George's Dock House is a five-story office building located in Dublin's International Financial Services Centre (IFSC). It is fully leased to three tenants, producing a current annual rent of €2.05 million, with a weighted average lease term of 6.5 years remaining. The property represents an opportunity for investors seeking a secure income stream from a high-quality modern office building in a premier business location with strong prospects for rental and capital growth.

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George’s Dock House, IFSC, Dublin 1

2. Investment Rational
The property offers investors an opportunity to acquire a high
quality modern office building situated in a sought after business
location, offering superb rental and capital growth prospects.
Secure Income - The investment is fully let to three exceptionally strong
tenants producing a current rent of €2.05 million. With a weighted average lease term
to expiry of 6.5 years this represents an attractive combination of secure income and
a long unexpired term. Of the total passing rent, 51.5% is secured by Susquehanna
(SIG), 40% by Rabobank and 8.5% by Airbus Finance.
Active Management Potential - Following the relocation
of SIG to the adjoining International House, there may be scope to agree an early
surrender of the second (part), third and fourth floors. Similarly, as SIG have vacated
the part ground floor they sub-let from Rabobank, there may be potential to agree
an early surrender from Rabobank. Subject to planning, there may also be potential
to add a further floor to the building, bringing the height in line with George’s Dock
5 and 6.
Low Vacancy Rate - With effectively no commercial development in
Dublin between 2009 –2014, the supply of quality accommodation is at record lows,
particularly in the core city centre markets. The overall vacancy rate in the Dublin
office market fell from 15.5% in 2013 to 11.6% at the end of 2014. In the IFSC, the
vacancy rate is now less than 3.0%.
Rental Recovery - The IFSC has experienced rapid rental growth in the
past 12 months, recovering some of the fall experienced over 2008 – 2011. The
most recent rent achieved is €37.00 (George’s Dock 6) with over €40.00 per sq.ft.
now quoted for available space. Even at these levels, rents are still more than 20%
below the levels that were achieved when supply was considerably higher. In the
wider market, rents are expected to exceed €55.00 per square foot by the end
of the year. With declining availability, limited supply, strengthening economic
recovery, strong office employment growth and Dublin’s appeal to a broad range of
occupiers this should provide a strong basis for continued growth.

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Location
The property is located on a high profile corner site on
George’s Dock in the centre of Dublin’s International
Financial Services Centre (IFSC). The IFSC is one of
the premier office locations in the city, providing high
quality modern office accommodation served by a
range of shopping, restaurant and leisure facilities.
The IFSC is home to half of the world’s top
50 banks and to half of the top 20 insurance
companies. Merrill Lynch, Sumitomo Bank,
Citibank, AIG, JP Morgan (Chase), Commerzbank,
BNP Paribas and EMRO are just some of the
big-name operations that have chosen to
locate in the area. A sophisticated support
network, including shared services centres,
software development, legal and accountancy
firms has also developed around the IFSC.
In addition to the finance sector, the location attracts
a wide range of other occupiers including information
technology, new media and service companies.
A key attraction of the area is the extensive public
transport infrastructure centred on the IFSC including
bus, tram (Luas), light rail (DART) and mainline rail.
Busárus
Royal Bank of Scotland
Connolly Station
Zurich Bank
KPMG
JP Morgan
CHQ
Depfa Bank
Jury’s Inn Hotel
Citigroup
BNY Mellon
Nationwide UK
Convention Centre
PWC
AIG

4. The Building
George’s Dock House is a five storey modern office building with
basement car parking developed in 1996.
Externally, the building is of reinforced concrete frame construction
with attractive Redland clay brick elevations and a striking Yorkstone
clad entrance. The windows are a combination of structural glazing on
the ground, first and penthouse floors. The balance of the glazing is a
proprietary powder coated aluminium cap system.
The entrance to the building is by way of an impressive foyer with
polished granite floor and wall finishes. Internally, the offices provide
adaptable and flexible work space. All floors are L shaped with a central
core allowing for sub-division of the floor plate.
Standard landlord’s finishes include:
n Suspended ceilings incorporating recessed lighting
n Air conditioning
n Raised access floors with floor boxes wired for
power and data
n Fully carpeted throughout
n Fully finished toilet facilities
n 2 passenger lifts
n Building management system
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5. Accommodation
The lift foyers at each level provide male and female toilet accommodation and
a cleaner’s store. The main circulation stair is located in the core with secondary
stairs on each wing.
Air conditioning is provided by a four pipe floor standing fan coil system with under
floor plenum fresh air supplied from a central fresh air plant and ceiling void plenum
air extracts through air handling luminaries and grilles.
The building adjoins George’s Dock 3 and 4, wrapping around a central landscaped
courtyard. To the rear, the building overlooks the Dock with extensive water
frontage.
Subject to planning, there is potential to add a further floor to the building to bring
the block level with the six storey George’s Dock 5 and 6.
40 car parking spaces are provided at basement level. Access to the car park is by
way of a shared ramp located between JP Morgan House and George’s Dock House.
Floor Areas:
The approximate net internal floor areas are as follows:
Accommodation Area sq.ft Area sq.m
Ground 8,496 789
1st Floor 9,039 840
2nd Floor 9,139 849
3rd Floor 9,080 844
4th Floor 7,757 720
Totals 43,511 4,042
Building Dimensions
Block width 15 metres
Slab to slab 3,600 mm
Slab thickness 300 mm
Floor void 250 mm (including tile)
Raised floor to ceiling 2,650 mm
Ceiling void 400 mm (including tile)

6. Floor Tenant Sq. M. Sq. Ft. Lease Term Lease End Break Next Rent No. of Car Total Rent
Commence Review Spaces passing
Ground - Rabobank 216 2,320 01/07/1996 25 years 30/06/2021 N/A 1st July‘16 2 €111,400
Part (Front) Ireland PLC
Ground - Rabobank 412 4,435 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 3 €193,980
Part (Rear) Ireland PLC
Ground - Rabobank 161 1,730 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 2 €83,120
Part Ireland PLC
First Floor Rabobank 839.8 9,040 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 8 €437,500
Ireland PLC
Second Floor - Airbus 342.3 3,684 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 4 €178,250
Part Financial Services
Second Floor (Part) Susquehanna 2,071 22,291 01/07/1996 25 years 30/06/2021 N/A 1st July ‘16 21 €1,043,725
Third & Fourth Ireland Ltd.
TOTAL 4,042 43,511 40 €2,047,975
Tenancy Schedule
The property is let under six 25 year FRI lease from 1/7/1996 at a total rent of €2,047,975 per annum.
The leases provide for upward only reviews each 5th year of the term. The lease details are as follows:
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7. Covenant Details
Rabobank
Rabobank (Ireland) consists of three banking entities in Ireland which is part of the Dutch owned
Rabobank Group. The three Irish based businesses are Rabobank (Ireland) plc, ACC Loan Management
and RaboDirect Ireland.
Rabobanks first came to Ireland in 1994 when it established the commercial bank RaboBank (Ireland)
plc in the IFSC in Dublin. In 2002 Rabobank bought the Agricultural Credit Corporation (ACC Bank). In
2005 Rabo launched its online savings bank RaboDirect which provides online savings accounts and
savings products such as PRSA’s.
The latest published accounts for Rabobank Ireland show a total profit of €35.7 million and assets of
€10.7 billion.
Susquehanna
Susquehanna (SIG) is a world leading trading, market making, technology, and research firm. SIG is
one of the most successful privately held financial institutions in the world. With offices around the
globe, the company trades virtually every major financial product and is recognized for its disciplined
and quantitative trading approach.
Founded in Philadelphia in 1987, SIG established a European headquarters in Dublin in 1999 and now
has over 300 employees working in Trading, Technology, Research, Operations, Compliance, Risk,
Legal, Finance and HR. Susquehanna Ireland’s latest accounts show a net profit of €38 million and
net assets of €214 million.
Airbus Financial Services
Airbus Financial Services (“AFS”) was set up by Airbus to finance commercially and independently
the development costs of the Airbus A321. Ireland was selected because of its skilled professionals,
especially with respect to aviation. The success of the Dublin operation has led to the growth of AFS’
activities to being both owner and lease manager for the fleet of “Airbus owned” (including five Beluga
aircraft) and financed aircraft, as well as manager of those aircraft owned by third party financiers.
The portfolio currently under management is approximately $5 billion in value.
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Disclaimer
These particulars are issued by HT Meagher O’Reilly trading as Knight Frank on the understanding that all the negotiations are conducted through them. Whilst every care has been taken in
the preparation of these particulars, they do not constitute an offer or contract. All descriptions, dimensions, references to condition, permissions or licenses of use or occupation, access
and other details are for guidance only, they are given in good faith and believed to be correct, and any intending purchaser/tenant should not rely on them as statements or representation
of fact but should satisfy themselves (at their own expense) as to the correctness of the information given. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations
are conducted on the basis that the purchaser/lessee shall be liable for any VAT arising on the transaction. Neither HT Meagher O’Reilly trading as Knight Frank or any of their employees have
any authority to make or give any representation or warranty in respect of this property.
HT Meagher O’Reilly trading as Knight Frank, Registered in Ireland No. 385044, PSR Reg. No. 001266. HT Meagher O’Reilly New Homes Limited trading as Knight Frank, Registered in Ireland No.
428289, PSR Reg. No. 001880. Registered Office - 20-21 Upper Pembroke Street, Dublin 2.
Contact
SELLING AGENT
Adrian Trueick
Adrian.trueick@ie.knightfrank.com
Ross Fogarty
Ross.fogarty@ie.knightfrank.com
20-21 Upper Pembroke Street,
Dublin 2
Tel: +353 1 6342466
Fax: +353 1 6342477
KnightFrank.ie
A key attraction of the area is
the extensive public transport
infrastructure centred on the IFSC
including bus, tram (Luas), light rail
(DART) and mainline rail.
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