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30 Monaghan Street, Newry, Co. Down, BT35 6AA

Investment Property (16,558.00 sqft) Sold
of

Sold

Features

  • Fully Let, New Build Investment Opportunity – 30 Monaghan Street, Newry
  • New Build Investment Opportunity extending to 16,588 sq.ft. across 2 no. floors.
  • Prominently located on Monaghan Street, Newry
  • Anchored by Iceland Foods Ltd on a 15 year lease – no breaks
  • Additional units let to Bradley (Estate Agents) and FlexiSpace (serviced offices) both on 15 year terms.
  • Annual rent roll of £202,000

Location

Newry occupies a strategic location between Belfast and Dublin, c. 37 miles south west of Belfast. The city benefits from excellent road linkages to Belfast, Dublin and the wider motorway network. In addition, Newry railway station is positioned on the main Belfast to Dublin line.

The subject property is located in a highly prominent location fronting Monaghan Street, a busy thoroughfare linking Newry City Centre to the A1 Dual Carriageway, the main arterial route connecting Belfast and Dublin.

The surrounding area comprises a mix of commercial, leisure, social and educational uses with occupiers such as TK Maxx, Dunnes Stores, Argos, Southern Regional College and Newry Health & Sports Centres all based in the locality.

Features
  • New build development of 3 units on a self-contained site with 46 car park spaces.

  • Targeted completion February 2017 Unit 1 extends to apx. 9,805 sq.ft. will be let to Iceland Foods Ltd on a 15 year term (no breaks).

  • Iceland will commence at £120,000 (£12.24 psf) on 5 yearly reviews (upward only capped at 2% p.a).

  • Unit 2 extends to approx. 1,525 sq.ft and will be let to Bradley Estates Ltd (Estate Agent) on a 15 year term (break at year 10).

  • Bradley Estates Ltd will commence at £22,000 p.a. on 5 yearly open market reviews Units 3 and 4 are at first floor level, combined they extend to 5,228 sq.ft. and will be let to Flexi WorkSpace Ltd (serviced offices) on a 15 year term (break at year 10)

  • Flexi Workspace Ltd will commence at £60,000 p.a on 5 yearly open market reviews.

  • Asking price of £2.5m reflecting an attractive net initial of 7.6%.

Full Description

The subject property comprises a mixed use development totalling c. 16,558 sq ft.

Approximately 11,330 sq ft of retail accommodation will be spread across ground/part first floor level.

The first floor office space extends to 5,228 sq.ft. and will be accessible via a passenger lift through a dedicated office entrance from Monaghan Street.

46 no. dedicated car park spaces will be provided on site in addition to layby, surface and multi-storey car parking already offered in the locality.

Tenants

Iceland

Iceland trade from over 800 outlets nationwide and for the year ended 24 March 2017 Iceland Foods Ltd reported a turnover of £2.77 billion, a pre-tax profit of £67.3 million and a net worth of £784.1 million.

Bradley Property Services

One of the area’s best known estate agents with over 20 years in the business.

FlexiSpace Co-Working Offices

A new concept marrying the need for office space with the flexible demands of modern users at a competitive cost.
 

Tenancy Schedule
  Tenant Sq Ft Lease Start Term rent Review Break Clause Rent
1

Iceland
Food Ltd 

 

9,805

1st Feb
2017

 

15
years 

 

OMV on a 5 year basis
(capped at 2% per
annumcompunded)

 

N/A

£120,000 p.a.

2

Bradley
Estates Ltd

 

1,525

1st March
2017

 

15
years

 

OMV on a 5 year basis 

Year 10
(on 6 months
notice)

 

£22,000 p.a

3&4    

Flexi
Workspace Ltd

 

5,228 .  

1st April
2017

 

15

years

 

OMV on a 5 year basis 

Year 10
(on 6 months
notice)

 

£60,000 p.a.

 

Asking Price
£2,500,000 (exclusive of VAT) reflecting an attractive 7.6% net initial yield assuming purchasers costs of 6.38%.
Title
The property is held freehold.
Stamp Duty
Will be the responsibility of the purchaser.
VAT
We have been advised that the property is elected for VAT however it is anticipated that any sale will be treated as a Transfer of a Going Concern (TOGC).

 

Viewing Details

By special appointment with the sole letting agent, Lisney.

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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