ac rn PORTFOLIO IRISH RETAIL INVESTMENT PORTFOLIO CORK BALBRIGGAN CLONMEL

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1 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL

2 IRISH SHOPPING CENTRE INVESTMENT CORK BALBRIGGAN CLONMEL 2

3 What the acorn portfolio offers to investors... Access the Irish Domestic Recovery through a diverse Retail Portfolio Approximately 720,000 sq ft of commercial accommodation All 3 centres hold dominant positions in their catchments Tenants include major international occupiers like Tesco, M&S, Aldi, Next, Boots and TK Maxx More than 10.5m visitors per annum all benefiting from over 3,500 free car spaces 13.25m initial rent pa with 70% from Institutional Occupiers and a WAULT of 9.72 years More than 276,000 people within the 3 scheme s bespoke catchments spending over 1.57bn per annum Attractive initial yield of 9.75% on quoting price 130 Tenancies in 3 diverse locations 3

4 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL N14 DERRY A6 A5 A29 M2 N15 A32 M1 A26 BELFAST SILGO N16 ENNISKILLEN A4 A3 A1 N2 N17 N4 N3 DUNDALK GALWAY N17 N5 ATHLONE M6 N4 MULLINGAR DROGHEDA N3 M4 N7 M2 M1 SWORDS M50 MILLFIELD SHOPPING CENTRE BALBRIGGAN DUBLIN PORTLAOISE M7 N11 N18 WICKLOW M7 M8 M9 LIMERICK N24 TIPPERARY CASHEL N74 SHOWGROUNDS SHOPPING CENTRE CLONMEL N11 N21 N24 N25 WEXFORD N20 M8 WATERFORD KILLARNEY MALLOW N25 N22 BLACKPOOL SHOPPING CENTRE & RETAIL PARK CORK CORK 4

5 Introduction On behalf of the Vendors, JLL and Bannon are delighted to present the Acorn Portfolio; an opportunity for both investors and specialist shopping centre operators to acquire a portfolio of 3 shopping centres and a largely open use retail park located across Ireland. At a time when Ireland s domestic market is experiencing a turnaround which is widely expected to continue, these assets represent the first opportunity to obtain a significant stake and exposure to the Irish retail market in assets that dominate their respective catchments. This investment opportunity provides a secure cashflow from excellent tenants including major anchors such as Tesco, Marks & Spencer, Aldi and TK Maxx as well as providing significant Asset Management and development opportunities to enhance returns and drive performance in a recovering market. Acorn Portfolio; an opportunity to acquire a portfolio of 3 retail assets across Ireland. 5

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13 Investment Highlights This is a unique opportunity to acquire a ready made retail portfolio of scale including Blackpool Shopping Centre and Retail Park in Cork, Millfield Shopping Centre in Balbriggan, North County Dublin and Showgrounds Shopping Centre in Clonmel, County Tipperary. Modern Spacious Shopping Environments Showgrounds, Clonmel was completed in 2009 and is constructed to an extremely high standard providing bespoke retail space Millfield, Balbriggan, Co. Dublin was completed in 2011 providing a 2 level retail scheme with one of the largest Tesco stores in Ireland and a very high standard of finish Blackpool in Cork provides a densely developed mixed use hub with purpose built shopping centre and largely open use retail park with overhead ancillary office space Opportunity to acquire all of these assets at below their current development cost Attractive Income Yield Over 13.25m per annum passing rent Initial yield is 9.75% on quoting price of 130 million Overall Weighted Average Unexpired Lease Term of 9.72 years 70% of income is from institutionally acceptable retail occupiers with a WAULT of years Capital Gains Tax exemption for properties purchased before 31 December 2014 if held for 7 years Each Centre Dominates its Catchment With undisputed dominance of North Cork, Blackpool has a catchment of over 112,000 people The Showgrounds, Clonmel draws from a catchment of over 105,000 with its strong fashion offer Millfield has a catchment of almost 60,000 in the country s fastest growing town The three centres drive footfall with combined total footfall of 10.5m visitors per annum in 2013 With the publication of the 2012 Retail Planning Guidelines there is a highly restrictive retail planning regime protecting existing assets from future competition Asset Enhancement Opportunities 12.9% of floor space is vacant, offering opportunity to enhance return, including fitting out and/or letting shell and core units Potential to regear leases nearing breaks or expiry Undeveloped lands with Showgrounds and Millfield provides opportunities to develop and enhance the retail offer Opportunity to build a long term relationship with 130 tenants including 3 major anchors - Tesco, M&S and Dunnes Stores Opportunity to Invest in Irish Domestic Recovery at point of Inflection Dramatically falling unemployment rate from excess 15% to 11.9% and forecast to fall below 10% by 2015 Consumer sentiment back at pre-2008 levels Domestic economy emerging from years of high savings levels and Private Debt pay down One of the fastest growing populations in the EU Scale and Diversity This is the first opportunity to invest at a scale over 130m and to gain control of three major retail assets in Ireland Portfolio offers unique exposure to a cross section of markets and geographies in Ireland Offers exposure to the country s second largest city of Cork; to a strong market town in prosperous Co. Tipperary and to a rapidly growing commuter town in North Dublin Diverse range of retailers allow cross-centre opportunities Acorn Portfolio is a springboard for investment in the growth of the retail market in Ireland. 13

14 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Proposal The entire is for sale by Private Treaty on the instructions of the Vendors. We are inviting offers in excess of 130 million (One Hundred and Thirty Million Euros) subject to contract and exclusive of VAT, which reflects an attractive Initial Yield of approximately 9.75% for the portfolio. It will be necessary for buyers to apportion overall purchase price across the 3 assets. No warranties or guarantees in any respect, including but not limited to VAT, can be given. The Vendors are not bound to accept the highest or indeed any offer and are acting without personal liability. For the avoidance of doubt, please note that this is an investment sale, therefore all tenants are unaffected. 14

15 Portfolio Headlines 130 tenants 600,000 sq ft of retail space 3,500 free car parking spaces 100,000 sq ft of office space 3 different anchors Tesco, Marks & Spencer and Dunnes Stores Immediate asset management opportunities to enhance return million Contracted Rent Receivable (after abatements) 70% of rent from institutionally acceptable retailers with WAULT of years Vacancy rate of 12.9% by floor area Overall Weighted Average Unexpired Lease Term of 9.72 years 73% of income has more than 5 years unexpired 15

16 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Portfolio Analysis OVERALL SPACE - PER SCHEME INITIAL RENT Showgrounds Shopping Centre 127,161 sq ft (18%) Blackpool Retail Park 284,534 sq ft (39%) Showgrounds Shopping Centre 1,515,203 (11%) Blackpool Retail Park 4,491,298 (34%) Millfield Shopping Centre 184,603 sq ft (26%) Millfield Shopping Centre 3,597,843 (27%) 56% 62% Blackpool Shopping Centre 123,751 sq ft (17%) Blackpool Shopping Centre 3,646,483 (28%) SCHEME VACANCY CATCHMENT SPEND Sq ft 300, , , , , ,603 Showgrounds Shopping Centre 284,018,422 Blackpool Shopping Centre & Retail Park 738,488, , , ,161 50, % Blackpool Retail Park 14% Blackpool Shopping Centre Total Scheme Area 16.75% Millfield Shopping Centre Scheme Vacancy 12.6% Showgrounds Shopping Centre Millfield Shopping Centre 551,265,327 16

17 TOP 15 TENANTS: 61% OF RENT CATCHMENT BY AGE PROFILE Rank Tenant Rent 1 Tesco 2,340,820 2 Woodies 1,140,275 3 Blizzard 971,141 4 Argos 403,868 5 New Look 402,318 6 Marks & Spencer 391,000 7 Aldi 368,670 8 Heatons 360,000 9 Boots 318, HSE 270, Carpet Right 253, Sam McCauley 245, Next 227, Maplin 207, McDonalds 190,461 Total 8,099, ,000 90,000 80,000 80,000 60,000 50,000 40,000 30,000 20,000 10, ,000,000 7,000,000 6,000,000 < Years UNEXPIRED LEASE PROFILE WAULT PER CENTRE Blackpool Shopping Centre, Cork 7.83 years ( /pa) 5,000,000 4,000,000 3,000,000 Blackpool Retail Park, Cork 9.16 years 2,000,000 Millfield, Balbriggan years 1,000,000 Showgrounds, Clonmel Total Acorn Portfolio 6.97 years 9.72 years 0 0>2 2<5 5< Years 17

18 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Why invest in the Irish Retail Market? Retail property is the best proxy to capitalise on the upturn in the Irish economy. Ireland s economy is recovering. Fiscal targets are being met, and sentiment is improving. Ireland was the first country to exit the EU/IMF programme in December The signals indicate now is the time to invest in Irish retail property. 1. GNP is Improving Year-on-year GNP showed an increase for the second consecutive year, with growth of 3.4% in 2013 (CSO). Central Bank forecasts show further growth of 2.7% in 2014 and 2.6% in The outlook therefore remains positive for the economy , , , ,000 80,000 GNP (CSO and Central Bank) 60,000 40,000 20, (f) 2015(f) 2. Strong Job Growth and Falling Unemployment Employment in Ireland is steadily rising with an annual increase in the number of people employed of 3.3% (+61,000) in This compares to an annual increase of 0.1% in 2012 (CSO QNHS). Central Bank forecasts show further growth of 2.6% and 2.2% in 2014 and 2015 respectively. Unemployment in Ireland has continued to decrease, falling to 11.8% in March 2014 from 11.9% in February. The 5 year average unemployment rate for Ireland is 13.6%. IBEC forecast the unemployment rate to continue to decrease with single digit unemployment by 2015 (9.6%). Total Persons in Emplyment ( 000s) 2,200 2,150 2,100 2,050 2,000 1,950 1,900 1,850 1,800 1,750 1, Employment and Unemployment (CS0 and Ibec) (f) 2015(f) Unemployment rate (%) Total in Employment Unemployment Rate 18

19 3. Consumer Sentiment is Up The Consumer Sentiment Index (ESRI) has increased in the 12 months to March 2014 from 60.0 to 83.1 and is now at levels last seen in Index ESRI Consumer Sentiment Index Jan 07 Jun 07 Nov 07 Apr 08 Sep 08 Feb 09 Jul 09 Dec 09 May 10 Oct 10 Mar 11 Aug 11 Jan 12 Jun 12 Nov 12 Apr 13 Sep 13 Feb Spending is Increasing 10 CSO Value and Volume of Retail Sales There has been a steady increase in retail sales in the last 12 months. Retail sales have improved significantly in the last 2 years, and so far both volumes and values of retail sales have shown growth in 2014, with increases of 2.9% and 5.0% respectively. Year-on-Year % Change Feb 2014 Value Volume 19

20 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Retail property is the best proxy to capitalise on the upturn in the Irish economy. 5.Inflection Point in the Retail Sector - Get in at the turn Medium term growth for retail rents Shopping Centre rents peaked in Q and as at Q continue to rebase with marginal quarterly falls. For prime schemes rents have stabilised and tightening supply in some prime schemes may cause rental increases in the short to medium term IPD Ireland Quarterly Property Index The IPD index shows that Shopping Centre capital growth bottomed in Q2 2013, falling 69.8% from peak levels, and has now witnessed its third consecutive quarterly period of growth equating to growth of 6.8% since Q We anticipate rents will stabilise in the short term with medium term growth prospects as the domestic economy improves and we see overseas and international retailers returning to the domestic market Q1 00 Q1 01 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Capital Growth Q1 07 Q1 08 Q1 09 Q1 10 Rental Value Growth Q1 11 Q1 12 Q1 13 Q1 14 Capital Values on the increase IPD Shopping Centre and retail capital values have decreased significantly, with falls of 69.8% and 70.4% respectively from peak. However, given recent quarterly performances, retail capital values are now at a turning point in the cycle with consistent marginal growth now evident amid improving economic sentiment RSI v IPD SC CV v IPD SC Rents Capital / Rental Growth versus Retail Sales There was a very strong correlation between retail sales, rental growth and capital value growth from 2000 to However from 2005 due to cheap finance as yields tightened, capital values expanded rapidly. However in 2008 retail sales collapsed and until recently have remained stagnant due to the austerity budgets and loss of employment resulting in a sharp decrease in household disposable income. Rents followed sales down from 2008 as retail turnover and margins suffered. Arguably however both Retail Rents and Capital Values have overshot negatively when compared to Retail Sales performance during the recession Dec00 Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 IPD SC CV IPD SC Rents CSO Retail Sales 20

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22 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Blackpool Shopping Centre and Retail Park, Cork Blackpool is located in the north suburbs of Cork City positioned at the junction of the N20 and North Ring Road making the shopping centre and retail park highly accessible to its catchment of over 112,000 people. The scheme comprises a mixed use hub with a purpose built shopping centre and predominantly open use retail park with overhead office space. As well as the core of retail and office income the combined scheme provides other community uses such as the Post Office, Health Board and Council Library. This has the effect of integrating the development into the fabric of the local community and nearby local Main Street supporting its function as a true District Centre for the immediate locality and wider North Cork region, a catchment it dominates. 22

23 A true District Centre for the immediate locality and wider North Cork region, a catchment it dominates 23

24 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL CORK CITY Blackpool Shopping Centre N20 (to City) North Ring Road Bowler House 24

25 Heron House The Atrium River House Heron Gate Apartments Park House N20 (to Limerick) HSE Building Multi-storey Car Park Cinema 25

26 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Facts and Figures Cork is Ireland s 2nd Largest City and the Capital of the South The combined offering dominates the North Cork Catchment Scale of combined offer will protect its inherent value into the future 8.13m initial rent pa with a combined WAULT of 8.56 years Office tenants include Diageo and Blizzard Entertainment Approximately 408,285 sq ft of retail space and 79,961 sq ft of high end office space, plus storage More than 6.5m visitors per annum all benefiting from over 1,800 free car spaces Retail tenants include major international occupiers such as Aldi, Next, Argos, Boots and McDonalds More than 112,000 people within the scheme s bespoke catchment spending over m per annum Top 10 Tenants Rank Tenant Rent 1 Woodies 1,140,275 2 Blizzard 971,141 3 New Look 402,318 4 Aldi 368,670 5 Heatons 360,000 6 Argos 303,868 7 HSE 270,000 8 Sam McCauley 245,000 9 Next 227, Boots 225,000 TOTAL 4,513,297 26

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28 roe) ssaveal) iltown Malbay ee Inverin Salthill An Spidéal Oranmore (Spiddal) IRISH RETAIL INVESTMENT Doolin Gort Lisdoonvarna CORK BALBRIGGAN CLONMEL Lahinch Cliffs of Moher Killimer Tarbert Ennistymon Ballyvaughan Ennis Shannon Foynes Rathkeale N69 N18 Adare Scarriff N20 Loughrea Killaloe Portumna N7 LIMERICK Kilreekill Nenagh Terryglass Dromineer N74 Clonmacnoise Banagher N7 Templemore Thurles Birr Holycross Cashel N8 Urlingford Durrow Tullamore Portlaoise N8 Callan Portarlington Kilkenny Stradbally Abbeyleix N10 N7 N10 Newbridge Carlow Kildare N9 Athy N9 Thomastown M9 N9 Bagenalstown M7 Dun Laoghaire N7 Tallaght Naas Bray Blessington Greystones N11 Glendalough Wicklow Rathdrum Baltinglass N11 Avoca Arklow Gorey Bunclody Courtown Ferns Enniscorthy eige Tralee N21 Newcastle West N21 Kilmallock N20 Abbeyfeale Charleville N72 Kanturk Buttevant N20 N73 Mallow Tipperary Mitchelstown N8 N72 Fermoy N8 Cahir Lismore N72 N8 Clonmel N24 Cappoquin New Ross N9 Carrick-on-Suir N25 Waterford Ballyhack Passage East N25 Tramore Dunmore East Wellington Bridge Kilmore Quay Wexford Rosslare Rosslare Harbour Millstreet N20 Watergrasshill Dungarvan N25 Kenmare N22 Macroom CORK N22 Blarney N8 N25 Cobh Midleton Youghal N25 Ardmore Inchigeelagh Carrigaline Crosshaven Ballycotton Bandon Bantry Dunmanway N71 Kinsale Clonakilty Rosscarbery Courtmacsherry Schull Baltimore LOWE R KILLEENS ROAD UPPER FAIRHILL COMMONS ROAD REDFORGE ROAD DUBLIN HILL CHURCHFIELD RAD FAIRFIELD AVENUE FAIRFIELD ROAD KNOCKPOGUE AVENUE FAIR HILL POPHAM S ROAD WATERCOURS E ROAD N20 R846 DYKE PARADE BACHELOR S QUAY SUNDAY WELLS ROAD POPES QUAY WESTERN ROAD SHANDON STREET LEITRIM STRE ET ASSUMPTION ROAD NORT H RING ROAD R635 GLEN AVENUE BALLYHOOLY ROAD HARBOUR VIEW ROAD HOLLYHILL LN ST MARY S HEALTH CAMPUS BAKER S ROAD BLARNEY STREET KNOCKFREE AVENUE CATHEDRAL ROAD N. MAIN ST RICHMOND HILL CORK CITY CENTRE GEORGE S QUAY SOUTH MALL MERCHANTS QUAY OLIVER PLUNKLETT STREET OLD YOUGHAL STREET HARDWICK STREET PLAS PARNELL LOWER GLANMIRE ROAD CORK TRAIN STATION A LBERT STREET SUUMERHILL NORTH VICTORIA ROAD MIDDLE GLANMIRE ROAD HORGANS QUAY RIVER LEE KENNEDY QUAY Cork Cork city is split into north and south by the river Lee. Numerous major schemes battle for available retail spend on the south side of Cork, however on the north side of the city there is one dominant retail offer - Blackpool Shopping Centre and Retail Park. 28

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30 IRISH RETAIL INVESTMENT C O R K B A L B R I G G A N C LO N M E L WOODIE S DIY & GARDEN CENTRES ALDI (CAR PARK ABOVE) N IO VIS RA XT Entrance to Car Park S LD NA DO Mc OF NK ND BA ELA IR CARPET RIGHT BOOTS BLOCK F ARGOS EXTRA MAPLIN ELECTRONICS COSTA COFFEE LIFESTYLE SPORTS Ground Floor Entrance to Cinema T TO FINE WINES KAFKAS AIB BANK DNG ROCKIN JOES AU S FA NEXT HOME HEATONS (OFFICES ABOVE) LIM Blackpool has the attraction of scale representing a major retail offering. It comprises a Shopping Centre with food/clothing anchor, plus a large partly open use Retail Park with ancillary office, residential, leisure, community and convenience uses in one location with 1,800 free car spaces. 30 ER ICK - C O RK RO AD

31 BOYLE SPORTS RF PAINTS 1ST FLOOR UNIT SOUND STORE CARPHONE WAREHOUSE PETER MARK BAGEL FACTORY SAM McCAULEY UNIT 39 CARD COMPANY HOLLAND & BARRET FALCON POST OFFICE CLAIRES NEW LOOK GERARD FASHION BOOKSTATION CUMMINS SPORT EUROGIANT UNIT 7 NEVILLE J. BUTCHERS BLOCK GOLDEN DISCS HOMEFRONT ECCO ART & HOBBY GAMESTOP SHOE ZONE NAME IT FT JEAN DEPOT METEOR SERVICE YARD VERO MODA JESSICAS DUNMAR DUNNES STORES Not to scale and for indicative purposes only. Units shaded orange held long leasehold by occupiers The scheme comprises a purpose built Shopping Centre and largely open use Retail Park 31

32 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL The Shopping Centre Blackpool Shopping Centre was developed in It is a Dunnes Stores anchored shopping centre with 36 mall units (only one of which is vacant) together with an extensive surface car park with 700 spaces. There are two additional stand-alone buildings outside the north mall entrance and comprise retail at ground floor with mixed use accommodation including the local council library and health centre. In addition, Autofast have also recently built a single storey unit within the car park. Total floor area of the Shopping Centre is 72,800 sq ft (excluding Dunnes Stores). There are 36 mall units and 6 kiosks in a clean linear arrangement. The centre generates footfall of 3,400,000 per annum (2013). The Shopping Centre generates 3,646,000 per annum and has a WAULT of 7.83 years. 47% of the income is from top international tenants which include New Look, Holland & Barrett, McDonalds, Bank of Ireland and ShoeZone amongst others. 32

33 The Retail Park & Offices Blackpool Retail Park was completed in It is a highly successful mixed use scheme including overhead office and apartments. The majority of the retail units and some of the overhead offices form part of the sale providing 204,573 sq ft of retail and 79,961 sq ft of office along with the multi-storey and surface car park. The apartments, remaining offices and cinema have been sold off separately. The Retail Park and Offices generates 4,491,298 per annum in rent. Approximately 77% of this income is from the retail tenants with the balance from office tenants Diageo and Blizzard Entertainment. The Park has an excellent retail offer with Woodies, Aldi, Argos, Boots, Maplin, Next Home and Costa Coffee making up nearly 90% of the retail rent. Blackpool Shopping Centre and Retail Park offers the buyer a prime stake in Ireland s second largest city of Cork. Well established and almost fully occupied, this asset is poised to take full advantage of the Irish consumer confidence and spending recovery. BER Details BER Rating: B1-D3 BER No s: Available from Joint Agents Energy Performance Indicator: Available from Joint Agents 33

34 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Millfield Shopping Centre, Balbriggan Millfield Shopping Centre is located in a commanding and highly visible position on the Naul Road, adjacent to the existing town centre of Balbriggan and approximately 1 km west of the Main Street. It benefits from excellent access off the upgraded local road network and M1 motorway (at Exit 6), which has in excess of 50,000 road users at this point per day. The centre is served by new junctions on the Naul Road and the Stephenstown Distributor Road. This, along with 1,367 car spaces, ensures hassle free shopping trips. Millfield Shopping Centre dominates its catchment. There are no other sites within the locality to develop a retail scheme that would rival Millfield. The scheme s catchment has expanded by 120% in the past 10 years. This along with future growth projections within the catchment zone leaves Millfield poised to capitalise from this growth. Millfield Shopping Centre is a bright and airy modern shopping centre which is anchored by one of the largest Tesco stores in Ireland. It also features over 30 other retail units, a dedicated food court, 6 external units, a number of kiosks and a drive-thru restaurant as well as 1,367 car spaces. 34

35 Millfield Shopping Centre is a modern shopping centre, anchored by one of the largest Tesco stores in Ireland 35

36 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL R32 Drogheda Street Balbriggan Rail Station Harry Reynold Street R122 Clonnard Road > TO JCT 6 M1 DUBLIN TO BELFAST ROAD 36

37 BALBRIGGAN CENTRE Millfield Shopping Centre 37

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39 Facts and Figures Balbriggan is Ireland s fastest growing town, with a population increase of 120% over the past 10 years Modern shopping centre representing the dominant retail scheme within the catchment area Anchored by one of Ireland s largest Tesco stores trading over two levels 3.6million initial rent p.a with a WAULT of 13.5 years Approximately 185,000 sq ft of retail space Various development opportunities on surrounding sites to include Phase 2 extension, petrol filling station, and others 65% of income from Tesco Ireland with 16.9 years term certain More than 2.6 million visitors per annum, all benefiting from over 1,367 free car spaces Potential to increase income through completion of agreed letting deals Top 10 Tenants Rank Tenant Rent 1 Tesco 2,340,820 2 Euro ,000 3 McDonalds 135,000 4 Boots 93,600 5 More 4 Less 60,000 6 Cuddles 50,000 7 Easons 40,875 8 Holland & Barrett 40,542 9 Gleeson s Butchers 40, O Briens 40,000 Total 3,015,837 39

40 Magherafelt Newtownstewart Antrim Cookstown Omagh IRISH RETAIL INVESTMENT CORK BALBRIGGAN Dungannon CLONMEL Irvinestown Dromore Aughnacloy Enniskillen Emyvale Ballyclare Carrickfergus Bangor Belfast Donaghadee Newtownards Lisburn Hillsborough Lurgan Portadown Portaferry Tandragee Ballinahinch Armagh Banbridge Downpatrick Monaghan Keady Derrylin Balbriggan nlinbar Clones allyconnell Belturbet Castleblayney o Ballinamore n-shannon orough lone oise her Birr Holycross ashel Roscrea Cavan N55 Granard N52 N4 Mullingar N6 Kilbeggan Durrow N8 Tullamore Portlaoise Urlingford N77 Kilkenny Callan Castlepollard N4 Cootehill Iniskeen Shercock Carrickmacross N3 Portarlington N78 Virginia Kinnegad N7 Stradbally Abbeyleix N51 Athboy Edenderry Kingscourt N52 Kells N3 Newbridge Carlow Kildare N9 Athy Thomastown M4 M9 N9 Trim Clane M7 Tullow Bagenalstown Ardee N81 Graiguenamanagh N51 Navan N2 Drogheda N3 N7 Tallaght Naas Blessington Glendalough Rathdrum Baltinglass Avoca Bunclody Carlingford Dundalk M1 N2 Maynooth M50 Dunleer DUBLIN Ferns Enniscorthy Newry Warrenpoint Swords Gorey Newcastle Rush Courtown Kilkeel BALBRIGGAN M1 Howth Dun Laoghaire Bray M11 N11 Greystones Arklow Wicklow Balbriggan is a high growth commuter town in the north Dublin suburbs located just off the M1 motorway. It is the third largest retail centre in North Dublin after Blanchardstown and Swords and is now the main convenience shopping destination in North Fingal. Dublin City Centre is located less than 31 km away, (a mere 40 minute train journey from Balbriggan Train Station). Balbriggan is just 13 km north of Dublin Airport and approximately 22.5 km south of Drogheda. In the Fingal Development Plan the town is designated a Large Growth Town. Balbriggan is Ireland s fastest growing large town. The population of the town and its immediate environs is 23,000, representing an increase of 120% over the past 10 years. The immediate area is primarily residential with some high density housing schemes attracting young families. 37% of the Balbriggan population is in the high spending 25 to 44 year age band - well above the national average. The catchment area includes the surrounding towns of Skerries, Lusk, and Rush, which all lack any large shopping centre or comparison shopping offer. This catchment extends to 60,000 and has expanded growth rates of 20.2%, 31.7% and 21.4% over the past 3 census. Balbriggan is a bustling large town, however the main street suffers from a shortage of parking spaces. Millfield Shopping Centre which is also within the town offers customers ease of access and convenient free parking, while providing attractive big name brands for shoppers. Clonmel Carrick-on-Suir New Ross Wexford Waterford Passage East Tramore Cappoquin Dungarvan Ardmore tton Ballyhack Wellington Bridge Fethard Kilmore Quay Dunmore East Rosslare Rosslare Harbour CLONARD ROAD DAN SAITHNE VIEW THE RISE CLONARD ROAD THE PARK MOYLARAGH NAUL ROAD CHIEFTAIN S DR BARONS HALL GORVE MOYLARAGH RD CRESCENT IVE WESTBROOK PARK HAMLET LANE WESTBROOK AV R32 DROGHEDA STREET HARRY REYNOLDS RD HARRY REYNOLD ST C H APEL GATE CHAPEL STREET HARRY REYNOLD ST BALBRIGGAN COMMUNITY COLLEGE CLONARD STREET CLONARD STREET LAMBEECHER DUBLIN STREET HIGH ST BALBRIGGAN TRAIN STATION HAMPTON STREET QUAY STREET OLD MARKET GREEN THE BOWER DERHAM PK CASTLE LAND COURT STEPHENSTOWN M1 R122 R132 Jct 6 STEPHENSTOWN 40

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42 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL The scheme is anchored by Tesco and also features over 30 other retail units and a dedicated food court Ground Floor Level CAR PARK TESCO EXTRA SERVICE YARD SERVICE YARD ENTRANCE PLAZA EAST UNIT 2 UNIT 16 B NOTIONZ SUPER FRESH CARPHONE WAREHOUSE MORE4LESS GLEESON S BUTCHERS EASONS HOLLAND & BARRETT K1 BOOTS GAMESTOP UNIT 6 SPECSAVERS UNIT 9A UNIT 6A BOSTON BELLE UNIT 7 ENTRANCE PLAZA WEST CUDDLES PET STORE SERVICE YARD UNIT C2 UNIT C3 UNIT C4 LADBROKES Not to scale - for indicative purposes only. 42

43 First Floor Level MULTI-STOREY CAR PARK SURFACE CAR PARK PHASE 2 FUTURE UNIT TESCO EXTRA ENTRANCE FROM SURFACE CAR PARK UNIT 17B EURO 50 STORES UNIT 17A CRU BARBERS K3 FC 1 MAMA S KITCHEN UNIT 28 VERO MODA VILA JACK & JONES ONLY NAME IT UNIT 22 UNIT 21 UNIT 20 FC 4 O BRIENS UNIT C7 UNIT C8 Not to scale - for indicative purposes only. 43

44 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL The Shopping Centre Millfield Shopping Centre was completed as recently as The scheme of 17,249 sq m (185,669 sq ft) extends to 2 storeys over a basement car park. It is anchored by the largest Tesco Extra in Dublin, at 9,926 sq m trading over two levels. The Tesco rent of just over 2.34m per annum flows from an upward only lease with 16.9 years term certain remaining. This income is complemented by occupiers such as McDonalds, Euro50, Carphone Warehouse, Boots, Specsavers, Ladbrokes and Natures Way. Together with Tesco, these household names alone represent 84% of the scheme income and provide a Weighted Average Unexpired Lease Term (WAULT) of 13.5 years. With the retail market improving there has been increased interest from potential occupiers for Millfield Shopping Centre, with a number of bids from potential tenants. This will allow the purchaser the opportunity to asset manage the scheme to increase tenant occupancy, footfall and rental income. Extensive car parking is available with 952 car spaces provided. A further 415 spaces have been built in the multi-storey car park and will be available for use when Phase 2 opens. The Shopping Centre generates a total of approximately 3.6m per annum in rent and has a WAULT of 13.5 years. 65% of the income is from Tesco Extra, while 77% of the income is attributable to Tesco, McDonalds and Euro 50. The income has potential to grow on completion of a number of agreed letting deals. There is also potential to increase turnover and footfall for the centre through the development of a petrol station on one of the adjoining sites. 44

45 Tesco 2. McDonalds 3. Potential Petrol Station 4. Potential Cinema S.P.P. 5. Potential Pub & Neighbourhood Scheme S.P.P. Adjoining Lands The entire site area is approximately 7.42 ha / acres with extensive road frontage to the Naul Road. There is an existing planning permission for a petrol filling station and further opportunities, subject to planning, such as a cinema, pub or other leisure uses could be added over time to take advantage of economic recovery, population growth and the generous existing parking. Millfield Shopping Centre boasts one of the largest Tesco stores in the country as its anchor offering just under 2.35m annual income flow from an upward only lease with 16.9 years term certain. BER Details BER Rating: B3-D1 BER No s: Available from Joint Agents Energy Performance Indicator: Available from Joint Agents 45

46 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Showgrounds Shopping Centre, Clonmel Showgrounds Shopping Centre is just over 5 minutes walk from the town centre, and is a magnet in itself as well as the natural extension of this lively shopping hub. Showgrounds is a purpose built shopping centre completed in Principal occupiers Marks & Spencer, TK Maxx and Edinburgh Woollen Mills provide a unique draw for shoppers from the wider region. The food offer is also unique to the town with Iceland and Marks & Spencer food. These anchor tenants are joined by an array of complementary retailers to provide a centre which dominates comparison spend at a regional level. With 360 free car parking spaces it can accommodate both local and regional shoppers with ease. As the economy shows signs of recovery and retail sales improve, Showgrounds Shopping Centre will directly benefit. 46

47 Principal occupiers Marks & Spencer, TK Maxx and Iceland provide a unique draw for shoppers 47

48 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL R678 (to N24) River Suir Clonmel Greyhound Stadium 48

49 CLONMEL CENTRE Showgrounds Shopping Centre Davis Road (to N24) Galloping Fields 49

50 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Facts and Figures Clonmel is the capital of the South Midlands region with an extensive catchment The retail offering combined with the town, dominates it s catchment Approximately 127,000 sq ft of retail space 1.515m initial rent pa with a WAULT of 6.97 years Almost 12 acres of development land included in sale Scale of combined offer will protect its inherent value into the future Footfall up 11% since TK Maxx opened More than 1.4m visitors per annum, all benefiting from over 360 free car spaces Anchored by Marks & Spencer, TK Maxx, Edinburgh Woollen Mills and Iceland More than 106,000 people within the scheme s bespoke catchment spending over 550m per annum Top 10 Tenants Rank Tenant Rent 1 Marks & Spencer 391,000 2 Rockin Joes 184,572 3 TK Maxx* 148,000 4 Argos 100,000 5 Crunch 90, ,4,6,8,10 87,780 7 Sam McCauley 79,100 8 Iceland 64,000 9 BB s Coffee 58, Golden Disc 36,300 Total 1,239,473 * Vendor underwrite 50

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52 R689 SILVERSPRING RD Roonah Quay Renvyle Louisburgh Leenáun IRISH RETAIL INVESTMENT Cleggan Letterfrack CORK BALBRIGGAN CLONMEL Clifden Ballyconneely Roundstone Cárna (Carna) Clonbur Sraith Salach (Recess) An Cheathrú Rua (Carraroe) Clonmel Ros an Mhil (Rossaveal) Kilbaha Inverin Salthill An Spidéal (Spiddal) Kilrush Killimer Claremorris Cong Headford Oughterard Ballinrobe Oranmore Cliffs of Moher Ballyvaughan Lisdoonvarna Ennistymon Foynes as a core location for the pharmaceutical Ballybunion industry. Tarbert Companies Rathkeale Newcastle West N21 Ballyheige key employers in the town include C&C Group, the manufacturers Abbeyfeale N21 Tralee an administrative Castlegregory centre with a strong element of local authority employment. Camp An Daingean Kanturk (Dingle) Clonmel is a busy market town, Killorglin with a lively centre offering Millstreet Street fashion retailers include Glenbeigh Penneys, River Island, Dunnes Stores N22 and New Look and a range of local independent boutiques. Other Cahirciveen retailers including Boots, Vodafone, Ladbrokes, Kenmare Easons, Specsavers Macroom Sneem Waterville stores and other services to provide an attractive shopping destination Inchigeelagh Bantry Schull Westport Doolin Dunmanway Galway Clonmel is the county town and primary service Lahinch centre of South Tipperary in the south of Ireland. Approximately 171 km south west of Miltown Malbay Ennis Dublin and 100 km north east of Cork, Clonmel is Tipperary s largest town with a population of approximately 18,124 (Census 2011) and an extensive hinterland with a combined catchment of approximately Kilkee Shannon 106,000 people. The town has a strong base of employment activity and is emerging such as Abbott, Clonmel Healthcare and Merck, Sharp and Dohme amongst others have plants and research facilities in the area. Other of Bulmers Cider and South Tipperary General Hospital. It is also comparison shopping for the entire south midlands region. High and all the major banks join an array of food operators, convenience in a bustling and attractive town. Showgrounds is the natural extension of the town, which combine to Castletown Bere Clonakilty form a major comparison draw for the wider Midlands Region. Rosscarbery N18 N18 Knock Ballyhaunis Tuam Mount Bellew Adare N22 Bandon Gort Athenry Scarriff N20 Loughrea Killaloe Kilmallock Charleville Buttevant N8 N20 N72 Fermoy Mallow N73 Strokestown Castlerea Kinsale Courtmacsherry Roscommon Ballinasloe Kilreekill Portumna N7 LIMERICK Nenagh Tipperary Mitchelstown Terryglass Dromineer N74 Longford Lismore N72 Lanesborough Clonmacnoise Banagher Templemore Thurles Cahir Athlone Birr N62 Holycross Cashel Cappoquin N20 Watergrasshill Blarney N8 Youghal N25 N25 Midleton CORK Cobh Carrigaline Crosshaven Ballycotton N8 N7 N8 N24 N8 Ardmore Granard N6 Kilbeggan Durrow N8 Tullamore Urlingford Callan N76 N4 Mullingar Portlaoise Dungarvan Castlepollard N77 Kilkenny CLONMEL N25 N25 N4 Portarlington Abbeyleix N78 Virginia Kinnegad Stradbally N10 WATERFORD Tramore N7 Athboy Edenderry N10 N9 Carrick-on-Suir N24 Kells N3 Newbridge Carlow Kildare N9 Athy Bagenalstown N9 Thomastown New Ross N25 Ballyhack Passage East M4 Dunmore East M9 N9 Trim Clane M7 Navan N3 N2 Maynooth M50 N7 Tallaght Naas Blessington Glendalough Rathdru Baltinglass Avo Bunclody Wellington Bridge Kilmore Quay M1 N2 Ferns Dr M1 DUBLIN Enniscorthy Wexford Ro Goleen Baltimore HEYWOOD ROAD R688 N24 N24 CLONMEL TRAIN STATION N24 KNOCKUAN COURT N24 ROWERSTOWN ROAD CONVENT ROAD HEYWOOD ROAD SOUTH TIPPERARY GENERAL HOSPITAL ALBERT STREET DUNGARVAN ROAD COOLEENS CLOS E QUEEN STREET O CONNELL STREET BRIDGE ROARING SPRING RD OLD PRIOR PA RK ROAD THOMAS ST KIRKHAM STREET CLONMEL TOWN CENTRE THE QUAY RAHEEN ROAD GLENEGAD ROAD COLLEGE AVE DILLON ST PARNELL ST KING STREE T R678 O RAHILLY AVE COLEVILLE ROAD OLD SPA ROAD TIVOL ROAD POWERSTOWN ROAD DAVIS ROAD R678 ST PARTICK S ROAD R680 OLD SPA ROAD R678 DAVIS ROAD COLE V ILLE ROAD 52

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54 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Ground Floor Level SERVICE YARD TK MAXX EASON SPORTS SAVERS PAMELA SCOTT THE EDINBURGH WOOLLEN MIL ARGOS RAMP TO ROOF CAR PARK MALL ROAD TO SERVICE YARD SAM McCAULEY UNIT 19 MALL BB S COFFEE & MUFFINS UNIT 9 UNIT 8 VILA EVOLUTION ONLY LITTLE PIGGYS FINE WINES NAME IT UNIT 10A DAME MARKS & SPENCER EVERYTHING 2,4,6,8,10 UNIT 7 CRUNCH UNIT 21 UNIT 6 AE UNIT 5A JEWELLERS UNIT 22 MALL ICELAND UNIT 23A ROCKIN JOE S GOLDEN DISCS DAVIS ROAD UNITS DAVIS ROAD MALL AREA SERVICE AREA Not to scale - for indicative purposes only. 54

55 First Floor/Roof Level RAMP TO SURFACE Not to scale - for indicative purposes only. The Scheme offers 29 internal mall units totalling 127,161 sq ft (11,813 sq m) 55

56 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL The Shopping Centre Showgrounds Shopping Centre was developed in The estimated cost to develop the centre was in excess of 20 million, excluding land. The internal mall has 29 units totalling 127,161 sq ft (11,813 sq m). Marks & Spencer offers both drapery and a Food Hall and is complemented by a newly opened TK Maxx department store. The scheme has 3 external units fronting the surface car park and a number of internal kiosk units. 360 car spaces are provided at surface and roof top level. The Shopping Centre generates 1,515,203 per annum with a WAULT of 6.97 years. 50% of the income is from the top 5 tenants, being Marks & Spencer, Argos, Iceland, Edinburgh Woollen Mills and TK Maxx. 56

57 Outline for indicative purposes only Adjoining Lands Part of the offering includes The Galloping Fields. This is a Greenfield site of approximately 12 acres situated diagonally opposite the rear of Showgrounds Shopping Centre. The Dunnes Stores Shopping Centre is clearly visible at the western end of the site. These lands could accommodate a Phase 2 development of the shopping centre, or another type of retail or mixed use development, subject to planning. The lands are zoned C.1.1 Commercial under the Clonmel & Environ Development Plan To provide for mixed commercial facilities that do not compete with the Town Centre function Clonmel is a growing town that dominates its surrounding catchment. From a retailing perspective, Showgrounds Shopping Centre offers a critical mass of desirable retailers and dominates comparison spend at a regional level. As the economy shows signs of recovery and retail sales improve, Showgrounds Shopping Centre will directly benefit. BER Details BER Rating: B2-D1 BER No s: Available from Joint Agents Energy Performance Indicator: Available from Joint Agents 57

58 IRISH RETAIL INVESTMENT CORK BALBRIGGAN CLONMEL Further Information A detailed Information Memorandum, Tenancy Schedule and additional documentation for each of the properties is available on the dedicated data room. To request access please go to: Contact Bannon Hambleden House, 19/26 Pembroke Street Lower, Dublin 2, Ireland Roderick Nowlan Investment Director +353 (0) rnowlan@bannon.ie Neil Bannon Managing Director +353 (0) nbannon@bannon.ie David Carroll Associate Director +353 (0) dcarroll@bannon.ie JLL 10/11 Molesworth Street, Dublin 2, Ireland John Moran Managing Director +353 (0) john.moran@eu.jll.com Margaret Fleming Investment Director +353 (0) margaret.fleming@eu.jll.com Brian Shields Surveyor +353 (0) brian.shields@eu.jll.com Solicitors Eversheds One Earlsfort Centre Earlsfort Terrace Dublin 2 Ireland Sean Greene +353 (1) seangreene@eversheds.ie JW O Donovan Solicitors 53 South Mall Cork Ireland Jerome O Sullivan +353 (21) josullivan@jwod.ie PROPERTY MISREPRESENTATION ACT The joint agents and the Vendor/Lessor 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 Bannon, JLL 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 Bannon, JLL 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. All maps produced by permission of the Ordnance Survey Ireland Licence No AU Government of Ireland. Designed and produced by Creativeworld. Tel +44 [0]

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