at 73 sq m but local authorities can now consider 2 bed units (3 person) at 63 sq m.

4. The dual aspect requirement for centrally located schemes has been reduced to 33% (previously at 50%) with the remainder of development (intermediate and peripheral locations) remaining at 50%.

5. Minimum floor to ceiling heights remain at 2.4m (2.7m at ground) but a floor to ceiling height of 2.7m throughout should be considered given the removal of building height restrictions.

6. The number of permissible units per floor per core has increased from 8 to 12, but no maximum requirements shall apply to BTR schemes.

7. Minimal or significantly reduced car parking provision for BTR development close to transport services. This initiative could offer a significant cost saving to Sandyford Central, considering the proximity to the Luas.

9. Shared Accommodation is now permissible with minimum floor areas of 12 sq m for single rooms and 18 sq m for double / twin rooms.

14 15

Computer generated image of the permitted development

N

\\dubfile\cad\Jobs\90-\950021 Tivway Sandyford Residential Masterplan\CAD\Planning\DWG

950021 P0003 Site Plan1:500

SITE PLAN P0003 0

950021

Pearse Farrell, Statutory Receiver to Certain Assets of Tivway Limited

TIVWAY Residential DevelopmentFormer Aldi Site, Carmanhall Road, Sandyford Business District, Dublin 18

PLANNING

RJ/OJ/RSFILE NAME

BLOCK DRAWING NUMBER ZONE REVISION

COPYRIGHT©

CLIENT

PROJECT

henryjlyons.comT +353 1 8883333 F +353 1 8883322

DRAWING

ALL DIMENSIONS TO BE CHECKED ON SITENO DIMENSIONS TO BE SCALED FROM THIS DRAWING

RELEVANT CONSULTANTS DRAWINGSTHIS DRAWING IS TO BE READ IN CONJUNCTION WITH

NOTE

SCALE: DRAWN

JOB NUMBER: DATE

REV DESCRIPTIONDATE DRNCHKD

@A1

51-54 PEARSE STREET, DUBLIN 2.

08.03.2018

F E

A B C

D

0 08.03.18 PLANNING DB RJ

(in Receivership) and Picerno Limited (in Receivership)

DB/RJCHECKED

SCALE 1:500PROPOSED SITE PLAN1

Main vehicularaccess from

Carmanhall Road

1 x studio apartment

92 x 1 bedroom apartments

303 x 4542 bedroom apartments

car parking spaces

63 x 3 bedroom apartments 516 bicycle parking

spaces and plant

16 17

Full planning permission for

459 APARTMENTS

TO INCLUDE:

CrècheCafé Office suiteMeeting roomGymnasiumGames roomYoga studio

TWO LEVEL BASEMENT WITH:

Site plan of permitted development

45 PODIUM LEVEL CAR PARKING SPACES

ACCOMMODATION SCHEDULES

18 19

BLOCK NET RESIDENTIAL

(SQ M)

GROSS RESIDENTIAL

(SQ M)

RESIDENTIAL NET: GROSS

ANCILLARY / AMENITY

(SQ M)

TOTAL ACCOMMODATION

(SQ M)

A 11,009 13,204 83.38% 445 13,649

B 4,207 5,157 81.58% 81 5,238

C 2,4879,491 82.09% 2,380 11,871

D 5,304

E 5,311 6,484 81.91% 147 6,631

F 6,393 7,733 82.67% 136 7,869

TOTAL 34,711 42,069 82.51% 3,189 45,258

BLOCK NET RESIDENTIAL

(SQ M)

GROSS RESIDENTIAL

(SQ M)

RESIDENTIAL NET: GROSS

ANCILLARY / AMENITY

(SQ M)

TOTAL ACCOMMODATION

(SQ M)

A 11,027 13,495 81.71%

2,823 45,006

B 4,213 5,132 82.09%

C 2,479 3,069 80.78%

D 5,278 6,488 81.35%

E 5,203 6,293 82.68%

F 6,330 7,706 82.14%

Total 34,528 42,183 81.85% 2,823 45,006

BLOCK A B C D E F SUB-TOTAL

TYPE UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M

STUDIO - - - - - - 1 43.50 - - - - 1 43.50

ONE 22 50.7 22 49.56 12 49.63 - - 16 49.50 20 49.5 92 49.82

TWO 98 81.01 23 81.33 19 83.41 47 78.76 52 75.25 64 74.96 303 78.57

THREE 19 102.91 13 95.85 3 102.30 16 97.41 6 100.95 6 100.95 63 99.65

TOTAL 139 79.20 58 72.54 34 73.16 64 82.87 74 71.77 90 71.03 459 75.62

BLOCK A B C D E F SUB-TOTAL

TYPE UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M UNITS AVG. SQ M

STUDIO 45 37.11 11 37.00 - - 9 37.78 - - 16 37.00 81 37.14

ONE 41 45.80 20 49.50 11 49.55 26 47.73 36 46.22 22 46.41 156 47.04

TWO 80 78.11 33 79.39 21 82.48 43 79.14 40 75.75 56 75.14 273 77.81

THREE 12 102.50 2 98.00 2 101.00 3 98.00 5 101.80 5 101.80 29 101.34

TOTAL 178 61.95 66 63.83 34 72.91 81 65.16 81 64.23 99 63.94 539 64.06

539 UNITS - FEASIBILITY STUDY

459 UNITS - AS GRANTED

539 UNITS - FEASIBILITY STUDY

459 UNITS - AS GRANTED

Computer generated image of the permitted development

Transaction ActivityThe Private Rented Sector (PRS) continues to expand rapidly, buoyed by a positive economic outlook, a growing population and strong housing demand for rental and owner occupation. Following a dynamic year for the sector in 2017, investor appetite for PRS assets continues unabated in 2018. Combining forward deals with traditional transactions, turnover in the first nine months of 2018 reached approx. €576 million. An additional €203 million of transactions were sale agreed at end of Q3 2018, which would suggest turnover for the year 2018 could be in the region of €1 billion, including forward deals.

Profile AnalysisDublin remains the most attractive market for investors, attracting 76% of total residential investment in 2018 to date. The profile of buyers is quite evenly split. While International investors continue to increase their residential holdings in Ireland, accounting for 41% of overall investment in 2018 to date, domestic investors continue to outweigh overseas spend.

OutlookDespite the fact that the PRS sector is still in its infancy, the momentum for institutional investment has been increasing and is expected to remain a key feature of the market in the latter part of 2018. Recent prime sales have seen a significant volume of capital seeking PRS investments. High profile recent sales include The Grange in Stillorgan, Co. Dublin, which was reported to have sold for €160 million, and the forward purchase of 262 units by Irish Life in Fernbank, Churchtown, Dublin 14. These transactions demonstrate the strength of the Irish PRS market with the significant weight of both national and international equity seeking the best Irish PRS and BTR development opportunities.

Institutional investors should now be further incentivised to continue to pursue this asset class due to the continuous outflow of private individual investors from the residential market and the 2018 designation of BTR as an institutional asset class, and associated design and delivery efficiencies now available at a policy level. As most built stock has now traded, the best new opportunities for investors seeking large-scale investments are available on a forward funding / purchase basis. Sandyford Central is one of the largest single residential investment opportunities available to satisfy demand in this area.

PRIVATE RENTAL SECTOR MARKET COMMENTARY

20 21

FURTHER INFORMATION

TitleA title summary and copy of the contract for sale is available in the property data room.

ServicesProspective bidders are advised to satisfy themselves regarding the presence, adequacy and availability of all services to Sandyford Central. Notwithstanding the foregoing, information on services is contained within the property data room.

InspectionsInspections are available by prior appointment only with the sole selling agent.

Data RoomFurther legal and commercial information is available through the bespoke property website and data room:

www.sandyford-central.com

ContactsSole AgentCushman & Wakefield164 Shelbourne RoadBallsbridgeDublin 4

www.cushmanwakefield.iePSRA: 002222

Donal Kellegher+353 1 639 9248donal.kellegher@cushwake.ie

John Donegan+353 1 639 9222john.donegan@cushwake.ie

Kevin Leonard+353 1 639 9219kevin.leonard@cushwake.ie

SolicitorWalkersThe ExchangeGeorge’s DockIFSCDublin 1

www.walkersglobal.com

Rachel Rodgers+353 1 470 6675rachel.rodgers@walkersglobal.com

A full copy of our general brochure conditions can be viewed on our website at https://property.cushwake.ie/disclaimer, or can be requested from your local Cushman & Wakefield office. We strongly recommend that you familiarise yourself with these general conditions. While care has been taken to ensure that information contained in Cushman & Wakefield

publications is correct at the time of publication, changes in circumstances after the time of publication may impact on the accuracy of this information. PSRA Registration Number: 002222. Publication Date: November 2018.

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