Block C, Dundrum Business Park

DUNDRUM, DUBLIN 14

Tenancies

Tenancy Details

The property is fully let to BT Communications Ireland Group Limited on two concurrent and identical leases (other than the number of cars spaces and rent allocated to each). There are also two licences to Hutchison 3G and O2 Ireland for mobile phone masts.

Tenant:	BT Communications Ireland Ltd
Lease Commencement:	22nd May 2001
Lease Term:	25 years
Break Options:	21st May 2018
Break Penalty:	12 month’s rent
Current Passing Rent:	Unit 1 - €458,429 per annum Unit 2 - €260,240 per annum
Rent Reviews:	5 yearly upward only
Repairs:	Internal and External (To put and to keep)
Car Spaces:	Unit 1 - 32 Unit 2 - 17
MGT Co.:	Dundrum Business Park (Mgt) Ltd Limited

MASTS:

Antenna 1
Licensee:	Hutchison 3G
Term:	10 years
Commencement:	26th July 2011
Annual Fee:	€9,000 paid quarterly in advance
Break Options:	End of Year 5 subject to certain terms & Conditions
Rent Reviews:	None
Antenna 2
Licensee:	Telefonica O2 Ireland Limited
Term:	10 years
Commencement:	17th December 2008
Annual Fee:	€18,000 paid in two 6 monthly advance payments
Break Options:	At anytime subject to 6 months’ written notice
Rent Reviews:	5 yearly upward only – CPI linked or 15% increase whichever the higher.

Covenant

BT (British Telecom) is one of the world’s leading providers of communications solutions and services operating in more than 170 countries. BT operates across Northern Ireland and the Republic of Ireland as an all island operation, headquartered in Belfast and Dublin, and employing close to 3,000 people.

The company provides communications services including phone, online and entertainment solutions to personal consumers as well as bringing together communications and IT services securely and efficiently for business and government organisations. Technology innovation is at the core of the company and they have invested over €1 billion annually on global research & development.

Accounts filed for 2013 show a turnover of €438 million, a net profit of €26.5 million and shareholder funds in the order of €184 million.

Title

The property is held long leasehold – 9,000 years from 19th December 2002 at a rent of €1.27 per annum.

Services

It is our understanding that all mains services are connected. The office benefits from gas fired central heating.

Guide Price

On Application

BER

BER no. 800110884