Office
The office portion of The Arena Centre extends to over 98,619 sq. ft. (9,162 sq. m.) and is fully let to two excellent tenants, both on upward-only rent reviews.
Bank of Ireland, who have had a presence in Tallaght for the past 25 years, occupies Blocks A and B. The space is home to their banking 365 call centre.They had a tenant break option in 2023 subject to 12 months notice, which was not exercised, reinforcing their commitment to the location.
Woodie’s DIY, further to their retail presence, have their head office within the Arena Centre. It is an Irish company that has been in existence for over 36 years and has 35 locations across Ireland. Woodie’s is part of the Grafton Group PLC who are guarantor on the lease, creating a secure tenancy backed by a reputable parent company.
The office element makes up 47.8% of the passing rent and offers investors asecure income profile with a combined WAULT of 5.76 years*
*as of March 2023
COVENANT
Bank of Ireland is one of Ireland’s core pillar banks.The Group provides a broad range of financial services in Ireland including checking and deposit services, overdrafts, term loans, mortgages, international asset financing, leasing, instalment credit, debt financing, foreign exchange facilities, interest and exchange rate hedging instruments, and executor and trustee services. Outside of the Republic of Ireland, Bank of Ireland has operations in Northern Ireland, UK, France, Germany, Australia and the United States. Its UK arm continues to grow, benefitting from strategic partnerships with and through the Post Office.
Exact covenant outlined in the dataroom.