For Sale

429 Ormeau Road, Belfast, BT7 3GQ

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Commercial Property

Location of 429 Ormeau Road

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  • features
  • description

features

  • Occupying an excellent position in this popular south Belfast suburb.
  • Ground floor let to Oasis Retail Services Limited at £37,400 pax.
  • Vacant upper floors suitable for refurbishment for a variety of uses, subject to planning.
  • Seeking offers in excess of £550,000 exclusive, subject to contract.

description

Location

The subject property occupies a prominent position on the Ormeau Road, a popular suburb approximately 1.5 miles from Belfast City Centre. This main arterial route serving the south of the city benefits from high levels of vehicular traffic and pedestrian footfall, whilst the surrounding locality provides a vibrant mix of retailers, restaurants, bars, cafes and high density housing.



Nearby occupiers include The Errigle Inn, Ladbrokes, Corries Butchers, Winemark, Mace, The Pavilion Bar and District Coffee.



Description

The property comprises a three storey building of traditional red brick construction with a pitched slate roof and a number of extensions at ground floor level to the side and rear.



The ground floor is fitted out and occupied as a gaming centre with ancillary office, kitchen, WCs and storage accommodation, whilst the upper floors, benefitting from separate access and in need of modernisation, would be suitable for a variety of uses, subject to planning.



Accommodation

The property provides the following approximate internal areas:

GF (Oasis): 1,918.47 sqft (178.23 sqm)

1F (Vacant): 626.68 sqft (58.23 sqm)

2F (Vacant): 415.17 sqft (38.57 sqm)

Total: 2,960.42 sqft (275.03 sqm)



Tenancy

The Ground Floor is let to Oasis Retail Services Limited from 1st May 1999 on a 25 year effective full repairing & insuring lease (subject to a condition report), expiring on 30th April 2024 at a passing rent of £37,400 pax.



Oasis are the leading operator of gaming centres in Northern Ireland with 13 locations and also provide pay-to-play machinery and servicing to a variety of sectors. For the 15 month period ending 31st March 2020, they made a pre-tax profit of £2,435,005 on a turnover of £11,032,796.



Title

Assumed Freehold or Long Leasehold.



NAV

We are advised by Land & Property Services that the NAVs are as follows:

Ground Floor: £23,700 - Rates payable by the Tenant for 2021/22 of approximately £12,873.



1st Floor: £1,550 & £2,200 - Rates payable for 2021/22 of approximately £598 (after vacant rates relief).



Price

Seeking offers in excess of £550,000 exclusive, subject to contract.



VAT

Please note all prices, rentals and outgoings are quoted net of VAT which may be chargeable.

Property Costs

  • Status: For Sale
  • From£550,000
  • 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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