The property is a freehold mixed use investment opportunity and is comprised of 5 buildings sub-divided into 15 no. units. The built accommodation extends to approximately 62,902 sq.ft. of which approximately 15,400 sq.ft has been sold off long leasehold. The overall site extends to c.4.15 acres and has direct access from both the Mallusk Road and also the Trench Road.
On the Mallusk Road frontage there is a split level building which is occupied by two tenants and comprises units 10-15.
Units 10, 11, 12, 14 & 15 are occupied by Donnelly Brothers (Belfast) Ltd and are utilised for a combination of car showroom, offices, garage workshop space and external sales yard area. Unit 13 is occupied by Henderson Retail Limited and comprises a Maxol branded fuel forecourt with a Spar Convenience Shop, instore Subway, ATM, stores and staff facilities.
The middle section of the site is predominantly comprised of 3 buildings split into units 6, 8, 9 & 16. These units are all occupied under a single lease to Donnelly Brothers Ltd and are utilised for a combination of garage workshops, offices, storage and staff facilities.
The Trench Road entrance at the rear of the site provides access to a ‘T’ shaped purpose built building which comprises units 1-5 (units 2-5 have been sold off long leasehold). Unit 1 is currently vacant and provides warehouse, ground & first floor offices and mezzanine level accommodation totalling c.8,968 sq.ft.
See the site plan for unit numbers and layout.
We estimate the site area to be approximately 4.15 acres (1.68 hectares)
Potential asset management opportunities include:
• Let the vacant unit
• Re-Let units 6,8,9&16
• Regear occupational leases
• Refurbish the older units and re-let at higher rents
• Construct additional units
• Sell off the units piecemeal as investment opportunities or with Vacant Possession
• Redevelopment potential subject to requisite consents.
We understand that the property is held Freehold.
The property has been elected for VAT. It is envisaged the transaction will be treated as a TOGC.
We are instructed to seek offers in excess of £2,750,000 excluding VAT for our clients freehold interest. A purchase at this level would reflect an attractive Net Initial Yield of 7.07% assuming purchasers costs of 6.42%
For more information or to arrange a viewing please contact:
7-11 Linenhall Street
028 9531 3122
Riddell McKibbin Limited for themselves and for the Vendors or Lessors of the property whose agents they are give notice that; i) these particulars are given without responsibility of Riddell McKibbin Limited or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; ii) Riddell McKibbin Limited cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; iii) no employee of Riddell McKibbin Limited has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; iv) VAT may be payable on the purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; v) Riddell McKibbin Limited will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.