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