Prominent Town Centre Investment Opportunity
Price £1,100,000
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Type
Status
Investment
For Sale
Location
Bangor is a large commuter town with an affluent resident population of c. 61,400 (2011 Census) situated on the North Down coast, approximately 13 miles east of Belfast. It has an estimated catchment of c. 200,000 within a 20 minute drive time and benefits from excellent road and rail links.
Lyons House is situated in the heart of the town centre, occupying a prime corner position at the junction of Main Street, Castle Street and Hamilton Road.
Occupiers in the immediate locality include Asda, AIB, Bank of Ireland, CEX along with a wide range of local retailers and service providers.
Description
Lyons House is a large two-storey building of modern construction with red facing brick, part tiled and part flat roof, aluminium framed glazed shopfronts and windows.
It is arranged to provide three retail units, the largest of which is Unit 1 with frontage onto Main Street whilst Units 2 & 3 are accessed from Castle Street.
The units provide retail accommodation at ground floor with ancillary accommodation at 1st floor.
There is a service yard to the rear accessed via Castle Street whilst Unit 1 benefits from dock level access for deliveries.
Accommodation
The property provides the following approximate areas:
Unit 1) 79-83 Main Street
Ground Floor / First Floor: 5,785 / 5,735 sqft (537 / 533 sqm)
Unit 2) 4 Castle Street
Ground Floor / First Floor: 304 / 286 sqft (28 / 27 sqm)*
Unit 3) 6 Castle Street
Ground Floor / First Floor: 626 / 465 sqft (58 / 43 sqm)
*There is a second floor attic store. Not measured.
Tenancies
Unit 1: Let to Boots UK Ltd for 10 years from 10.11.2016 at £65,000 pax, subject to a 5 yearly upwards only rent review and a break option at 09.11.2021 (not exercised).
Unit 2: Let to Joy Teer for 3 years from 17.05.2021 at £8,500 pax, subject to a break option on 17.05.2022.**
Unit 3: Let to Progressive Building Society for 10 years from 01.08.2016 at £15,750 pax, subject to a 5 yearly upwards only rent review and a break option at 01.08.2021 (not exercised).
** Tenant must serve at least 3 months' written notice to exercise their break. If not exercised two months' rent free will be granted at the start of the 2nd year.
The leases are on Full Repairing & Insuring Terms.
Full Tenancy Schedule is available on the attached marketing particulars.
Covenant Information
Boots are the largest pharmacy health and beauty chain in the UK with 2,336 stores, in addition to 550 opticians practices and 533 hearing care locations (www.boots-uk.com). The subject is in the top 15% of all UK pharmacies in terms of prescriptions supplied (www.pharmdata.co.uk). The Tenant entity has a D&B Risk Indicator of 2, indicating lower than average risk.
Progressive Building Society is Northern Ireland's only locally owned provider for mortgages and savings. Progressive have been in business since 1914 and currently have 11 branches throughout NI (www.theprogressive.com).
Title
The property is registered under Folio DN63671 Co. Down with Good Fee Farm Grant title.
EPC
Copies of the Energy Performance Certificates are available on request. The ratings are as follows:
Unit 1 - D84
Unit 2 - D89
Unit 3 - D85
VAT
Please note all prices, rentals and outgoings are quoted net of VAT which may be chargeable.
Proposal
Seeking offers in the region of £1,100,000 (One Million, One Hundred Thousand Pounds) exclusive, subject to contract.
A purchase at this level would reflect a NIY of c. 7.66% after purchasers costs of c. 5.85% and a capital value of £83 per sq.ft.
