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34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG

Investment Property (0.80 acres) For Sale by Private Treaty
of

Price £1,500,000

Features

  • Sitea rea - c 0.8 acres.
  • Total lettable area - c 4,825 sq ft.
  • Fully let to Henderson Retail Ltd, producing a total income of £119,278.13 pa.
  • Leases expiring 21 September 2036, c 18 years unexpired.
  • Located in the centre of Dromara fronting a main arterial road and adjacent to a mix of commercial and residential property.

Location

Dromara is a well known village, located c 6 miles from Ballynahinch, 12 miles from Lisburn and is served by local facilities and amenities. 

The subject property forms the main retail focus of the village. 

Full Description

Property comprises a modern, PFS/convenience store and shop unit situated on a broadly triangular shaped site with ample parking and enjoys an extensive frontage to the main road. 

The property is fully let to Henderson Retail Ltd with the shop unit sublet to multiple off license retailer, Wineflair. 

Title

Assumed Freehold.

NB - Occtupational Lease extends beyond boundaries of current ownership (see map). 

Tenure

PFS/convenience store let to Henderson Retail Ltd (see tenant convenant information below) on the following basis:- 

i) Term

Held by way of 2 co-terminus leases - Main Lease 25 years from 21 September 2011 (expiring 20 September 2036) 

ii) Rent Passing 

£105,215.63 and £14,062.50, totalling £119,278.13 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 tenantable repair ie all 'above ground' including pumps, forecourt, air and water equipment and canopy. 

b) The Landlord is obliged to keep in good and substantial repair the tanks, ACO channels and pipes until such times as theyaer beyond economic repair. At this time or 20 years post installation the tanks and infrastructure are to be replaced with the cost shared 50/50 between landlord and tenant. 

Tenant Covenant 

Henderson Retail Ltd (HRL), part of Henderson Group, is a long established food wholesaler and retailer which owns and operates currently fro m80 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. 

Rates

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

NAV: £51,100

Asking Price 

£1.5m, reflecting a net initial of 7.49% 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 responsible of the purchaser.

VAT

We understand the sale will be by way of TOGC. All prices, outgoings and rentals are stated exclusive of but may be liable to VAT. 

Viewing Details

By special appointment with the sole selling 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.