Edenderry Industrial Estate, 326 Crumlin Road, Belfast, Antrim, BT14 7EE
Sale Agreed From £2,000,000 Convert to EUR
|Property Type:||Investment||Price:||From £2,000,000 Convert to EUR|
|Bedrooms:||-||Offer Status:||Sale Agreed|
Features of this property
- Edenderry Industrial Estate extending to c. 121,529 sq. ft. on a site of c. 5.1 acres
- Located in a highly accessible location less than 1 mile from Belfast City Centre and within easy access of the M1 & M2 Motorways
- Currently part income producing with an annual net income of £261,458 p.a.
- Immediate asset management opportunities with re-gear of existing leases / letting of vacant space
- Medium to Long Term Redevelopment Potential (STTP)
- Vacant plots within the Park offer obvious Development Potential (STTP)
- Offers are invited in excess of £2,000,000 exclusive reflecting a NIY of 12.3% after allowing for the usual purchasers costs of 6.28%
Edenderry Industrial Estate has developed out of the the former Edenderry Mill Complex.
To the front of the complex is the former mill building which which was constructed in the 1860's and in recent years has been converted into a popular 55 unit loft style apartment development known as Edenderry Lofts (all sold off).
The complex has been in the same family ownership for over 40 years with the current owners having developed the Industrial Estate and more recently the apartment development.
The overall built accommodation of the estate extends to c.121,529 sq.ft , with c. 102,000 sq.ft. having been regularly rented out over the past number of years. The site extends to an area of c.5.1 acres (excluding the area converted into the apartments hatched blue and the area hatched green on the adjacent Site Plan).
The area hatched green extends to c. 0.5 acres and is included in the demise. Portions of these lands have been occupied for many years by some of the occupiers of the former factory houses on Tennant Street.
The units are occupied for a variety of uses including storage, manufacturing and offices and comprise a variety of sizes and specification, with two more modern terraces flanking Cambrai Street and another on the eastern side of the site. The remaining space is typical of this type of accommodation and dates from the early 20th Century. The unit sizes range from 70sq.ft up to 9,000 sq.ft. (See photographs overleaf)
The complex benefits from being secured by a combination of perimeter fencing / walls, 24 hour manned security and CCTV. There is also ample on site car parking provision although none of the spaces are dedicated to particular units.
Transfer of Undertakings (Protection of Employment) Regulations 1981 (TUPE)
The purchaser will be required to comply with current TUPE legislation in the reflection to employees. There are currently 2 employees to which this would apply.
The EPC ratings range from C62 - G254. Copies of the EPCs are available on request.
Planning Permission was approved for a mixed use development comprising of 232 residential units and office/distribution units extending to 1209 sq.metres. The approval was granted under reference Z/2007/2626/F and was approved on 25th February 2009.
The site is located within the Development limit of Belfast as set out by the Belfast Metropolitan Area Plan 2015 and has been left undesignated as 'Whiteland'. The property may be suitable for a variety of uses Subject to Planning Permission.
The Main Former Mill Building was converted into a successful Loft Apartment scheme comprising 55 units which have sold well. Recent resales within the scheme are achieving in the region of £110,000 for 2 bed units which reinforces the location for residential development.
We understand that the property benefits from a Vacant Rating Exemption and therefore rates are not payable on the various units once they become vacant.
The property lends itself to numerous short and long-term asset management opportunities including:
Letting Vacant Space
Re-gearing or renewing existing tenancies
Rationalising running costs
Phased redevelopment of the site to residential or further industrial uses (STTP)
The estate is currently let to 46 no. tenants mostly on short term licence agreements. The current gross income is c. £370,462 p.a which produces an annualised net rental income of approximately £261,458. Currently c.84,600 sq.ft is let out of a total 102,000 sq.ft of historically lettable space (a further 19,529 sq.ft is deemed to be occasionally lettable). We are of the opinion that the estate has a potential net income in the region of £300,000 p.a once fully let. A more comprehensive breakdown of the passing income and costs is available upon request.
Offers are invited in excess of £2,000,000 exclusive either for the purchase of the property or the company shares. A sale at this level would reflect an attractive NIY of c.12.3% and a low capital value of £16.50 per sq. ft.
Further details in respect of the company sale are available upon request.
We understand the property has been elected for VAT. It is anticipated that the sale will be structured as a Transfer of a Going Concern.
Title and contract are available for inspection by appointment only via:
King and Gowdy Solicitors, 298 Upper Newtownards Rd, Belfast BT4 3EJ
Contact: Stephen Gowdy
Tel: 028 9065 9511
For further information or to arrange an inspection please contact:
Contact: Martin McKibbin or Tim Reid
Tel: 028 9024 1500
Email: email@example.com or Email: firstname.lastname@example.org
Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property.
Colliers International is the licensed trading name of Colliers Belfast Limited. Company Registered in Northern Ireland No. NI 614836 Registered Office: 25 Talbot Street, Belfast, BT1 2LD
Location of Edenderry Industrial Estate, 326 Crumlin Road, Belfast
Edenderry Industrial Estate occupies a prominient site located along the Crumlin Road and benefits from extensive road frontage onto the Crumlin Road. The property also has frontage onto Cambrai Street and a secondary access point from Sydney Street West. The property is less than 1 mile from Belfast City Centre and benefits from ease of access to the M1/M2 motorways via the Westlink. The property is located opposite the former Hillview Retail Park and close to the junction with Hillview Road. The location offers ease of access via public transport and on foot to the City Centre.
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Energy Performance Asset Rating
This property has an energy efficiency rating of 254
Report reference number:0050-3902-0353-3190-4020Download EPC Certificate