Location Map

Here is the location of the property in question:

1-4 Market Street Court, 67-71 Market Street, Tandragee

Price: £185,000

For Sale by Private Treaty

PDF Brochure

Features

Comprising three No.3 bedrooms townhouses and one No.1 bedroom flat and communal car parking spaces to the rear.
Fully let and producing an income of £15,080 p.a. (gross).

Capable of future development, subject to planning.
Site area 0.22 acres. (approximately).

Full Description

Location

Tandragee is a small county town situated 5 miles from Portadown and 14 miles from Newry.

The town has a population of 3,018 according to the 2001 census with 25.2% of the town homes being rented.

The subject block of residential properties is situated on the main street which is in easy walking distance of the town's amenities.

Description

The property comprises four recently constructed residential units situated on a prominent site. There are three No. 3 bedroom townhouses and one No. 1 bedroom first floor apartment, rear gardens and communal car parking spaces.

The property has previously been considered as an opportunity for 14 residential apartments of approximately 670 sq.ft. each with rear parking. No formal application has been submitted.

The site area is approximately 0.22 acres approx.

Title

Understood to be held on a long leasehold title subject to nominal ground rent and service charge totalling £500 pa per unit.

Schedule of Tenancies

House No.	Tenant	Bedrooms	Term	Rent pa.
67	David Berry	3	21/02/11 to 21/02/12	£3,900
69	Charles Hardwick	3	21/02/11 to 21/02/12	£3,900
41	Hilary Ferris & Andrew Cobain	3	21/02/11 to 21/02/12	£3,900
71a	Adam Tomaszewski	2	21/02/11 to 21/02/12	£3,380

Annual Income (Gross)	£15,080
Annual Income (Net)	£12,722.12

Price

Offers invited in the region of £185,000 reflecting on initial yield of 8% (gross) assuming costs of 1.5%.

Rates

We have been verbally advised by the Rates Authority of the following:

Total NAV for 4 units: £325,000

Rate in the £ for 2011/12: 0.007469

Rates payable: £2,427.43

NB

All prices, charges and rents are quoted net of VAT, which maybe chargeable.

Viewing Details

By appointment with the Joint Selling agents, Lisney or Michael Hannath Estate Agents.

Contact Details

Lisney Belfast, 5 Linenhall Street, Belfast, BT2 8AA

David McNellis | +44 2890 501551 | dmcnellis@lisney-belfast.com

Legal Information:
Lisney and the Vendor/Lessor give notice that: 1. These particulars are for guidance only and do not constitute nor constitute any part of an offer or a contract. 2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor. 3. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact. 4. The particulars, various plans, photographs, descriptions and measurements have been carefully prepared, but their accuracy is not guaranteed and any intending Purchasers/Lessees shall satisfy themselves by inspection or otherwise as to their correctness. No omission, accidental error or misdeception shall be a ground for a claim for compensation or for the recission of the Contract by either the Vendor/Lessor or the Purchaser/Tenant. 5. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty in relation to the property. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and all the negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction.