Northland House, 3-5A Frederick Street, Belfast , Antrim BT1 2NH

Guide price £2,500,000
Guide price £2,500,000
Price Guide price £2,500,000
Style Office
EPC Rating E105
Status For sale
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Additional Information

Features

  • CLOSING BIDS no later than FRIDAY 20th SEPTEMBER 2019 AT 2PM (14:00).
  • Unique development opportunity situated opposite the new University of Ulster campus, a £250m construction project.
  • Existing 6 storey office building comprises c. 34,737 sq ft (Gross Internal Area) on a 0.4 acre site (approximately).
  • Potential to develop up to c. 93,200 sq ft gross internal area (subject to planning permission & all required statutory approvals).
  • Potential for a Boutique Hotel, Offices and student / residential homes with an element of ground floor retail / restaurant / coffee shop fronting onto Frederick Street.
  • Offers sought in excess of £2,500,000 exclusive (Two Million, Five Hundred Thousand Pounds Sterling)

Additional Information

Closing Bids

We have now been instructed by the vendor to seek closing bids in writing on the above asset.

Your offer is to be received in writing, by letter or email, no later than FRIDAY 20th SEPTEMBER 2019 AT 2PM (14:00).

Should you wish to place an offer, we require that you provide the following:

  • The proposed offer amount in pounds sterling.
  • Proof of funds, ideally in the form of a bank statement.
  • Purchaser name and full contact details.
  • Full contact details of your solicitor.
  • Confirmation of any conditions relating to your bid.

Timeline:

Our client wishes to enter into a binding contract within 10 working days from the date a full legal pack is issued.

Our client wishes to complete the sale by no later than 31st October 2019.

Please confirm that the purchaser is prepared to work to the proposed timeline.

Please Note: The sale will be subject to a clawback period of 2 years following completion during which the Department will receive 20% of any increase in value which is realised from an onward sale of the property. 
 
Clawback will only be triggered if the increase in the value of the property from a re-sale during this period exceeds 10%, and the purchaser would be entitled to deduct any costs associated with their obtaining planning permission for the property, or with any physical improvements they may have made to the property, from the clawback payment to the Department (subject to their providing the Department/LPS with full and adequate validation of these costs).
 
*subject to final contract wording

POST: FAO Andrew Gawley, Lisney, 1st Floor, Montgomery House, 29-33 Montgomery Street, Belfast BT1 4NX

EMAIL: [email protected]

*Please note, the vendor reserves the right not to accept the highest, or indeed any, offer made.

Situation

Located on the edge of Belfast’s Cathedral Quarter and in close proximity to the new University of Ulster campus to the north of Belfast city centre, the immediate area is currently undergoing significant regeneration comprising the University, student housing and private rented sector developments both on site and in the pipeline.

With four campuses, Ulster University caters for nearly 27,000 students. This includes one of the largest provisions in computing in the UK and Ireland.

It is expected that there will be 12,000 students and 1,250 staff studying and working in the area.

Belfast’s Cathedral Quarter provides a link between the city centre and the relocated Ulster University Campus.

The property is in close proximity to Castle Court Shopping Centre and a short walk to the Cathedral Quarter.

The area surrounding the site is mixed-use comprising residential, commercial, and educational providing excellent access to the Motorway network.Northland House is a 6 storey office building constructed in the 1960s fronting onto Frederick Street. The building footprint is ‘T’ shaped with an extension stepping down to 4 storeys at the rear.

A partial refurbishment was recently undertaken to the lower floors comprising carpet flooring, plastered and painted walls, suspended ceilings with recessed lighting. In addition there is perimeter trunking and an oil fired heating system.

There are c. 31 on-site parking spaces provided at ground level to the rear and accessed off Frederick Street.

The perimeter of the building is adjoined by the pedestrian footpath along the building frontage, a surface level car park to the west, a five storey commercial building to the East and a primary school to the rear.

We also understand there is an NIE substation* on site.

*For further information contact the selling agent.

Planning

The site is located on the northern edge of Belfast city centre as identified in BMAP. This falls within the Laganside North and the Docks Character Area and the subject property has been zoned as ‘White Land’ within the ‘City Centre limit’.

We understand that the following planning application opposite was previously approved on the property but has now lapsed - Planning Reference Number Z/2010/0063/F

Viewing Details

Strictly by appointment through sole selling agent Lisney.

Development Option

As per architects advice a potential development could comprise a 10 storey office building to maximise floorplate size and density of the site.

The overall scheme could provide c. 93,200 sq ft (GIA).

Alternative Uses

While this is one option the property has potential for a Boutique Hotel, Offices and student/residential homes with an element of ground floor retail/restaurant/coffee shop fronting onto Frederick Street (subject to all necessary consents).

Please Note

All interested parties should make their own enquiries into the development potential.

EPC

The building has a rating of E105. A full report is available on request.

Method of Sale

Private Treaty

Guide Price

We are instructed to seek offers in excess of £2,500,000 exclusive (Two Million, Five Hundred Thousand Pounds Sterling) for our client’s interest, subject to contract and exclusive of VAT.

Rates

We have been advised by the Land and Property Services website of the following Net Annual Value (NAV), with the breakdown as follows:

NAV: £180,000

Rate in the £ payable for 2019/2020 is £0.614135

Total rates payable £110,545 per annum for the year 2019/20.

Stamp Duty

This will be the responsibility of the purchaser.

Customer Due Diligence

As a business carrying out estate agency work we are required to verify the identity of both the vendor and the purchaser as outlined in the following:

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 - http://www.legislation.gov.uk/uksi/2017/692/made

Any information and documentation provided by you will be held for a period of five years from when you cease to have a contractual relationship with Lisney.

The information will be held in accordance with General Data Protection Regulation (GDPR) on our client file and will not be passed on to any other party, unless we are required to do so by law and regulation.

Directions

Northern Ireland’s population is one of the youngest in Europe, with 55 per cent of the population under the age of 40. The people of Northern Ireland are also among the happiest in the United Kingdom, with Fermanagh & Omagh recently identified as the happiest places to live in the UK. Belfast was also recently nominated the best place to visit in 2018 by Lonely Planet.


Belfast is the capital of Northern Ireland and is ranked the 14th largest city in the United Kingdom and the 10th largest conurbation. The city is located approximately 103 miles north of Dublin and 70 miles south east of Londonderry.

The city has a resident population of approx. 339,000 and 670,000 in the wider metropolitan area. The Belfast City Council area accounts for 18.3% of the population and 31% of all jobs in Northern Ireland.

Belfast has an excellent communications network. The M2 motorway provides access to the north towards Antrim and Londonderry and the M1 motorway provides access to the south and west of the province towards Lisburn and Dublin.

The city benefits from four railway stations and the Belfast to Dublin train route has a journey time of approx. 1 hour 50 minutes. The two airports, George Best Belfast City and Belfast International, provide access to all major UK and international locations including America and mainland Europe.

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Property Statistics

Total Views

(since advertised)

1,169

Listing Views

Date Views Unique Views Featured Published Bumped
15th Nov 17 17 No Yes No
16th Nov 3 3 No Yes No
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12th Dec 11 11 No Yes No
13th Dec 8 8 No Yes No
14th Dec 12 12 No Yes No

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