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For Sale

30 Monaghan Street, Newry, Down, BT35 6AA

Offers Around

£2,500,000

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Retail

Location of 30 Monaghan Street

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features

  • Fully Let, New Build Investment Opportunity - 30 Monaghan Street, Newry
  • New Build Investment Opportunity extending to 16,588 sq.ft. across 2 no. floors.
  • Prominently located on Monaghan Street, Newry
  • Anchored by Iceland Foods Ltd on a 15 year lease - no breaks
  • Additional units let to Bradley (Estate Agents) and FlexiSpace (serviced offices) both on 15 year terms.
  • Annual rent roll of £202,000

description

Location

Newry occupies a strategic location between Belfast and Dublin, c. 37 miles south west of Belfast. The city benefits from excellent road linkages to Belfast, Dublin and the wider motorway network. In addition, Newry railway station is positioned on the main Belfast to Dublin line.

The subject property is located in a highly prominent location fronting Monaghan Street, a busy thoroughfare linking Newry City Centre to the A1 Dual Carriageway, the main arterial route connecting Belfast and Dublin.

The surrounding area comprises a mix of commercial, leisure, social and educational uses with occupiers such as TK Maxx, Dunnes Stores, Argos, Southern Regional College and Newry Health & Sports Centres all based in the locality.

Features

  • New build development of 3 units on a self-contained site with 46 car park spaces.
  • Targeted completion February 2017 Unit 1 extends to apx. 9,805 sq.ft. will be let to Iceland Foods Ltd on a 15 year term (no breaks).
  • Iceland will commence at £120,000 (£12.24 psf) on 5 yearly reviews (upward only capped at 2% p.a).
  • Unit 2 extends to approx. 1,525 sq.ft and will be let to Bradley Estates Ltd (Estate Agent) on a 15 year term (break at year 10).
  • Bradley Estates Ltd will commence at £22,000 p.a. on 5 yearly open market reviews Units 3 and 4 are at first floor level, combined they extend to 5,228 sq.ft. and will be let to Flexi WorkSpace Ltd (serviced offices) on a 15 year term (break at year 10)
  • Flexi Workspace Ltd will commence at £60,000 p.a on 5 yearly open market reviews.
  • Asking price of £2.5m reflecting an attractive net initial of 7.6%.

Full Description

The subject property comprises a mixed use development totalling c. 16,558 sq ft.

Approximately 11,330 sq ft of retail accommodation will be spread across ground/part first floor level.

The first floor office space extends to 5,228 sq.ft. and will be accessible via a passenger lift through a dedicated office entrance from Monaghan Street.

46 no. dedicated car park spaces will be provided on site in addition to layby, surface and multi-storey car parking already offered in the locality.

Tenants

Iceland: Iceland trade from over 800 outlets nationwide and for the year ended 24 March 2017 Iceland Foods Ltd reported a turnover of £2.77 billion, a pre-tax profit of £67.3 million and a net worth of £784.1 million.

Bradley Property Services: One of the area’s best known estate agents with over 20 years in the business.

FlexiSpace Co-Working Offices: A new concept marrying the need for office space with the flexible demands of modern users at a competitive cost.

Tenancy Schedule

1 - Iceland Food Ltd

Area: 9,805 sq ft

Lease Start: 1st Feb 2017

Term: 15 years 

Rent Review: OMV on a 5 year basis (capped at 2% per annum compunded)

Break Clause: N/A

Rent: £120,000 p.a.

2 - Bradley Estates Ltd

Area: 1,525 sq ft

Lease Start: 1st March 2017

Term: 15 years 

Rent Review: OMV on a 5 year basis 

Break Clause: Year 10 (on 6 months notice)

 Rent: £22,000 p.a

3&4 - Flexi Workspace Ltd

Area: 5,228 sq ft

Term: 1st April 2017

Lease Start: 15 years

Rent Review: OMV on a 5 year basis 

Break Clause: Year 10 (on 6 months notice)

Rent: £60,000 p.a. 

Asking Price

£2,500,000 (exclusive of VAT) reflecting an attractive 7.6% net initial yield assuming purchasers costs of 6.38%.

Title

The property is held freehold.

Stamp Duty

Will be the responsibility of the purchaser.

VAT

We have been advised that the property is elected for VAT however it is anticipated that any sale will be treated as a Transfer of a Going Concern (TOGC).

Viewing Details

By special appointment with the sole letting agent, Lisney.

Property Costs

  • Status: For Sale
  • Offers Around£2,500,000
  • Stamp Duty: £0*

* Stamp duty rates provided as a guide only. Additional charges may apply. Please refer here for more information.

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    Lisney (Belfast)
    1st Floor, Montgomery House

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