520 Shore Road, Belfast, BT15 4HF

Transcription

1 520 Shore Road, Belfast, BT15 4HF For Sale **Industrial Investment Opportunity** Fully Let Industrial Unit of approx. 18,518 sq ft (c.1,687 sq m) with passing rent of 81,000 per annum

2 Investment summary Fully let industrial building extending to approx. 18,518 sq ft (c.1,687 sq m) GIA. Let in its entirety to Northstone (NI) Limited until February Prominent frontage onto Shore Road of approximately 72 m. We are seeking offers in the region of 950,000 exclusive, reflecting a net initial yield of c.8.07%, after deducting standard purchasers costs. Current passing rent 81,000 per annum, exclusive. The investment provides an unexpired lease term of approximately 6.5 years. Set on self-contained site of c.0.6 acres with car parking to front.

3 Location Belfast is the capital of Northern Ireland and the commercial centre for a population in the region of 500,000 persons. The city benefits from good communication links with the remainder of the province via the M1 and M2 Motorway network and public rail systems. The city is located approximately 100 miles north of Dublin and 70 miles south east of Londonderry. Belfast benefits from two airports in George Best Belfast City Airport, some 2 miles east of the city centre and Belfast International Airport, some 17 miles to the north east. The city has four railway stations with a Belfast to Dublin travel time of less than 2 hours. Situation The Shore Road is a popular arterial route and area of housing and commerce that runs through north Belfast and Newtownabbey. The subject property is strategically located off the M2 slip road, offering excellent access to surrounding motorway networks, via its junction with the nearby Fortwilliam roundabout. Belfast city centre is approximately 2.5 miles south, which can be easily accessed by car, bus or train. Retail parks in the surrounding area include Newtownabbey Retail Park, Abbey Centre, Abbey Retail Park and Valley Retail Park and the nearby Asda Superstore. Belfast Port and the 200 acre Giants Park development lands off Dargan Road are also nearby. Description The property comprises a substantial modern warehouse and showroom facility of c.18,518 sq ft, benefitting from prominent frontage onto the Shore Road of approx. 72 m. The warehouse element is of steel portal frame construction with metal clad elevations beneath a pitched roof with translucent panels. The tile showroom and ancillary office / staff accommodation is of a flat roof construction, with a customer entrance to the front. Internally, the property is arranged to provide two interlinking warehouse units together with showroom, offices, staff facilities and WC s. Steel roller shutter doors are in place to the side and front of the building for loading purposes. There is ample staff and customer car parking to the front for approx. 20 vehicles.

4 Site The site is largely rectangular in shape and extends to approximately 0.60 acres. Schedule of Accommodation Accommodation Sq Ft Sq M Warehouse 13,089 1,216 Showroom 3, Office/Staff 1, Mezzanine Total 18,518 1,720.4 Tenancy/Tenant Covenant The property is leased in its entirety to Northstone (NI) Limited for a term of 25 years from 1st February 1999 at a passing rental of 81,000 per annum on full repairing and insuring terms. The investment provides an unexpired lease term of c. 6.5 years. The property is currently sublet and occupied in its entirety to Hutton Tiles. Northstone (NI) Limited (Company Reg No: NI4078) is a leading construction materials producer and building & civil engineering contractor in Northern Ireland. The three operating divisions of Northstone (NI) Ltd consists of Farrans, Northstone Materials and Cubis Industries. For the year ending 31 December 2015, the company reported a total turnover of 261,408,000 and pre-tax profits of 3,253,000 (Source: Graydon Credit Report).

5 Energy Performance Certificate EPC Rating: F142. A copy of the EPC is available on request. Rates We have been advised by Land & Property Services of the following: Net Annual Value:- 22,700 Rate in the 17/18: Rates payable, if applicable: 13,454 Value Added Tax We are advised that the property is elected for VAT, therefore VAT will be payable in addition to the purchase price. Proposal We are instructed to seek offers in the region of 950,000 exclusive. A purchase at this level would reflect a net initial yield of c.8.07% after deducting standard purchasers costs. For indicative purposes only Contacts Subject to Contract and Exclusive of VAT Lambert Smith Hampton January 2017 For further information or to arrange a viewing, please contact: Phillip Smyth Tom Donnan pssmyth@lsh.ie tdonnan@lsh.ie Lambert Smith Hampton Clarence House 4/10 May Street Belfast BT1 4NJ Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any ( LSH ) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.