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Unit 15, 48 North Business Park, 48-50 Duncrue Street, Belfast, BT3 9BJ

Investment Property (2,600.00 sqft) Sold



  • Modern warehouse unit situated on a light industrial park of similar units
  • Located in the recognised business district of Duncrue within easy reach of the motorway network and Belfast city centre
  • Let to a strong covenant, on FRI terms with c 13 years unexpired to 31st March 2028
  • Let to a wholly owned subsidiary of Arthur J Gallagher, a NYSE listed company, 4th largest insurance broker in the world
  • Currently producing £16,020 (£6.16 per sq ft) pa, with rent reviews scheduled to occur 1 April 2018, 1 April 2023


Duncrue is an established business location to the north of Belfast city centre convenient to the M1/M2 motorway network, Belfast's 2 airports and the ports of Belfast and Larne. Forty 8 North Business Park fronts onto Duncrue Street a main arterial route.

Full Description

NB: This property is being offered as part of a portfolio of 2 assets. Offers will be considered for the entirety or in single lots. The other asset (Metropolitan Building, 29-31 Alfred Street, Belfast) an office Investment let on similar terms to the above.

Forty 8 North is a modern light industrial park of 16 units. Property comprises a mid terrace business unit of steel portal frame construction with blockwork/clad walls, double skin insultated roof and sealed concrete floor. Access is via roller shutter and glazed pedestrian door.

The unit has an eaves height of c 6 metres. Parking is available to the front of the unit for 2 vehicles. The unit is currently used for file storage and a mezzanine floor has been installed by the landlord.


We are advised that the property is held on a long leasehold title subject to a service charge contribution.


The property is let in its entirety to a single tenant. (See attached pdf brochure for details).

The Tenant

Established in Chicago in 1927 Arthur J Gallagher (AJG) is one of the world's largest risk management and insurance broking firms with 13,000 employees operating in 17 countries. The firm has total assets in excess of $3.5bn.

Until April 2014 the property was occupied by Oval Group which was acquired by Arthur J Gallagher in a deal worth £210m. This acquistion gave AJG instant access to a network of 24 offices in the UK and 1200 employees.


The property has an EPC rating of D85.


We are instructed to seek offers over £200,000 for our clients interest in the property and subject to the prevailing lease. A purchase at this level reflects a NIY of 7.88% after costs of 1.5%.


NB - Please note the sale of the property will not be subject to VAT.

Viewing Details

By special appointment with the sole letting agent, Lisney.


    We measure the unit to have the following approximate areas:

    Ground Floor           1,335 sq ft 

    Mezzanine Floor      1,262 sq ft 

    Total Area                 2,600 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

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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