Price £1,100,000
Location
Full Description
Property comprises a modern, 2 storey PFS/convenience store and 3 retail units situated on an irregular shapred site providing ample parking and extensive frontage to the main road.
The property is predominantly let to Henderson Retail Ltd.
NB - Area outlined in green on map showing folio DN144090 is not included in the sale.
Title
Assumed Freehold
Tenure
i) Term
The main shop is let to Henderson Retail Ltd (see tenant covenant information below) on the following basis: -
Held by way of a lease - 25 years from 21 September 2011 (expiring 20 September 2036)
ii) Rent Passing
£90,843.75 pa
iii) Rent Reviews
Every fifth year linked to RPI, collared and capped at 12.5% and 15%. Next scheduled review to occur 21 September 2021.
iv) Repairs and Insurance
Above ground effective FRI with service charge provision for the recovery of common costs on an apportioned basis.
a) The tenant is obliged to keep the demised property in good and tenantable repair ie all 'above ground' including pumps, forecourt, air and water equipment and canopy.
b) The landolord is obliged to keep in good and substantial repair the tanks, ACO channels and pipes until such times as they are beyond economic repair. At this time or 20 years psot 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
Vacant shops/Potential Additional rent
With the letting of the two vacant shops there is potential to grow the income by c. £6,500 pa.
Tenant Covenant
Henderson Retail Ltd (HRL), part of Henderson Group, is a long established food wholesaler and retailer which owns and operates currently 80 stores throughout Northern Ireland under the brands Spar, Eurospar and Vivo. Recently published accounts dated from December 2017 show the company had a turnover of £342m and profit before taxation of £7.7m.
NAV
Shop Unit 1 NAV: £3,000
Shop Unit 2 NAV: £3,950
PFS NAV: £65,900
Price
£1.1m reflecting an net initial yield of 7.8% after purchaser costs of 5.85%.
EPC
The property has an eergy rating of B36.
VAT
We believe the sale will be by way of a TOGC. Please note all prices, rentals and outgoings are quoted net of VAT which may be chargeable.
Viewing Details
Viewing by special appointment with the sole selling agent.
Accommodation
| a) | Main Shop | |
| Ground Floor Retail/Customer Facilities | 7,485 sq. ft (Let to HRL) | |
| Ground Floor Storage/Staff Facilities | 2,347 sq. ft (Let to HRL) | |
| First Floor | 5,463 sq. ft (Let to HRL)** | |
| (**please note this has been estimated) | ||
| Off Licence | 533 sq. ft (Let to HRL and sublet) | |
| Total | 15,828 sq. ft | |
| b) | Shop 1 | 755 sq. ft (Vacant) |
| c) | Shop 2 | 613 sq. ft |
| Total lettable area: | 17,196 sq. ft (approximately) |
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.
