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1-15 Mill Road, 23/25 Main Street, Crumlin, Co. Antrim, BT29 4XL

Investment Property (1.65 acres)
of

Price £1,950,000

Features

  • • Substantial property portfolio comprising PFS / convenience store and 2 storey detached office block with 3 no. adjacent vacant retail units and further commercial properties situated on a total site of c 1.65 acres.
  • • Total current income - £168,465.63 pa
  • • Total estimated income with letting of retail units on forecourt - £182,865.63 pa with further potential
  • • Predominantly let to Henderson Retail Ltd, NFU and Randox producing a total income of £144,265.63 pa . Further short term income being derived currently from the properties fronting Main street totalling £24,200 pa
  • • Further potential rental income to be driven from the vacant units adjacent to the PFS - £14,400 pa (Estimated)
  • • Henderson Lease expiring 18 September 2036, c 18 years unexpired
  • • Main Street properties in need of refurbishment which on completion creates an opportunity for further income.
  • • Located in the centre of Crumlin town centre fronting main arterial roads in a prominent corner position, adjacent to a mix of commercial and residential properties

Location

Crumlin is a small town, located c 13 miles from Belfast, 12 miles from Lisburn, 7 miles from the international airport and is served by local facilities and amenities .

Situated in the town centre with frontages to Mill road and Main Street.

NB- Extent of HRL occupational lease is beyond ownership.

Full Description

Property comprises a significant holding of commercial lots, some of which are let and ot hers which are vacant and provide the opportunity for redevelopment/refurbishment. 

Lot 1 - a.) Nos. 5-15 Mill Road, modern petrol filling station and convenience store (let to Henderson Retail Ltd.) 

            b.) 2 storey office block (let to NFU and Randox). 

            c.) a parade of potentially 3 retail units (vacant) and 4 parking spaces. 

            d.) car wash (sub let from Henderson Retail Ltd.) 

Lot 2 - No. 3 Mill Road comprising 2 storey, vacant commercial building previously used for retail and storage purposes. 

Lot 3 - a.) No. 1 Mill Road, comprising 2 storey commercial building 'let' to a restaurant with 2 vacant apartments. 

           b.) No. 21 Main Street, comprising a single storey commercial building and yard 'let' to a hardware store. 

           c.) No. 23 Main Street comprising a dilapidated, 2 storey vacant commercial building providing ground floor retail, first floor offices and yard. 

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

Tenure

Lot 1A - PFS / convenience store let to Henderson Retail Ltd (see tenant covenany information) 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

£118,265.63 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

a) The tenant is obliged to keep the demised property in good and t enantable 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 items as they are beyond economic repair. At this time of 20 years post installation the tanks and infrastucture are to be replaced with the cost shared 50/50 between landlord and tenant. 

c) To reflect the additional units on the PFS forecourt the landlord is obliged to make a contribution amounting 17.91% of the overall service charge cost. 

d) Landlord to insure and be reimbursed. 

Lot 1B- Ground Floor - Let to Randox Laboratories Ltd for a term of 10 years, from 1 May 2010 (expiring 30 April 2020) subject to 5 yearly rent reviews. Rent passign £10,000 pa with effect from 1 May 2015. 

Ground & First Floor - let to NFU for a term of 10 years from 22 November 2010, FRI (expiring 21 November 2020) subject to 5 yearly rent reviews. Rent passing £16,000 with effect from 22 November 2015. 

Loc 1C - Vacant shops

Lot 2 - Vacan shop

Lot 3 a) - Restaurant has been occupied on an informal basis for c 3 years with a rent of £12,200 pa

          b) Apartment - vacant 

          c) Hardware store has been occupied on an informal basis for c 14 years with a rent of £12,000 pa

          d) Shop and offices - vacant 

Rates

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

Lot 1: 

PFS NAV: £69,200

Offices GF & FF NAV: £13,100

Offices GF NAV: £8,600

Vacant Retail: Not Assessed 

Lot 2: 

Not Assessed 

Lot 3:

Restaurant NAV: £10,100

Flats 1 & 2: Not Assessed

Hardware Shop NAV: £10,000

Shop & Offices: Not Assessed 

Asking Price

£1.95m, reflecting an net initial of 8.2%, after purchaser costs of 6.1% 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 rentals are stated exclusive of by may be liable to VAT. 

 

 

Viewing Details

Viewing by special appointment with the sole selling agent.

Accommodation

    Lot 1     
    a) Convenience Store 8,503 sq. ft
      Fuel Cash & Carry 255 sq. ft
    b) GF (NFU) 623 sq. ft 
      FF (NFU)  1,904 sq. ft
      GF (Randox)  974 sq. ft
      Total lettable area 3,537 sq. ft 
    c) Shop Units 1, 2 & 3 2,874 sq. ft
    Lot 2  Vacant Shop 4,200 sq. ft over two storeys
    Lot 3    
    a)  Restaurant - Ground Floor 1,667 sq. ft
      First Floor (apartment 1A) 506 sq. ft
      Second Floor (apartment 1B) 692 sq. ft
    b) Hardware shop 1,566 sq. ft
    c) GF Shop 1,216 sq. ft
      FF (Office) 1,216 sq. ft
      Total 2,432 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.