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- Mixed use investment opportunity comprising ground floor restaurant/takeaway unit and 4no. 1 bed flats.
- Prominent 3 Storey building extending to approx. 2,724.3 sqft (253.1 sqm)
- Current gross annual income of �43,332 with the potential to increase to c. �48,528 pax.
Derry is the second largest city in Northern Ireland and is the economic, cultural and infrastructure hub of the North West of Ireland with a population of in excess of 110,000 people and a further catchment population of more than 250,000 people.
Derry is located 70 miles northwest of Belfast and 31 miles southwest of Coleraine. Due to its strategic location on the border with Donegal, the city benefits from substantial cross border trade. The city is a major administration centre and benefits from the expanding Ulster University Magee Campus and a substantially increasing tourism business.
The property is located on Strand Road in Derry City Centre. Neighbouring occupiers include Poundland, Super Valu, Gordons Chemist and Bank of Ireland. Located in the immediate vicinity is a host of the city's bars and restaurants as well as The City Hotel and Travelodge Hotel.
The ground floor unit comprises a modern restaurant/takeaway unit currently trading as Hillbilly's, fitted out to provide a servery and seating area, kitchen, customer and staff WC facilities.
The flats are arranged to provide a kitchen/living area, bedroom and wc/shower room. Internal finishes include laminate floor coverings, plastered/painted walls and ceilings and gas fired central heating.
We understand the property is HMO registered.
The ground floor unit is let to '2 Strand Road Limited' t/a Hillbilly's for a term of 10 years from 1st November 2011 expiring on 31st October 2021 at a passing rent of �28,000 pax.
Three of the flats are currently let on short term rental agreements producing a gross annual income of �15,332 per annum. The ERV for the vacant flat is c. �433 pcm.
Full tenancy details can be made available upon request.
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