For Sale. Prominent Mixed Use Investment with Redevelopment Potential 45 Mallusk Road / 8a Trench Road Mallusk, Newtownabbey

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Winifred Harper
5 years ago
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1 For Sale For illustrative purposes only 45 Mallusk Road / 8a Trench Road Mallusk, Newtownabbey

PROPERTY SUMMARY A Freehold mixed use investment opportunity centrally located within Mallusk The overall site extends to approximately 4.15 acres (1.

2 PROPERTY SUMMARY A Freehold mixed use investment opportunity centrally located within Mallusk The overall site extends to approximately 4.15 acres (1.68 hectares) Built accommodation extends to approximately 62,902 sq.ft Currently producing an annual gross rent of 207, from 4 tenants Various asset management opportunities For Sale as one lot seeking offers in excess of 2,750,000 exclusive which reflects a NIY of 7.07% assuming purchasers costs of 6.42%. LOCATION Mallusk is one of Northern Ireland s leading industrial / distribution / trade counter and car showroom locations. The area has a successful industrial and commercial base with good communication links. Mallusk is situated within Newtownabbey in the Greater Belfast area accessed from the M2 Motorway at Sandyknowes Roundabout. Mallusk benefits from key communication and transport links situated approximately 7 miles north of Belfast City Centre, 9 miles east from the Belfast International Airport, 8 miles north of the Belfast City Airport, 17 miles from the Port of Larne and 7 miles from the Port of Belfast providing access to all major UK and a number of International destinations. The area has a range of both national and local occupiers such as Marks and Spencer s, Diageo, Donnelly Brothers, Mercedes Benz Van & Truck, Royal Mail, The Henderson Group, Wilsons Auctions and Countrywide Freight. The property is centrally located within Mallusk and is situated fronting onto the Mallusk Road which is the main thoroughfare, whilst it also benefits from a further access from Trench Road at the rear of the development.

DESCRIPTION The property is a freehold mixed use investment opportunity and is comprised of 5 buildings sub-divided into 15 no. units. The built accommodation extends to approximately 62,902 sq.ft.

On the Mallusk Road frontage there is a split level building which is occupied by two tenants and comprises units 10-15.

3 DESCRIPTION The property is a freehold mixed use investment opportunity and is comprised of 5 buildings sub-divided into 15 no. units. The built accommodation extends to approximately 62,902 sq.ft. of which approximately 15,400 sq.ft has been sold off long leasehold. The overall site extends to c.4.15 acres and has direct access from both the Mallusk Road and also the Trench Road. On the Mallusk Road frontage there is a split level building which is occupied by two tenants and comprises units Units 10, 11, 12, 14 & 15 are occupied by Donnelly Brothers (Belfast) Ltd and are utilised for a combination of car showroom, offices, garage workshop space and external sales yard area. Unit 13 is occupied by Henderson Retail Limited and comprises a Maxol branded fuel forecourt with a Spar Convenience Shop, instore Subway, ATM, stores and staff facilities. The middle section of the site is predominantly comprised of 3 buildings split into units 6, 8, 9 & 16. These units are all occupied under a single lease to Donnelly Brothers Ltd and are utilised for a combination of garage workshops, offices, storage and staff facilities. The Trench Road entrance at the rear of the site provides access to a T shaped purpose built building which comprises units 1-5 (units 2-5 have been sold off long leasehold). Unit 1 is currently vacant and provides warehouse, ground & first floor offices and mezzanine level accommodation totalling c.8,968 sq.ft. See the site plan for unit numbers and layout. TRENCH ROAD 16 MALLUSK ROAD Units SITE AREA We estimate the site area to be approximately 4.15 acres (1.68 hectares) For illustrative purposes only

Tenancies & Accommodation The property is currently let to four separate tenants on effective full repairing and insuring terms by way of a service charge.

83 872 Currently Vacant Offices / Mezz 2-5 Messrs McBride, 15,400* Trade Counter / 09/02/2006 900 years 08/02/2906 0.

4 Tenancies & Accommodation The property is currently let to four separate tenants on effective full repairing and insuring terms by way of a service charge. AreA Lease Lease AnnuAL service Unit(s) Tenant sq ft G.I.A Use start date Duration End Date Rent NAV EPC Insurance Charge Comment 1 Vacant 8,968 Warehouse / n/a n/a n/a ,100 C54 1, Currently Vacant Offices / Mezz 2-5 Messrs McBride, 15,400* Trade Counter / 09/02/ years 08/02/ ,400 n/a n/a 1,840 Sold off Long Leasehold McBride & Greer*** Warehouse / Mezz (900 year lease). Tenant insures premises. 10, 11, 12, Donnelly Brothers Ltd 14,446 Car Showroom / tbc tbc 01/12/ ,000 77,300 C75 4, ,800 Lease is due 14 &15 Offices / Vehicle to expire in Workshop December , 8, Donnelly Brothers 20,105 Vehicle Workshop / 03/09/ years 02/09/ ,000 56,500 E116 _ 2,352 Lease has expired 9 & 16 (Belfast) Ltd Offices / Staff / Storage E122 and tenant is F127 overholding. 13 Henderson Retail Ltd 3,983** PFS / Retail / 30/04/ years 01/05/ ,000 42,000 C In occupation since Storage / Ancillary There is limited competition in the immediate area. Total 62,902 sq ft 207, ,300 6, ,396 * Approximate footprint of built space ** Net Internal Area *** Sold by way of a 900 year lease at 0.05 per annum

5 Covenant Strength The tenants recent account and Experian Delphi ratings are summarised below: delphi Current % of Year Sales Pre-Tax Tangible Unit(s) Tenant experian Score Rent P.A income End Turnover Proft / Loss Net Worth Comment 13 Henderson Retail Ltd Very Low Risk 100/100 65, % 31/12/ ,891,580 6,785,554 33,324,789 The company was established in Henderson Retail refers to the portion of stores within the Henderson Group that are owned and operated directly by the company. There are currently over 80 Henderson Retail stores that operate within the Spar, Eurospar and Vivo brands in N. Ireland. 6, 8, Donnelly Brothers Very Low Risk 95/100 80, % 31/12/ ,770,511 20,851 3,210,522 Donnelly Bros (Belfast) Ltd forms part of the Donnelly Group 9 & 16 (Belfast) Ltd of companies. The Donnelly Group is the largest family owned motor retailer in Northern Ireland, with a workforce in excess of 700 people. They operate from eight locations located across Northern Ireland. 10, 11, 12, Donnelly Brothers Very Low Risk 95/100 62, % 31/12/ ,770,511 20,851 3,210, & 15 (Belfast) Ltd ASSET MANAGEMENT Potential asset management opportunities include: Let the vacant unit Re-Let units 6,8,9&16 Regear occupational leases Refurbish the older units and re-let at higher rents Construct additional units Sell off the units piecemeal as investment opportunities or with Vacant Possession Redevelopment potential subject to requisite consents. TITLE We understand that the property is held Freehold. VAT The property has been elected for VAT. It is envisaged the transaction will be treated as a TOGC. Proposal We are instructed to seek offers in excess of 2,750,000 excluding VAT for our clients freehold interest. A purchase at this level would reflect an attractive Net Initial Yield of 7.07% assuming purchasers costs of 6.42%

FURTHER INFORMATION For more information or to arrange a viewing please contact: Mark Riddell 07920 186523 mark@riddellmckibbin.com Martin McKibbin 07715 269699 martin@riddellmckibbin.

6 FURTHER INFORMATION For more information or to arrange a viewing please contact: Mark Riddell mark@riddellmckibbin.com Martin McKibbin martin@riddellmckibbin.com 3rd Floor 7-11 Linenhall Street Belfast BT2 8AA Ref: RM010 Riddell McKibbin Limited for themselves and for the Vendors or Lessors of the property whose agents they are give notice that; i) these particulars are given without responsibility of Riddell McKibbin Limited or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; ii) Riddell McKibbin Limited cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; iii) no employee of Riddell McKibbin Limited has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; iv) VAT may be payable on the purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; v) Riddell McKibbin Limited will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.

FOR SALE. Zeus Packaging, Central Park, Mallusk, Newtownabbey, BT36 4FS. Investment Opportunity - Modern, Fully Let Industrial Facility

FOR SALE. Zeus Packaging, Central Park, Mallusk, Newtownabbey, BT36 4FS. Investment Opportunity - Modern, Fully Let Industrial Facility FOR SALE Zeus Packaging, Central Park, Mallusk, Newtownabbey, BT36 4FS Investment Opportunity - Modern, Fully Let Industrial Facility Features Modern single let industrial investment property Located within