Description

Incorporating 9,900 sq ft of office/storage space plus yard/entry (4,400 sq ft), this prime site is opposite two recently constructed office and apartment blocks by the river.

Subject to Planning Permission, the site is ripe for a mixed use development of Commercial and/or Residential – City Centre type zoning within Local Area Plan

Location and Description
 
Within Waterside area of the City which is going through a regeneration programme to include new Offices, Apartments, major Health Care Complex, TV Studio, Leisure/Night Club premises and existing Multi Storey Car Park – the Railway Station is close by.

The character of the courtyard with existing mews style entrance to same, presents opportunity for major refurbishment and extension to integrate with the existing “Flying Freehold” over two levels.

Alternatively, the site is ripe for redevelopment either to include or exclude the “Flying Freehold” (c. 4,300 sq ft) over a different ground floor ownership – the “Flying Freehold” could be integrated into a complete new scheme, subject to all necessary Planning and Statutory Approvals.

The ground floor below the Flying Freehold has a site area of 2,615 sq ft (243 m²) and while part is subject to a short term tenancy, the owner would consider selling.
 
 
Accommodation
 
Ground Floor                                                                                       Sq Ft                   M²
 
1.0        Offices, Stores, Workshop & Ancillary Space                               2329                 216.45
 
First Floor
 
2.0        Offices/Storage                                                                      1708                 158.74
 
3.0        Front Office Area                                                                      880                   81.78
 
4.0        Offices, Kitchen & Ancillary Space                                              2283                 212.17
 
Second Floor
 
5.0        Offices                                                                                 2101                 195.26
 
Attic
 
6.0        Attic Space                                                                             600                   55.76


                                                                                                       9901                       920.16 


Outside           

Yards & Entry                            c. 3036 Sq Ft   (282.16 M²)
 
Note
 
2.0 + 3.0 are located above vendor’s ground floor.

4.0 + 5.0 + 6.0 are the “Flying Freehold”

The area shown hatched on brochure Site Plan is excluded from the sale (c. 2,615 sq ft or
            243 m²) but has the vendor’s “Flying Freehold” over same.

 Title
 
Held under lease for ever at rent of £54.00 per annum and subject to a Long Sub Lease of the ground floor area only shown hatched on the Site Plan with sub rent of £50.00 per annum. The sub tenant has a Licence during normal business hours to park one car in the yard, but this space is now used in the yard for boiler and oil tank.
 
The premises at 74B on the second floor, part of the Flying Freehold is subject to a lease for one year from 1 January’05 and the tenant, Cumann Gaelach Chnoc na Ros Doire, are overholding under similar terms at the annual equivalent of £4,000 per annum.
 
NAV
 
We are advised by the Valuation and Lands Agency that the current Net Annual Value of the subject property is as follows:-
 
No. 74 Duke Street:   £4,500.       No. 74B Duke Street:  £8,750
 
The commercial rate in the pound for the Derry District for the current year is £0.543236.
 
 
Sales Details
 
Price:  
Offers Over £850,000
 
Note:   
The Vendors will consider other property from purchasers in part exchange within the
Waterside with an area of c. 5,000 sq ft.
 
 
VAT
 
All prices, outgoings etc.  Quoted are exclusive of, but may be subject to vat.

Viewing
 
Strictly by appointment with agents
22 Adelaide Street
Belfast BT2 8GD
TEL:028 9024 8181  Fax: 028 9024 8188

Contact:   Tony O’Connor
Tony.o’connor@okt.co.uk

O'Connor Kennedy Turtle(Coleraine)

Agent Contact Details

• 20-22 Stable Lane
• Coleraine
• Co. Londonderry

• Tel: 028 7034 4244
• Fax: 028 7034 4949
• Email the Agent

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