Units 1-4 Phase 2, Braidwater Retail Park, Larne Link Road, Ballymena, BT42

Features

• Prime Retail Warehouse Investment 

Description

LOCATION

Ballymena is one of the leading provincial retail locations in Northern Ireland located approximately 25 miles north of Belfast with a catchment population of approximately 150,000 persons.

Situated just 7 miles along the A26 dual carriageway from the M2 Motorway, Ballymena is 15 minutes drive from Aldergrove International Airport, 30 minutes from Belfast City Airport as well as the Ports of Belfast and Larne.  Ballymena is also the administrative centre for the Antrim area, major employers in the town include Gallaghers, Michelin and the Patton Group.

Braidwater is the foremost retail park within Ballymena located just off the Larne Link Road and also within easy walking distance of the town centre.  Occupiers within the park include Sainsburys, B&Q, Currys, Dreams, JJB Sports and Smyths Toys.

DESCRIPTION

The subject comprises 4 units within Phase 2 which are occupied by B&Q, JJB Sports and Smyths Toys with one unit currently vacant.

Constructed between c.2001 - 2003 Phase 2 is characterised by the standalone B&Q unit of approximately 60,000 sq ft with the remaining 3 adjoining units situated opposite providing accommodation of approximately 32,500 sq ft.  The car park provides approximately 600 designated spaces whilst the site itself extends to approximately 7.31 acres.

PLANNING

The property has planning consent for "bulky goods" under Class A1 of the Planning (Use Classes) Order (Northern Ireland) 2004.

LEASE DETAILS

Unit 1:

Tenant - Vacant *1

Area - 10,000 sq ft

Rent - ERV £130,000 pa

Unit 2:

Tenant - Smyths Toys

Area - 12,500 sq ft

Lease Terms - 15 years from 1/7/2004

Rent - £143,750 pa

Rent Review - 5 yearly upwards only

Unit 3:

Tenant - JJB Sports

Area - 10,000 sq ft

Lease Terms - 25 years from 13/5/2003

Rent - £132,500 pa

Rent Review - 5 yearly upward only

Unit 4:

Tenant - B&Q

Area - 60,348 sq ft

Lease Terms - 25 years from 8/7/2002

Rent - £679,000 pa *2

Rent Review - 5 yearly upward only

All leases are on full repairing and insuring terms.

*1  The vendor may consider a rental guarantee for a limited period in respect of the vacant unit.

*2  This is the revised rent from the 2007 review which is currently awaiting documentation.

TITLE

The property is held by way of a 999 year lease from 31st July 2001 with a ground rent payable of £50 per annum.

COVENANT STRENGTH

B&Q Plc are one of the UK's leading retailers with a Dun & Bradstreet rating of 5A1 indicating miniumum risk with a tangible net worth of approximately £1.6 billion in February 2007.

JJB Sports Plc is the UK's leading sportswear retailer and has a Dun & Bradstreet rating of 5A1 again indicating minimum risk as at January 2007 at a tangible net worth of approximately £161 million.

Smyths Toys (NI) Limited are guaranteed by Smyths Toys who are a private unlimited company with a Dun & Bradstreet rating of 5A2 indicating a lower than average risk at March 2006 and a tangible net worth of approx £45 million.

COMMENT

The rental levels within Phase 2 ranging from £11.25 to £13.25 per sq ft are currently lower than similar retail parks within Northern Ireland, whilst the adjoining Phase 1 which has open use planning consent is predominantly occupied by "bulky goods" tenants.  There are therefore significant asset enhancement opportunities.

PRICE

Disposal is by way of a Company Sale which presents significant stamp duty savings.

£18.5 million (eighteen million, five hundred thousand pounds) sterling exclusive is sought for the benefit of acquiring this prime investment opportunity, subject to contract.

FURTHER DETAILS

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

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