- 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.
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.
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.
By special appointment with the sole letting agent, Lisney.
|Total Gross Internal Area:||4,033||375|
We believe the front forecourt area extends to approximately 5,000 sq ft.
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.
We believe the site area to be approximately 0.25 acres.
The property has an energy rating of C49.
Full certificates can be made available upon request.
We understand that the property is freehold and held under a fee farm grant.
£650,000 (exclusive of VAT) reflecting an attractive 7% net initial yield, assuming purchasers costs of 5.18%.
If applicable, will be the responsibility of the purchaser.
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.
Address: Montgomery House, 29-33 Montgomery Street, Belfast BT1 4NX
Telephone: +44-2890-501501 or you can also email us at email@example.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.