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18 Boucher Way, Belfast, BT12 6RE

Investment Property (10,122 sqft) For Sale by Private Treaty
of

Price £625,000

Features

  • Fully Let Showroom Investment
  • Extending to 10,122 sq.ft. over 2 floors, on a standalone site of 0.95 acres
  • Let to Issac Agnew Holdings Ltd (t/a Agnew Corporate) with c. 7.75 years to expiry
  • Net rental income of £46,040 p.a.
  • Well located in Belfast’s prime car showroom location
  • Highly prominent position

Location

Belfast, the capital of Northern Ireland is the 15th largest city in the United Kingdom, but the 11th largest conurbation. The city is located approximately 165 km (103 miles) north of Dublin and 120 km (75 miles) south east of Derry-Londonderry. Belfast has an excellent communication network. The M2 motorway provides access to the north towards Antrim and Derry and the M1 motorway provides access to the south and west of the Province towards Lisburn and Dublin. 

The city forms part of the largest urban area in Northern Ireland, and the main settlement in the province of Ulster. The city has a population of 280,269 (2011 Census)

The wider Belfast Metropolitan Area has a population extending to approx. 650,000. As the largest commercial centre in Northern Ireland, Belfast has developed into one of Ireland’s premier business cities and has the largest employed population in the region. Belfast in the last few years has been extremely successful in attracting Foreign Direct Investment driven primarily by a highly skilled and educated employment base, competitive operating costs and advanced telecoms infrastructure.

Situation

The subject is located approximately 2 miles south of Belfast city centre, bounded to the rear by the M1 motorway. The site is located off Boucher Crescent on the west side of Boucher Way

The immediate area is the print pitch for car showrooms and out-of-town retail warehousing with excellent transport links both by rail and bus, and access directly onto the M1 motorway.

The Boucher area is generally regarded as Belfast’s premier car showroom location and accommodates one of the largest concentrations of car showrooms in the United Kingdom, with a large section of the market controlled by the Charles Hurst Group and Isaac Agnew Group.

Full Description

The subject Premises comprise a highly prominent two storey car sales showroom constructed around 1997, with ancillary workshop, mezzanine offices, a car forecourt at the front of the property and yard to the rear. The property is of steel portal frame construction with double skin profile metal pitched roof. The walls are of concrete block construction, with metal profile cladding. The front facade benefits from floor to ceiling glazing.

There is direct access into the site from Boucher Way. The forecourt of the property has approximately 80 car parking and display spaces.

Viewing Details

Strictly by appointment through Lisney or the joint agent CBRE

Accommodation

    Floor

    Use

    Sq M

    Sq ft

    Ground Floor

    Showroom

    351.27

    3,781

    Ground Floor

    Workshop

    185.24

    1,994

    First Floor

    Offices

    403.85

    4,347

    Total Gross Internal Area:

    940.36 10,122

    Site Area

    We have calculated the site area to be 0.95 acres.

     

    Tenure

    The property is held long leasehold for a term of 125 years from 1st February 1995. The current ground rent is £38,460 per annum and Rent reviews are 5 yearly, the next being 1st February 2020.

     

    Tenancy

    The property is single let to Isaac Agnew (Holdings) Ltd t/a Agnew Corporate for a term of 10 years from 24 October 2016; expiry 24 October 2026. Open market rent reviews are 5 yearly.

    There is a tenant break option on 24 October 2021. The current passing rent is £84,500 per annum. Considering the current ground rent of £38,460 per annum, the net rental income is £46,040 per annum.

    Agnew Corporate had a turnover of £21.82m to the year end Dec 16, a pre-tax profit of £1.19m and a net worth of £3.97m

     

    Asking Price
    £625,000 (exclusive of VAT) reflecting an attractive 7% net initial yield assuming purchasers costs of 5.12%.

     

    Stamp Duty

    If applicable, will be the responsibility of the purchaser.

     

    EPC

    The property has an energy rating of C56.

    Full certificates can be made available upon request.

     

    VAT
    We have been advised that the property is elected for VAT however it is anticipated that any sale will be treated as a Transfer of a Going Concern (TOGC).

     

    Customer Due Diligence

    As a business carrying out estate agency work we are required to verify the identity of both the vendor and the purchaser as outlined in the following:

    The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 - http://www.legislation.gov.uk/uksi/2017/692/made

    Any information and documentation provided by you will be held for a period of five years from when you cease to have a contractual relationship with Lisney.  The information will be held in accordance with General Data Protection Regulation (GDPR) on our client file and will not be passed on to any other party, unless we are required to do so by law and regulation.

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.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.

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