For Sale

Merchants Quay, Newry, BT35 6AH

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£5,000,000

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Commercial Property

Location of Merchants Quay

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  • features
  • description

features

  • Newry is a strategically located 'Gateway City' located 39 miles south of Belfast and 67 miles north of Dublin.
  • Merchants Quay is Newry's premier in-town retail park with a strong trading history.
  • Strong tenant line up with occupiers including TK Maxx, B&M Bargains, Savers, Argos and Peacocks.
  • Open Class 1 Retail Park comprising c.58,590 sq ft with dedicated on-site car parking.
  • Asset management opportunities to re-gear leases and maximize rental income.
  • Current Net Income of £716,155 per annum exclusive.
  • We are instructed to seek offers in the region of £5,000,000 (Five Million Pounds Sterling) exclusive.
  • A purchase at this level would reflect a highly attractive Net Initial Yield of 13.44% based on purchaser's costs of 6.59% and a low Capital Value of

description

Location

The city of Newry is a thriving regional hub located close to the border with the Republic of Ireland. Newry is considered to be the 'Gateway City' between Northern Ireland and the Republic and is strategically located approximately 39 miles south of Belfast and 67 miles north of Dublin.



The city's positioning, just off the A1 motorway and on the main Belfast to Dublin train line means that the city benefits from excellent transport links both by car and train. The population of Newry, Mourne and Down Borough Council is currently estimated to be 181,669 people.



Situation

The park is prominently situated on Merchants Quay in Newry City Centre, directly adjacent to the Old Creamery Retail Park and a short distance from Buttercrane and The Quays shopping centres.



Neighbouring occupiers include Dunnes Stores, Lynas Foods, Dreams, Boyle Bingo, Bogarts, Therapie and the Canal Court Hotel.



Description

Merchants Quay extends to approximately 58,590 sq ft and is Newry's premier in-town retail park. The main retail parade was developed in 2001 and comprises modern purpose-built retail warehouse accommodation. The parade is of steel portal frame construction with part brick / part clad walls incorporating dedicated entrances with concrete floors and metal roof decking. Tenants currently represented on the main retail parade include TK Maxx, Peacocks and B&M Bargains.



The remainder of the park, which is stepped back from the main retail parade, comprises of two retail units currently occupied by Savers and Argos. The units are of brick construction, with dedicated entrances and glazed shop fronts which sit under a double skinned clad roof. The units connect into a period building at the rear of the property which overlooks the canal, and this space is currently used as back of house storage by Savers and Argos. The upper floors are currently vacant and they were previously occupied by a gym.



The park benefits from over 110 free dedicated car parking spaces and there is also significant car parking provision located in the immediate vicinity.

Property Costs

  • Status: For Sale
  • From£5,000,000
  • 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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