Abbott Laboratories 4051 Kingswood Drive, Citywest Business Campus, Dublin 24 For Sale by Private Treaty (Tenant Unaffected) 1
Investment Summary Fully let office/industrial facility within the award winning Citywest Business Campus, Dublin 24. High yielding investment producing 270,000 per annum Prominent facility with modern office accommodation and rear warehouse extending to 24,003 sq. ft. Let to Abbott Laboratories Ireland Ltd on a 25 year lease from 21 st December 2001 with tenant only break options in year 15 and year 20 subject to 12 months notice and 300,000 penalty and 6 months notice only respectively Strong covenant Parent company guarantee Abbott Laboratories Superb business campus with excellent communication facilities Initial yield of 12.92% Tenancy The building is fully let to Abbott Laboratories Ireland Ltd under a single lease. The 25 year FRI lease commenced 21 st December 2001 and is subject to upward / downward rent reviews every five years. There is a tenant only break option 20 th December 2016 subject to 12 months notice and 300,000 penalty. There is a further tenant only break option 20 th December 2021 subject to 6 months notice only. 1
Covenant Information Abbott Laboratories Ireland Ltd s parent company, Abbott Laboratories, is the guarantor on the lease. As guarantor, the parent company is jointly and severally liable with the tenant (Abbott Laboratories Ireland Ltd) for the obligations under the lease for a maximum period of 36 months. As at 31 st December 2012 Abbott Laboratores had Revenues of $39.87 bn and Working Capital of $18.04 bn. Accommodation & Specification Designed by Traynor O Toole Partnership, 4051 Kingswood Drive is a purpose built office/industrial facility incorporating an almost 50/50 split. The office accommodation is laid out over two floors to the front of the building with a double height glazed reception area. The offices are of modern specification including raised access floors with floor boxes wired for power, suspended ceilings with mineral fibre ceiling tiles, recessed lighting and air conditioning cassettes. 2
The building is heated through natural gas fired central heating. The warehouse is accessed externally and via the office accommodation. The building has two bays to the rear corner; dock leveller door and roller shutter, and an eaves height of approximately 9.74 metres. The warehouse is of steel frame construction incorporating concrete floor with dust proof paint and concrete infill block walls. The roof is of double skin metal deck incorporating Perspex roof lighting. Accommodation Schedule Floor Sq. M (GEA) Sq. Ft (GEA) Sq. M (GIA) Sq. Ft (GIA) Ground Floor Office 555 5,974 518 (GIA) 5,576 (GIA) First Floor Office 604 6,497 534 (GIA) 5,748 (GIA) Warehouse 1,071 11,532 Total 2,230 24,003 Disclaimer: All intending purchasers are specifically advised to verify the floor areas and undertake their own due diligence. Floor areas have been measured in accordance with the SCS Measuring Practice Guidance notes. 3
Location Citywest Business Campus is an award winning Business Park, providing a highly attractive place to work, focused on innovation and cutting edge new technologies. Citywest Business Campus is a 30 minute drive from Dublin Airport and Dublin city centre. In addition there are ample options in the public transport network that connect Citywest Business Campus to the city centre. Dublin Bus provides multiple services to and from the campus serving the city centre and surrounding areas. In addition the 65B and the 77A have their termini at Citywest providing frequent services to and from the city centre via some of the main Dublin suburbs. The Red Line of Dublin s light rail tram system (LUAS) provides direct links from the city centre and the International Financial Services Centre (IFSC) to Citywest Business Campus where two stops are situated servicing the campus and the shopping centre. There is a direct tram to the city centre from Citywest which operates every ten minutes during business hours. In addition, a campus LUAS shuttle bus provides easy access from Citywest Campus stop which is located in the heart of the campus adjacent to Riverwalk to all areas of the campus. Citywest boasts unparalleled telecommunications infrastructure. Resilient ducting is laid throughout the campus serving all buildings and providing occupiers with a choice of telecom providers. 4
Citywest is home to a number of data centres and Eircom s network management centre. The campus also hosts the landing point of the global crossing transatlantic fibre cable. Site Map Macro Location Dublin is the capital city of Ireland and is also the country s main economic hub. Dublin has a population of 1,270,603 persons, an increase of approximately 7% from the 2006 Census and is one of the fastest growing cities in western Europe. Ireland has seen a rapid increase in the number of multi-national firms, with companies such as SAP, Pfizer, Sage, Unilever, Xilinx, Fidelity, Abbot Labs, Adobe, Shire, Sony, Sanofi Aventus and Uniphar having chosen to locate their headquarters in Citywest since the 1990 s. Ireland has successfully attracted a wide range of international companies due to its low rate of corporation tax (12.5%), as well as its central geographic location between the United States and mainland Europe. Ireland also has a reputation for highly skilled and educated workers and has one of the youngest workforces in Europe with over 36% under the age of 25 years (IDA). As an EU member and the only English speaking country in the Euro outside the UK, Ireland s strong indigenous workforce is reinforced by a significant number of young, well-educated multi-nationals who have been 5
attracted to work in Ireland, and contribute to the highly qualified workforce that is available across all sectors. Some of Ireland s key business achievements are highlighted below. Ireland is ranked number one for availability of skilled labour, flexibility of workforce, investment incentives and attitudes towards globalisation (IMD World Competitiveness Yearbook 2012) Ireland has attracted almost 1,000 companies as a place to base their European operations (IDA) Over 50% of the world s leading financial services firms are located in Ireland (IDA) 15 of the top 20 companies in medical devices are based in Ireland (IDA) 9 of the top 10 ICT companies have chosen Ireland as a business location (IDA) 8 of the top 10 companies in pharmaceuticals have a presence in Ireland (IDA) Ireland ranks within the global top ten locations for ease of starting a business (The World Bank) Town Planning The property is situated in an area zoned Objective EP2 to facilitate opportunities for manufacturing, research and development facilities, light industry and employment and enterprise related uses in industrial areas and business parks under the 2010 2016 South Dublin County Development Plan. Tenancy Information The property is let on a long full repairing and insuring leasehold Tenant Abbott Laboratories Ireland Limited Guarantor Abbott Laboratories (Maximum period of 36 months) Lease Term 25 years Commencement date 21 st December 2001 Rent Reviews Upward / downward rent reviews every five years Next review date 21 st December 2016 Break Options 20 th December 2016 subject to 12 months notice and 300,000 penalty and 20 th December 2021 subject to 6 months notice only Current rent - 270,000 per annum Rental payment Quarterly Site area 0.54 hectares (1.35 acres) Title 999 years from August 2001 6
Investment Rationale 4051 Kingswood Drive represents a unique opportunity to acquire a high yielding investment with the following characteristics: The property is located within Citywest Business Campus, Dublin 24 a world renowned award winning business park with high profile tenants such as SAP, Sage, Unilever, Pfizer, Adobe, Sony and Xilinx to name a few Specialist commercial building comprising 12,471 sq. ft. office accommodation and 11,532 sq. ft. warehousing. Offices fully let to Abbott Laboratories Ireland Ltd Strong covenant Abbott Laboratories parent company guarantee Initial Yield 12.92% Price per sq. ft. - 83.32 Long Leasehold Title BER Rating BER D2 BER No: 800116246 EPI: 519 KWh/m²/yr 1.81 Contact Information John Moran email: john.moran@eu.jll.com Frank Cronan email: frank.cronan@eu.jll.com Zoe Gray email: zoe.gray@eu.jll.com DISCLAIMER The particulars and information contained in this brochure, are issued by Jones Lang LaSalle on the understanding that all the negotiations are conducted through them. Whilst every care has been taken in the preparation of the particulars and information they do not constitute an invitation to treat, an offer or a contract of any nature whether express or implied. All descriptions, dimensions, maps, plans, artists impressions, references to condition, permissions or licences of use or occupation, access and other details are for guidance only and may be subject to change, without prior notification. The particulars and information are given in good faith but no intending purchaser/tenant should rely on them as statements or representations of fact and is specifically advised to undertake its own due diligence (at its own expense) to satisfy itself as to the accuracy and/or correctness of the particulars and information given. None of Jones Lang LaSalle, its employees, agents or affiliate companies, makes any warranty or representations whether express or implied with respect to the particulars and/or information and which are to the fullest extent permitted by law, disclaimed; furthermore, such parties accept no liability in respect of any loss suffered by any intending purchaser/tenant or any third party arising out of the particulars or information. Prices are quoted exclusive of applicable taxes such as VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchaser/lessee shall be liable for any applicable taxes or VAT arising out of the transaction. 7