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Colliers International

Colliers International

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Key Information

Price Offers over £375,000
Style Investment Property
EPC Rating C57
Status For sale

Location

This agent has listed the accuracy as: General Area

Features

  • BUSINESS UNAFFECTED
  • For Sale in One or Two lots
  • A prominent modern Retail Warehouse extending to; Unit A: 4,989 sq. ft. (463.5 sq. m) Unit B: 4,945 sq. ft. (459 sq. m)
  • Open Class 1 Retail Warehousing consent
  • Each unit is Let on new 5 year leases with a Passing Rent of £39,000 rising to £42,000 reflecting a yield of 10.77%
  • C. 100 on site car parking spaces
  • Offers are invited in the region of £375,000 reflecting a NIY of 10% after allowing for purchasers costs of 4%

Additional Information

Moira Retail Park is located approximately 1 mile from Lisburn City Centre and comprises c. 30,000 sq. ft. of Open Class 1 Retail Warehousing. The scheme is anchored by Lidl and benefits from c.100 on site car parking spaces.
The subject units extend to c. 4,989 sq. ft. (463.5 sq. m) & c. 4,945 sq. ft. (459 sq. m). The units benefit from Planning Permission for a mezzanine floor at first floor level.
The units benefit from suspended ceilings, air conditioning, carpeted flooring, electric roller shutters and glazed frontage.

LEASE DETAILS
Unit A
Tenant: Simone Cairns t/a New Adventures
Term: 5 years from 1st April 2016
Current Rent: Year 1: £15,000 p.a.x
Year 2: £19,000 p.a.x
Year 3: £20,000 p.a.x
Year 4: £21,000 p.a.x
Year 5: £22,000 p.a.x

Break Options: Tenant break option at the end of year 3 subject to prior written notice
Repairs: Full repairing and insuring lease

Unit B
Tenant: Electronics Direct Ireland Ltd t/a X Cat
Term: 5 years from 24th March 2016
Current Rent: £20,000 p.a.x
Break Options: Tenant break option at the end of year 3 subject to prior written notice
Repairs: Full repairing and insuring lease

RATES
Unit 3A
Net Annual Value 2016/2017: £36,800
Rate in the £: £0.533216
Estimated Rates payable: £19,622.35 per annum

UNIT 3B
Net Annual Value 2016/2017: £35,600
Rate in the £: £0.533216
Estimated Rates payable: £18,982.49 per annum

VAT
We are advised that the property is VAT registered and therefore VAT will be charged on the purchase price. However, it is possible that the sale could be treated as a Transfer of a Going Concern (TOGC).

PRICE
Offers are invited in the region of £375,000 exclusive of VAT. A sale at this level would reflect a NIY of 10% after allowing for purchasers costs of 4%. This reflects a capital value of £37.75 per sq. ft.

FURTHER INFORMATION
For further information or to arrange an inspection of the property, please contact:
Contact: Andrew Lennon
Tel: 028 90 241 500
Email: andrew.lennon@colliers.com

Directions

Lisburn is one of the leading retailing locations in Northern Ireland and is situated 8 miles South of Belfast. The City benefits from a catchment population in excess of 124,920 people within a 15 minute drive time (CACI) and has excellent road communications via the M1 Motorway network (the main Belfast to Dublin commuter corridor).
It has developed as a major focus for retailing, particularly in respect of itsvibrant Town Centre and the regional shopping centre at Sprucefield.

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