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Zeus Packaging, Central Park, Mallusk, Newtownabbey, Belfast, BT36 4FS

Investment Property (35,834.00 sqft) For Sale by Private Treaty
of

Price £1,700,000

Features

  • Modern single let industrial investment property
  • Located within Central Park in the prime industrial area of Mallusk
  • Extending to approx. 35,834 sq.ft. on a site of 2.5 acres
  • Let to Zeus Packaging Group for a term of 10 years (no breaks)
  • Passing rent of £140,000 with reversionary potential
  • Guide price of £1,700,000 reflects an attractive net initial of 7.76% and a low capital value of £47 psf
  • Additional development potential

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 benefits from four railway stations, and the Belfast to Dublin train route has a journey time of approximately 1 hour 50 minutes. The two airports, Belfast City and Belfast International, provide access to all major UK and a large number of international destinations including America and mainland Europe. 

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

Mallusk is one of Northern Ireland’s leading industrial and warehousing locations. The area has a successful industrial and commercial base with good communication links. Mallusk is situated within Newtownabbey in the greater Belfast area accessed from the M2 Motorway at Sandyknowes Roundabout. Mallusk is situated 7 miles north of Belfast City Centre and 82 Miles from Dublin.

Mallusk benefits from key communication and transport links, situated 17 miles from the Port of Larne, 9 miles east from the Belfast International Airport, 8 miles north of the Belfast City Airport and 7 miles from the Port of Belfast providing access to all major UK and a number of International destinations.

Mallusk has a range of both UK and Local occupiers such as Marks and Spencer’s, Volkswagen and Securicor. The subject property is located to the rear of Central Park Industrial Estate, Mallusk Road, Newtownabbey. Other nearby occupiers include Bryson Recycling, Star Fuels, Countrywide Freight, Norman Harvey and Royal Mail. The property is located within Central Park and benefits from it’s 24 hour security.

Full Description

The property comprises a modern 2 bay warehouse and interconnecting office accommodation totalling 35,834 sq ft which sits on a self-contained site of approx. 2.5a (1 Ha). The property is externally fenced with concrete circulation space and tarmaced parking for approximately 38 vehicles. 

The property is of steel portal frame construction with part block facing walls and part profile cladding side elevations. Access is via 4.5m electric roller shutter doors. The Warehouse spaces consist of concrete screed flooring and fluorescent strip lighting with the office space fitted to a good standard with plaster painted walls, suspended ceilings and carpet flooring.

The tenant has erected a temporary storage facility on site of approximately 5,000. Sq.ft. under planning ref. no LA03/2017/0433/F. This structure is the property of the tenant and has not been rentalised.

Development Site
Within the holding sits a site of approx. 0.4a which can be seen in the picture opposit. This presents a development opportunity for the incoming purchaser. Given the tenant utilises a temporary building for additional storage purposes they have stated they would consider a design and build proposal for an extension to their existing premises. Further details on request.

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    Description

    GIA Sq. M.

    GIA Sq. Ft.

    Warehouse

    2989.98

    32,185

    Office

    338.99

    3,649

    Total

    3,328.97

    35,834


    Tenant & Lease Information

    Zeus Packaging is a company registered in the Republic of Ireland under company number IE432818. They are engaged in the sale and distribution of packaging material to sectors ranging from small business to pharmaceutical companies, food processing industries and major retail industrial outlets. For the year ending Dec 16 the turnover was €131.5m with an operating profit of €4.3m and net assets of €21.6m. (https://www.zeuspackaging.com/)

    Zeus Packaging Group Ltd have contractually committed to a new 10 year lease from the date at which the sale completes, at a starting rent of £140,000 p.a. The rent will be reviewed at the end of the 5th year to open market level on an upward only basis. There are no tenant breaks.


    Title

    We understand that the property is held under a long leasehold interest for 999 years from 1 December 1998 at a yearly rent of 5p per annum.


    EPC Rating
    The property has an Energy Efficiency rating of C61

    A full certificate can be made available upon request.

    Proposal
    £1,700,000 (exclusive of VAT) reflecting an attractive 7.76% net initial yield assuming purchasers costs of 6.18%.

    Stamp Duty
    If applicable, will be the responsibility of the purchaser.  

    VAT
    All prices, outgoings and rentals are stated exclusive of but may be liable to VAT.

    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.