Units 3 &, Pennybridge Industrial Estate, Ballymena BT42 3HB

Offers over £995,000
Offers over £995,000
Price Offers over £995,000
Style Investment Property
EPC Rating B48
Status For sale
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Additional Information

Pennybridge IE

Additional Information

The subject comprises 2 No. trade counter/warehouse units which have been amalgamated and fully let to Competition Line (UK) Ltd trading as Lifestyle Fitness. The units are of steel portal frame construction with brick infill walls to c. 8 ft and cladding to the upper eaves. The pitched roof over is overlaid in insulated metal cladding with perspex light panels. The property is accessed via aluminium glazed entrance doors with single glazed aluminium windows to the front elevation.

Internally the property has been fully fitted by the tenant as a gymnasium and fitness centre providing an extensive range of facilities and ancillary accommodation including 2 No. open plan gym areas, studio, spin room, break out area and offices. Large male and female changing rooms have also been constructed with a sauna and steam room area. LED lighting has been installed throughout with heating provided via an oil fired system and separate air cooling. The facility operates 24/7 with access controlled doors.  Externally a communal car park is situated to the front of the building with service yard/road area to the rear.

Tenancy
The property is fully let on a full repairing and insuring basis to Competition Line (UK) Ltd from 11 March 2014 expiring 3 July 2041. The lease provides tenant only break options in July 2026 and July 2036 subject to six months notice in writing.

Passing Rent : £89,408 per annum.

The rent is reviewed on a 5 yearly basis at a fixed increase of 11.76%. The next rent review is 11 March 2024.

A service charge covers maintenance of the common areas and is paid directly by the tenant. Further information is available on request.

Title
We have been advised that the property is held by way of a long leasehold title for a term of 900 years from 18 June 2003. The passing rent is £0.05 per annum (if demanded). Further information is available from the vendors solicitor Murlands Solicitors, Finlay House, 15 English Street, Downpatrick. Contact: Sarah Shannon Tel: 02844 619980 Email: [email protected]

VAT
We understand the property is elected for VAT. It is anticipated that a sale could be treated at a transfer of Going Concern (TOGC). Solicitor to confirm.

Proposal
We are instructed to seek offers in excess of £995,000 (nine hundred and ninety five thousand pounds) exclusive, subject to contact.

A purchase at this level would reflect a net initial yield of 8.5% after allowing for purchasers costs at 5.74%.

EPC - B48

GIA - 19,800 square feet

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Property Statistics

Total Views

(since advertised)

252

Listing Views

Date Views Unique Views Featured Published Bumped
20th Apr 0 0 No No No
21st Apr 0 0 No No No
22nd Apr 0 0 No No No
23rd Apr 0 0 No No No
24th Apr 0 0 No No No
25th Apr 0 0 No No No
26th Apr 0 0 No No No
27th Apr 0 0 No No No
28th Apr 0 0 No No No
29th Apr 0 0 No No No
30th Apr 0 0 No No No
1st May 70 70 No Yes No
2nd May 29 29 No Yes No
3rd May 17 17 No Yes No
4th May 8 8 No Yes No
5th May 15 15 No Yes No
6th May 9 9 No Yes No
7th May 20 20 No Yes No
8th May 10 10 No Yes No
9th May 12 12 No Yes No
10th May 11 11 No Yes No
11th May 2 2 No Yes No
12th May 6 6 No Yes No
13th May 3 3 No Yes No
14th May 6 6 No Yes No
15th May 5 5 No Yes No
16th May 8 8 No Yes No
17th May 11 11 No Yes No
18th May 5 5 No Yes No
19th May 5 5 No Yes No

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