29-31 Cregagh Road

Key Highlights
Strategic building in the South East of the City.
Orginally built as a cinema.
Most recently occupied by a landmark retailer in East Belfast.
Prime retail building.
Buildings total 16,200 sq ft.
Site area of approx. 0.2 acres.
Potential to be re-purposed for retail/office/leisure/community and church uses.
Ideal for redevelopment to residential which is in high demand in this area.

Location
The subject property is located on the Cregagh Road, one of the main arterial routes running from the south east of the City into Belfast City Centre.
Approx. 1km from the City Centre, the property is located on the main bus route in and out of the City Centre and a 15 minute walk to the Ormeau area to the west and the Bloomfield area to the East and Castlereagh/Fourwinds to the South of the City.
The location benefits from ease of access to the outerlink dual carriageway and only a 10 min walk to the major Tesco store on the Castlereagh Road, and other retail offering on the road would include Iceland Store, B&M, Café Nero, Willowfield Credit Union along with many local and essential retailers that make a vibrant suburb.
The subject property occupies an extremely prominent site along this important arterial route. The property has approx. 25m frontage to the Cregagh Road and 35m return frontage to Willowholme Parade and is located opposite Loopland Park.
The surrounding area is a mix of high density residential and commercial uses as well as leisure uses at Malone Rugby Club, Willowfield Bowling Club & Cregagh Cricket Club.

Description
An ornate 3 storey building arranged over ground and 2 upper floors.
The building was built approx. 90 years ago and was previously home to the Ambassador Cinema.
The property was extensively refurbished in 1974 into an independent department store selling furniture, household good and toys etc.
The business and the building were considered as an 'Institution' for local residents and others who travelled to shop here.
Benefitting from substantial frontage of approx. 85ft to the Cregagh Road and a site area of 0.2 acres.

Accommodation
The premises provides the following approximate net internal area:
Ground floor retail/showroom - 6,512 Sq Ft (605 Sq M)
First floor retail/showroom - 6,200 Sq Ft (576 Sq M)
Second floor stores - 3,509 Sq Ft (326 Sq M)
Total Area - 16,200 Sq Ft (1,507 Sq M)
N.B. there are rooftop telephone masts on the property which are currently let.
The tenant has been overholding for a number of years now and has requested a new lease. Further details available from agents.

Repositioning Potential
The subject property could lend itself to alternative retail and leisure uses such as a gym, leisure centre, pool hall, bingo hall, community use/ church or a medical centre, together with definite redevelopment potential.
Any change of use or redevelopment will require planning permission and other statutory consents.

Title
Assumed freehold or long leasehold subject to a nominal ground rent.

NAV/Rates Payable (26/27)
29 Cregagh Road Ground floor shop £2850/£1853pa
31 Cregagh Road Ground/first and second floor £66,400/£43,179pa

Guide Price
Offers in excess of £750,000.

Stamp Duty
Stamp duty will be the liability of the purchaser.

VAT
The property is NOT registered for Vat and hence vat will not be charged on the purchase price.

EPC
73C.