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Colliers International

Colliers International

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Key Information

Style Retail unit
EPC Rating D83
Status Sold

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

Directions

The property is located fronting directly onto the Falls Road close to the junction with the Grosvenor Road and Cavendish Square. The Royal Victoria Hospital is located opposite c. 2 miles from Belfast City Centre.
The property benefits from a high level of passing trade and is in close proximity to The Royal Victoria Hospital, the Park Centre Shopping Centre and major road networks including the M1 Motorway.

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