33 Townsend Street


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RETAIL INVESTMENT AVAILABLE WHOLE OR IN THREE LOTS 56/60, 62/68 Newry Street & 31/33 Townsend Street, Banbridge, BT32 3HA

MULTI LET HIGH STREET RETAIL INVESTMENT WITH ASSET MANAGEMENT & DEVELOPMENT POTENTIAL

56/60, 62/68 NEWRY ST & 31/33 TOWNSEND ST Banbridge, BT32 3HA

Investment Summary

t Multi tenanted retail parade let to New Look, Martin Phillips Carpets, JP Retail and Pets Paradise. t Located in Banbridge town centre between Newry Street and Townsend Street. t Building comprises 6 retail units with car parking spaces to the rear. t Long term development potential for a variety of uses subject to planning. t Asset Management potential to increase income by letting vacant retail unit and regearing occupational leases. t Possibility to utilise Business Premises Renovation Allowances (BPRA) on refurbishment of the vacant retail unit once it has been vacant for 12 months. t The property extends to approximately 26,986 sq ft (2,507 sq m) on a site measuring 0.95 acres (0.383 hectares) excluding part of the car park which has been separately sold off. t Current gross income of approximately £140,000 per annum. t The property is held Freehold. t We are instructed to seek offers in the region of £1,050,000 (One Million and Fifty Thousand Pounds) excluding VAT for the whole of our client’s interest. A purchase at this level would reflect a Net Initial Yield of 12.60% excluding void costs (after allowing for normal purchaser’s costs at 5.8%). This reflects an attractive capital value of £38.91 per sq ft.

56/60, 62/68 NEWRY ST & 31/33 TOWNSEND ST Banbridge, BT32 3HA

Location

Banbridge is situated in the north west of County Down and the Banbridge District covers a total of 180 sq miles reaching from Dromore in the north to Rathfriland in the south and Gilford in the west to Ballyward in the east. The main town serving the area is Banbridge itself and following in size are Dromore, Rathfriland and Gilford. Both the River Bann and River Lagan flow through the district which is predominantly agricultural in nature. Banbridge is well located being 30 miles to the south west of Belfast city centre, whilst Newry is 17 miles south west. Dublin is 75 miles to the south. Travel time between Dublin and Belfast has improved dramatically following the provision of a full motorway from Dublin to Newry completed in July 2010. The population of Banbridge district has increased significantly over the last few years to a current population in the region of 47,955 persons (NISRA 2010). Population increase represents approximately 25%, between the years of 1991 to 2004, making it one of the fastest growing population areas in Northern Ireland.

Situation

The property is located in Banbridge town centre on the retailing prime pitch. Four of the retail units front Newry Street and two are accessed via the rear car park on Townsend Street. Surrounding occupiers in the area include Poundstretcher, Tesco, Iceland, Superdrug, Xtra vision, Boots, Winemark and Gaze.

56/60, 62/68 NEWRY ST & 31/33 TOWNSEND ST Banbridge, BT32 3HA

Site The whole site is broadly rectangular in shape and extends to approximately 0.95 acres (0.383 hectares) excluding part of the car park which has been separately sold off. The investment is offered as a whole or in three different lots apportioned as shown to the right: -

1 Description

2

Lot 1 - 56, 58/60 Newry Street The building comprises two retail units set over ground floor with a dummy first floor. The two units are of modern construction built in 2003 and have been fitted out to the tenants’ corporate specification fitted with aluminium glazed shop fronts with electric roller shutters. The two units are interconnected in part but the internal wall could be easily reinstated to provide two self contained shops. Both units have ancillary accommodation to the rear

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and are serviced from the car park at Townsend Street via a shared side access with the neighbouring property. Lot 2 - 62/64, 66/68 Newry Street & 33 Townsend Street The building comprises two large retail units fronting Newry Street and one small unit accessed from the rear car park at Townsend Street. The building accommodation covers ground floor with a dummy first floor to Newry Street. The building dates from the late 70’s and has been refurbished in the early 90’s but has benefitted from a new front elevation constructed in the early 00’s. The Newry Street units are fitted with aluminium glazed shop fronts with electric roller shutters and internally New look has been fitted out to their corporate specification while the former Peacocks unit has had all free standing fittings removed. Pets Paradise at the rear has been fitted out to their own specification. All three units are serviced at the rear from Townsend Street. Lot 3 - 31 Townsend Street The building comprises a single trade counter unit accessed from the rear car park at Townsend Street. The building is set over ground floor and has been constructed of a steel frame with a mix of block and profile sheeting elevations covered by a pitched roof. All three lots are serviced via a surface car park to the rear at Townsend Street. The car park provides approximately 32 spaces. Part of the car park has been sold off to an adjoining owner which is hatched in blue on the site plan.

For indicative purposes only. This plan is published for convenience of identification only and although believed to be correct, its accuracy is not guaranteed and does not form any part of a contract. Ordnance Survey Maps reproduced with the sanction of the Controller of HM Stationery Office, Crown Copyright Reserved Licence No. 2407. Not to Scale.

Accommodation

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) on a Net Internal Area (NIA) basis. The property extends to approximately 26,986 sq ft (2,507 sq m). Floor layout plans are available on request.

56/60, 62/68 NEWRY ST & 31/33 TOWNSEND ST Banbridge, BT32 3HA

Tenancy

The property is multi let. Details of the tenancies and areas are as follows: -

Lot

Address

Tenant

Area (Sq ft)

Lease Start

Lease Expiry

Rent Review

Passing Rent (pa)

1

56 Newry Street

JP Retail (NI) Limited

1,645

4 Apr 2012

3 Jan 2013

n/a

£41,000

58/60 Newry Street

JP Retail (NI) Limited

3,889 5,872

Sub total 2

62/64 Newry Street

Vacant

8,150

n/a

n/a

n/a

n/a

66/68 Newry Street

New Look Retailers Limited

5,884

26 Apr 2004

25 Apr 2019

25 Apr 2014

£57,500

33 Townsend Street

Pets Paradise (Banbridge) Ltd

2,076

1 Apr 2004

31 Mar 2014

n/a

£12,500

16,110

Sub total 3

£41,000

31 Townsend Street

Martin Phillips Carpets Limited

5,029

£70,000 1 Oct 2011

30 Sept 2017

1 Oct 2014 £31,000 pa

£29,000

Sub total

5,029

£29,000

Total

26,986

£140,000

56/60, 62/68 NEWRY ST & 31/33 TOWNSEND ST Banbridge, BT32 3HA

Proposal

Tenure

We are instructed to seek offers in the region of £1,050,000 (One Million and Fifty Thousand Pounds) excluding VAT for the whole of our client’s interest. A purchase at this level would reflect a Net Initial Yield of 12.60% excluding void costs (after allowing for normal purchaser’s costs at 5.8%). This reflects an attractive capital value of £38.91 per sq ft. Our client will consider offers on the basis of individually lots as follows: -

Freehold.

Lot

Address

Net Initial Yield

Price

1

56, 58/60 Newry Street

13.04%*

£300,000 excluding VAT

2

62/64, 66/68 Newry Street &

13.36%*

£500,000 excluding VAT

VAT

56, 58/60, 62/64 & 66/68 Newry Street have all been elected for VAT as such VAT will be payable on these units. 31 & 33 Townsend Street have not been elected for VAT.

Contacts 33 Townsend Street 3 Total

31 Townsend Street

11.07%* 12.60%

*Assumes purchasers costs at 4.8% and if applicable excludes void costs.

£250,000 excluding VAT £1,050,000 excluding VAT

Gavin Elliott E: [email protected]

Neal Morrison E: [email protected]

T: 028 90436750

T: 028 90267824

M: 07423 434259

M: 07740 393733

CBRE Imperial House Donegall Square East Belfast BT1 5HD

Savills 1st Floor Lesley Studios 32-36 May Street Belfast BT1 4NZ

T: 028 90438555 F: 028 90439444 www.cbre.com

T: 028 90267820 F: 028 90267829 www.savills.ie

DISCLAIMER: CBRE & Savills These particulars are issued by CBRE & Savills on the understanding that any negotiations relating to the property are conducted through them. Whilst every care is taken in preparing them, CBRE & Savills for themselves and for the vendor/lessor whose agents they are, give notice that:- (i) the particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract, (ii) any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access or any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness, (iii) neither CBRE & Savills, nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. October 2012

56/60, 62/68 NEWRY ST & 31/33 TOWNSEND ST Banbridge, BT32 3HA

56/60, 62/68 NEWRY ST & 31/33 TOWNSEND ST Banbridge, BT32 3HA