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119/125 Drumaness Road, Drumaness , Co. Down, BT24 8NA

Investment Property (2.91 acres) For Sale by Private Treaty
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Price £1,200,000

Features

  • Petro lFilling Station and Convenience Store, retail unit and detached bungalow situated on a total site of c 2.91 acres.
  • Let to Henderson Retail Ltd and a residential tenant producing a total income of £102,178.13 pa
  • Henderson Lease expiring 19 September 2036, c 18 years unexpired
  • Located in Drumaness fronting a main arterial road in a predominantly residential area.

Location

Drumaness is a small villaged, located c 21 miles from Belfast, 4 miles from Ballynahinch and is served by local facilities and amenities.

Full Description

Property comprises a significant holding of commercial and residential lots. 

Lot 1 - 119-121 Drumaness Road - Comprising petrol filling station and convenience store and shop unit (let to Henderson Retail Ltd) - c 2.44 acres. further vacant shop. 

Lot 2- 125 Drumaness Road - Comprising detached 3 bedroom bungalow, and lands (let to a residential tenant) c - 0.47 acres. 

Title

Assumed Freehold

Tenure
Lot 1

A) & B) - PFS/ convenience store and shop unit let to Henderson Retail Ltd (see tenant covenany information below) on the following basis: - 

i) Term

Held by way of a 2 co-terminus leasees - 25 years from 20 Septemner 2011 (expiring 19 September 2036)

ii) Rent Passing

£86,090.63 pa + £10,657.50 pa totalling £96,748.13 pa

iii) Rent Reviews

Every fifth year linked to RPI, collarged and capped at 12.5% and 15%. Next scheduled review to occur 20 September 2021.

iv) Repairs & 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 and water 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 replacved with the cost shared 50/50 between landlord and tenant. 

c) Landlord to insure and be reimbursed. 

Tenant Covenant

Henderson Retail Ltd (HRL), part of Henderson Group, is a long established food whoesaler 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 turnover of £342m and profit before taxation of £7.7m. 

NAV

Filling station - £37,900
Shop - £4,750
Shop - £4,750

Lot 2 

Detached 3 bedroom bungalow

Situated on a site of c 0.47 acres 

LEt from 15 June 2018 with an annual rent of £5,400 pa

Rates

Capital Value - £72,500

EPC

Available on request 

Asking Price

To include lots 1 and 2 - Offers invited - £1.2m, reflecting an net initial yield of 7.6% after purchaser costs of 5.93%. 

Individual pricing for Lots 1 and 2 - On Application. 

VAT

We believe the sale will eb by way of a TOGC. All prices and outgoings stated are exclusive of by may be subject. 

Viewing Details

Viewing by special appointment with the sole selling agent.

Accommodation

    Lot 1    
    a) GF-Convenience Store 5,975 sq. ft
      FF Store/Offices 4,890 sq. ft
      Total 10,865 sq. ft (Let to HRL)
      Carwash 1,090 sq. ft
    b) Shop unit (Off Licence) 878 sq. ft (Let to HRL)
    c) Vacant Shop Unit 866 sq. ft
    Lot 2    
      Bungalow 946 sq. ft

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.