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4-6 Downpatrick Road & 1-6 Irish Street, Killyleagh, Co. Down, BT30 9RG

Investment Property (0.63 acres) Sold
of

Sold

Features

  • PFS/Convenience store and adjacent properties situated on a total site of 0.63 acres.
  • Let to Henderson Retail Ltd. producing a total income of £72,084.38 pa.
  • Henderson Lease expiring 21 September 2036, c 18 years unexpired.
  • Further properties, both vacant and in need of refurbishment, comprise a bungalow and 2 storey building previously used as a shop and 3 no. flats.
  • Adjacent land creating opportunity for extension to PFS/convenience store.
  • Located in Killyleagh town centre fronting main arterial roads in a prominent corner position, adjacent to a mix of commercial and residential properties.

Location

Killyleagh is a small town, located c 20 miles from Belfast, c 6 miles from Downpatrick, and is served by local facilities and amenities. 

Situated in the town centre with frontages to Downpatrick Road and Irish Street. 

Full Description

Property comprises a significant holding of commercial and residential lots. 

Lot 1 - No. 4 Downpatrick Road - comprising petrol filling station and convenience store (let to Henderson Retail Ltd)

Lot 2 - No. 6 Downpatrick Road - comprising bungalow, garage and gardens, vacant, in need of refurbishment. 

Lot 3 - a) No. 1 Irish Street, comprising a 2 storey commercial and residential building, vacant and in need of refurbishment with lands to rear 

            b) Rear Lands 

 

Tenure

Lot 1 

PFS / convenience store let to Henderson Retail Ltd (see tenant covenant information below) on the following basis: - 

i) Term

Held by way of a lease - 25 years from 21 September 2011 (expiring 20 September 2036) 

ii) Rent Passing 

£72,084.38 pa

iii) Rent Reviews

Every fifth year loinked to RPI, collared and capped at 12.5% and 15%. Next scheduled review to occur 21 September 2021 

iv) Repairs and Insurance

a) The tenant is obliged to keep the demised property in good and tenantable repair ie all 'above ground' items including pumps, forecourt, air an dwater equipment and canopy. 

b) The landlord is obliged to keep in good and substantial repair the below ground items including tanks, ACO channels and pipes until such times as they are beyond economic repair. At this time or 20 years post installation, the tanks and infrastructure are to be replaced with the cost shared 50/50 between landlord and tenant. 

c) Landlord to insure and be reimbursed 

Lot 2 

Bungalow - Vacant 

Lot 3 

2 storey building - Vacant 

Tenant Covenant

Henderson Retail Ltd (HRL), part of Henderson Group, is a long established food wholesaler and retailer which owns and operates currently from 80 stores throughout Northern Ireland under the brands Spar, Eurospar and Vivo. Recently published accounts dated December 2017 show the company had a turnover of £342m and profit before taxation of £7.7m. 

Rates

We are advised by Land & Property Services of the following: 

Lot 1: 

NAV: £16,900

Lot 2:

CV: £135,000

Lot 3:

Retail Unit NAV: Not Assessed

Flat 1 CV: £50,000

Flat 2 CV: £50,000

Asking Price

£900,000 reflecting a net initial of 8.5%, after purchaser costs of 5.5% to include all lots.

Title

We assume the property is held on a freehold basis. 

Stamp Duty

Will be the responsibility of the purchaser

VAT

We believe the sale will be by way of a TOGC. All prices, outgoings and rentails are stated exclusive of but may be liable to VAT. 

 

Viewing Details

Viewing by special appointment with the sole selling agent.

Accommodation

    Lot 1 Convenience Store

    1,946 sq.ft 

      Offices 265 sq. ft
      Store 477 sq.ft 
      Total 2,688 sq.ft

     

     

    Lot 2 Bungalow 864 sq.ft 

     

    Lot 3  

    a)  Commercial and residential buildling  
      Ground Floor 2,031  sq.ft 
      First Floor (previously 3 x flats) 1,720 sq.ft 
      Total 3,751 sq. ft
    b) 

    Lands

    5,000 sq. ft (0.11 acres)

     

     

     

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.