For Sale 5 Edgewater Road, Belfast, BT3 9JQ. Industrial Investment Property

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1 For Sale Industrial Investment Property

2 Investment Summary Warehouse building located within the well-established Belfast Harbour area. Let to Ulster Bank Limited and Irish Relocation Services Limited. The ultimate parent company for Ulster Bank Limited is Royal Bank of Scotland Plc. 4 years unexpired FR&I lease The property extends to approximately 35,170 sq ft (3,267 sq m). Current rent of 103,750 pa rising to 109,750 pa on 1st July 2016, reflecting approximately 3 psf Long leasehold. Held on a 100 year head lease from 1987 at a ground rent of 35,700 pa. Current net rent receivable is 68,050, increasing to 74,050 We are instructed to seek offers in the region of 800,000 (Eight Hundred Thousand Pounds) for our client s long leasehold interest. A purchase at this level would reflect a net initial yield of 8%, after allowing for normal purchaser s costs at 5.8%.

3 Location Belfast is the capital of Northern Ireland and ranked 15th largest city and the 11th largest conurbation in the United Kingdom. The city is approximately 100 miles north of Dublin and 70 miles south east of Londonderry. Belfast has a residential population of 270,000 which represents 15% of Northern Ireland s total population of 1.8 million. The wider Belfast Metropolitan area has a population extending to 650,000.

4 Situation The subject property is located on Edgewater Road within the popular Belfast Harbour Estate. The property benefits from easy access to the Fortwilliam interchange, M2 motorway and Belfast Docks with Belfast city centre a 5 minute drive away. Nearby occupiers include DHL and Siemens.

5 Description The subject property is of steel portal frame construction with external profile metal cladding and pitched roof. The warehouse is currently split into 2 units, Each unit benefiting from roller shutter access, a large shared concrete marshalling area and internally both units are fitted to provide office accommodation, WC s and warehouse facilities with an eaves height of c. 6.5 metres (21 ft). Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition). The property provides the following areas: Unit Description NIA (SQ FT) Unit 1 Warehouse 15,170 sq ft Unit 2 Warehouse 20,000 sq ft Total 35,170 sq ft

6 Tenancy The property is let in two parts to Ulster Bank and Irish Relocation Services on a full repairing an insuring basis. The average term unexpired is 4 years. Unit 1 is let to Ulster Bank Ltd for a term of 25 years from 1st November 1993 with a current passing rent of 67,500 p.a. (expiring 31st July 2018). Unit 2 is let to Irish Relocation Services for 5 years from 1st July Rent year 1-40,000, and years ,000 p.a. Expiring 30th June The tenant has a break clause on 1st July Site Area We estimate the site to be approximately 1.43 acres Covenant Information Ulster Bank Limited (NI00R733) Ulster Bank Limited is a large commercial bank, and one of the traditional Big Four Irish Banks. Established in 1836, they have 90 branches in Northern Ireland, over 3,000 employees and over 1.9 million clients. Ulster Bank Limited has an Experian Credit Rating of 60/100, representing A Below Average Risk. Further covenant information is available on request. For more information visit: Irish Relocation Services Limited (NI605562) Irish Relocation Services Limited is a well-known logistics company providing services over the British Isles. They have an Experian Credit Rating of 35/100, representing A Above Average Risk. However they have supplied a security deposit of 10,000 to be held until the end of the term. Further covenant information is available on request. For more information visit:

7 Title Proposal EPC Held on a long leasehold title, subject to ground rent of 35,700 per annum. VAT We understand the property has been elected for VAT and it is anticipated that the sale will be structured as a Transfer of a Going Concern (TOGC). We are instructed to seek offers in the region of 800,000 (Eight Hundred Thousand Pounds) for our client s long leasehold interest. A purchase at this level would reflect a net initial yield of 8%, after allowing for normal purchaser s costs at 5.8% Contact Lisa McAteer E: lisa.mcateer@cbre.com T: M: The property has been given an Energy Performance Certificate Rating of D77. CBRE Imperial House Donegall Square East Belfast BT1 5HD T: F: Full EPC Report is available on request. 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. Note: All plans and photographs are for identification purposes only. Subject to contract. July 2015.