• Modern single let industrial investment property.
• Located in a strategic position in the prime industrial area of Duncrue adjacent to Belfast Harbour Estate.
• 40,815 sq ft of warehouse and offices on a site of 2.4 acres.
• Let to Devenish Nutrition Ltd for a term of 15 years.
• Passing rental £171,000 pax subject to upward only rent reviews in line with CPI.
• Guide price - £2.5million reflecting a net initial yield of 6.43%.
• Long term development potential.
Northern Ireland has a population of approximately 1.8 million people and is one of Europe’s youngest and fastest growing countries. More than 40% of the population are aged 29 and under.
Belfast is not only the capital city but also the largest urban area in Northern Ireland with a population of approximately 281,000 persons. The wider Belfast Metropolitan Area has a population extending to approximately 650,000 persons.
The property occupies an excellent position within Belfast’s main industrial location, known as Duncrue, less than 2 miles from Belfast City Centre adjacent to Belfast Harbour Estate.
The property is close to Belfast Port and Belfast City Airport with excellent transport links. It is adjacent to the M2 Motorway providing direct road access to all of Ireland.
The property comprises warehousing and offices on a concrete surfaced site secured by metal palisade fencing and benefits from substantial frontage to Duncrue Street.
The majority of the site is occupied by warehouse and factory premises with a separate two storey office building to the front. Car parking is located around the perimeter.
We estimate the site area to be approximately 2.4 acres.
Area sq ft Area sq m
Main Warehouse/Factory 27,000 2,508.30
Offices 5,475 508.63
Workshop 1,500 139.35
Detached Warehouse 4,500 418.05
Grain silo housing – 1 891 82.80
Grain silo housing - 2 1,449 134.69
Total Area 40,815 3,791.82
The entire property is let on a single lease.
Term: 15 years from 01/12/2017 subject to upward only rent reviews every 5 years.
Rent: £171,000 per annum exclusive.
Review Basis: The rent review is upward only to the greater of the passing rent or the indexed rent in line with the All Items Consumer Prices Index.
Repair: Full repairing limited by a Schedule of Condition.
Tenant Break Option: The Lease incorporates a TBO at 30th November 2027 subject to 6 months prior written notice.
The tenant is Devenish Nutrition Limited which is a Northern Ireland based company whose principal activity is the development, manufacture and supply of quality nutrition products to the agri-foods sector, exporting to over 30 countries including the USA.
The company continues to show strong financial growth and offers an excellent financial covenant. Further details available upon request.
We are advised that the entire site is freehold.
We are seeking offers in the region of £2.5million which reflects a net initial yield of 6.43% assuming purchasers costs of 6.33%.
Assuming CPI rises at 2% per annum the reversionary yield following the Rent Review in 2022 will rise to 7.1% (£188,798 pax) and in 2027 to 7.8% (£208,448 pax).
Assuming CPI rises at 3% per annum the reversionary yield following the Rent Review in 2022 will rise to 7.5% (£198,236 pax) and in 2027 will rise to 8.6% (£229,810 pax).
Prices, outgoings and rent do not include VAT which may be chargeable.
Strictly by appointment through Campbell Cairns (Tel: 028 9024 9024).
ENERGY PERFORMANCE CERTIFICATES
Main Warehouse C60