23-24 The Diamond, Derry, L/Derry , BT48 6HP

Type	Business
Offer Status	For Sale
Estate Agent	O'Connor Kennedy Turtle(Coleraine)

Offers Over

£ 2,500,000

EUR 3,216,859*

US$ 4,365,469*

Features

Prime City Centre Investment Property with the benefit of excellent tenancy schedule
In the commercial heart of the city centre

Description

Location and Description

Fine investment property right in the commercial heart of the city centre, very well let to J D Wetherspoons PLC, one of the UK’s most popular and successful High Street pub chains with over 688 premises UK wide and an annual turnover (2005) of c. £809m and profit of £38m registered on the London stock exchange.

The properties other lease is to a strong local operator who trades one of the city’s main Post Offices from the Bishop Street frontage.

The building itself is of relatively recent construction dating from the early 1990’s and commands a striking corner position and vistas over the rest of the Diamond and beyond.

Both of the current tenancies are due for review over the next two years and early estimates would indicate good reversionary rentals for both elements based on comparative analysis. All in all a great investment opportunity for both the local or regional investor alike.

Surrounding properties in the vicinity include Austins Department Store, HSBC Bank, The Richmond Centre, Tower Hotel, Alliance & Leicester and The Sandwich Company.

Tenancy Schedule / Accommodation

Floor Level

                                      Tenant                              Rent PA                     Area (sq ft)            Details of Lease
                                                                                 Net of VAT

Basement             JD Weatherspoons            £120,000            2,000                35 Year lease,
Ground                                                                                                          4,055                      expiry 1 May 2035
1st                               (23/24 The Diamond)                                          5,193                       Rent Reviews 5 yearly
2nd                                                                                                                 5,590                      Nest review 1st May 2010
3rd                                                                                                                 4,911

Ground                      Liam Bradley
                         t/a Erinvale Trading Limited   £14,000              800                      6 years from 1 May 2006
                          (Bishop Street Frontage)                                                          rent review at 3rd Year

Title :
Assumed Freehold or Long Leasehold subject to nominal ground rent. Copies of tenancy schedule and leases available for solicitor review on request.

Price :
Offers Invited over £2.55m

VAT

All prices, outgoings etc quoted are exclusive of, but are and will be subject to VAT.

Viewing

Strictly by Appointment only. All enquiries please contact:

Contact:   Henry Taggart     e-mail: henry.taggart@okt.co.uk