FOR SALE. Prominent City Centre Mixed Use Investment Lennox House, Market St, Armagh BT61 7BW

Size: px

Start display at page:

Download "FOR SALE. Prominent City Centre Mixed Use Investment Lennox House, Market St, Armagh BT61 7BW"

Mariah Naomi Walker
5 years ago
Views:

1 FOR SALE Prominent City Centre Mixed Use Investment Lennox House, Market St, Armagh BT61 7BW

INVESTMENT SUMMARY Prime retail pitch in Armagh The subject comprises a 3 storey building arranged to provide 2 No. ground floor retail units with upper floor accommodation.

2 INVESTMENT SUMMARY Prime retail pitch in Armagh The subject comprises a 3 storey building arranged to provide 2 No. ground floor retail units with upper floor accommodation. The property extends to approximately 18,557 sq ft (1,724 sq m). Let to tenants with strong covenants New Look; Bon Marche, Reed in Partnership and the Southern Health & Social Care Trust. Additional income generated from ATM. Current passing rent of 150,300. Instructed to seek offers in excess of 1,100,000 (exclusive of VAT). Purchase at this level reflects a net initial yield of 12.9%.

MILES LOCATION Armagh is one of Northern Ireland s principal market cities and is regarded as a place of historical interest.

The subject premises are located on Market Street in the heart of Armagh City Centre, the prime retail pitch for the city, the premises

The subject properties together form Lennox House which fronts Market Street.

who s tenants include Sainsbury s, Semi Chem, Burger King and Dominos.

3 MILES LOCATION Armagh is one of Northern Ireland s principal market cities and is regarded as a place of historical interest. Armagh City has a population of c. 15,000 and a district population of 54,263 according to the 2011 census. The subject premises are located on Market Street in the heart of Armagh City Centre, the prime retail pitch for the city, the premises are situated directly opposite Armagh City Library, Armagh City Theatre and The Mall Shopping Centre. The subject properties together form Lennox House which fronts Market Street. Whilst the property trading as O2 is to the rear of Lennox House and faces on to the car park and entrance to The Mall Shopping Centre who s tenants include Sainsbury s, Semi Chem, Burger King and Dominos. 40 BELFAST 10 MILES BORDER OF REPUBLIC OF IRELAND 11 MILES PORTADOWN 22 The council area is projected to experience the greatest population growth of all the new 11 local authorities during the decade estimated at 19,900 people, accounting for just over one-fifth of the total growth across Northern Ireland. MILES NEWRY

DESCRIPTION Lennox House comprises a 3 storey mixed use building, arranged to provide 2 no.

lift. The first and second floor office suites are finished to a high specification to include suspended ceilings, recessed

The suites further benefit from excellent levels of natural light and are compliant with the Disability Discrimination Act.

4 DESCRIPTION Lennox House comprises a 3 storey mixed use building, arranged to provide 2 no. ground floor retail units finished to include suspended ceilings, recessed spotlighting, plastered & painted walls with tiled flooring. The upper floors provide high specification office accommodation with an attractive ground floor entrance foyer and high speed lift. The first and second floor office suites are finished to a high specification to include suspended ceilings, recessed fluorescent strip lighting, plastered and painted walls and raised access floors. The suites further benefit from excellent levels of natural light and are compliant with the Disability Discrimination Act.The property tenanted by O2 forms one half of a single story purpose build retail warehouse unit to the rear of Lennox House, which provides 1,938 sq ft of retail accommodation at ground floor level. The building is of steel portal frame construction with a brickwork exterior and glazed shopfront and a mono pitched flat roof of profile metal cladding.

TENANCY SCHEDULE UNIT TENANT AREA RENTAL TERM LEASE START / END NEXT REVIEW UNIT 1 New Look 6,294 sq ft 60,000 15 years with 5 yearly rent reviews 25.10.

5 TENANCY SCHEDULE UNIT TENANT AREA RENTAL TERM LEASE START / END NEXT REVIEW UNIT 1 New Look 6,294 sq ft 60, years with 5 yearly rent reviews to UNIT 2 Bon Marche 4,283 sq ft 42, years with 5 yearly rent reviews to UNIT 3 O2 1,938 sq ft N/A 386 years to N/A FF Office Reed in Partnership 3,009 sq ft 17,000 6 years to N/A SF Office (Part) VACANT - Landlord Guarantee 1,110 sq ft 8, SF Office (Part) Southern Health & Social Care Trust 1,923 sq ft 18,000 5 years to N/A ATM Bank Machine Ltd N/A 4,800 5 years with break option to N/A TOTAL 18,557 sq ft 150,300

6 COVENANT STRENGTH. All of the tenants offer excellent covenant strength. The retailers namely Bon Marche and New Look are both highly regarded national operators of exceptional covenant strength and have occupied their respective units for many years, demonstrating their commitment to this trading area. The offices are let to Reed in Partnership Ltd and the Southern Health & Social Care Trust, who have been in occupation since 2008, whilst the remaining office space is being sold with the benefit of a 1 year rental guarantee from the current Landlord upon completion. SERVICE CHARGE The service charge budget for the year ending January 2016 is 22, excluding VAT. NAV NEW LOOK - 29,700 BON MARCHE - 23,600 O2-21,200 REED PARTNERSHIP LTD - 12,400 LANDLORD GAURANTEE - 4,050 SOUTHER HEALTH 7,000 ATM - 4,500 The commercial rate in the pound for 2016 / 2017 is EPCs NEW LOOK C51 BON MARCHE C66 O2 C72 OFFICES D78 A copy of the certificates can be made available upon request. SALES DETAILS We have been instructed to seek offers in excess of 1,100,000 (One Million One Hundred Thousand Pounds) with a 12 month rental guarantee from the Landlord. A purchase at this level reflects a net initial yield of 12.9%. TITLE The properties are held by way of Freehold, whilst Development Securities (No. 83) Ltd (sub tenant Maurice Devlin t/a O2) purchased the long leasehold on 3rd May 2014 for 386 years this is now service charge collection only. VAT The property is registered for VAT and is therefore payable. FURTHER DETAILS BY APPOINTMENT WITH AGENTS: O Connor Kennedy Turtle 22 Adelaide Street Belfast BT2 8GD T +44 (0) E belfast@okt.co.uk CONTACT: ROSS SWEENEY E ross.sweeney@okt.co.uk MARK PATTERSON E mark.patterson@okt.co.uk Further service charge and management information is available upon request. It is envisaged that the sale will be treated as a transfer of a going concern (TOGC). Ref RS/JP/7766 OKT for themselves and for the Vendors or Lessors of this property whose agents they are give notice that (i) the particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute, nor constitute part of, an offer at contract (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them (iii) no person in the employment of O Connor Kennedy Turtle has any authority to make or give any representation or warranty in relation to this property. (iv) OKT have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

FOR SALE / TO LET Drumahoe Ind. Est., 102 Drumahoe Road, Drumahoe, Millbrook, Larne BT40 2SN

FOR SALE / TO LET Drumahoe Ind. Est., 102 Drumahoe Road, Drumahoe, Millbrook, Larne BT40 2SN FOR SALE / TO LET Excellent industrial estate comprising c. 62,885 sq ft over 12 units on a site of approximately 5.75 acres Drumahoe Ind. Est., 102 Drumahoe Road, Drumahoe, Millbrook, Larne BT40 2SN MILES