Unit 4A, Sandyford Business Centre, Sandyford, Dublin 18, Ireland
Our work for Freightquote to acquire a cost effective office building in Dublin of approx 600 sq m with lease flexibility as an imperative.
Overview
DTZ Sherry FitzGerald (DTZSF) was appointed by Freightquote to identify buildings in the South Dublin suburb of Sandyford of approx 600 sq m to facilitate their new European sales and service centre.
It was imperative that the building was both cost effective but most importantly provided lease flexibility, as the client intended to expand aggressively in the short term and did not want to be tied to a long lease which was normal in the market at that time.
What DTZ did
The client had already identified the South Dublin suburb of Sanyford as their preferred location as it provided easy access to most of their existing staff. DTZSF’s task was to find a suitable location that met the client’s brief in an office market where tenant incentives were few.
DTZSF identified approximately five suitable options within the Sandyford area that met some or all of the client’s brief. Once these had been identified and reported to the client, a tour was organised from which one property in particular stood out – Unit 4A Sandyford Business Centre, Sandyford, Dublin 18.
The client decided that this was the building most suitable for their needs and instructed DTZSF to negotiate heads of terms with lease flexibility being the most pertinent issue. It was quickly established that the landlord was willing to agree to a flexible lease and consequently a favourable deal was agreed in a relatively short period.
Upon agreeing terms to acquire the space at Unit 4A, Sandyford Business Centre, solicitors were instructed in order to progress the legal process and sign both parties up to the agreed Heads of Terms.
Freightquote agreed to pay €242 per sq m on a new five-year lease for the entire building which measured 560 sq m plus the use of 24 car spaces. Crucially DTZSF was able to negotiate tenant only break options in years two and three.
Results
Freightquote was extremely satisfied with the outcome as it provided them with the right building in the right location and all within their target budget.
Additionally the client got tenant-only break options in line with their anticipated growth forecast which formed a vital part of their future business plan.