INVESTMENT LYONS HOUSE, MAIN STREET & CASTLE STREET, BANGOR, CO DOWN
PROMINENT WELL SECURED TOWN CENTRE RETAIL INVESTMENT
LYONS HOUSE, MAIN STREET & CASTLE STREET Bangor, Co. Down
Investment Summary •
Prominent modern retail block situated close to ASDA and adjacent to First Trust Bank
•
The property extends to approximately 12,277 Sq Ft
•
Fully let to three excellent covenants on FR&I lease terms
•
Weighted Average Unexpired Lease Term (WAULT) of circa 2.9 years
•
Current rent of £141,000 p.a.
•
Offers in the region of £950,000 reflecting an attractive NIY of 14%
•
Producing a low capital value of £77 per Sq Ft on the net internal area
SERVICE YARD
CASTLE STREET
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.
LYONS HOUSE, MAIN STREET & CASTLE STREET 67 65A 65 69 - 73
3
VACA NT
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77
NORTHERN BAN
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Description
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Nearby occupiers include Asda, First Trust, Northern Bank, O2 and CEX Entertainment, in addition to a variety of well-established local traders.
VACA NT
BINGHAM LAN E
94
PL AC E
Situation The property is situated at a prominent corner position on Main Street at its junction with Castle Street and Hamilton Road. Main Street would be considered as one of the best retail pitches in Bangor town centre.
LADIES WEAR
86
UL ST
75
78
VACANT
E CRUCIBL SNOOKER CLUB
ULSTER BANK
J TS FILM DEV
82
BANK OF IRELAND
YARD
VACANT (2 RETAIL FLOORS)
VACANT
STOREYS FASHION STORE
84
L CENTRA BAKERY
11
SUSAN PARK OPTOMETRIST
OPEN + DIRECT INSURANCE OFFICE
82A BANK OF IREL AND HOUSE
3
Y CURIOUS CAND CONF & BIS HEALTH STORE ABS KARE KEB T/A
NORTH DOWN MODEL RAILWAY SOCIETY CLUB
Bangor is a large affluent seaside town located in North Down. The town is 12 miles east of Belfast and 6 miles north of Newtownards. It is the largest settlement in North Down and has grown rapidly in recent years to a population of 56,000 (Northern Ireland Census 2001). Bangor is estimated to have a catchment population of 170,000 persons within a 20 minute drive time and 475,000 persons within a 30 minute drive time.
7 5
CEX ENTERTAINMENT EXCHANGE
6
8
10
12 9
13
WER SUNFLO BAR SANDWICH
PLATTERS F/FD REST
UE
THE IMPERIAL BAR SE PUBLIC HOU
CENTRAL CUTZ G HAIRDRESSIN
SKIN ART TATTOO
AGE NI CHARITY SHOP
E HAVLIN LOCKSMITH
14 - 16 20 - 22 18
EN NTRAL AV
DAVID MAWHINNEY BUTCHER
80 - 82
VACANT
ROBERTS OF BANGOR CHILDRENS WEAR
Location
NATIONWIDE BUILDING SOCIETY
76
CBRE 7/10/2013
61 - 63
Bangor (NI)
Bangor, Co. Down
10
15
19
NE W CH 2 Y SH ARIT OU OP Y
-2
1
The property comprises a substantial two storey building arranged to provide 3 retail units with 40 metres ancillary accommodation at first floor level. There is a large anchor unit (Unit 1) with Main Street frontage and two smaller units (Units 2 and 3) located to the side off Castle Street. The first floor of Unit 1 can be accessed from Main Street as well as internally. The property is of modern masonry construction with red brick exterior, tiled roof and aluminium framed shop fronts. Internally the units have been fitted out with their respective tenant’s corporate livery. All units can be serviced from an enclosed rear yard with security gates. Unit 1 benefits from dock leveler provision. The site is broadly rectangular in shape and extends to approximately 0.23 acres.
LYONS HOUSE, MAIN STREET & CASTLE STREET Bangor, Co. Down
Accommodation & Tenancies The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and is let on the following terms:
Unit
Tenant
Net Internal Area (Sq Ft)
1
Boots UK Limited
5,338 Ground Floor
Rental Income
Lease Start
Lease Expiry
£109,500
1 Nov 2006
31 Oct 2016
£13,000
1 Nov 2006
31 Oct 2016
£18,500
1 Jul 2005
30 Jun 2015
5,139 First Floor 2
Oasis Travel (NI) Limited
292 Ground Floor 285 First Floor*
3
Progressive Building Society
626 Ground Floor 597 First Floor
Total
12,277
£141,000
*Additionally there is a second floor attic store. Not measured. The leases have been drawn on institutionally acceptable terms and contain full repairing and insuring covenants. We have calculated the Weighted Average Unexpired Lease Term (WAULT) to be circa 2.9 years. Boots recently rationalised their retail and dispensary outlet on Bangor’s High Street, making the subject the only Boots store now in Bangor town centre. We understand that the subject has one of the busiest Boots dispensaries in Northern Ireland, due to the large number of care homes that it services.
LYONS HOUSE, MAIN STREET & CASTLE STREET Bangor, Co. Down
Covenant Information Unit
Tenant
Net Internal Area (Sq Ft)
Rental Income
Lease Start
Lease Expiry
Boots UK Limited
Oasis Travel (NI) Limited
Boots is a leading pharmacy chain based in the UK with approximately 2,500 stores including outlets in the Republic of Ireland, Norway and Sweden. The company employs in excess of 100,000 people with an operating income of c. £1.3 billion.
Oasis is a Northern Ireland based independent travel agent with 5 outlets located in Belfast, Lisburn, Bangor and Holywood.
Experian gives Boots UK Ltd a Delphi Score of 100/100 and a Very Low Risk assessment, with failure odds of 176:1
Experian gives Oasis Travel (N.I.) Ltd a Delphi Score of 100/100 and a Very Low Risk assessment, with failure odds of 176:1 www.oasis-travel.co.uk
Boots recently closed their unit on Bangor’s High Street, making the subject the only Boots pharmacy in Bangor town centre. www.boots.com
Progressive Building Society The Progressive Building Society is a Northern Ireland based building society with 12 branches located across the Province and has been in existence for almost 100 years. It has grown to become one of the Top 10 building societies in the United Kingdom with assets of over £1.6 billion. www.theprogressive.com
EPC The property has been given the following EPC Ratings:
Unit
Address
Rating
1
79 - 83 Main Street
D 84
2
4 Castle Street
E 117
3
6 Castle Street
D 85
Full EPC Reports are available on request.
LYONS HOUSE, MAIN STREET & CASTLE STREET Bangor, Co. Down
Title
Proposal
The property is registered under folio DN63671 County Down, with Good Fee Farm Grant title.
We are instructed to seek offers in the region of £950,000 (exclusive of VAT) for our client’s interest.
VAT
A purchase at this level would reflect an attractive NIY of 14%, after allowing for normal purchaser’s costs at 5.8% and a low capital value of £77 per Sq Ft on the net internal area.
The property has been elected for VAT and as such will be payable on the purchase price. It is envisage the transaction will be treated as a TOGC.
Contacts Tim Reid E:
[email protected] T: 028 90436752 M: 07803 264410 Gavin Elliott E:
[email protected] T: 028 90436750 M: 07423 434259
CBRE Imperial House Donegall Square East Belfast BT1 5HD T: 028 90438555 F: 028 90439444 www.cbre.com
DISCLAIMER: CBRE These particulars are issued by CBRE on the understanding that any negotiations relating to the property are conducted through them. Whilst every care is taken in preparing them, CBRE 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 nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. October 2013
