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For Sale

'Reynolds House', William Street, Lurgan, Armagh, BT66 6JB

Offers Over

£1,200,000

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Investment
D 80
EPC Rating

Location of 'Reynolds House'

Lurgan is approximately 18 miles (29 km) South-West of Belfast and is linked to the City by both the M1 Motorway and the Belfast-Dublin railway line making the town popular with commuters. Surrounding towns include Craigavon, Portadown and Moira. The property is located with direct frontage onto William Street and benefits from a high level of vehicular and pedestrian passing trade with the train station in close proximity. The parking for the residential is accessed off Abbey Manor which is located to the rear.

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features

  • A prominent mixed use investment opportunity comprising:-
  • 12 no. 2 bed apartments ranging from 723 sq. ft. to 904 sq. ft.
  • 4 no. retail units ranging from 791 sq. ft. to 886 sq. ft.
  • Cash Machine Pod of c. 150 sq. ft.
  • Current income of £107,780 per annum
  • Gated off street car parking for both the residential and commercial
  • Offers over £1,200,000 which reflects a NIY of 7.9% after allowing for purchasers costs of 5.9%

description

Reynolds House comprises 4 no. ground floor retails units ranging from 723 sq. ft. - 904 sq. ft., 12 no. 2-bed apartments ranging from 791 sq. ft. - 886 sq. ft. and a Cash Machine Pod with its own access.
The block is arranged over three floors and is of modern brick construction with concrete floors, tiled and pitched roof, double glazing and gas heating. The building is served by a lift.
The apartments are finished to the following specification;

• Plastered/painted walls and ceilings
• Wooden flooring
• Fully fitted kitchen with tiling to walls and floors
• Bathroom and En-suite with high quality sanitary ware
• Phoenix Gas combination boilers, Upvc double glazed windows
• Entry phone system and telephone outlets

The retail units are finished to the following specification;
• Plastered/painted walls and ceilings
• Glazed frontage with an electronic roller shutter / wooden flooring
• Suspended ceilings
• Phoenix Gas combination boilers, Upvc double glazed windows in aluminium frames

LEASE DETAILS
Apartments 1-12
All apartments are fully let producing an annual income of £66,780.

Ground Floor Retail units 88, 90, 94 & 96 William Street
Tenant: Private Individual
Term: 10 years from 01/08/2015
Current Rent: £35,000 per annum
Repairs: Full Repairing and Insuring
A tenancy schedule is included to the rear of this brochure.

RATEABLE VALUE
88-90 William Street
We have been advised by Land & Property Services of the following:
Net Annual Value: £19,500
Rate in the £ 2017/2018: £0.577741
Estimated Rates Payable: £11,265

94 William Street
Net Annual Value: £9,750
Rate in the £ 2017/2018: £0.577741
Estimated Rates Payable: £5,632

96 William Street
To be assessed.

PRICE
Offers invited in the region of £1,200,000 exclusive of VAT . A sale at this level would reflect a NIY of 7.9% after allowing for purchasers costs of 5.9%.

VAT
We are advised that the property is VAT registered and therefore VAT will be charged on the sale. However, it is possible that the sale could be treated as a transfer of a going concern (TOGC).

FURTHER INFORMATION
For further information or to arrange an inspection of the property, please contact:
Andrew Lennon or William Knox
Tel: 028 9024 1500
Email: andrew.lennon@colliers.com or Email: william.knox@colliers.com

Sole Agent
Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property.
Colliers International is the licensed trading name of Colliers Belfast Limited. Company Registered in Northern Ireland No. NI 614836 Registered Office: 25 Talbot Street, Belfast, BT 1 2LD

Property Costs

  • Status: For Sale
  • Offers Over£1,200,000
  • 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.

Mortgage Calculator

in association withUlster Bank
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£5,156.09 per month
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Offers in the region of

£1,250,000

Offers invited in the region of

£1,250,000

Offers in the region of

£1,250,000

Contact Agent

Colliers International
4th Floor

Energy Performance Certificate

This property has an energy efficiency rating of

D 80

Other costs to budget for

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