Location Map

Here is the location of the property in question:

33 Scotch Street, Dungannon

Price: £750,000

For Sale by Private Treaty

Features

Freehold Retail Investment
Fully Let to New Look Retailers Ltd.

Passing rent £55,000 per annum
c. 8.5 years unexpired

Full Description

Location

Dungannon is the third largest town in County Tyrone after Omagh and Strabane and at the 2001 Census had a recorded population of 11,139 persons. The property is located on Scotch Street within the town centre which comprises a mix of retail and business uses including restaurants, banks and offices.

Together with Market Square, Scotch Street offers the main retail offer for the town. There is a mix of local and National multiples represented and nearby occupiers include DV8, Bank of Ireland, Wise Buys, Bank of Ireland and First Trust Bank.

Description

The property comprises a two storey modern purpose built retail unit with retail sales on the ground floor and ancillary space on the upper floor. The building is of brick/block construction with rendered finish and fitted out in accordance with the tenant’s corporate style.

Accommodation

The premises have the following approximate areas:

Gross Frontage: 13.28m 44 ft

Net Frontage: 10.81m 35 ft

Building Depth: 27.97m 92 ft

The following Net Internal Areas apply:

Ground Floor Sales: 283.44 sq m 3,051 sq ft

Changing Rooms: 23.10 sq m 249 sq ft

Ancillary Ground floor: 48.36 sq m 521 sq ft

First Floor Storage: 104.80 sq m 1,128 sq ft

Total 459.70 sq m 4,948 sq ft

Tenure

We understand the property is held under a freehold title.

Tenancy

The property is let on a single lease to New Look Retailers Limited on 15 year lease from 21st February 2005.

The passing rent is £55,000 per annum which is subject to a further open market rent review on 21st February 2015.

Covenant

A Dun & Bradstreet Report for the tenant indicates a credit rating of 5A1 with the company reporting a profit of £158 million and a tangible net worth of £800 million for the year end March 2010.

Investment Proposal

We are seeking offers in the region of £750,000 (Seven Hundred and Fifty Thousand Pounds) exclusive of VAT and subject to contract. An offer at this level would reflect a net initial yield of 6.93% having allowed for purchasers costs of 5.8%.

VAT

All prices and outgoings are exclusive of but may be liable to V.A.T.

Viewing Details

By special appointment with the sole selling agent, Lisney.

Contact Details

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

Andrew Gawley | +44 2890 501552 | agawley@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.