For Sale

1-13 Jennings Park, Monkstown, Newtownabbey, Antrim, BT37 0NB

Offers Over

£470,000

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Investment
E 107
EPC Rating

Location of 1-13 Jennings Park

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features

  • EXCELLENT RETAIL PARADE INVESTMENT

comprises

Ground Floor

Unit 1
c.855 sq.ft. (79.4 sq.m.)
Unit 1a
c.466 sq.ft. (43.3 sq.m.)
Unit 3
c.468 sq.ft. (43.5 sq.m.)
Unit 5
c.460 sq.ft. (42.7 sq.m.)
Unit 7
c.464 sq.ft. (43.1 sq.m.)
Unit 9
c.439 sq.ft. (40.8 sq.m.)
Unit 11/13
c.908 sq.ft. (84.4 sq.m.)

description

LOCATION

The property is situated in Monkstown, a townland within the Newtownabbey urban area. It is approximately 9 miles north of Belfast close to the shores of Belfast Lough. The surrounding area is made up of medium and high density housing development.

Neighbouring occupiers in the vicinity include: Winemark; Spar; Tesco Express; Mauds Ice Cream; and Ashers Bakery.

DESCRIPTION

The property comprises a parade of 7 shops with a range of users, to include Hot Food, Hair Salon, Vape Shop and Butchers.

The units are generally all finished with solid floor overlaid with a mixture of tiling or laminate wood, plastered and painted walls, suspended ceilings with recessed and diffused strip lighting or spot lights, aluminium shop fronts and electric roller shutter doors. There is excellent off street car parking provided to the front of the block along with a rear service access road for deliveries.

ACCOMMODATION

Unit 1 - c.855 sq.ft. (79.4 sq.m.)
Unit 1a - c.466 sq.ft. (43.3 sq.m.)
Unit 3 - c.468 sq.ft. (43.5 sq.m.)
Unit 5 - c.460 sq.ft. (42.7 sq.m.)
Unit 7 - c.464 sq.ft. (43.1 sq.m.)
Unit 9 - c.439 sq.ft. (40.8 sq.m.)
Unit 11/13 - c.908 sq.ft. (84.4 sq.m.)

Total Accommodation c.4,060 sq.ft. (377.2 sq.m.)

Total Site Area c. 0.3 acre

LEASE DETAILS

The salient tenancy details are as follows:

1 Jennings Park
Bakery/Café - 3 year lease from 1st April 2018

1a Jennings Park
Barber 2 years - 6 month lease from 1st January 2018

3 Jennings Park
Vape Shop - 3 year lease from 14th August 2021

5 Jennings Park
Chip Shop - 5 year lease from 31st December 2018

7 Jennings
Park Butchers Shop - 5 year lease from 31st December 2018

9 Jennings Park
Hairdressers/Nail Bar/Beautician - 3 year lease from 26th October 2017

11/13 Jennings Park
Funeral Home - 3 year lease from 30th June 2017

Total current annual passing rent £51,540 per annum

Further rental details and leases are available to genuinely interested parties. There is provision for a service charge in the leases which is currently charged at c £25 per month per unit. Please note Templeton Robinson Commercial do not manage this block.

INVESTMENT DETAILS

This is an excellent opportunity to acquire a fully let retail parade with a good range of trading businesses. Also an asset management opportunity with some leases nearing expiry, with the potential to renew and re-gear. All units are rented to local covenants who have continued to trade post lockdown.

A sale at the asking price would give an attractive net initial yield of c.10.5%

Total current rent roll  - £51,540 per annum

TITLE - Freehold

RATEABLE VALUES:

Unit 1 - Shop - £7,750
Unit 1a - Shop - £4,750
Unit 3 - Shop - £4,400
Unit 5 - Shop - £4,450
Unit 7 - Shop - £4,450
Unit 9 - Hairdressers - £4,450
Unit 11/13 - Shop - £9,100

VAT

Rentals and Sale figures are all quoted exclusive of VAT, which may be chargeable.

Property Costs

  • Status: For Sale
  • Offers Over£470,000

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Templeton Robinson (Commercial)
54 High Street

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