Location

Boole House is located in Beech Hill Office Campus, Clonskeagh, one of the premier inner suburban office schemes in Dublin. Clonskeagh is approximately 4 km south of the prime CBD area of Dublin and offers a high quality business environment in a convenient location. Clonskeagh was established as an office area in the 1990’s when the Irish headquarters of Ericsson and Smurfit Kappa were joined by further developments at Beech Hill Office Campus, Richview Office Park and Belfield Office Park. This cluster offers high quality buildings, with excellent parking provision at a significant discount to nearby Ballsbridge and the city centre. Clonskeagh is home to numerous high profile corporate occupiers including Hewlett Packard and McDonalds Restaurants.

Occupiers are attracted by the ease of road access. Public transport serves the location well with two bus services passing on the Clonskeagh Road. Several express bus routes provide fast efficient access to the city centre at the neighbouring UCD campus. The main southerly quality bus corridor runs along the N11 approximately 500 metres from the property. Slightly further afield, there is access to the Luas at Milltown. A shuttle bus links the scheme with DART services at Sydney Parade.

Amenities in the immediate vicinity include; parkland walks along the River Dodder Linear Park, leisure facilities at the adjacent David Lloyd Riverview Complex and the numerous sporting and cultural facilities at University College Dublin (UCD). Located next to Beechill at Belfield, UCD is Irelands largest university where emphasis is firmly placed on research and innovation.   

Site

Beechill Office Campus was developed in two phases during the 1990’s with the first phase setting a new benchmark for suburban office development. The second phase further developed the model with the addition of basement car parking. The scheme’s success spawned further developments particularly in Belfield Office Park. Boole House is located to the eastern end of the site and provides an imposing backdrop to the Campus. Boole House and the associated car parking occupies a total site area of approximately 0.53 hectares (1.3 acres)

Considerably higher densities have been achieved in more recent developments in Clonskeagh. In the medium to long term there is scope to significantly increase the density on this site, subject to gaining vacant possession and planning permission.

Description

Boole House is a three-storey modern office building with 156 car spaces at ground and basement level.   Although the building was originally developed in the mid-1990’s to a high quality design, Ericsson has invested in a significant upgrade of the building having recently completed a comprehensive internal refurbishment. The building has a standard block width of 12.75 metres providing an ideal internal module to allow for flexible naturally ventilated space, although there is a variable refrigerant flow (VRF) air-conditioning system in place. Each of the upper floors provide approximately 1,300 sqm (14,000 sqft) of office accommodation.   The building was designed so that it could be subdivided into two separate blocks with individual core areas.    

Summary Specification

• Mineral fibre acoustic ceiling tiles.


• Recessed category 2 light fittings.


• Raised access flooring.


• Variable refrigerant flow (VRF) air-conditioning.   


• Gas fired low pressure radiator central heating.


• Category 5E voice and data cabling.


• Three 630 kg passenger lifts.


• Access control system linked into a burglar alarm.


• Electrical back-up provided by a generator and UPS system which are located in the basement and the car park.

Accommodation

The Gross Internal Floor areas are set out below.

156 car parking spaces at ground and basement level. Some car spaces have been converted to plant rooms, telecoms masts etc.

All purchasers are specifically advised to verify the floor areas as part of their own due diligence.

Town Planning

The property is situated in an area zoned Objective E under the Dun Laoghaire Rathdown County Council Development Plan 2004-2010. Objective E states ‘To provide economic development and employment’.

Tenure

The property is held Freehold subject to a management agreement linking each of the buildings within Beech Hill Office Campus to an overall maintenance regime which the occupiers of the blocks pay for on a pro-rata basis.

Tenancy

LM Ericsson Limited will sign a new Full Repairing and Insuring 20-year lease incorporating a fixed 15% increase at the end of the fifth year of the term. The lease will incorporate a tenant only break option at the end of the tenth year of the term subject to six months prior notice. The lease will also incorporate a tenant only break option at the end of the fifteenth year subject to six months prior notice.

The initial rent will be €870,000 per annum exclusive. This rent can be analysed as €180.83 per sq m (€16.80 psf) on the gross internal floor area and €1,000 per car parking space per annum exclusive.

About Ericsson

Ericsson is the world's leading provider of technology and services to telecom operators. Ericsson is the leader in 2G, 3G and 4G mobile technologies, and provides support for networks with over 2 billion subscribers and has the leading position in managed services. The company's portfolio comprises mobile and fixed network infrastructure, telecom services, software, broadband and multimedia solutions for operators, enterprises and the media industry. The Sony Ericsson and ST-Ericsson joint ventures provide consumers with feature-rich personal mobile devices. 

Ericsson is advancing its vision of being the "prime driver in an all-communicating world" through innovation, technology, and sustainable business solutions. Working in 175 countries, more than 80,000 employees generated revenue of SEK 206.5 billion (USD $27.1 billion) in 2009. Founded in 1876 with the headquarters in Stockholm, Sweden, Ericsson is listed on OMX NASDAQ, Stockholm and NASDAQ New York.