For Sale

4 Harbour View, Sydenham Business Park, Belfast, BT3 9HU

Asking Price

£315,000

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Investment
C 71
EPC Rating

Location of 4 Harbour View

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features

  • Investment Property – Offices and Warehouse
  • Price: £315,000 plus VAT
  • Let to prime covenant at £40,500 per annum
  • Held on 120 year lease with 5 year review of GR linked to RPI
  • Current GR £7,364.46 plus VAT estimated to increase to circa £8,350 p.a. plus VAT in July 2021 (purchasers to make their own enquiries as to this assumption)
  • Net estimated rent: £32,150 p.a. plus VAT reflecting a gross yield of 10.2% on asking price of £315,000 plus VAT

comprises

Ground Floor

Offices/Kitchen
1,441 sq.ft. (133 sq.m.)
Warehouse (full height)
731 sq.ft. (68 sq.m.)
Warehouse (Mezzanine above)
763 sq.ft. (68 sq.m.)

First Floor

Offices
1,683 sq.ft. (156 sq.m.)
Stores/Workshop
499 sq.ft. (46.4 sq.m.)

description

The property is situated in the Harbour Estate on the shores of Belfast Lough, close to Belfast City Centre and convenient to the Motorway network. The property comprises some 5118 sq.ft of offices and warehousing with associated dedicated car parking. The offices are finished to a high standard as per photographs attached.

The tenant, Magdalene Limited, are part of Mgroup Services who have a turnover in the UK of £1.38bn. Magdalene offers support and install contracts with Clients such as Virgin Media, BT, Zayo and others on fixed telecoms networks. Their own turnover is approx. £50m. They have operated from this location for 10 years.

Magdalene have recently entered in to a new FRI 10 year lease from 1 September 2019 at a rent of £40,500 per annum plus vat. Tenant has a 5 year break option. The property is held under a ground lease of 120 years from 3 July 2006. Ground Rent is to be reviewed every 5 years in line with Retail Price Index. Rent currently £7364.46 per annum plus vat and estimated to increase to approx. £8,350 per annum plus vat in July 2021. Net rent to owner at that time will be c £32,150 per annum plus vat reflecting a gross yield of 10.2% on asking price.

VAT
Applicable on price

SIZE
Ground Floor
Offices/Kitchen - 1,441 sq.ft. (133 sq.m.)
Warehouse (full helght) - 731 sq.ft. (68 sq.m.)
Warehouse (Mezzanine above) - 763 sq.ft (71 sq.m.)
Ladies & Gents W.c.'s

First Floor
Offices - 1,683 sq.ft. (156 sq.m.)
Store/Workshop - 499 sq.ft. (46.4 sq.m.)

Outside
6 no. car spaces to front; loading bay and van parking to rear

LEASE
Copy of lease available from Sole Agent by request

DIRECTIONS
From Sainsbury/B&Q proceed in to Harbour Estate and turn left in to Heron Road. The entrance to Harbour View is past Pilot's View. Turn right at 'Space Contract Interiors' just before 'Clear Homes' on your left.

Property Costs

  • Status: For Sale
  • Asking Price£315,000

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Contact Agent

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Templeton Robinson (Commercial)
54 High Street

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Wilson Nesbitt Solicitors

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