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Colliers International

Colliers International

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Key Information

Price Asking price £165,000
Style Retail unit
EPC Rating D83
Status For sale

Location

This agent has listed the accuracy as: Quite Near

Features

  • BUSINESS UNAFFECTED
  • Mixed use Investment Opportunity comprising ground floor retail unit and 2 no. apartments on the upper floors
  • Located fronting directly onto the Falls Road close to The Royal Victoria Hospital
  • Current income of £23,000 per annum
  • Offers are invited in the region of £165,000 reflecting a Net Initial Yield of 13% after allowing normal purchaser costs

Additional Information

Overview The subject comprises a three storey mid terrace property of traditional construction with retail accommodation on the ground floor and 1 no. 2-bed apartment.

The Retail Unit - A modern ground floor retail unit of c. 550 sq ft (52 sq m). The unit is let to Subway Realty Limited t/a Subway on a 20 year lease at a rent of £12,500 per annum. Please note the liability of the tenant arising on default of payment or rent, service charge or insurance rent will be limited to twelve months.

121 Falls Road, Belfast Demise: Ground floor retail unit Tenant: Subway Realty Limited Term: 20 years from 1st November 2006 Rent: £12,500 per annum The Apartments The first and second floors comprise a 2-bedroom and a 1-bedroom apartment extending to c. 614 sq ft and 306 sq ft. both apartments are currently let producing an annual income of £10,500. The apartments are accessed via a communal entrance from the Falls Road. Internally the apartments comprise open plan kitchen, living area, bathroom with shower and bedroom(s).

The apartments are finished to include; • Plastered / painted walls and ceilings • Gas heating, Upvc double glazing • Carpets and vinyl flooring with modern appliances.

121a Falls Road – First Floor Demise: Two bedroom apartment Tenant: 1no. private tenant Term: Expiring 10/02/2017 Rent: £450 per month

121a Falls Road – Second Floor Demise: One bedroom apartment Tenant: 1no. private tenant Term: Expiring 31/12/2016 Rent: £425 per month

PRICE Offers are invited in the region of £165,000 exclusive. A purchase at this level would reflect a net initial yield of 13% after allowing for normal purchasers costs.

VAT HMRC have confirmed that they have not been notified of any option to tax in respect of this property.

RATES / NET ANNUAL VALUE We are advised by the Valuation and Lands Agency that the current NAV /Capital Values are;

121 Falls Road, Belfast:

NAV £6,450 Rate in the £ 2016/2017: £0.582601

Estimated Rates Payable per annum: £3,757.78

121a Falls Road, Belfast - First Floor: Capital Value £55,000 Rate in the £2016/2017: £0.007251

Estimated Rates Payable per annum: £398.81

121a Falls Road, Belfast - Second Floor: Capital Value £40,000 Rates in the £2016/2017: £0.007251

Estimated Rates Payable per annum: £290.04

TITLE Title and Contract are available for inspection by appointment only via; A&L Goodbody, 6th Floor, 42-46 Fountain Street, Belfast, BT1 5EF Contact: Tomas McLaughlin Tel: 028 90 314 466 Email: tmclaughlin@algoodbody.com

FURTHER INFORMATION For further information or to arrange an inspection of the property, please contact: Andrew Lennon or William Knox Tel: 028 90 241 500

Email: andrew.lennon@colliers.com or william.knox@colliers.com

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25th Dec 3 3 No Yes
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20th Jan 6 6 No Yes
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22nd Jan 5 5 No Yes
23rd Jan 7 7 No Yes

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