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- Prominent Fully Let Town Centre Commercial Investment
- Fully let to The Original Factory Shop and Gordons Chemist, producing a net annual rent of £61,750 exc. of VAT
- Seeking offers in excess of £595,000 exclusive, representing a net initial yield of 9.88 %
- Price reflects a capital value rate of approximately £51.00 per sq ft
This is a prominent two storey building of steel frame construction and a pitched tiled roof. Internally the property comprises two retail units at ground floor level separated by a central walkway connecting Greencastle Street to the rear car park. Storage accommodation is located above. Access is available from both Newry Street and Greencastle Street. The commercial premises are finished to a high standard to include painted and plastered walls, suspended ceiling, tiled floor and a mixture of lighting. A lift provides access between the two levels located to the rear of Original Factory Shop. To the rear of the building are approximately 29 car parking spaces which are accessed off Newry Street.
The building is currently let to The Original Factory Shop and Gordons Chemist Pharmacy. The salient lease terms are as follows:
Tenant: The Factory Shop Ltd
Term: 15 years from 14 April 2010
Passing Rent: £42,250 per annum
Rent Reviews: 5 yearly
Tenant: N & R Gordon Ltd t/a The Medical Hall
Term: 15 years from 1 April 2009
Passing Rent: £19,500 per annum
Rent Reviews: 5 yearly
The Original Factory Shop is a discount department Store established in 1969. It currently operates approximately 200 stores across the UK. Gordons Chemists is a chain of more than 60 pharmacies across Northern Ireland and Scotland.
The investment opportunity is being sold on a private treaty basis with a guide price of £595,000 exclusive of VAT. A sale at this price would reflect a net initial yield of 9.88 % assuming purchasers costs at 5.04%.
|Ground floor - Original Factory Shop - Sales||6,544 sq ft|
|First floor - Original Factory Shop - Storage||3,355 sq ft|
|Ground floor - Pharmacy t/a The Medical Hall||1,680 sq ft|
|Total Area||11,579 sq ft|
The property is located in Kilkeel a small harbour town situated on the west coast approximately 18 miles southeast of Newry and 45 miles south of Belfast. The building is situated on the junction of Greencastle Street and Newry Street.
Kilkeel has a population of 6887 people according to the 2011 census. The town comprises primarily local independent traders and is home to the largest fishing fleet in Northern Ireland. The surrounding area has a varied mix of commercial occupiers including Poundworld.
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