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12 Market Place, Lisburn, BT28 1AN

Investment Property (4,033.00 sqft) Sale Agreed
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Sale Agreed

Features

  • Full let showroom investment.
  • Prime City Centre location.
  • Extending to c. 4,033 sq ft over 2 floors on a standalone site.
  • Let to Ford Retail Ltd with c. 10.3 years to expiry.
  • Current rental income £48,000 pax.

Location

Lisburn is a major city located approximately 8 miles south of Belfast, with a population of c. 71,000 on the last census date, and a wider population of c. 142,000 people within the local government district. The city benefits from excellent road communications via the M1 motorway network which provides direct access to Belfast as well as Dublin. 

The subject property is prominently located on Market Place, just beyond the main retail core. The property is surrounded by a mix of commercial uses including retail, office, residential, food & beverage users, as well as a number of car showrooms. 

Neighbouring occupiers include, Trust Ford, Roadside Peugeot, Templeton Robinson and Abbey Insurance.

Full Description

The subject premises comprise a highly prominent 2 no. storey car sales showroom constructed around 1995, with a car forecourt to the front of the property. 

The ground floor of the property is utilised as showroom and offices with the first floor being used as ancillary/back up.

The property is of steel portal frame construction with 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 to the site from Market Place. The forecourt of the property has approximately 30 car parking and display spaces.

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    Floor

    Use

    Sq Ft

    Sq M

    Ground Floor

    Showroom 

    1,713 

    159 



    Office  773  72 
    Sub-Total



    2,486  231 
    First Floor

    Stores 

    1,463 

    136 



    Kitchen  83  8
    Sub-Total

    Sub-Total

    1,547 

    144 

    Total Gross Internal Area:

    4,033 375

     

    We believe the front forecourt area extends to approximately 5,000 sq ft.


    Tenancy

    The property is single let to Ford Retail Limited for a term of 25 years, 9 months and 6 days, from 26 March 2003; expiry 31 December 2028. Upward only, open market rent reviews are 5 yearly, with the next due 01 April 2023.

    The lease is without break options and the current passing rent is £48,500 per annum. 

    Ford Retail Ltd had a turnover of £1.7 billion to the year end Dec 17, a pre-tax profit of £15.4 million and a net worth of £71.9 million.


    Site Area

    We believe the site area to be approximately 0.25 acres. 


    EPC

    The property has an energy rating of C49.

    Full certificates can be made available upon request.


    Title

    We understand that the property is freehold and held under a fee farm grant.


    Asking Price

    £650,000 (exclusive of VAT) reflecting an attractive 7% net initial yield, assuming purchasers costs of 5.18%.


    Stamp Duty

    If applicable, will be the responsibility of the purchaser.


    VAT

    All prices, outgoings and rentals are 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.

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