Description

LOCATION

Enterprise House is situated within Sydenham Business Park which is regarded as one of Belfast's premier business parks located approximately 3 miles east of Belfast City Centre benefiting from convenient access to the motorway network and the City's airports and ferry terminals.

Accessed from the A2 Belfast to Bangor Road via the Tillysburn roundabout, the property is situated in close proximity to Harbour Exchange Retail Park which includes IKEA, B&Q and Sainsburys.  Sydenham Business Park is home to companies such as Phoenix Natural Gas, Virgin Media, ICS Computing, ICL and various Government Departments.

DESCRIPTION

The property comprises a three storey office building constructed in c.1997 which was extended in subsequent years.

The property is of steel frame construction with brick and block cavity walls, concrete floors, powder coated aluminium framed double glazing with a 3 storey glazed elevation to the front entrance of the property.

The property has been finished to include plastered/painted walls with carpet flooring, raised access floors to the extension with perimeter trunking to the original building, suspended ceilings with recessed fluorescent lighting and partial air conditioning to the majority of the office accommodation.

The property also benefits from excellent canteen facilities with wcs on ground and first floors and a passenger lift serving all floors.

The property is heated by way of oil fired central heating.

ACCOMMODATION

The property is situated on a site of approximately 1.5 acres and provides the following approximate areas:

Ground floor - 16,198 sq ft

First floor - 16,591 sq ft

Second floor - 1,292 sq ft

Total - 34,081 sq ft

There are 112 designated car parking spaces located at the front and side of the property.

LEASE SUMMARY

Tenant - BT Plc

Term - 15 years from the 3rd October 2000

Current Rent - £396,935 per annum exclusive

Rent Review - 3rd October 2010

Repairs - The tenant is obliged to keep the premises in good and substantial repair and to maintain and clean the premises.

Insurance - The tenant is to reimburse the landlord in respect of the insurance premium for the building.

*The tenant also pays an annual access and admin fee of approx £7,847 per annum.

TITLE

The property is held under a lease dated 9th June 1997 between Belfast Harbour Commissioners and MGA Properties Ltd for at term of 125 years from the 1st May 1997.

Subsequent to this there is a sub-lease on the same terms dated 3rd November 1997 from MGA Properties Ltd which has been assigned to the current landlord.

The ground rent payable under the sub-lease is £50,450 per annum exclusive from the 1st May 2007 and is to be reviewed every 5th year by reference to the Retail Price Index (RPI).

PRICE

£6,750,000 (Six Million, Seven and Fifty Thousand Pounds) exclusive, subject to contract.

Based on the Net Rental Income this equates to an initial yield of 4.96% after allowing for purchasers costs of 5.75%.

For further information please contact mark.mccaul@dtz.com

DTZ McCombe Pierce

www.dtz.co.uk/belfast

Agent Contact Details

• 5 Oxford Street
• Belfast
• Co. Antrim

• Tel: 028 9023 3455
• Fax: 028 9023 3444
• Email the Agent

View this Agent's properties