79-83 Lyons House, Main Street &, 4-6 Castle Street79-83 Lyons House, Main Street &, 4-6 Castle Street79-83 Lyons House, Main Street &, 4-6 Castle Street

View Map

Commercial Property For SaleNorthern IrelandCounty DownBangor AreaBangor79-83 Lyons House, Main Street &, 4-6 Castle Street

79-83 Lyons House, Main Street &, 4-6 Castle Street,

Bangor, BT20 4HD

Commercial Property (13,201 sq. feet)

Price £1,100,000

Agent Accreditations

Logo for PRS

Contact the Agent

Cushman & Wakefield

Key Information

Price

£1,100,000

Style

Commercial Property

Status

For sale

property description image

Features

  • Prominent retail building occupying a prime corner site in the town centre.
  • Fully let on FRI terms and anchored by Boots.
  • Current rent of £89,250 p.a.x.
  • WAULT of c. 5.17 years.
  • Boots Main Street Bangor ranks in the top 15% of all UK pharmacies by prescriptions supplied.
  • Offers in the region of £1,100,000 exclusive, subject to contract.
  • Reflects a NIY of c. 7.66% after purchase costs of c. 5.85% and a capital value of £83 per sq.ft.
Location
Bangor is a large commuter town with an affluent resident population of c. 61,400 (2011 Census) situated on the North Down coast, approximately 13 miles east of Belfast. It has an estimated catchment of c. 200,000 within a 20 minute drive time and benefits from excellent road and rail links.

Lyons House is situated in the heart of the town centre, occupying a prime corner position at the junction of Main Street, Castle Street and Hamilton Road.

Occupiers in the immediate locality include Asda, AIB, Bank of Ireland, CEX along with a wide range of local retailers and service providers.

Description
Lyons House is a large two-storey building of modern construction with red facing brick, part tiled and part flat roof, aluminium framed glazed shopfronts and windows.

It is arranged to provide three retail units, the largest of which is Unit 1 with frontage onto Main Street whilst Units 2 & 3 are accessed from Castle Street.

The units provide retail accommodation at ground floor with ancillary accommodation at 1st floor.

There is a service yard to the rear accessed via Castle Street whilst Unit 1 benefits from dock level access for deliveries.

Accommodation
The property provides the following approximate areas:

Unit 1) 79-83 Main Street
Ground Floor / First Floor: 5,785 / 5,735 sqft (537 / 533 sqm)

Unit 2) 4 Castle Street
Ground Floor / First Floor: 304 / 286 sqft (28 / 27 sqm)*

Unit 3) 6 Castle Street
Ground Floor / First Floor: 626 / 465 sqft (58 / 43 sqm)

*There is a second floor attic store. Not measured.

Tenancies
Unit 1: Let to Boots UK Ltd for 10 years from 10.11.2016 at £65,000 pax, subject to a 5 yearly upwards only rent review and a break option at 09.11.2021 (not exercised).

Unit 2: Let to Joy Teer for 3 years from 17.05.2021 at £8,500 pax, subject to a break option on 17.05.2022.**

Unit 3: Let to Progressive Building Society for 10 years from 01.08.2016 at £15,750 pax, subject to a 5 yearly upwards only rent review and a break option at 01.08.2021 (not exercised).

** ŠTenant must serve at least 3 months' written notice to exercise their break. If not exercised two months' rent free will be granted at the start of the 2nd year.
Š
The leases are on Full Repairing & Insuring Terms.

Full Tenancy Schedule is available on the attached marketing particulars.

Covenant Information
Boots are the largest pharmacy health and beauty chain in the UK with 2,336 stores, in addition to 550 opticians practices and 533 hearing care locations (www.boots-uk.com).Š The subject is in the top 15% of all UK pharmacies in terms of prescriptions supplied (www.pharmdata.co.uk). The Tenant entity has a D&B Risk Indicator of 2, indicating lower than average risk.
Š
Progressive Building Society is Northern Ireland's only locally owned provider for mortgages and savings. Progressive have been in business since 1914 and currently have 11 branches throughout NI (www.theprogressive.com).Š

Title
The property is registered under Folio DN63671 Co. Down with Good Fee Farm Grant title.

EPC
Copies of the Energy Performance Certificates are available on request. The ratings are as follows:
Unit 1 - D84
Unit 2 - D89
Unit 3 - D85

VAT
Please note all prices, rentals and outgoings are quoted net of VAT which may be chargeable.

Proposal
Seeking offers in the region of £1,100,000 (One Million, One Hundred Thousand Pounds) exclusive, subject to contract.
Š
A purchase at this level would reflect a NIY of c. 7.66% after purchasers costs of c. 5.85% and a capital value of £83 per sq.ft.

Similar Properties

UPGRADE YOUR LISTING

Are you selling this property?

Our advertising upgrades can make your property really stand out.

BEST PERFORMING OPTION

Premier Listing

Advertise until sold

Price

£49.00

Grab more attention with this larger advert, extra and bigger photos

350%

more enquiries

PROMOTE YOUR PROPERTY

  • Stand out - with 4 photos on the search results page showing the best features of your property as chosen by you

  • Adverts appear above standard ads and are twice the size of a standard ad

  • Premier properties receive 3.5x more email enquiries than standard ads

  • Reach more buyers - push your advert up to the top of the search results every week for the first four weeks

  • Advertise until sold - with no limits or expiry date, your advert stays up until it's sale agreed

  • Upgrade option - with our 'bump it back' package to push your advert back to the top of the search results

Featured Listing

You choose the duration

Minimum Spend

£12.00

Attract buyers with this bigger advert and extra photos

150%

more enquiries

PROMOTE YOUR PROPERTY

  • Stand out - in an area specifically chosen by you for as long as you want

  • Adverts appear above standard ads

  • Featured properties receive 1.5x more email enquiries than standard ads

  • Attract buyers - your advert will appear at the top of the search results every week for the duration of your order

  • Upgrade your advert - to a premier listing with no limit or expiry date

Final cost of a featured listing is determined by search terms and duration of listing.

Not your property? Click here to search for your property.

SPOTTED A PROBLEM? Even the best agents make mistakes, help us to maintain accurate property information on our listings.