FOR SALE Southern ITEC Business Park

Transcription

1 Office & Industrial Investment with Asset Management Opportunities FOR SALE Southern ITEC Business Park

2 Investment Summary Multi let office and industrial park close to city centre. Prominent site with good road frontage onto Armagh Road Provides 29,092 sq. ft over ground and first floors arranged as offices and industrial accommodation on 2 acre site Currently generating a net income of 68,722 per annum, with reversionary potential through re-letting vacant units Current tenants include Southern Health Trust and Maypole Interiors Strong underlying residual value with potential for future redevelopment to retail, residential or other uses, subject to planning We are instructed to seek offers over 750,000, subject to contract, for our client s freehold interest. A purchase at this level would reflect an attractive net initial yield of 8.70% and a capital value of per sq. ft. Location Newry is the fourth largest city in Northern Ireland. The city lies in the south-easterly part of Northern Ireland and benefits from its gateway position on the Belfast to Dublin transport corridor. The excellent transport network has been further improved by the completion of the motorway from Dundalk to Newry, allowing full motorway access to the north of Dublin. Dublin is located 67 miles south and Belfast is 37 miles north of Newry. Newry is a popular tourist area giving access to the Mourne Mountains and Carlingford Lough and is also well located in terms of port services at Warrenpoint, which provides shipping links with markets in Great Britain and Europe. 2

3 Location Plan Site Plan *For indicative purposes only. Belfast Damolly Retail Park Newry Railway Station Fiveways Service Station A1 St Josephs High School Tesco Extra Daisy Hill Hospital Dublin Long leasehold substations 3

4 Situation The Property is prominently situated with frontage on to Armagh Road, one of the main arterial roads into the city from the A1 and the Fiveways roundabout. The property is situated approximately 1 mile from the A1 and 0.75 miles from the city centre. The surrounding area is mainly residential in character interspersed with commercial uses. Nearby occupiers include Damolly Retail Park, Fiveways Filling Station and a number of other industrial occupiers. Description The Property is arranged to provide office accommodation over 2 floors in a block to the front with industrial accommodation to the rear, all on a site extending to some 2 acres. The offices comprise 19 suites let out to individual tenants, with unit sizes ranging from sq ft. There are 10 self-contained industrial and showroom units, ranging in size from 1,500 6,600 sq ft. The total accommodation extends to some 29,092 sq ft. Given the prominent roadside location the Property may be suitable for redevelopment to retail, residential or other commercial use. The offices may also be suitable for future single occupancy. Tenancy The property is let to 17 individual tenants including Southern Health Trust and Maypole Interiors as well as a range of local and national occupiers. The offices are let on a mix of inclusive and exclusive lettings. A detailed tenancy and costs schedule is available on request. The property generates a net income (after landlord costs) in the region of 68,722 per annum. A detailed tenancy and costs schedule is available on request. 4

5 Redevelopment Opportunity The Property is under the jurisdiction of the Banbridge / Newry & Mourne Area Plan 2015 and is designated as White Land and therefore has not been zoned for any specific useage. Given its prominent roadside location, the Property may be suitable for redevelopment to retail, residential or other commercial uses subject to planning. The offices may also be suit refurbishment to future single occupancy. Tenure The property is held freehold. Two substations are let long leasehold. Energy Performance Certificates UNIT Unit 10 Office Block Industrial Units EPC RATING C57 D100 G185 * Full Energy Performance Certificates are available on request. SPV The property is currently held within a single asset Special Purchase Vehicle (SPV). The vendor will consider offers on the basis of a purchase of 100% of the share capital in this vehicle. Further information is available on request. 5

6 VAT The property is registered for VAT and therefore VAT will be payable on the purchase price. It is envisaged the sale will be treated as a transfer of a going concern (TOGC). Proposal We are instructed to seek offers over 750,000, subject to contract and exclusive of VAT, for our client s freehold interest. A purchase at this level will reflect an attractive net initial yield of 8.70% and capital value of per sq. ft assuming purchasers costs of 5.40%. Declaration of Interest Under Section 21 of the Estate Agents Act 1979 (declaration of interest) we have a duty to inform potential purchasers of this property that the vendor is related to an employee of CBRE. Contact Gavin Elliott Capital Markets Andrew Coggins Capital Markets The Linenhall Linenhall Street Belfast, BT2 8BG T: E: gavin.elliott@cbre.com T: M: E: andrew.coggins@cbre.com T: M: DISCLAIMER: CBRE These particulars are issued by CBRE on the understanding that any negotiations relating to the property are conducted through them. Whilst every care is taken in preparing them, CBRE for themselves and for the vendor/lessor whose agents they are, give notice that:- (i) the particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract, (ii) any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access or any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness, (iii) neither CBRE, nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. May