For Sale

Tesco Metro, 2 Royal Avenue, Belfast, Antrim, BT1 1DA

Offers Over

£4,250,000

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Retail
C 70
EPC Rating

Location of Tesco Metro

The property occupies a prominent and prime location within Belfast City Centre on Royal Avenue beside the Donegall Place, Castle Place and Royal Avenue intersection. Donegall Place is Belfast's traditional prime retail pitch. Strategically the property is located between CastleCourt and Victoria Square, Belfast's two main shopping centres. The property is located c. 10 minutes drive from George Best Belfast City Airport, 25 minutes drive from Belfast International Airport and is in close proximity to the main road and M1, M2 and M3 motorway network. Belfast Central Train Station on May Street is a 10 minutes walk and there is substantial car parking provision in the surrounding area. There are excellent bus connections within close proximity of the property on Royal Avenue and Donegall Square.

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  • features
  • description

features

  • The property occupies a prominent and prime location within Belfast City Centre on Royal Avenue beside the Donegall Place, Castle Place and Royal Avenue intersection.
  • Occupiers in the vicinity included, Marks & Spencer, Zara, Disney Store, Primark, Next, O’Neills, JD Sports and Sports Direct.
  • Tesco is the largest supermarket retailer in the UK and Ireland.
  • Comprising ground floor retail accommodation, with additional backup/ office space at first and second floors measuring 22,525 sq ft (2,092.56 sq m).
  • The buildings sits on a broadly regular shaped site totalling 0.5 acres (0.2024 hectares).
  • Let to Tesco Stores Limited (company number 00519500) on a full repairing and insuring lease for a term of 25 years from 18th October 1996 expiring on the 17th October 2021.
  • Passing rent of £1,075,000 per annum.
  • Asset management opportunity to re let on expiry to a variety of different occupiers or redevelopment parts subject to planning.
  • We are instructed to seek offers over £4,250,000 (Four Million Two Hundred and Fifty Thousand Pounds) for our clients freehold/long leasehold interest, excluding VAT.
  • A purchase at this level would reflect an attractive net initial yield of 23.74% assuming purchasers costs of 6.55% and a capital value of £189 per sq ft.

description

The property is a landmark Grade B+ Listed Building (ref: HB26/50/106) comprising ground floor retail accommodation, with additional backup/office space at first and second floors. To the rear of the property there is a secure service yard onto Bank Square.

The building was originally constructed in 1869 and designed by William J. Barre for the Belfast branch of the Provincial Bank of Ireland. The Provincial Bank of Ireland continued to occupy the building until the Allied Irish Bank took over in the late 1980s and was subsequently refurbished and extended in 1996 for Tesco’s occupation.

Property Costs

  • Status: For Sale
  • Offers Over£4,250,000
  • Stamp Duty: £0*

* Stamp duty rates provided as a guide only. Additional charges may apply. Please refer to the tax service's website for more information.

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