Prime Retail Investment
Derry is located 70 miles northwest of Belfast and 31 miles southwest of Coleraine. Due to its strategic location on the border with Donegal, the city benefits from substantial cross border trade. The city is a major administration centre and benefits from an expanding University and a substantially increasing tourism business.
The property is prominently located on the corner of Strand Road and Clarendon Street, directly opposite Tesco and Quayside Shopping Centre. Other neighbouring occupiers include Saffron Restaurant, and Primrose Patisserie.
The premises are held under lease by Boojum 17 Ltd t/a Boojum for a term of 10 years from 4th December 2018 at an annual rent of £50,000 per annum exclusive, subject to a tenant only break clause at 4th December 2023.
The property is held freehold. The upper floors have been sold separately by way of a 999 year long leasehold interest.
Offers are invited in excess of £550,000 exclusive, subject to contract reflecting an attractive Net Initial Yield of c. 8.67% based upon purchaser's costs of 4.89%