121 & 121a Falls Road, Belfast, Antrim, BT12 6AA

For Sale Offers Over £165,000 Convert to EUR

Key Information

Property Type: Retail Price: Offers Over £165,000 Convert to EUR
Bedrooms: - Offer Status: For Sale
Receptions: - EPC Rating: 83

For more information on this property call 028 9024 1500 or Email Agent

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Colliers International

4th Floor, Belfast, BT1 2LD

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    Features of this property

    • BUSINESS UNAFFECTED
    • Mixed use Investment Opportunity comprising ground floor retail unit and 2 no. apartments on the upper floors
    • Located fronting directly onto the Falls Road close to The Royal Victoria Hospital
    • Current income of £23,000 per annum
    • Offers are invited in the region of £165,000 reflecting a Net Initial Yield of 13% after allowing normal purchaser costs

    Property Description

    Overview
    The subject comprises a three storey mid terrace property of traditional construction with retail accommodation on the ground floor and 1 no. 2-bed apartment.
    The Retail Unit
    A modern ground floor retail unit of c. 550 sq ft (52 sq m). The unit is let to Subway Realty Limited t/a Subway on a 20 year lease at a rent of £12,500 per annum. Please note the liability of the tenant arising on default of payment or rent, service charge or insurance rent will be limited to twelve months.
    121 Falls Road, Belfast
    Demise: Ground floor retail unit
    Tenant: Subway Realty Limited
    Term: 20 years from 1st November 2006
    Rent: £12,500 per annum

    The Apartments
    The first and second floors comprise a 2-bedroom and a 1-bedroom apartment extending to c. 614 sq ft and 306 sq ft. both apartments are currently let producing an annual income of £10,500. The apartments are accessed via a communal entrance from the Falls Road.
    Internally the apartments comprise open plan kitchen, living area, bathroom with shower and bedroom(s).

    The apartments are finished to include;

    • Plastered / painted walls and ceilings
    • Gas heating, Upvc double glazing
    • Carpets and vinyl flooring with modern appliances

    121a Falls Road - First Floor
    Demise: Two bedroom apartment
    Tenant: 1no. private tenant
    Term: Expiring 10/02/2017
    Rent: £450 per month

    121a Falls Road - Second Floor
    Demise: One bedroom apartment
    Tenant: 1no. private tenant
    Term: Expiring 31/12/2016
    Rent: £425 per month

    PRICE
    Offers are invited in the region of £165,000 exclusive. A purchase at this level would reflect a net initial yield of 13% after allowing for normal purchasers costs.

    VAT
    HMRC have confirmed that they have not been notified of any option to tax in respect of this property.

    RATES / NET ANNUAL VALUE
    We are advised by the Valuation and Lands Agency that the current NAV /Capital Values are;
    121 Falls Road, Belfast: NAV £6,450
    Rate in the £ 2016/2017: £0.582601
    Estimated Rates Payable per annum: £3,757.78
    121a Falls Road, Belfast First Floor: Capital Value £55,000
    Rate in the £2016/2017: £0.007251
    Estimated Rates Payable per annum: £398.81
    121a Falls Road, Belfast Second Floor: Capital Value £40,000
    Rates in the £2016/2017: £0.007251
    Estimated Rates Payable per annum: £290.04

    TITLE
    Title and Contract are available for inspection by appointment only via;
    A&L Goodbody, 6th Floor, 42-46 Fountain Street, Belfast, BT1 5EF
    Contact: Tomas McLaughlin
    Tel: 028 90 314 466
    Email: tmclaughlin@algoodbody.com

    FURTHER INFORMATION
    For further information or to arrange an inspection of the property, please contact:
    Andrew Lennon or William Knox
    Tel: 028 90 241 500
    Email: andrew.lennon@colliers.com or william.knox@colliers.com

    Location of 121 & 121a Falls Road, Belfast

    The property is located fronting directly onto the Falls Road close to the junction with the Grosvenor Road and Cavendish Square. The Royal Victoria Hospital is located opposite c. 2 miles from Belfast City Centre. The property benefits from a high level of passing trade and is in close proximity to The Royal Victoria Hospital, the Park Centre Shopping Centre and major road networks including the M1 Motorway.

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