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 at an initial rent of 28,500 per annum with the tenant responsible for payment of a full service charge. Inviting offers in the region of 350,000, representing a net initial yield of 7.87% assuming purchaser s costs of 3.50%
Location The City of Lisburn is the second largest population centre in Northern Ireland and has an estimated catchment population in excess of 500,000 persons within a 30-minute drive. The property is positioned in a very high profile corner location at the junction of Bow Street and Market Place, Lisburn, directly opposite the entrance to Bow Street Mall. Nearby occupiers in the vicinity include Iceland, Carphone Warehouse, Vodafone, Caffe Nero, Boots, etc. Description The property comprises of a high profile corner unit with frontages on to Bow Street and Market Place. The property comprises of a self-contained ground floor unit benefitting from a full Greggs Plc fit out. Accomodation The premises has an approximate gross internal area of 232.25 sq m (2,500 sq ft). Tenancy The main lease terms are as follows:- Tenant: Greggs Plc. Lease Term: 10 years commencing 25th May 2017. Rent: 28,500 per annum Rent Review: The Landlord to have the right to review the rent as at 25th May 2022. Option to Break: The tenant has an option to break at the end of the 6th year of the lease term. If the option to break is exercised the tenant is to pay a penalty equivalent to 3 months rent. Service Charge: The Tenant to pay a service charge in relation to exterior repairs, landlord s insurance premium, agent s management fees, etc. Tenure Long Leasehold of ground and first floor together known as unit 10 Wallace Buildings Lisburn, subject to and with the benefit of an occupational lease in favour of Greggs in respect of part of the Ground Floor and a long sublease in favour of Ian Black Consulting Limited in respect of part Ground Floor and First Floor (details available on request). Covenant Greggs has almost 1,700 shops throughout the UK and are one of the high street s most recognisable brands. In accordance with Greggs Plc Annual Report & Accounts 2016, total sales have grown to 894.2 million in 2016, up 7.0%. For further details on Greggs Plc can be found on their corporate website:- www. corporate.greggs.co.uk<http://www.corporate.greggs.co.uk>. EPC EPC Rating: B46 (NOTE: EPC Rating prior to Greggs Plc fit out). VAT The property has not been elected for VAT and as such the sale price will not attract VAT. Proposal Seeking offers in the region of 350,000 An acquisition at this level reflects a net initial yield of 7.87% assuming purchaser s costs of 3.50%. The tenant received a rent-free period of 9 months as from the commencement of the lease 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 Letting Agents: Frazer Kidd T: 028 9023 3111 E: mail@frazerkidd.co.uk
For further information please contact: Brian Kidd M: 07885 739063 E: bkidd@frazerkidd.co.uk Neil Mellon M: 07957 388147 E: nmellon@frazerkidd.co.uk Telfair House, 87/89 Victoria Street, Belfast, BT1 4PB T: 028 9023 3111 F: 028 9024 4859 E: mail@frazerkidd.co.uk W: www.frazerkidd.co.uk 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.