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Inn On The Coast, 48-50 Ballyreagh Road, Portrush, Co. Antrim, BT56 8LT

Investment Property Sale Agreed
of

Sale Agreed

Location

Portrush is a scenic coastal resort located in the northernmost part of County Antrim on the renowned North Coast, c. 60 miles North of Belfast and c. 6 miles from Coleraine.

The area is a popular tourist destination benefitting from spectacular scenery with breathtaking views, sandy beaches and numerous historical landmarks, such as the Giant’s Causeway (UNESCO World Heritage Site), the Carrick-a-Rede Rope Bridge and the medieval Dunluce Castle.

As well as spectacular vistas, Portrush is home to a number of high profile annual events such as the North West 200 International Road Races and Airwaves Air Show. These events alone attract close to 200,000 visitors to Portrush. As well as this the town has an illustrious golfing heritage and is home to Royal Portrush Golf Club, where the 2012 Irish Open was played. Additionally Royal Portrush is due to host the Open Golf Championship in 2019, which will focus global interest on the town.


The Inn on the Coast is strategically located on the coastal route between Portrush and the neighbouring town of Portstewart, benefitting from views over the Atlantic Ocean towards Donegal. The property is immediately surrounded by a mix of residential properties and caravan parks as well as agricultural lands and another of Portrush’s golf courses.

Full Description

The property comprises 30 no. large en-suite bedrooms with bar and restaurant facilities, as well as generous on-site car parking to the rear.

Originally the property was a standalone Public House, however, in the early 2000’s the property was extended to provide the existing accommodation.

Since then there have been a number of refurbishment programmes undertaken, most recently to the bar and restaurant area, which provides accommodation for 74 covers.

Additionally there is a second restaurant area, which is currently used as a breakfast room and comprises 48 covers.

Accommodation

The hotel accommodation consists of;

Room Type

Quantity

 

1 x Double and 1x Single Beds 

 

12

1 x Double and 2 x Single Beds  11
Family – 5 Beds  1
Suite 1
License

The premises benefits from a licence to sell intoxicating liquor, further information is available upon request.

Contents

A full inventory of the contents included in the sale can be made available upon request.

Title

We have been advised that there is a restriction over an element of the site, to use the land for the purpose of car parking or as a picnicking area only in connection with the public house.

This may have an impact on future development of the site and any prospective purchaser should satisfy themselves with this, further information can be made available upon request.

Tenancy

The property is let on full repairing and insuring terms to Ballyreagh Ltd on the following terms:

Current Rent: £62,500 (Subject to an annual increase of £2,500 excl.)

Lease Expiry: 31 March 2020

Planning

Planning consent was granted under application no. C/2010/0546/F on 18th April 2012 for the replacement of the current premises with a residential development comprising 16 units in total.

The redevelopment consent consists of;

Type

Bedrooms

Quantity

Area (Sq Ft)

 

Townhouse

 

3

 

6

 

1,330 to 1,575

Semi Detached 3 8 1,330 to 1,575
Detached 3 2 1,275


*Interested parties are advised to make their own enquires into the validity of the planning consent, further details can be made available.

Proposal

We have been instructed to seek offers above £1,000,000 (One Million Pounds Sterling) exclusive of VAT.

EPC

The property has an Energy Performance Rating of C56.

A full certificate can be made available upon request.

Rates

We are advised by Land and Property Services of the following;

NAV: £35,000

Rate in the £: £0.568776

Rates Payable (16/17): £19,907
Capital Allowances

Details on request.

Contact

For further details please contact:

Stephen Chambers - schambers@lisney-belfast.com

Andrew Knox - aknox@lisney-belfast.com 

Viewing Details

By special appointment with the sole selling agent, Lisney.

Contact Details

Address: Montgomery House, 29-33 Montgomery Street, Belfast BT1 4NX
Telephone: +44-2890-501501 or you can also email us at property@lisney-belfast.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or 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 and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.