Final VR 04.03.2021

Monread Lodge Shopping Centre,
Monread,
Naas,
Co. Kildare
The Monread Lodge (Bar and Restaurant),

Monread,
Naas,
Co. Kildare
Monread Leisure and Commercial Centre,
Monread Avenue,
Naas,
Co. Kildare
1 EXECUTIVE SUMMARY
2 VALUATION REPORT
• Property Report
• Scope of Work and Sources of Information
• Valuation Assumptions
• Property Details
o Legal Considerations
o Market Commentary
o Opinion of Value
• Valuation Considerations
2 APPENDICES
4 LETTER OF INSTRUCTION
2
1
EXECUTIVE SUMMARY
3
Executive Summary
The Location: • The subject portfolio comprises of the following multi tenanted properties,
1. Monread Lodge Shopping Centre & Monread Lodge - Bar and
Restaurant.
2. Monread Leisure & Commercial Centre.
• The subject properties are located with the Monread Housing Estate the
development of which commenced in the early 1980’s and has seen over
3,000 houses completed since. The Monread estate is located close to Naas
Town Centre being accessed off the R445 (Old Dublin Road), R407 (the
Sallins Rd) and Monread Road link road.
• The subject developments are both situated off the eastern side of Monread
Avenue, a short distance to the north-east of the centre of Naas town in a
predominantly residential location. The surrounding residential stock
appears to comprise predominantly houses dating from circa 1980s.
• There is a larger shopping centre to the north of the immediate area, known
as the Monread Centre, which is anchored by a 10,802 sq.m. Tesco Extra
together with additional occupiers including Argos, Boots, and Costa Coffee.
• Naas town has a population of 21,597 persons (Census of Population 2016).
The town witnessed significant development during the early to mid-2000s
resulting in an increase in population that was substantially fed by the
Dublin commuter housing market.
• Public transport to Naas would be regarded as reasonably good with
numerous Bus Eireann bus routes allowing easy access to Dublin City Centre
from Naas Town Centre, and suburban rail network from Sallins train station
to the north.
The Properties:
Monread Lodge Shopping Centre
• The subject property comprises a detached two-storey neighbourhood

centre, which we are advised extends to approx. 915.27 sqm consisting of 6
x retail units at ground floor level, 1 x first floor office unit (previously in
residential use); and 5 x 2-bed residential apartments overhead.
4
• The retail units are currently occupied by Costcutters Convenience Store
(Units 1& 2); Buzz Dry Cleaners (Unit 3); Macari’s Takeaway (Unit 4); Paddy
Power Bookmakers (Unit 5); and Reilly Butchers (Unit 6).
• The apartments are own door, numbered 1a, 2a, 3a, 5a & 6a. The office is
numbered as unit 4a. All of these first-floor apartments share a broadly
similar layout, size and specification.
Monread Lodge (Bar and Restaurant)
• The subject property comprises a standalone two storey, mixed use building
providing ground floor public house & restaurant accommodation, part first
floor office self-contained office/storage space to the front elevation and a
residential apt at first floor rear elevation level.
• The subject property extends to approximately 575.99 sq.m. (6,200 sq.ft.).
• Externally, the subject property benefits from 32 surface car parking spaces
surrounding the building and features a 360-degree vehicle circulation area
which is ideal for deliveries.
Monread Leisure & Commercial Centre
5
• The subject development comprises a substantial commercial scheme,
dating from late 1990’s and consists of 5 separate blocks which provide
accommodation totalling approx. 6,145 Sq.m. – 66,144 Sq ft. on a site which
extends to approximately 3.2 acres (1.29 hectares).
• The development is two storey in height and is arranged in five blocks with
11 x retail units and 3 x office units and a Leisure Centre. All the buildings
appear to be of broadly similar construction.
• The Leisure Centre comprises an extensive facility with reception, male &
female changing rooms, 25-meter swimming pool and ancillary rooms on
the ground floor and an open plan gym, aerobics studio, spinning room,
squash courts and full heights climbing wall on the first floor and part
ground floor.
Tenure: We understand that the subject properties are held on the basis of Freehold titles.
We have not had sight of the title documents and have assumed that the titles are
good and marketable.
Tenancies & Covenant • The subject portfolio is effectively 100% occupied to a variety of different
Strength: occupiers under numerous lease agreements (commercial and residential
leases) and 1 x license agreement.
• The weighted average unexpired lease term is 6.80 years for the commercial
element.
• The subject portfolio is currently producing a passing rent of €1,010,886 p.a.
• The tenants comprise a range of covenant strengths.
• Further lease details and detailed financial investigations of each tenant can
be found further down in this report.
6
Net Income: €1,010,886 p.a. Exclusive of VAT.
Apportioned as follows:
Monread Lodge Shopping Centre & Monread Lodge

Unit Tenant Passing Rent Psf Passing Rent P.a.
1&2 Costcutters €22.73 €50,000
3 Buzz Dry Cleaners €21.05 €20,000
4 Macari Takeaway €31.58 €30,000
5 Paddy Power €36.84 €35,000
6 Butchers €29.47 €28,000
Apt 4A/Solicitors Martin Callinan & €18.69 €12,000
Office Company
Monread Lodge RHK Bars €16.25 €65,000
First Floor Vacant €0 €0
Monread Lodge
Aerial Rental Eir n/a €10,000
Apt Tenant Passing Rent PCM Passing Rent P.a.
1A Private €820 €9,840
2A Private €810 €9.720
3A Private €990 €11,880
5A Private €990 €11,880
6A Private €788 €9,450
Apt above Private €1,250 €15,000
Monread Lodge
TOTAL:- €317,770 p.a.

Unit Tenant Passing Rent Psf Passing Rent P.a.
Block 1 Unit 1 Mendable Limited €6.30 €200,000
Block 1 Unit 2 Siblings Cafe €18.02 €22,484
Block 1 Unit 3 Serenity Hair Salon €23.51 €11,400
Block 1 Unit 4 Millies Beauty €10.48 €27,500
Block 2 Unit 1 An Post €9.66 €51,000
Block 2 Unit 2 Great Wok €19.56 €24,000
Block 2 Unit 3 & 4 Bikeology €13.84 €30,000
Block 2 Unit 5 & 6 HSE €25.78 €55,230
Block 2 Unit 7 & Naas Childcare €11.15 €66,662
Block 3 Unit 1
Block 4 Unit 1 Seachange/Extern €13.57 €85,302
Block 5 Unit 1 Studio3 €14.00 €16,170
Block 1 Unit 5 & Dr Philip Aherne €21.76 €74,868
Block 5 Unit 2
Block 5 Unit 3 Denthouse Property €12.04 €28,500
Ltd
TOTAL:- €693,116
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Market Rent: €1,091,994 per annum (One Million Ninety-One Thousand Nine Hundred and
Ninety-Four Euro) exclusive of VAT.

Unit Tenant Market Rent Psf Market Rent P.a.
1&2 Costcutters €22.73 €50,000
3 Buzz Dry Cleaners €25.00 €23,750
4 Macari Takeaway €31.58 €30,000
5 Paddy Power €25.00 €23,750
6 Butchers €25.00 €23,750
Apt 4A/Solicitors Martin Callinan & €1,300 pcm €15,600*
Office Company
First Floor Vacant €10.00 €10,000
Monread Lodge
Aerial Rental Eir €0 €0
Apt Tenant Market Rent PCM Market Rent P.a.
1A Private €853 €10,234
2A Private €842 €10,109
3A Private €1,030 €12,355
5A Private €1,030 €12,355
6A Private €819 €9,828
Monread Lodge
TOTAL:- €311,731 p.a.
* Reverting to residential use on solicitor vacating

Unit Tenant Market Rent Psf Market Rent P.a.
Block 2 Unit 3 & 4 Bikeology €25.00 €54,200
Block 2 Unit 5 & 6 HSE €25.78 €55,230
Block 2 Unit 7 & Naas Childcare €12.00 €71,748
Block 3 Unit 1
Block 1 Unit 5 & Dr Philip Aherne €21.76 €74,868
Block 5 Unit 2
Block 5 Unit 3 Denthouse Property €13.50 €31,955
Ltd
TOTAL:- €780,263
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Market Value:
Property Market Value
Monread Lodge Shopping €3,350,000 exclusive of VAT.
Centre, & Monread Lodge (Three Million Three Hundred and
Naas, Co. Kildare Fifty Thousand Euro).
Monread Leisure & €7,740,000 exclusive of VAT.

Commercial Centre, Naas, (Seven Million Seven Hundred and
Co. Kildare Forty Thousand Euro).
TOTAL:- €11,090,000 exclusive of VAT.

(Eleven Million Ninety Thousand
Euro)
Monread Lodge Shopping Allowing for purchaser’s costs of 9.96%, our opinion of Market Value reflects the
Centre & Monread Lodge - following yield profile.
Yield Profile:
Initial Yield 7.14%
Equivalent Yield 8.92%
Reversionary Yield 8.27%
Monread Leisure & Allowing for purchaser’s costs of 9.96%, our opinion of Market Value reflects the
Commercial Centre – following yield profile.
Yield Profile:
Initial Yield 5.97%
Equivalent Yield 8.74%
Reversionary Yield 9.07%
Suitability for Loan Strengths

Security: • Naas has a population of c. 21,393 people (2016 census) making it the
second largest town in Co. Kildare after Newbridge.
• Naas has become a popular Dublin commuter town in recent years.
• The Sallins and Naas railway station, located in nearby Sallins, is now used
by many residents of Naas and the surrounding area for the daily commute
to Dublin, with travel times averaging around 30 minutes to Dublin's city
centre.
• The subject properties and the business operating there benefit from the
high volumes of passing and local trade as they are long established with the
surrounding local communities.
• The subject portfolio is multi-tenanted with an excellent tenant mix which
in turn will help mitigate vacancy risk / rental void periods.
• There is ample free parking within the complex and its location offers busy
buyers a very efficient one-stop retail location without the traffic congestion
and delays of the town centre.
• The subject portfolio/development is pro-actively managed with minimal
vacancy levels.
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• Strong demand for residential rental accommodation in the immediate
area.
• The subject portfolio comprises a mix of national and local occupiers with
the majority being of good covenant strength. The WAULT is 6.80 years to
break/expiry for the commercial element of the subject portfolio.
• The subject portfolio has seen minimal vacancies - voids periods since first
developed over 25 years ago.
Risks and Mitigating Factors

• Although the subject development is well established and conveniently
located and serves the local community, Monread is situated on the
outskirts of Naas Town.
• A number of tenants (hairdressers, beauticians, bookmakers,
bar/restaurant , leisure centre) within the portfolio have been impacted by
COVID 19 imposed restrictions which has resulted in reduced trading
capacity through the introduction of social distancing measures and
temporary closures. Until such time as a high percentage of the general
population has been vaccinated against COVID-19 some form of trading
restrictions are likely to be maintained and applied to varying degrees. Such
restrictions will continue to negatively impact on such business.
• The residential properties are situated in a Rent Pressure Zone therefore the
passing rent can only be increased by 4% year on year.
Summary of Loan Terms:

We have not been provided with loan details, but should they be provided we would
be happy to comment.
Lending Related Comments:

• Novel Coronavirus (COVID – 19)
At the valuation date, sections of the property market are mostly
functioning again, with transaction activity and other relevant evidence at
levels where an adequate quantum of market evidence exists upon which
to base opinions of value. COVID-19 and the restrictions imposed by Central
Government to combat infection rates among the population has and
continues to negatively impact day-to-day business activity. The retail ,
leisure and hospitality industry have been impacted to an unprecedented
degree. Trading businesses which are priced on their trading potential may
experience a greater impact on pricing in comparison to other asset classes.
Many markets including real estate are correlated with economic
performance, which increases the potential for error in predicting the future
value. While our valuation represents our opinion of value, as at the
valuation date, given the unknown future impact that COVID-19 might have
on the real estate market, valuations may need to be reviewed on a more
regular basis.
• Both the properties and business operating from the premises are well
established and serve the local community. The Monread Estate provides
over 3,000 houses, the population is estimated at c 10,000 people.
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• The subject portfolio is multi-tenanted with an good mix of business uses,
which primarily serves the needs and wants of the local community, who
are within walking distance of the businesses. In our opinion the tenant
mix - uses (local uses and needs) helps to mitigate against vacancy risk /
rental void periods. ( a convenience store, butchers, pharmacy, doctor’s
surgery, dental practice, dry cleaners, coffee shop, hairdressers, beauticians
, bike store, takeaways, creche, local bar and restaurant, leisure centre
including a 25-meter pool) represent the day-to-day convenience uses most
frequently visited by local residents who will either walk due to their
proximity or drive and avail of the ample free parking.
• Both developments are pro-actively managed by the borrower. Both the
landlord’s insurances and service charges at a rate of €1 per sq.ft. pa are
separately invoiced through the borrower’s office. From our inspection of
the properties, we comment that the carparks are well laid out, clearly
marked and public lighting. The common areas were maintained to a high
standard and were clean and free of litter – graffiti.
• Both developments are fully occupied at inspection. From our enquiries with
local agents, we comment that good demand exists for rental
accommodation in the immediate area.
• A number of tenants (hairdressers, beauticians, bookmakers,
bar/restaurant and the leisure centre) have been impacted by COVID 19
imposed restrictions, which has seen reduced trading capacity as a result of
social distancing measures and temporary closures. Until such time as a high
percentage of the general population has been vaccinated against COVID-
19 it is likely that some form of trading restrictions will be maintained and
applied to varying degrees. Such restrictions will continue to negatively
impact on such business. We noted that the bar - restaurant was providing
a weekend order and collect food service during the current closure.
• The Borrower has advised that at the valuation date all rent has paid up to
date and that the properties had no past history of rent arrears or unit
vacancies; the rental statement applies to both the bar/restaurant and
leisure centre tenants.
• We are of the opinion and our valuation report has been prepared on the
basis that the value of the portfolio is maximised through valuing the
Monread Lodge Shopping Centre & Monread Lodge - Bar and Restaurant as
combined single lot, rather than two separate lots. Likewise, with the
Monread Commercial & Leisure Centre, the value we believe is maximised
as a single lot. It is on this basis that our valuation report is issued without
the inclusion of the Valuation Material Uncertainty clause as per VPS3 and
VPGA 10 of the RICS Red Book Global Standards 2020.
• We consider that the subject properties would provide a good proposition
in the current investment market for a proposed loan facility. We anticipate
that given the locations of both properties, the commercial nature and
mixed uses and services the business offer, combine to make an attractive
opportunity for Local or Private Investors seeking such an investment if
offered for sale in two separate lots.
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Confirmation of Suitability for Lending Purposes:
In our opinion the subject portfolio provides a suitable proposition for debt security
in the current market, assuming a lender has satisfied themselves that the borrower,
debt structure, asset class, sector and exposure is acceptable and in line with their
business appetite and credit parameters.
SWOT Analysis: Strengths

• Naas has a population of c. 21,393 people (2016 census) making it the
second largest town in Co. Kildare after Newbridge.
• Naas has become a popular Dublin commuter town in recent years.
• The Sallins and Naas railway station, located in nearby Sallins, is now used
by many residents of Naas and the surrounding area for the daily commute
to Dublin, with travel times averaging around 30 minutes to Dublin's city
centre.
• The subject properties occupy a strategic location in Naas, situated within
an established residential area and benefitting from a lot of passing
traffic/footfall.
• The subject portfolio is multi-tenanted with an excellent tenant mix which
in turn will help mitigate vacancy risk / rental void periods.
• There is ample free parking within the complex and its location offers busy
buyers a very efficient one-stop retail location without the traffic congestion
and delays of the town centre.
• The subject portfolio/development appears to be pro-actively managed
with no vacancy.
• Strong demand for residential rental accommodation in the immediate
area.
• The subject portfolio is predominated by a mix of long-established local
business with the majority being of good covenant strength. The WAULT is
6.80 years to break/expiry for the commercial element of the subject
portfolio.
Weaknesses
• Although the subject development is conveniently located, it is situated on
the edge of Naas Town.
• The retail & leisure sector has been severely impacted by COVID-19
restrictions which has limited occupier demand for such accommodation.
• The subject development is anchored by Costcutters who have competition
from larger supermarkets such as Tesco, Lidl and Aldi, all of which are
located in Naas.
• The residential properties are situated in a Rent Pressure Zone therefore the
passing rent can only be increased by 4% year on year.
Opportunities
• Pro-active asset management opportunities such as regearing current
leases and improving the tenant mix/profile.
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Threats
• Material valuation uncertainty, given the unknown future impact that
COVID-19 might have on the real estate market.
• Some of the subject occupiers heavily rely upon the trade of The Monread
Lodge. Given current government COVID-19 restrictions, pubs/restaurants
will remain one of the last sectors to fully re-open hence having a material
impact upon the trade of the surrounding occupiers particularly the
bookmakers and takeaways.
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2
PROPERTY REPORT
14
Property Report
Report Date: 4th March 2021.
Instructing Party: Maria Strickland

Business Banking Client Services
Deerpark Room
Ground Floor
Operations Centre
Cabinteely
Dublin 18
T: 087-7013794
E: maria.strickland@boi.com
Who is authorised to engage our services.
Subject Properties: 1. Monread Lodge Shopping Centre, Naas, Co. Kildare

2. The Monread Lodge, Public House & Restaurant, Naas, Co. Kildare
3. Monread Leisure & Commercial Centre, Naas, Co. Kildare
Instruction 1 - To provide an opinion of Market Value of the subject properties subject to

Investment Value: and with the benefit of the existing tenancies therein at the valuation date in
accordance with the agreed Terms of Engagement letter dated 13th January
2021.
Instruction 2 - To provide an opinion of Market Rent of the subject properties at the

Market Rent: valuation date in accordance with the agreed Terms of Engagement letter
dated 13th January 2021.
Instruction 3 - To provide an opinion of Market Value of the subject properties subject to

Vacant Possession: and with the special assumption that vacant possession is available at the
valuation date in accordance with the agreed Terms of Engagement letter
dated 13th January 2021.
Valuation Date: 5th February 2021.
Purpose of Valuation: This Red Book Valuation report is required for Secured Lending Purposes.
Security: We are of the opinion, subject to the contents of this report, that the subject
properties would provide suitable security for loan purposes.
We have provided comment on the loan terms where such information has
been provided. We have not however, been provided with details of the
length of the loan and the amount being lent.
15
Compliance with The Valuation has been prepared in accordance with the RICS Valuation -
Valuation Standards: Global Standards (‘Red Book Global’) (published January 2020). The
properties details on which the valuation is based are set out in this report.
We confirm that we have sufficient local and national knowledge of the

particular property market involved and have the skills and understanding to
undertake the valuation competently.
Special Assumptions: We have adapted the following special assumptions:

• Unit 5 Monread Lodge Shopping Centre (Paddy Power Bookmakers)
– That the tenant signs a new 5-year term certain lease agreement
at Market Rent (€23,750 p.a.) at the valuation date.
• Monread Leisure and Commercial Centre , Block 2 Unit 1 (An Post) –
That the outstanding 2018 rent review has been agreed at the
valuation date at €13.50 per sq.ft.
We have accepted that the above special assumptions are relevant, realistic
and valid in connection with the circumstances of this valuation.
Assumptions: We have made assumptions as to tenure, town planning, and the property
including ground and groundwater contamination.
If any of this information or assumptions on which the valuation is based are

subsequently found to be incorrect, the valuation figures may also be
incorrect and should be reconsidered.
Variation from Standard None.
Assumptions:
Market Conditions: The outbreak of COVID-19, declared by the World Health Organisation as a
“Global Pandemic” on the 11th March 2020, has and continues to impact
many aspects of daily life and the global economy – with some real estate
markets having experienced lower levels of transactional activity and
liquidity. Travel, movement and operational restrictions have been
implemented by many countries. In some cases, “lockdowns” have been
applied to varying degrees and to reflect further “waves” of COVID-19;
although these may imply a new stage of the crisis, they are not
unprecedented in the same way as the initial impact.
The pandemic and the measures taken to tackle COVID-19 continue to affect
economies and real estate markets globally. Nevertheless, as at the valuation
date property markets are mostly functioning again, with transaction volumes
and other relevant evidence at levels where an adequate quantum of market
evidence exists upon which to base opinions of value. Accordingly, and for the
avoidance of doubt, our valuation is not reported as being subject to ‘material
valuation uncertainty’ as defined by VPS 3 and VPGA 10 of the RICS Valuation
– Global Standards, except as identified below.
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Verification: We recommend that before any financial transaction is entered into based
upon these valuations, you obtain verification of the information contained
within our report and the validity of the assumptions we have adopted.
We would advise that while we have valued the property reflecting current
market conditions, there are certain risks which may be, or may become,
uninsurable. Before undertaking any financial transaction based upon this
valuation, you should satisfy yourselves as to the current insurance cover and
the risks that may be involved should an uninsured loss occur.
Valuer and Capacity: This report was prepared by Mr Paul McElearney FRICS FSCSI FCI Arb, a RICS
Registered Valuer who has undertaken this valuation acting in an External
Capacity.
Conflicts of Interest: None.
We confirm that copies of our conflict check has been retained in the file.
Reliance: This report is for the use only of the party to whom it is addressed for the
specific purpose set out herein and no responsibility is accepted to any third
party for the whole or any part of its contents.
Publication: Neither the whole nor any part of our report nor any references thereto may
be included in any published document circular or statement nor published
in any form and context in which it will appear.
Such publication of or reference to this report will not be permitted unless it

contains a sufficient contemporaneous reference to any departure from the
RICS Valuation Professional Standards Global 2020 (Red Book) or the
incorporation of the special assumptions referred to herein.
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Scope of Work and Sources of Information
Sources of Information: We have relied upon and carried out our work based upon information
supplied to us by Halkirk Properties Limited which we have assumed to be
correct and comprehensive. We have been provided with the following:
• A copy of the tenancy schedule.

• Copies of the lease agreements.
• Information on any COVID-19 related rent deferrals and rent
abatements.
• A copy of the Halkirk Properties Limited insurance premium split.
• A copy of the 2018 Lisney Valuation Report.
The Properties: Our report contains a brief summary of the subject properties details on
which our valuation have been based.
Inspection: The subject portfolio was inspected on 26th January 2021 by Paul McElearney
and Timothy Jordan of QRE. As a result of the outbreak of the Novel
Coronavirus (COVID-19), declared by the World Health Organisation as a
“Global Pandemic” on the 11th March 2020 and current government
restrictions, internal access to the subject properties was limited.
We gained internal access to the following properties:
• Units 1 & 2 Monread Lodge Shopping Centre (Costcutters).

• Unit 6 Monread Lodge Shopping Centre (Butchers).
• Monread Lodge (Bar & Restaurant).
• Block 1 Unit 1 (Gym/Leisure Centre).
• Block 2 Units 3 & 4 (Bikeology).
Areas: As agreed, given the number of tenants and current government restrictions,
we have not measured the subject properties but have relied upon the floor
areas provided by the Borrower. We have assumed that the floor areas
provided were measured in accordance with the RICS Code of Measuring
Practise.
On inspection, where possible, we took check measurements which we

compared to the measurements provided to us by the Borrower.
Environmental Matters: We have not undertaken, nor are we aware of the content of, any
environmental audit or other environmental investigation or soil survey
which may have been carried out on the Property and which may draw
attention to any contamination or the possibility of any such contamination.
We have not carried out any investigation into the past or present uses of the
Property, nor of any neighbouring land, in order to establish whether there is
any potential for contamination and have therefore assumed that none
exists.
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State of Repair: QRE have not undertaken a structural survey nor tested any of the services.
We have not been supplied with a survey report prepared by any other firm.
We have undertaken only a limited inspection for valuation purposes.
We would comment that from our inspection of the property, it was in a good
state of repair commensurate with its age, construction type and current use.
Access, Services and Amenities: We understand that all main services including water, drainage, electricity
and telephone are available.
None of the services have been tested by us.
Town Planning: We have undertaken limited planning enquiries with Kildare County Council
the local planning authority.
Titles and Tenure: We have not examined nor had access to the title deeds, leases or other
documents relating thereto. Where information from deeds, leases or other
documents is recorded in this report, it represents our understanding of the
relevant documents.
We confirm that no matter has been brought to our attention which would
affect value.
We should emphasise, however, that the interpretation of the documents of

title (including relevant deeds, leases and planning consents) is the
responsibility of your legal adviser.
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Valuation Assumptions
Capital Values: The Valuation has been prepared on the basis of “Market Value” which is
defined as:
“The estimated amount for which an asset or liability should exchange on the
valuation date between a willing buyer and a willing seller in an arm’s length
transaction after proper marketing and where the parties had acted
knowledgeably, prudently and without compulsion”.
The valuation has also been prepared on the basis of “Market Rent” which is
defined as;
“The estimated amount for which an interest in real property should be

leased on the valuation date between a willing lessor and a willing lessee on
appropriate lease terms in an arm’s length transaction, after proper
marketing and where the parties had each acted knowledgeably, prudently
and without compulsion.”
No allowance has been made of any expense or realisation, or for taxation

(including VAT), which may arise in the event of a disposal and the property
has been considered free and clear of all mortgages or other charges with
may be secured thereon.
Environmental Matters: In the absence of any information to the contrary, we have assumed that:
The property is not contaminated and is not adversely affected by any existing
or proposed environmental law, or any processes which were previously
carried out on the property which are regulated by environmental legislation
were properly licensed by the appropriate authorities.
Access, Services and Amenities: We have assumed there is unrestricted access to the land, and that the land
is connected to, and has aright the right to use, the reported main services on
normal terms.
Condition: In the absence of any information to the contrary, we have assumed that:
There are no abnormal ground conditions, nor archaeological remains,

present which might adversely affect the current or future occupation,
development or value of the land.
Comments made in the land details do not purport to express an opinion

about, or advice upon, the condition of uninspected parts and should not be
taken as making an implied representation or statement about such parts.
We have not carried out site surveys, tested services, made independent site
investigations, nor arranged for any investigations to be carried out to
20
determine whether or not any deleterious or hazardous materials are
present, in any part of the land.
We are unable, therefore, to give any assurance that the land is free from
defect or contamination.
Title, Tenure, Planning : Unless stated otherwise within this report, and in the absence of any
information to the contrary, we have assumed that:
The land is held under freehold title and that the property is not subject to
any unusual or especially onerous restrictions, encumbrances or outgoings,
or other restrictive covenants in Leases or Deeds which would adversely
affect value; and that good and marketable title can be shown. We have
assumed that there are no ongoing insurance claims or neighbour disputes.
21
Property Details
Location: The subject portfolio forms 2 separate developments, Monread Lodge/
Monread Lodge Shopping Centre and Monread Lodge Commercial & Leisure
Centre. Both developments are situated on the outer peripheral of Naas Town
Centre. Naas town has a population of 21,597 persons (Census of Population
2016). The town witnessed significant development during the early to mid-
2000s resulting in an increase in population that was substantially fed by the
Dublin commuter housing market. Public transport to Naas would be
regarded as reasonably good with numerous Bus Eireann bus routes allowing
easy access to Dublin City Centre from Naas Town Centre, and suburban rail
network from Sallins train station to the north.
The subject developments are both situated off the eastern side of Monread
Avenue, a short distance to the north-east of the centre of Naas town in a
predominantly residential location. The surrounding residential stock appears
to comprise predominantly houses dating from circa 1990s.
Both developments feature a large tarmacadam apron around each block

providing ample public car park facilities. There is a larger shopping centre to
the north of the immediate area, known as the Monread Centre, which is
anchored by a 10,802 sq.m. Tesco Extra together with additional occupiers
including Argos, Boots, and Costa Coffee. An Aldi supermarket also lies
adjacent to the Monread Centre.
In addition, other uses in the area include various manufacturers in IDA

Monread Industrial Estate and the Globe Retail Park, a large retail park
adjacent to the Maudlins M7 Interchange with prominent occupiers including
Woodies, Expert, Heatons, Smyths Toys, and Harry Corry.
Kildare County Council is the local authority.
22
Location Map: A location map is below and attached at Appendix A (Pinned in Red for
identification purposes only).
Monread Lodge & Monread Lodge Shopping Centre, Naas, Co. Kildare
Monread Commercial & Leisure Centre, Naas, Co. Kildare
23
Description: Monread Lodge Shopping Centre, Naas, Co. Kildare
The subject property comprises a detached two-storey neighbourhood
centre, which we are advised extends to approx. 915.27 sqm consisting of 6 x
retail units at ground floor level, 1 x first floor office unit (previously in
residential use); and 5 X 2-bed residential apartments overhead.
The entire block appears to be of traditional mixed masonry construction with

concrete block walls; a yellow/ red brick outer leaf with detailed
cornerstones; all under a pitched concrete tile roof for the most part together
with a small flat covered roof to the rear that also acts as balconies to the
overhead residential and office accommodation. Glazed frontage throughout
the retail units is provided predominately by means of a plate glass timber
display windows, double glazed timber frame windows to the front first floor
accommodation; and PVC coated aluminium frame double glazed windows to
the rear.
The retail units are currently occupied by Costcutters Convenience Store

(Units 1& 2); Buzz Dry Cleaners (unit 3); Macari’s Takeaway (Unit 4); Paddy
Power Bookmakers (unit 5); and Reilly Butchers (Unit 6). Each of the ground
floor retail units has been fitted out to the specification of each of the tenants.
Generally, the units have either tiled or laminate covered floors; plastered/
painted walls; and suspended acoustic tiled ceilings; with artificial
illumination provided by fluorescent box lights.
As a result of the outbreak of the Novel Coronavirus (COVID-19), declared by

the World Health Organisation as a “Global Pandemic” on the 11th March
2020 and current government restrictions, on inspection, we could only gain
internal access to Units 1 & 2 (Costcutters) and Unit 6 (Butchers). In the
absence of internal access to the remainder of the units, we have relied upon
information provided to us by the Borrower which we have assumed to be
correct and comprehensive for the purpose of this valuation.
The apartments are numbered 1a, 2a, 3a, 5a & 6a. The office is numbered as
unit 4a. We were not provided with access to any of the apartments/offices
therefore we have relied upon the information provided to us by the
Borrower. The information is as follows:
Apartment 6a consists of 2 bedrooms, living room, kitchen, hot press and a

small bathroom. In general, the apartment has laminate timber floors;
plastered/ painted walls and ceilings; with artificial illumination provided
suspended bulb lights. The bathroom has WC, WHB and a free-standing
shower with a Trident 390 shower unit. The kitchen features the usual range
of units with storage at ground and eye level and oven, hobs, tiled splash
back, stainless steel sink, fridge and extractor fan. All the apartments and
office unit share a broadly similar specification, size, layout and condition.
24
There are 30 x surface car parking spaces to the front and rear of Monread
Lodge Shopping Centre which are communal. The development shares two
vehicle access points off Monread Avenue with the adjacent Monread Lodge
Public House. The space to the rear of the development enables delivery drop
off for the ground floor retail units.
Monread Lodge (Public House & Restaurant), Naas Co. Kildare

The subject property comprises a standalone two storey, mixed use building
providing ground floor public house & restaurant accommodation, part first
floor office self-contained office/storage space to the front elevation and a
residential apt at first floor rear elevation level. The subject property extends
to approximately 575.99 sq.m. (6,200 sq.ft.).
The entire block appears to be of traditional mixed masonry construction with

concrete block walls; a red brick outer leaf with detailed cornerstones; all
under a pitched concrete tile roof. The ground floor benefits from 2
pedestrian entrances and rear staff/delivery access. A small external seating
area is situated at the front of the Monread Lodge currently covered in a
canopy.
On inspection, access was provided to the public house/restaurant only. The

aforementioned accommodation comprises a main open plan lounge area
with a mixture of high- and low-level seating, a separate “snug bar”, ladies
and gents W/Cs, fully fitted kitchen/preparation area with cold room and
access to the basement cellar/keg room. The subject accommodation
provides seating for circa 100+ patrons at any one time. From our inspection
we would comment that the accommodation presented in good condition
and we have been advised by the Borrower that the tenant spent circa €800k
fitting out the accommodation. We have also been advised that a verbal
agreement for the tenant (RHK Bars) to occupy the first floor as ancillary
office/function room accommodation is in place at €10,000 p.a. A lease
commencement date has not yet been agreed. The first-floor benefits from
independent access.
The first-floor residential apartment extends to approx. 111.48 sq.m. (1,200

sq.ft.). As access was not possible at the time of inspection, we have assumed
that the subject accommodation is in good internal condition throughout with
no capital expenditure requirements and that it has a broadly similar
specification to the residential units above Monread Lodge Shopping Centre.
Externally, the subject property benefits from 32 surface car parking spaces
surrounding the building and features a 360-degree vehicle circulation area
which is ideal for deliveries.
25
Monread Leisure and Commercial Centre
The subject development comprises a substantial commercial scheme, which
appears to date from the 2000’s and consists of a development totalling
approx. 6,145 Sq.m. on a large site which extends to approximately 3.2 acres
(1.29 hectares).
The development is arranged in five blocks with 11 x retail units and 3 x office
units. All the buildings appear to be of broadly similar construction. The
buildings appear to be of traditional concrete construction with red brick
outer leaf for the most part at ground and upper levels; and fenestration
throughout predominately consisting of double glaze timber framed
windows, all under predominately pitched and hipped slate tiled roofs with a
small section of flat roof covering part of the gym.
A portion of the first floor of Block 4 features sand/ cement render rather
than a red brick façade. We are advised by the property manager that Blocks
1 and 2 have air conditioning (hot & cold) while Blocks 3, 4 & 5 feature gas
fired central heating systems. There is lift access available in Blocks 2 and 4.
Block 1:- Comprises a 2-storey building with 4 ground floor retail units and a
Leisure Centre (currently trading as Gym Plus) overground and first floors.
The gym comprises an extensive facility with reception, male & female
changing rooms, a 25-meter swimming pool and ancillary rooms on the
ground floor and an open plan gym, aerobics studio, spinning room, squash
courts and full heights climbing wall on the first floor and part ground floor.
The retail units are occupied by Sibling’s Café, Serenity hair salon, a pharmacy
and Millie’s beautician. The café comprises an open plan dining area with a
counter area, kitchen & 2 toilets. The hair studio comprises an open plan area
with ancillary canteen & WC. The beauty therapist provides reception, various
treatment rooms, toilet facilities, laundry room and kitchenette. The
pharmacy, which is located in a single storey extension to the front of the
building, is open plan in layout with the prescription area to the rear and WC.
Block 2 :- Comprises a part single and part 2 storey building providing for 1
office unit and 3 retail units at ground floor together with a further office unit
across the entirety of the property. The ground floor office is occupied by the
HSE and provides a partitioned office together with the usual arrangement of
ancillary rooms and WC facilities. The remaining 3 retail units at ground floor
are occupied by Bikeology, Great Wok Chinese take away, and Tir Na Óg
crèche, which also occupies the entirety of block 3. The first-floor offices ,
which are currently occupied by An Post provides basic modern office
accommodation and is mainly open plan in layout with the exception of some
partitioned sections to include 2 offices, boardroom, canteen and store room.
The offices are fitted out with carpeted floors, plastered/ painted walls and
suspended tile ceilings. Each of the remaining units has been fitted out by the
tenants to suit their specification.
26
Block 3:- Block 3 is occupied by Tir Na Óg crèche in its entirety The creche in
in operation for over 20 years. Block 3 is a part single and a part 2 storey
purpose-built crèche building with ancillary outside play area. We have been
informed by the property manager that the facility caters for approx. 70
children. The crèche is generally finished with laminate timber floors,
plastered/ painted walls and smooth plastered ceilings with artificial
illumination provided by fluorescent strip tubing. The crèche is partitioned
throughout to provide for various classrooms, staff facilities, WC facilities,
sleep rooms and changing rooms.
Block 4 :- Consists of a 2-storey purpose-built office block which is located

behind block 3. Internally, the offices are a combination of open plan and
partitioned accommodation. In general, the offices have carpeted floors;
plastered/ painted wall and suspended acoustic tiled ceilings incorporating
fluorescent box lights.
Block 5:- Comprises 3 office/ ancillary units currently in use as a doctor’s

surgery (ground floor only); dental practice (ground & first floor); and a first
floor yoga studio. The doctor’s surgery provides a reception/ waiting area,
administration offices, consultation room, dentist, 2 toilets and a staff toilet.
The separate dental practice provides a reception, 3 surgery rooms, kitchen
and toilets on the ground with an open plan area, 5 partitioned offices and a
kitchenette and 2 toilets on the first floor.
Photographs are attached at Appendix B.
State of Repair: QRE have not undertaken a structural survey or tested any of the services.
We have not been supplied with a survey prepared by any other firm.
Environmental Considerations: We have not been supplied with any environmental report in respect of the
property. We are unable to give any guarantee as to the absence of
contamination arising from past or present use.
Town Planning: The subject properties are located in an area zoned Objective N:
Neighbourhood Centre “to provide for new/existing neighbourhood centres
and associated facilities” under the Naas Town Development Plan 2011-2017
(as extended).
27
Permissible in Principle
Dwelling unit, Health Centre/Clinic, Medical and related consultancy,
Park/Playground, Restaurant, Shop (Convenience).
Open for Consideration Uses

Car Parks, Community Hall, Childcare/Creche/Playschool, Cultural
uses/library, Guest House, Hotel, Take-away, Offices, Petrol Station,
Recreational Buildings, Residential, Sports/Leisure Complex.
Planning Permission: From our search of the Kildare County Council planning website, we have
ascertained that there are no active planning applications/permissions
pertaining to the subject portfolio.
VAT: We have not been advised whether the property is elected for VAT. All capital
values stated in this report are exclusive of VAT.
28
Tenure: We understand that the subject properties are held on the basis of Freehold
titles. We have not had sight of the title documents and have assumed that
the titles are good and marketable.
Lease: The subject portfolio is currently 100% let with the exception of the first-floor
accommodation at Monread Lodge which is currently verbally agreed. The
WAULT for the commercial element of the portfolio is 6.80 years to
break/expiry. Details of the current commercial leases are summarised in the
below tables.
Unit 1 & 2 Monread Lodge Shopping Centre, Naas

(Costcutters)
Tenant: A.N. Condron Limited.
Commencement Date: 25th August 2016.
Term: 10 years.
Contracted Rent: Stepped rent:
Year 1: €20,000 p.a.
Year 2: €30,000 p.a.
Year 3&5: €50,000 p.a.
Permitted user: A convenience store for the sale of groceries and
confectionary with off-licence.
Break Option: n/a.
Repairs: Internal repairs.
Outgoings: To pay rents, service charge insurance and to pay
and indemnify the Landlord against all
Outgoings.
Rent Review Open market rent review on the first day of the
Provision: 6th year of the term.
Additional Comments: The tenant covenants to keep open the Demised
Premises for the purposes of business during the
hours of 9am to 6pm each day.
Unit 3 Monread Lodge Shopping Centre, Naas

(Dry Cleaners)
Tenant: Buzz Dry Cleaners Limited.
Commencement Date: 15h November 2016.
Term: 10 years.
Contracted Rent: €27,000 p.a.
Permitted user: Dry Cleaners and Launderette.
Break Option: Tenant break option on the 5th anniversary of the
Term Commencement Date subject to not less
than three months prior written notice.
Outgoings.
Additional Comments: The tenant covenants to keep open the Demised
Premises for the purposes of business during the
hours of 9am to 6pm each day.
29
Unit 4, Monread Shopping Centre, Naas, County Kildare
(Takeaway)
Tenant: Coppercrate Limited.
Commencement Date: 25th February 2015.
Term: 10 years.
Permitted user: Pizzeria for the sale of pizzeria products whether
by way of collection and/or delivery.
Break Option: n/a.
Outgoings: To pay and discharge all taxes, duties, charges,
assessments, impositions and outgoings.
Rent Review 25th of January 2020 – open market rent.
Provision:
Additional Comments: The lease was assigned to Coppercrate Limited
by way of a Deed of Assignment dated 25th July
2016.
Unit 5, Monread Lodge Shopping Centre, Naas

(Bookmakers)
Tenant: Paddy Leisure Bookmakers Limited.
Commencement Date: 1st June 2008.
Term: 9 years 9 months.
Permitted user: Licensed Betting Shop and/or Retail and for no
other purpose save with the Landlord’s written
consent.
Break Option: n/a.
Outgoings: Tenant to pay additional rents pursuant to the
covenants contained in respect of insurance,
service charge, repairs.
Rent Review The rent is to be reviewed on the first day of the
Provision: sixth year of the term to full open market rent.
Additional Comments: The lease has currently expired and the tenant is
overholding.
30
Unit 6, Monread Lodge Shopping Centre, Naas
(Butchers)
Tenant: The Butchers Kitchen Limited.
Commencement Date: 16th September 2019.
Term: 10 years.
Permitted user: Butcher’s Shop and/or Retail and for no other
purpose save with the Landlord’s written
consent.
Break Option: Tenant break option on the fifth anniversary of
the commencement date subject to not less than
3 months prior written notice.
Additional Comments: n/a.
Unit 4A Monread Lodge Shopping Centre, Naas

(Martin Callinan & Company Solicitors)
Tenant: Martin Callanan.
Commencement Date: 11th April 2017.
Term: 5 years.
Permitted user: Solicitors Office.
Break Option: n/a.
Outgoings.
Rent Review n/a.
Provision:
Residential Tenancies
Apt Lease Start Lease Expiry Passing Rent
Apt 1A 1 July 2017
st
Rolling tenancy €9,840 p.a.
Apt 2A 1st December 2018 Rolling tenancy €9,720 p.a.
Apt 3A 14th February 2015 Rolling tenancy €11,880 p.a.
Apt 5A 1st December 2017 Rolling tenancy €11,880 p.a.
Apt 6A 2nd October 2014 Rolling tenancy €9,450 p.a.
31
Monread Lodge Public House, Naas
(Public House & Restaurant)
Tenant: RHK Monread Limited.
Commencement Date: 18th November 2016.
Term: 35 years.
Contracted Rent: Yrs 1-5: €65,000 p.a. Yrs 6-10: €71,500 p.a.
Permitted user: Public house for the sale of intoxicating liquor
and food.
Break Option: n/a.
Outgoings.
Rent Review The rent is to be reviewed on the 1st day of the
Provision: 11th, 16th, 21st, 26th & 31st years of the term to full
open market rent.
32
Unit 1, Block 1, Monread Leisure & Commercial Centre, Naas
(Gym Plus)
Tenant: Mandabe Limited.
Commencement Date: 8th August 2014.
Term: 10 years.
Contracted Rent: €200,000 p.a. + Turnover rent.
Permitted user: A dedicated health, fitness and wellness centre
involving all forms of health and physical activity
and dance and exercise classes and training.
Break Option: n/a.
Outgoings.
Rent Review n/a.
Provision:
Additional Comments: The tenant covenants to pay the base rent of
€200,000 p.a. plus an additional turnover rent.
The Turnover Rent shall be the sum equal to 5%
of that part of the Gross Turnover in excess of
€1,000,000 in each Turnover Period

(Siblings Cafe)
Tenant: K & J Foods & Beverage Limited.
Commencement Date: 3rd June 2016.
Term: 10 years.
Permitted user: Coffee Shop.
Break Option: n/a.
Outgoings.
Additional Comments: The Tenant covenants to fit out and open and
keep the Demised Premises open for the
purposes of the Permitted User during the
Centre Opening Hours.
33
(Serenity Hair Salon)
Tenant: Sinead McDonald of Serenity.
Commencement Date: 1st August 2017.
Term: 10 years.
Permitted user: Hair Salon.
Break Option: Tenant break option on the 5th anniversary of the
commencement date subject to not less than
two months prior notice.
Outgoings.

(Millies Beauty)
Tenant: Millies Beauty Limited.
Commencement Date: 1st February 2016.
Term: 10 years.
Permitted user: Retail sale and repair of bicycle and bicycle
related accessories and for no other purpose
save with the Landlords written consent.
Break Option: n/a.
assessments, impositions and outgoings
together with the Tenant’s due portion of the
service charge.
Rent Review n/a.
Provision:

(An Post)
Tenant: An Post.
Commencement Date: 1st July 2013.
Term: 10 years.
Permitted user: Administrative office.
Break Option: n/a.
service charge.
Additional Comments: 2018 rent review outstanding.
34
(Great Wok Chinese Takeaway)
Tenant: Jixin Li.
Term: 10 years.
Permitted user: Gourmet Food and other ancillary products but
not for consumption of food on the Demised
Premises.
Break Option: n/a.
service charge.
Rent Review Expired.
Provision:
Unit 3 & 4, Block 2, Monread Leisure & Commercial Centre, Naas

(Bikeology)
Tenant: Nigel Glynn.
Commencement Date: 30th May 2012.
Term: 10 years.
Permitted user: Retail sale and repair of bicycle and bicycle
related accessories and for no other purpose
save with the Landlords written consent.
Break Option: n/a.
service charge.
Rent Review n/a.
Provision:
Units 5 & 6, Block 2, Monread Leisure & Commercial Centre, Naas

(HSE)
Tenant: Health Service Executive.
Term: 10 years.
Permitted user: Administrative Office.
Break Option: n/a.
Outgoings.
35
Unit 7 Block 2 & Unit 1 Block 3, Monread Leisure & Commercial Centre,
Naas (Creche)
Tenant: Naas Childcare Limited t/a Tir Na nOg.
Commencement Date: 1st January 2018.
Term: 10 years.
Permitted user: A creche and childcare facility.
Break Option: n/a.
Outgoings.
Block 2 Unit 1 Monread Leisure & Commercial Centre

Tenant: Naas Childcare Limited t/a Tir Na nOg.
Commencement Date: 1st January 2018.
Term: 10 years.
Permitted user: Creche and childcare facility.
Break Option: n/a.
36
Block 4, Monread Leisure & Commercial Centre, Monread Avenue, Naas,
Co Kildare (Sea Change)
Tenant: Sea Change Limited.
Commencement Date: 1st of August 2019.
Term: 10 years.
Permitted user: Office.
Break Option: The tenant shall be entitled to surrender this
lease on the 5th anniversary of the
commencement date subject to not less than 6
months prior written notice.
Outgoings: To pay all rates, taxes and charges (including
emergency service charges ) of any description
(whether or not of a capital or non-recurring
nature ) including any insurance excesses or
other sums recoverable by the landlord but
excluding any tax payable by the Landlord upon
the rents.
Block 4, Monread Leisure & Commercial Centre, Monread Avenue, Naas,

(Extern Ireland)
Tenant: Extern Ireland.
Commencement Date: 1st of August 2019.
Term: 10 years.
Permitted user: Office.
Break Option: The tenant shall be entitled to surrender this
lease on the 5th anniversary of the
commencement date subject to not less than 6
months prior written notice.
the rents.
37
Unit 2, First Floor, Block 5, Monread Leisure & Commercial Centre, Naas
(Yoga Studio)
Tenant: Gillian Flanagan t/a Studio 3 Yoga, Pilates &
Holistic Centre.
Commencement Date: 1st day of March 2020.
Term: 10 years.
Permitted user: Yoga/Pilates studio and centre for holistic care.
Break Option: n/a.
Outgoings: To pay and indemnify the Landlord against all
outgoings including the tenant’s due portion of
the service charge.
Additional Comments: A side letter attached to the lease dated 9th
March 2020 provides that the tenant may occupy
the premises rent free for the month of March in
the years 2021,2022,2023 & 2024.
Block 1 & 5, Monread Leisure & Commercial Centre, Monread, Naas

(Pharmacy & Surgery)
Tenant: Dr Philip Aherne & Jennifer Ahern.
Commencement Date: 28th of October 2015.
Term: 10 years.
Permitted user: Doctor’s surgery and pharmacy.
Break Option: n/a.
the rents.
Rent Review 28th of October 2020 – open market rent.
Provision:
38
Unit 3/4,Block 5, Monread Leisure and Commercial Centre, Monread
Court, Naas, County Kildare
Tenant: Denthouse Property Limited.
Commencement Date: 25th February 2015.
Term: 15 years.
Permitted user: Dentist surgery and office.
Break Option: n/a.
the rents.
Rent Review 25th of January 2020 – open market rent.
Provision:
Additional Comments: Rent commencement date of the 16th of
November 2015. A security deposit of €9,500
shall be payable by the tenant on or prior
execution of this lease.
Meteor Aerial Licence Agreement

Licensee: Meteor Mobile Communications Limited.
Commencement Date: 29th May 2009.
Term: 5 years (Licensee has right to renew for 3 further
periods of 5 years from the commencement
date).
Break Option: Licensee is entitled to terminate the Licence at
any time on giving the Licensor 6 months prior
written notice.
Additional Comments: Deed of Variation dated 11th September 2012
reducing the contracted rent from €12,000 p.a.
to €10,000 p.a. and including the
aforementioned break option.
It should be noted that we have not been provided with the residential lease
for the apartment above Monread Lodge Bar & Restaurant. However, we
have been advised by the Borrower that the subject property is occupied
under a standard rolling residential tenancy agreement at €15,000 p.a.
39
Area: As instructed by the Client, we have relied upon the measurements provided
to us by the Borrower which we have assumed to be correct and
comprehensive for the purpose of this valuation. A breakdown of the
measurements can be found in the table below.
We have assumed that the floor areas provided were measured in accordance
with the RICS Code of Measuring Practise. On inspection, where possible, we
took check measurements which we compared to the measurements
provided to us by the Borrower.
Monread Lodge Shopping Centre

Unit Tenant Size Sq.m. Size Sq.ft.
Unit 1 & 2 Costcutters 204.38 2,200
Unit 3 Buzz Dry Cleaners 88.26 950
Unit 4 Macaris Takeaway 88.26 950
Unit 5 Paddy Power 88.26 950
Unit 6 Butchers 88.26 950
Apt 1A Private 59.64 642
Apt 4A/Solicitors Martin Callinan & Co 59.64 642
TOTAL:- 915.26 9,852
Monread Lodge
Ground Flr RHK Bars 371.61 4,000
First Flr - Office RHK Bars (Pending) 92.91 1,000
First Flr - Apt Private 111.48 1,200
TOTAL:- 576.00 5,200
Monread Commercial & Leisure Centre
Block 1 Unit 1 Mandabe Limited 2,948.72 31,740
Block 1 Unit 2 Siblings Cafe 115.94 1,248
Block 1 Unit 3 Serenity Hair Salon 45.06 485
Block 1 Unit 4 Millies Beauty 243.87 2,625
Block 2 Unit 1 An Post 490.52 5,280
Block 2 Unit 2 Chinese Takeaway 113.99 1,227
Block 2 Unit 3 & 4 Bikeology 201.41 2,168
Block 2 Unit 5 & 6 HSE 199.00 2142
Block 2 Unit 7 Naas Childcare 118.45 1,275
Block 3 Unit 1 Naas Childcare 437.11 4,705
Block 4 Unit 1 Seachange/Extern 583.80 6,284
Block 5 Unit 1 Studio3 107.30 1,155
Block 5 Unit 2 & Dr Philip Aherne 319.70 3,441
Pharmacy Block 1
Block 5 Unit 3 Denthouse Property 219.90 2,367
TOTAL:- 6.144.77 66,142
40
Site Area: Monread Lodge & Monread Lodge Shopping Centre, Naas, Co. Kildare
We have not been provided with site/area maps. In the absence of same, we
have assumed the subject site boundary from Land Direct and have scaled the
assumed area using the online measuring tool MyPlan.ie. The subject site
Monread Commercial & Leisure Centre, Naas, Co. Kildare

We have not been provided with site/area maps. In the absence of same, we
have assumed the subject site boundary from Land Direct and have scaled the
assumed area using the online measuring tool MyPlan.ie. The subject site
41
Comparable We have had regard to the following rental evidence that has recently let or is currently available on the
Rental market;
Evidence:
24 North Main Street,

Naas, Co. Kildare
Property Description: Ground floor retail unit extending to 85 sq.m. (915 sq.ft.). Situated on Naas
Main Street with retail frontage thereof.
Floor Area: 85 sq.m. (915 sq.ft.).
Rent per Annum: €20,000.
Rate Per Sq.m.: €235.30.
Rate Per Sq.ft.: €21.86.
Letting Date: July 2019.
Agent: Undisclosed. Source: Commercial Lease Register.
Comment: Let in July 2019 on a 4-year 9-month lease agreement. Tenant fitted out the
unit to their own specification. Similar floor area than the majority of the
subject units however the comparable property has main street profile.
42
35-37 North Main Street,
Naas, Co. Kildare
Property Description: First and second floor restaurant forming part the majority of a three-storey
mixed use building. Situated on Naas Main Street and benefitting from apart
glazed front elevation.
Floor Area: 236 sq.m. (2,540 sq.ft.).
Rent per Annum: €50,000 (Headline rent).
Letting Date: July 2019.
Comment: Let in July 2019 on a 20-year lease agreement with a tenant b/o in years 7,
12 & 17. The tenant received a 6-month rent free period which equates to
a net effective rent achieved of €18.28 per sq.ft. Modern retail
accommodation situated on Naas Main Street.
43
Moorefield Road, Newbridge,
Co. Kildare
Property Description: Ground floor retail unit extending to 112.2 sq.m. (1,208 sq.ft.) with 5 car
park spaces to the rear. The property has food/takeaway use and forms part
of a larger mixed-use development.
Floor Area: 112.2 sq.m. (1,208 sq.ft.).
Letting Date: October 2018.
Agent: Jordan Auctioneers.
Comment: Let in October 2018 on a 10-year lease for €30,000 p.a. equating to €24.83
per sq.ft. Located in Newbridge town on a busy road benefiting from good
levels of footfall. Let in a stronger retail market.
44
2 North Main Street,
Naas, Co. Kildare
Property Description: Ground and first floor restaurant extending to 474.64 sq.m. (5,109 sq.ft.).
Previously occupied by McDonalds.
Letting Date: May 2018.
Comment: Let in May 2018 on a 10-year lease at €80,000 per annum equating to €15.66
per sq.ft. Situated in Naas Town Centre benefitting from good levels of
footfall. Previously occupied by McDonalds with restaurant planning. Let in
a stronger retail market.
45
Unit 2, The Gem, Poplar Square,
Naas, Co. Kildare
Property Description: The premises comprise of a ground floor shop which extends to a popular
size of 155sqm. There is public car parking immediately to the front of
poplar square which benefits from a large footfall. The first floor provides a
number of offices with Men’s and Ladies toilets. These premises could suit
many retail uses subject to appropriate planning.
Rent per Annum: €45,000 (Quoting rent).
Letting Date: Currently on the market to let.
Agent: Mervyn Feely & Associates.
Comment: The comparable property is currently on the market to let with a quoting
rent of €45,000 p.a. (€26.98 per sq.ft.) which is a €5,000 p.a. reduction in
the previous quoting rent. The comparable forms part of a parade out retail
units including takeaways, bookmakers and pub with public car parking.
46
Unit M4 Naas Town Centre, Dublin Road,
Naas, Co. Kildare
Property Description: Upper floor office/storage accommodation extending to 145 sq.m. (1,561
sq.ft.). The subject accommodation forms part of Naas Town Cente
Shopping Centre.
Letting Date: March 2020.
Comment: Let to Organic Trust on a 10-year lease agreement with a tenant b/o year 5.
Similar to the subject office accommodation in terms of setting, nature, size
and condition.
47
Hampton Wood Creche,
Dublin 11
Property Description: The subject property comprises of ground and part first floor creche in
shell and core condition extending to 1,016 sq.m. (10,936 sq.ft.). The
unit forms part of a three-storey mixed-use development. The yard is
for the sole use of the creche and can only be accessed by the creche.
Floor Area: 1,016 sq. m. (10,936 sq. ft.).
Tenant: Creche operator.
Lease Term: 25-year FRI lease 5 yr R/R – 20% cap and 10% collar.
Break Option / Break option on at the end of yr 14.
Incentives: None.
The ground and
Rent Per Annum: Yrs 1 – 2: €127,213 Yrs 3 – 5: €132,744.

Rent Per Sq. m.: Yrs 1 – 2: €125.21 Yrs 3 – 5: €130.65.
Rent Per Sq. ft.: Yrs 1 – 2: €11.50 Yrs 3 – 5: €12.00 per sq.ft.
Letting Date: Q3 2020.
Agent: QRE Real Estate Advisers.
Comment: Recent modern purpose build creche facility letting. Situated in a
similar established residential location albeit the comparable as a much
larger floor area than the subject property.
48
Santry Point Creche,
Santry, Dublin 9
Property Description: Purpose built ground floor creche in Santry Point. The subject property
extends to 405.61 sq.m. (4,366 sq.ft.).
Floor Area: 405.61 sq. m. (4,366 sq. ft.).
Tenant: Creche operator.
Lease Term: 25-year FRI lease 5 yr R/R.
Break Option / Break option on at the end of yr 15.
Incentives: None.
The ground and
Rent Per Annum: €56,758.

Rent Per Sq. m.: €139.93.
Rent Per Sq. ft.: €13.00.
Agent: QRE Real Estate Advisers.
Comment: Recent modern purpose build creche facility letting.
49
Creche, Dublin Road, Naas,
Co. Kildare
Property Description: Former primary school now being used as a crèche. Circa 216.2
sq.m/2,327 sq.ft. with car parking, playground and dated portacabin
also on site. Works needed to be carried out to make suitable for
creche.
Floor Area: 216.2 sq. m. (2,327 sq. ft.).
The ground and

Rent Per Sq. m.: €152.64.
Rent Per Sq. ft.: €14.18.
Agent: Undisclosed.
Comment: Property is let to Sticky Fingers Creche on a 10-year lease at €33,000
per annum. (€14.18 per sq.ft). Inferior location, condition and
construction than the subject property. Dated comparable however
situated on the outskirts of Naas Town.
50
Comparable We have had regard to the following investment evidence in establishing our opinion of Value:
Investment
Evidence:
Musgrave Businesss Park,

Co. Waterford
Property Description: Musgrave Retail Park briefly comprises an L-shaped scheme,

extendin3g to 8,994 sq.m. (96,810 sq.ft.) with surface parking for 300
cars. Musgrave occupies units 1 and 2 approx. (5,277.8 sq.m.) The
Range (Ireland) Ltd occupy the balance of the accommodation
(3,716.1 sq.m.) at Musgrave Retail Park in 2018. The weighted
average unexpired lease term to tenant breaks is 7.46 years and 13.2
years to lease expiry.
Floor Area: 8,944 sq.m. (96,810 sq.ft.).
Tenant: Musgrave & The Range (Ireland) Ltd.
Tenant Lease Details: Musgrave – 20-year lease from 2012, fixed rental uplift of 12.5%
every five years. Currently paying a passing rent of €207,712 (€3.66
per sq.ft.). and will see an uplift to €233,676 per annum in June 2022
and to €262,886 in June 2027. There are no tenant break options.
The Range - The Range lease features a break option in January 2021,
which requires nine months prior written notice together with
payment of a €400,000 rental penalty. The Range lease is fully
guaranteed by CDS (Superstore International) Limited.
Rate Per Sq.m: €45.33.
Sales Price: €4,900,000.
Net Initial Yield (NIY): 7.57%.
Sales Date: Q4 2020.
Agent: Knight Frank.
Comment: Secondary out of town modern retail park. Let to 2 tenants with a
strong WAULT to break of 7.46 years and 13.2 years to expiry. The
tenants Musgrave & The Range would be considered strong
covenants and also essential retail amid COVID-19 restrictions
therefore remaining open throughout the ongoing pandemic. The
sale reflected a NIY of 7.57% which is reversionary.
Lusk Town Centre, Lusk,
Co. Dublin
Property Description: A three-storey development comprising commercial and residential

units extending to approximately 43,362 sq.ft.
Floor Area: 4,028.42 sq.m. (43,362 sq.ft.).
Tenant & Lease Details: Multi let with passing income of €473,725. Vacant resi and retail units
at time of sale. Approx 88% of passing income generated from
SuperValu and Stack's pharmacy
Agent: TWM.
Comment: Secondary out of town modern retail-led scheme. Multi-let to various
tenants with vacant residential and retail units at time of sale thus
opportunity to increase rent roll. Lusk would be considered an inferior
location than Naas.
52
Spar, Holyweel Commercial Centre,
Swords, Co. Dublin
Property Description: The property is in excellent condition throughout and includes a modern
deli area with a fully fitted kitchen and cold storage food facilities. The
area to the front provides for a spacious seating area and extensive
displays and fridge units. The unit also provides for additional storage
and office facilities to the back of the unit and a small yard to the rear
of the property.
Tenant & Lease Details: Sale and Leaseback to Talphs Airside Ltd t/a Spar Holywell. 25-year
lease, tenant b/o in year 5.
Sales Price: €376,000.
Rate Per Sq.m.: €1,278.91.
Agent: Colliers.
Comment: Neighbourhood convenience store investment sale. Sale and leaseback
with new 25-year lease, tenant b/o in year 5. Comparable has the
benefit of a single let and new lease in place giving 5 years unexpired
term certain.
53
The Court, Newbridge,
Co. Kildare
Property Description: The Court is a three-storey mixed-use property incorporating retail,

office and residential accommodation. The subject property comprises
four ground floor retail units and two second floor office units. We are
advised these units extend to an overall area of 829 sq.m. (8,922 sq.ft).
Tenant & Lease Details: Unit 1 – Permanent TSB: 6.7 yrs from 01.02.2016 @ €12,500 p.a.
Unit 3 – Permanent TSB: 25 yrs from 13.10.1997 @ €110,000 p.a.
Unit 4 – Vacant
Unit 5 – Midland Office Supplies: 25 yrs from 01.12.1997 @ €22,873 p.a.
Unit 7 – Vacant
Unit 8 – PJ Beirne & Associates – Overholding @ €9,000 p.a.
Rate Per Sq.m.: €1,447.75.
Agent: QRE.
Comment: Mixed use investment sale comprising retail and office accommodation.
The sale reflected a NIY of 11.70% albeit this would be considered
reversionary pending the letting of the 2 vacant units. The location,
setting and tenants of the comparable property would be inferior to the
subject property. Considering the aforementioned factors, a lower yield
should be applied to the subject property.
54
Belgard Square West, Tallaght,
Dublin 24.
Property Description: The portfolio comprises 18 No. ground floor retail units. The scheme
is by anchored Musgraves (sub-let to Euro Giant) with other high-
profile tenants including Boyle Sports, Smiles Dental and Polenez,
amongst others. The portfolio is laid out to provide ground floor retail
accommodation, with dual pedestrian access via Belgard Square West
and Cookstown Way. The scheme has benefits from ample pay and
display car parking spaces (at basement level), accessed from the
northern point of the development opposite the HSE Primary Care
Centre.
Tenant: Multi-Let.
Tenant Lease Details: WAULT of circa 9.5 years with the top 3 tenants accounting for 72% of
passing rent.
Rent per annum: €672,096.
Per sq.m.: €226.36.
Per sq.ft.: €21.03.
Rate per sq.m.: €1,886.06.
Rate per sq.ft.: €175.22.
Agent: QRE.
Comment: The comparable property sold in Q4 2019 for €5,600,000, equating to
a NIY of 10.6%. The sales agent advised us that there was good level of
demand for the comparable property.
55
Ashleaf Shopping Centre, Crumlin,
Dublin 12.
Property Description: Ashleaf Shopping Centre was constructed in 2000 and comprises of a
two-storey hopping centre. The comparable extends to approx.
92,182 sq.ft. (8,563.92 sq.m.). The scheme is anchored by Dunnes
Stores who occupy approx. 88,344 sq.ft. The comparable property has
been well-maintained and is convenient to shoppers.
Tenant: Multi-let with tenants including Dunnes Stores, Specsavers,
McDonald’s and Llyod’s Pharmacy.
Tenant Lease Details: WAULT of 5.27 years with VP of 9 retail units and 12,450 sq.ft. of office
accommodation.
Rent per annum: €1,182,000.
Per sq.m.: €138.02.
Per sq.ft.: €12.82.
Sales Price: €10,100,000
Rate per sq.m.: €1,179.37.
Rate per sq.ft.: €109.57.
Agent: CBRE.
Comment: The comparable property sold for €10,100,000 in Q4 2019, equating
to a NIY of 10.64%. Receiver sale that is multi-let and offers
reversionary potential on letting of vacant space.
56
Valuation Considerations
Market Conditions: The outbreak of COVID-19, declared by the World Health Organisation as a
“Global Pandemic” on the 11th March 2020, has and continues to impact
many aspects of daily life and the global economy – with some real estate
markets having experienced lower levels of transactional activity and liquidity.
Travel, movement and operational restrictions have been implemented by
many countries. In some cases, “lockdowns” have been applied to varying
degrees and to reflect further “waves” of COVID-19; although these may imply
a new stage of the crisis, they are not unprecedented in the same way as the
initial impact.
The pandemic and the measures taken to tackle COVID-19 continue to affect
economies and real estate markets globally. Nevertheless, as at the valuation
date property markets are mostly functioning again, with transaction volumes
and other relevant evidence at levels where an adequate quantum of market
evidence exists upon which to base opinions of value. Accordingly, and for the
avoidance of doubt, our valuation is not reported as being subject to ‘material
valuation uncertainty’ as defined by VPS 3 and VPGA 10 of the RICS Valuation
– Global Standards, except as identified below.
Valuation Considerations: We have had regard to the following in forming our opinion of value:
• The subject properties occupy a strategic location in Naas, situated
within an established residential area and benefitting from a lot of
passing traffic/footfall.
• The subject portfolio is multi-tenanted with an excellent tenant mix
which in turn will help mitigate vacancy risk / rental void periods.
• There is ample free parking within the complex and its location offers
busy buyers a very efficient one-stop retail location without the traffic
congestion and delays of the town centre.
• The subject portfolio/development appears to be pro-actively
managed with minimal vacancy.
• Strong demand for residential rental accommodation in the
immediate area.
• The subject portfolio comprises a mix of national and local occupiers
with the majority being of good covenant strength. The WAULT is 6.80
years to break/expiry for the commercial element of the subject
portfolio.
• The subject portfolio has seen minimal voids periods since initially
developed.
• On inspection, it was apparent that the subject portfolio appeared to
be pro-actively managed with no immediate capital expenditure
required.
• The retail & leisure sector has been severely impacted by COVID-19
restrictions which has limited occupier demand for such
accommodation.
57
• Some of the subject occupiers heavily rely upon the trade of The
Monread Lodge. Given current government COVID-19 restrictions,
pubs/restaurants will remain one of the last sectors to fully re-open
hence having a material impact upon the trade of the surrounding
occupiers particularly the bookmakers and takeaways.
• Volatile nature of the retail market.
• While the comparable evidence outlined in this report is reflective of
similar use properties, the subject portfolio is a unique case being
situated with an established residential catchment benefitting from a
lot of passing traffic/footfall.
• The residential properties are situated in a Rent Pressure Zone
therefore can only be increased by 4% year on year.
• A number of existing occupiers has been in long-term occupation and
we have been advised they have no intensions of vacating in the
immediate – near future on expiry of their lease.
Income Summary and Analysis of The subject portfolio is currently fully let with tenants comprising national
Passing Rent: retailers and local occupiers, the majority of which are of good covenant
strength. The average weighted unexpired term to the earliest termination is
6.80 years for the commercial element and as such we are of the opinion the
subject portfolio benefits from a reasonable letting profile.
The residential properties are currently fully occupied under standard

residential rolling tenancy agreements with the majority of tenants being in
long term occupation.
The subject portfolio is currently producing a passing rent of €1,010,866 p.a.

exclusive of VAT. A breakdown of the passing rent is outlined in the table
below. We have been advised that while some tenants benefitted from a
COVID-19 rent deferral, all passing rent is currently up to date at the valuation
date.
58
Unit Tenant Passing Rent Passing Rent P.a.
Psf
1&2 Costcutters €22.73 €50,000
3 Buzz Dry €21.05 €20,000
Cleaners
4 Macari €31.58 €30,000
Takeaway
5 Paddy Power €36.84 €35,000
6 Butchers €29.47 €28,000
Apt Martin Callinan €18.69 €12,000
4A/Solicitors & Company
Office
First Floor Vacant €0 €0
Monread Lodge
Aerial Rental Eir n/a €10,000
Apt Tenant Passing Rent Passing Rent P.a.
PCM
1A Private €820 €9,840
2A Private €810 €9.720
3A Private €990 €11,880
5A Private €990 €11,880
6A Private €788 €9,450
Monread Lodge
TOTAL:- €317,770 p.a.

Unit Tenant Passing Rent Passing Rent
Psf P.a.
Block 2 Unit 3 Bikeology €13.84 €30,000
&4
Block 2 Unit 5 HSE €25.78 €55,230
&6
Block 2 Unit 7 Naas Childcare €11.15 €66,662
& Block 3 Unit
1
59
Block 1 Unit 5 Dr Philip Aherne €21.76 €74,868
& Block 5 Unit
2
Block 5 Unit 3 Denthouse €12.04 €28,500
Property Ltd
TOTAL:- €693,116
Tenant Covenant Strength: Detailed financial investigations of the tenants are outside the scope of this
report. However, we have reviewed Vision Net reports of the tenant’s
companies and would comment as follows.
A N Condron Limited
Judgments: No.
Status: Normal.
Credit Score: 25 – Caution High Risk.
Credit Limit: €0.
Risk Watch: None.
Cash: Unknown.
Net Worth: €100.
Liquidity: 0.
This report is based on the very
latest accounts filed by this
Comment:
company for the financial year
end 31/12/2017.
We believe the property investment market would view the tenant’s company
as providing poor security.
Buzz Dry Cleaners Limited

Judgments: No.
Status: Normal.
Credit Score: 76 – Fair Trade Risk.
Credit Limit: €500.
Risk Watch: None.
Cash: €1,363.
Net Worth: €10,001.
Liquidity: 0.
Comment:
end 16/11/2019.
as providing fair security.
60
Coppercrate Limited.
Judgments: No.
Status: Normal.
Credit Score: 100 – Low Trade Risk.
Risk Watch: None.
Cash: €7,749.
Liquidity: 1.71.
Comment:
end 31/05/2019.
Flutter Entertainment Public Limited Company

Judgments: No.
Status: Normal.
Credit Limit: €4,000,000.
Risk Watch: None.
Cash: €108,100,000.
Net Worth: €4,189,600,000
Liquidity: 0.41.
Comment:
end 31/12/2019.
as providing strong security.
The Butchers Kitchen Limited

Judgments: No.
Status: Normal.
Credit Score: 59 – Caution Advised.
Credit Limit: €0.
Risk Watch: None.
Cash: Unknown.
Net Worth: €-29,882.
Liquidity: 0.47.
Comment:
end 31/03/2019.
61
RHK Bars Limited.

Judgments: No.
Status: Normal.
Credit Limit: €35,250.
Risk Watch: None.
Cash: Unknown.
Liquidity: 1.04.
Comment:
end 31/09/2019.
as providing good security.
Mandabe Limited
Judgments: No.
Status: Normal.
Credit Score: 59 – Caution Advised.
Credit Limit: €0.
Risk Watch: None.
Cash: €135,140.
Net Worth: €-74,987.
Liquidity: 0.69.
Comment:
end 31/12/2019.
62
K&J Foods and Beverage Limited
Judgments: No.
Status: Normal.
Credit Limit: €0.
Risk Watch: None.
Cash: €8,509.
Liquidity: 0.55.
Comment:
end 31/12/2019.
Millies Beauty Limited

Judgments: No.
Status: Normal.
Risk Watch: None.
Cash: €777,257.
Liquidity: 2.74.
Comment:
end 31/12/2019.
An Post
Judgments: No.
Status: Normal.
Credit Limit: €5,000,000.
Risk Watch: None.
Cash: €509,855,000.
Net Worth: €280,178,000.
Liquidity: 1.12.
Comment:
end 31/12/2019.
63
Health Service Executive

The Health Service Executive is a state body and are responsible for the
provision of health and personal social services for everyone living in Ireland,
with public funds. Therefore, we believe the property investment market
would view the tenant’s company as providing strong security.
Naas Childcare Limited

Judgments: No.
Status: Normal.
Risk Watch: None.
Cash: Unknown.
Liquidity: 2.68.
Comment:
end 31/08/2019.
Sea Change Limited

Judgments: No.
Status: Normal.
Risk Watch: None.
Cash: €249,413.
Liquidity: 1.57.
Comment:
end 31/12/2019.
64
Extern Ireland
Judgments: No.
Status: Normal.
Risk Watch: None.
Cash: €1,033,562.
Net Worth: €1,888,116.
Liquidity: 1.78.
Comment:
end 31/12/2019.
Denthouse Property Limited

Judgments: No.
Status: Normal.
Credit Score: 76 – Fair Trade Risk.
Risk Watch: None.
Cash: Unknown.
Liquidity: 0.45.
Comment:
end 31/12/2019.
The below tenants are registered as businesses therefore are not required to
file financial information. Therefore, for the purpose of this valuation, we have
assumed the tenant’s businesses are of fair covenant strength.
• Serenity Hair Salon.

• Studio3.
• Dr Phillip Aherne & Jennifer Aherne.
The residential properties are let to a range of private tenants therefore we

cannot comment on their covenant strength.
65
Void Periods and Re-Lettability: Having spoken with local agents and having regard to void history of the
subject portfolio we have determined there is strong demand for both the
commercial element of the subject portfolio. The subject properties occupy a
strategic location in Naas, situated within an established residential area and
benefitting from a lot of passing traffic/footfall. The subject portfolio is
currently multi-tenants with an excellent tenant mix which will help mitigate
vacancy risk/rental void periods. The portfolio is pro-actively managed and
currently 100% occupied. There is ample free parking within the complex and
its location offers busy buyers a very efficient one-stop retail location without
the traffic congestion and delays of the town centre.
Considering the above, we believe a 3-month void period would be required

to facilitate a new 5-year term certain lease agreement should the subject
units become vacant. This void period is to include a marketing period and
potential rent-free tenant incentive.
In regard to the residential element of the subject portfolio, we have

ascertained that there is also strong demand for same. Monread is an
established residential area benefiting from a range of amenities and a
popular Dublin commuter area.
Considering the above, we believe a 1-month void period would be required

to facilitate a new 1-year standard residential tenancy agreement should one
of the apartments become vacant.
Marketability and Potential If the subject portfolio were offered to the property investment market for
Purchasers: sale, we are of the opinion that there would be good levels of demand from
private, family office investors with a view of holding the subject portfolio as
an investment and pro-actively asset managing the portfolio.
The subject portfolio benefits from a WAULT to earliest expiry of 6.80 years
on the commercial element and has benefits from minimal rental void history.
As such, we envisage a sale of the subject portfolio to happen within 9-12
months of being offered to the open market for sale.
66
Valuation Methodology – In arriving at our opinion of Market Rent, we have had regard to the
Market Rent: comparable rental evidence outlined in this report and our discussions with
local agents in the area.
While the majority of comparable rental evidence outlined in this report are
situated in the surrounding area of Naas/Newbridge, they are not reflective
of this strategic location, situated within an established residential area and
benefitting from a lot of passing traffic/footfall.
The subject portfolio has seen minimal rental voids since it was first
constructed which can be reflective of the pro-active asset management. The
subject portfolio is currently 100% occupied comprises a mix of national and
local occupiers with an excellent tenant mix. From discussions with local
agents in the area, if any of the subject units were to become vacant, there
would be good levels of demand for same.
We have established the following Market Rents (outlined in the table below).

Unit Tenant Market Rent Market Rent P.a.
Psf
1&2 Costcutters €22.73 €50,000
3 Buzz Dry €25.00 €23,750
Cleaners
4 Macari €31.58 €30,000
Takeaway
5 Paddy Power €25.00 €23,750
6 Butchers €25.00 €23,750
Apt Martin Callinan €1,300 pcm €15,600
4A/Solicitors & Company
Office
First Floor Vacant €10.00 €10,000
Monread Lodge
Aerial Rental Eir €0 €0
Apt Tenant Market Rent Market Rent P.a.
PCM
1A Private €853 €10,234
2A Private €842 €10,109
3A Private €1,030 €12,355
5A Private €1,030 €12,355
6A Private €819 €9,828
Monread Lodge
TOTAL:- €311,731 p.a.
67
Unit Tenant Market Rent Market Rent
Psf P.a.
Block 2 Unit 3 Bikeology €25.00 €54,200
&4
Block 2 Unit 5 HSE €25.78 €55,230
&6
Block 2 Unit 7 Naas Childcare €12.00 €71,748
& Block 3 Unit
1
Block 1 Unit 5 Dr Philip Aherne €21.76 €74,868
& Block 5 Unit
2
Block 5 Unit 3 Denthouse €13.50 €31,955
Property Ltd
TOTAL:- €780,263
In arriving at our opinion of Market Rent for the residential element, as the
subject properties are located within a Rent Pressure Zone, we have inflated
the current passing rent by 4% at lease expiry.
68
Valuation Methodology – In arriving at our opinion of Market Value subject to and with the benefit of
Market Value: the existing tenancies therein, we have utilised the investment method of
valuation. We have adapted the following valuation inputs (outlined in the
table overleaf).
69
Monread Lodge & Monread Lodge Shopping Centre
Unit Tenant Passing Rent P.a. Market Rent P.a. Hardcore/ Term Yield Reversion Yield Froth Yield Expiry Void
1&2 Costcutters €50,000 €50,000 9% 3 months
3 Buzz Dry Cleaners €20,000 €23,750 9.25% 9.75% 3 months
4 Macari Takeaway €30,000 €30,000 8.75% 3 months
5 Paddy Power €35,000* €23,750 8.25% 3 months
6 Butchers €28,000 €23,750 9% 9.5% 3 months
Apt 4A/Solicitors Martin Callinan & Co €12,000 €15,600 8% 1 month
Monread Lodge & RHK Bars €65,000* €75,000 9.25% 3 months
First Floor Above
Aerial Rental Eir €10,000 €0 10% n/a
Apt Tenant Passing Rent P.a. Market Rent P.a. Term Yield Reversion Yield Froth Yield Expiry Void
1A Private €9,840 €10,234 8% 8.25% 1 month
2A Private €9,720 €10,109 8% 8.25% 1 month
3A Private €11,880 €12,355 8% 8.25% 1 month
5A Private €11,880 €12,335 8% 8.25% 1 month
6A Private €9,450 €9,828 8% 8.25% 1 month
Apt above Monread Private €15,000 €15,600 8% 8.25% 1 month
Lodge
Unit Tenant Passing Rent P.a. Market Rent P.a. Hardcore/Term Yield Reversion Yield Froth Yield Expiry Void
Block 1 Unit 1 Mendable Limited €200,000* €200,000 9.25% 3 months
Block 1 Unit 2 Siblings Cafe €22,484 €31,200 8.75% 9.5% 3 months
Block 1 Unit 3 Serenity Hair Salon €11,400 €12,125 8.75% 9.25% 3 months
Block 1 Unit 4 Millies Beauty €27,500 €39,375 8.5% 9.25% 3 months
Block 2 Unit 1 An Post €51,000* €71,280 7.75% 3 months
Block 2 Unit 2 Great Wok €24,000 €36,810 8.75% 9.5% 3 months
Block 2 Unit 3 & 4 Bikeology €30,000 €54,200 8.75% 9.5% 3 months
Block 2 Unit 5 & 6 HSE €55,230 €55,230 7.25% 3 months
Blk 2 U7 & Blk 3 U1 Naas Childare €66,662 €71,748 8.25% 8.75% 3 months
Block 4 Unit 1 Seachange/Extern €85,302 €85,302 8.5% 3 months
Block 5 Unit 1 Studio3 €16,170 €16,170 9.5% 3 months
Blk 1 U5 & Blk 5 U2 Dr Philip Aherne €74,868 €74,868 8.5% 3 months
Block 5 Unit 3 Denthouse Property €28,500 €31,955 8.75% 9.25% 3 months
Please note the following valuation assumptions:
• Unit 5 Monread Lodge Shopping Centre (Paddy Power Bookmakers)
– the tenant is currently overholding and paying above our opinion
of Market Rent. For the purpose of this valuation, we have made the
special assumption that the tenant signs a new 5-year term certain
lease agreement at Market Rent (€23,750 p.a.) at the valuation date.
• The Monread Lodge (Public House) - this asset class have been
severely impacted by COVID-19 restrictions. We have adapted a
cautious approach over the uncertainty COVID 19 may have in the
future. We have assumed that a phased reopening of this sector will
happen during H2 of 2021 and have factored in a tenant rent free
period of 6 months from the valuation date. It has been verbally
agreed between the Tenant and Landlord that the tenant will occupy
the space above the public house for office/storage space at €10,000
p.a. On expiry of the tenant rent-free period, we have assumed that
the tenant will commence occupation the aforementioned space.
• Block 1 Unit 1 Monread Leisure and Commercial Centre (Gym/Leisure
Centre)- this asset class have been severely impacted by COVID-19
restrictions. We have adapted a cautious approach over the
uncertainty COVID 19 may have in the future. We have assumed that
a phased reopening of this sector will happen during the latter part
of H1 of 2021.We have adapted a cautious approaching factoring in a
tenant rent free period of 4.5 months from the valuation date.
• Block 2 Unit 1 (An Post) – There is an outstanding rent review in 2018
which have been advised notice has been served upon the tenant at
€16 per sq.ft. It is our opinion that the Market Rent of the subject
property is €13.50 per sq.ft. which is an uplift on the current passing
rent. As the agreed rent at review can be back dated, for the purpose
of this valuation, we have made the special assumption that the rent
review has been agreed at the valuation date at €13.50 per sq.ft.
After deducting standard purchasers’ costs, we have established the

following rounded opinion of Market Value.
Property Market Value

Monread Lodge & Monread €3,350,000 exclusive of VAT.
Lodge Shopping Centre, (Three Million Three Hundred and
Naas, Co. Kildare Fifty Thousand Euro).
Monread Leisure & €7,740,000 exclusive of VAT.

Commercial Centre, Naas, (Seven Million Seven Hundred and
Co. Kildare Forty Thousand Euro).
TOTAL:- €11,090,000 exclusive of VAT.

(Eleven Million Ninety Thousand
Euro)
A copy of our Valuation Printout is attached at Appendix C.

Opinion of Value – We are of the opinion that the Market Value of the freehold interest in the
Monread Lodge & Monread subject property, subject to and with the benefit of the existing tenancies
Lodge Shopping Centre: therein, at the valuation date is:
€3,350,000
(Three Million Three Hundred and Fifty Thousand Euro)
exclusive of VAT
Opinion of Value – We are of the opinion that the Market Value of the freehold interest in the
Monread Leisure & Commercial subject property, subject to and with the benefit of the existing tenancies
Centre: therein, at the valuation date is:
€7,740,000
(Seven Million Seven Hundred and Forty Thousand Euro)
exclusive of VAT.
Yours Faithfully, Yours Faithfully,
Paul McElearney FRICS FSCSI FCI arb Timothy BSc. Hons.

Director of Advisory Surveyor
RICS Registered Valuer
72
3
APPENDICES
73
Appendix A – Location Map
74
75
76
77
Appendix B – Photographs
79
80
81
82
83
Appendix C – Valuation Printout
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
Appendix D – Information to be Relied Upon
109
110
111
112
4
LETTER OF INSTRUCTION
113
Letter of Instruction
115
116
117
118
119
120
121
122
123
124

Final VR 04.03.2021

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Final VR 04.03.2021

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Monread Lodge Shopping Centre,

The Monread Lodge (Bar and Restaurant),

• The subject property comprises a detached two-storey neighbourhood

Monread Lodge (Bar and Restaurant)

Monread Leisure & Commercial Centre

Monread Lodge Shopping Centre & Monread Lodge

Monread Leisure & Commercial Centre

Monread Lodge Shopping Centre & Monread Lodge

Monread Leisure & Commercial Centre

Monread Leisure & €7,740,000 exclusive of VAT.

TOTAL:- €11,090,000 exclusive of VAT.

Equivalent Yield 8.92%

Reversionary Yield 8.27%

Equivalent Yield 8.74%

Reversionary Yield 9.07%

Suitability for Loan Strengths

Risks and Mitigating Factors

Summary of Loan Terms:

Lending Related Comments:

SWOT Analysis: Strengths

Instructing Party: Maria Strickland

Who is authorised to engage our services.

Subject Properties: 1. Monread Lodge Shopping Centre, Naas, Co. Kildare

Instruction 1 - To provide an opinion of Market Value of the subject properties subject to

Instruction 2 - To provide an opinion of Market Rent of the subject properties at the

Instruction 3 - To provide an opinion of Market Value of the subject properties subject to

Valuation Date: 5th February 2021.

We confirm that we have sufficient local and national knowledge of the

Special Assumptions: We have adapted the following special assumptions:

If any of this information or assumptions on which the valuation is based are

Conflicts of Interest: None.

Such publication of or reference to this report will not be permitted unless it

• A copy of the tenancy schedule.

We gained internal access to the following properties:

• Units 1 & 2 Monread Lodge Shopping Centre (Costcutters).

On inspection, where possible, we took check measurements which we

None of the services have been tested by us.

We should emphasise, however, that the interpretation of the documents of

“The estimated amount for which an interest in real property should be

No allowance has been made of any expense or realisation, or for taxation

There are no abnormal ground conditions, nor archaeological remains,

Comments made in the land details do not purport to express an opinion

Both developments feature a large tarmacadam apron around each block

In addition, other uses in the area include various manufacturers in IDA

Kildare County Council is the local authority.

Monread Commercial & Leisure Centre, Naas, Co. Kildare

The entire block appears to be of traditional mixed masonry construction with

The retail units are currently occupied by Costcutters Convenience Store

As a result of the outbreak of the Novel Coronavirus (COVID-19), declared by

Apartment 6a consists of 2 bedrooms, living room, kitchen, hot press and a

Monread Lodge (Public House & Restaurant), Naas Co. Kildare

The entire block appears to be of traditional mixed masonry construction with

On inspection, access was provided to the public house/restaurant only. The

The first-floor residential apartment extends to approx. 111.48 sq.m. (1,200

Block 4 :- Consists of a 2-storey purpose-built office block which is located

Block 5:- Comprises 3 office/ ancillary units currently in use as a doctor’s

Photographs are attached at Appendix B.

Open for Consideration Uses

Unit 1 & 2 Monread Lodge Shopping Centre, Naas

Unit 3 Monread Lodge Shopping Centre, Naas

Unit 5, Monread Lodge Shopping Centre, Naas

Unit 4A Monread Lodge Shopping Centre, Naas

Unit 2, Block 1, Monread Leisure & Commercial Centre, Naas

Unit 4, Block 1, Monread Leisure & Commercial Centre, Naas