BUSINESS UNAFFECTED mixed use investment opportunity
PROPERTY SummarY A prominent mixed use investment opportunity comprising:- 12 no. 2 bed apartments ranging from 723 sq. ft. to 904 sq. ft. 4 no. retail units ranging from 791 sq. ft. to 886 sq. ft. cash Machine Pod of c. 150 sq. ft. Current income of 107,780 per annum Gated off street car parking for both the residential and commercial Offers over 1,200,000 which reflects a NIY of 7.9% after allowing for purchasers costs of 5.9% site plan Location Lurgan is approximately 18 miles (29 km) South-West of Belfast and is linked to the City by both the M1 Motorway and the Belfast Dublin railway line making the town popular with commuters. Surrounding towns include Craigavon, Portadown and Moira. The property is located with direct frontage onto William Street and benefits from a high level of vehicular and pedestrian passing trade with the train station in close proximity. The parking for the residential is accessed off Abbey Manor which is located to the rear. description Reynolds House comprises 4 no. ground floor retails units ranging from 723 sq. ft. 904 sq. ft., 12 no. 2-bed apartments ranging from 791 sq. ft. 886 sq. ft. and a Cash Machine Pod with its own access. The block is arranged over three floors and is of modern brick construction with concrete floors, tiled and pitched roof, double glazing and gas heating. The building is served by a lift. The apartments are finished to the following specification; Plastered/painted walls and ceilings Wooden flooring Fully fitted kitchen with tiling to walls and floors Bathroom and En-suite with high quality sanitary ware Phoenix Gas combination boilers, Upvc double glazed windows Entry phone system and telephone outlets The retail units are finished to the following specification; Plastered/painted walls and ceilings Glazed frontage with an electronic roller shutter / wooden flooring Suspended ceilings Phoenix Gas combination boilers, Upvc double glazed windows in aluminium frames
LEASE DETAILS Apartments 1-12 LOCATION MAP All apartments are fully let producing an annual income of 66,780. Ground Floor Retail units 88, 90, 94 & 96 William Street Tenant: private Individual Term: 10 years from 01/08/2015 Current Rent: Repairs: 35,000 per annum Full Repairing and Insuring A tenancy schedule is included to the rear of this brochure. rateable value 88-90 William Street We have been advised by Land & Property Services of the following: Net Annual Value: 19,500 Rate in the 2017/2018: 0.577741 Estimated Rates Payable: 11,265 94 William Street Net Annual Value: 9,750 Rate in the 2017/2018: 0.577741 Estimated Rates Payable: 5,632 96 William Street To be assessed. price Offers invited in the region of 1,200,000 exclusive of VAT. A sale at this level would reflect a NIY of 7.9% after allowing for purchasers costs of 5.9%. VAT We are advised that the property is VAT registered and therefore VAT will be charged on the sale. However, it is possible that the sale could be treated as a transfer of a going concern (TOGC). Further information For further information or to arrange an inspection of the property, please contact: Contact: Andrew Lennon Contact: William Knox Tel: 028 9024 1500 Tel: 028 9024 1500 Email: andrew.lennon@colliers.com Email: william.knox@colliers.com
tenancy schedule PROPERTY FLOOR TYPE AREA (SQ. FT.) LEASE EXPIRY MONTHLY RENT RENT P.A. RATES 2018 88-96 William Street Ground Retail 3,354 31/07/2025-35,000 TBC Cash Machine Ground - 150 January 2021 500 6,000 - Apt 1 Ground 2 bed 904 07/01/2019 460 5,520 * 647.96 Apt 2 Ground 2 bed 887 12/10/2018 475 5,700 * 647.96 Apt 3 Ground 2 bed 887 25/03/2018 460 5,520 * 603.12 Apt 4 Ground 2 bed 917 05/01/2019 460 5,520 * 647.96 Apt 5 First 2 bed 857 22/01/2019 460 5,520 * 647.96 Apt 6 First 2 bed 887 28/01/2019 475 5,700 * 647.96 Apt 7 First 2 bed 887 11/01/2019 460 5,520 * 647.96 Apt 8 First 2 bed 857 27/12/2018 460 5,520 * 647.96 Apt 9 Second 2 bed 722 02/03/2018 460 5,520 * 575.97 Apt 10 Second 2 bed 756 05/02/2018 475 5,700 * 575.97 Apt 11 Second 2 bed 775 25/01/2019 460 5,520 * 575.97 Apt 12 Second 2 bed 723 02/03/2018 460 5,520 * 575.97 * Subject to District Rate Subsidy and Landlord allowance. Sole Agent Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party 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. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. Colliers International is the licensed trading name of Colliers Belfast Limited. Company Registered in Northern Ireland No. NI 614836 Registered Office: 25 Talbot Street, Belfast, BT1 2LD MARCH 2018
kitchen lounge bathroom rear of property