For Sale - Prime retail investment fully let to Caffé Nero. 73 Main Street Strabane BT82 8AU

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Berniece Short
6 years ago
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1 For Sale - Prime retail investment fully let to Caffé Nero 73 Main Street Strabane BT82 8AU

Location Strabane is located approximately 15 miles south of

Derry/Londonderry and Omagh The property is positioned at the corner

2 Location Strabane is located approximately 15 miles south of Derry/Londonderry and 85 miles west of Belfast The town of Strabane has a district population of c.78,250 people and is situated at an approximate midpoint between Derry/Londonderry and Omagh The property is positioned at the corner of Main Street and Castle Place, within close proximity to UK brands such as Santander, Boots, O2, Subway, B&M, etc.

3 Investment Summary Situated in a prime location at the corner of Main Street and Castle Place, Strabane. The entire building is fully let to Nero Holdings ltd, t/a Caffe Nero at a current rent of 35,000 per annum on a lease that is not due to expire until May 2027 (no tenant break). Rent review to open market rent or by reference to RPI, whichever is the higher. Offers invited in the region of 450,000 representing a net initial yield of 7.47%, after allowing for purchaser s costs of 4.13%. Covenant It is our understanding that Caffé Nero hold all of their coffee shop leases throughout the UK under the same covenant Nero Holdings ltd. Caffé Nero trade from in excess of 650 stores throughout the UK and also have a presence in the US, Poland and Turkey. Further details can be found on Tenancy The entire property is fully let to Caffé Nero, the main terms are as follows:- Tenant: Nero Holdings Ltd, trading as Café Nero Lease Commencement date: 21st April 2017 Lease Term: 10 years Lease Expiry: 20th April 2027 Next rent review: 21st April 2022 Rent review: Rent to be reviewed to open market rental value or by reference to RPI, whichever is the higher Initial/Current Rent: 35,000 per annum Repair: Tenant responsible for interior and exterior repairs Service charge: Tenant responsible for repayment of landlord s insurance premium and agent s management fees.

4 Description The property comprises of a high profile corner building trading as a coffee shop at ground floor level with storage and staff facilities at first floor level. Accommodation The approximate areas are as follows:- Ground Floor sq m (1396 sq ft) coffee shop/customer facing area First Floor sq m (1396 sq ft) Total gross internal area sq m (2792 sq ft) EPC To be provided. VAT We understand that the property has been elected for VAT and as such it is anticipated that the sale can be structured as a transfer of a going concern (ToGC) if required. Proposal Seeking offers in the region of 450,000, exclusive of VAT. An acquisition at this level reflects an initial of 7.47%, allowing for purchaser costs of 4.13%. The tenant received a rent free period of six months as from the commencement date and the price will be adjusted to reflect any outstanding rent free period on completion of the sale. Viewing Strictly by appointment with the Sole Selling Agents: Frazer Kidd T: E: mail@frazerkidd.co.uk

6 For further information please contact: Brian Kidd M: E: Stephen Reid M: E: Telfair House, 87/89 Victoria Street, Belfast, BT1 4PB T: F: E: W: Disclaimer Frazer Kidd LLP for themselves and for the vendors of this property whose agents they are, give notice that (I) The particulars are set out as a general outline for the guidance of intending purchasers or lessees, and do not constitute part of an offer or 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 any intending 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 correctness of each of them; (Iii) No person in employment of Frazer Kidd LLP has any authority to make or give representations or warranty whatever in relation to this property.

FOR SALE - PRIME RETAIL INVESTMENT LET TO GREGGS PLC 85 BOW STREET LISBURN BT28 1BJ

FOR SALE - PRIME RETAIL INVESTMENT LET TO GREGGS PLC Summary Situated in a prime City Centre location at the corner of Bow Street and Market Place, Lisburn. Let to Greggs Plc by way of a 10-year lease