for sale - investment opportunity let to harry corry ...... · lakeland, pets at home, homebase,...

FO R SALE - I NVE STM E NT O P P O R TU N IT Y LE T TO HAR RY CO R RY & B E N SO N FO R B E DS

3 6 – 3 8 B O U C H E R R O A D , B E L F A S T , B T 1 2 6 H R

Summary• Fully let investment to Harry Corry & Bensons for Beds

• Boucher Road is Belfast’s Primary Retail Warehouse & Car Showroom location

• Adjacent to the Former B&Q Building where 65,000 sq ft is LET to The Range

• Properties extend to c. 18,040 sq.ft (1,676 sq.m) on a site of c. 1.42 Acres (0.57 Hectares)

• Net Income of £167,500 per annum

• 0% Landlord Liability as full service charges in place

• Extensive on-site car parking with a gated service yard / turning area

• Change of use Planning Permission for a Convenience Store in respect of Unit 2.

• Further on-site development potential in respect of the car parking area, subject to any required consents.

• Offers invited in the region of £3,000,000 (Three million pounds). An acquisition at this level reflects a Net Initial Yield of 5.25% assuming purchaser’s costs of 6.45%.


LocationBelfast is the capital of Northern Ireland with a population extending to approximately 650,000, the 15th largest city in the UK, and a catchment population in excess of one million people within a 20 minute drive time. The city is situated approximately 104 miles north of Dublin and 75 miles south east of Derry/Londonderry.

Belfast is the largest commercial centre in Northern Ireland which has developed into one of Ireland’s premier business cities with the largest employed population in the region.

SituationThe subject property occupies a highly accessible and visible location on the Boucher Road in South Belfast approximately 2 miles from Belfast City Centre and in close proximity to the M1 junction at Broadway and the Westlink.

The Boucher road is highly regarded as Northern Ireland’s most desirable Retail Warehouse and Car Showroom location. Retailers in the immediate vicinity include M&S Simply Food, Lakeland, Pets at Home, Homebase, Chain Reaction, Harvey Norman and Argos. Car showrooms within the area include Charles Hurst, Donnelly Group and Isaac Agnew.


Boucher Square

Shane Retail Park

The Range (Opening Soon)

Balmoral Plaza

Boucher Retail Park

36–38 Boucher Road

DescriptionThe subject properties comprise of two adjoining retail warehouse’s of steel portal frame construction with insulated double skin metal clad panels and brick walls to c. 2.25m and a pitched metal clad roof

with integrated roof lights.

Unit 1 comprises over two storeys and Unit 2 over ground floor only. Both units has been internally fitted out to the corporate specification of the retailer.

The properties benefit from generous car parking facilities and a substantial service yard / turning area with a gated entrance and perimeter fencing.

Unit 1 Unit 2

3 6 - 3 8 B O U C H E R R O A D , B E L F A S T , B T 1 2 6 H R

RatesThe current Rate in the Pound (2018/2019) for Belfast is £0.602803

Unit 1 Unit 2

NAV: £88,400 NAV: £91,300

Rates Payable: £53,287.79 Rates Payable: £55,035.91

PlanningFull planning permission obtained on 2nd April 2014 in respect of Unit 2 to allow the sale of convenience goods.

Planning Reference – Z/2012/1373/F.

A copy of the relevant Planning Documents can be downloaded from the Frazer Kidd Website.

*We would recommend that interested parties make their own enquires regarding planning.

Tenancy Schedule ADDRESS TENANT SQ.FT TERM LEASE BREAK RENT EXPIRY OPTION RENT RENT REVIEW

Unit 1 Homestyle Group Operations Ltd 5,528 25 yrs from 28/05/2026 N/A £92,500 01/06/2021 36/38 Boucher Rd T/a Bensons for Beds Mezz-5,188 01/06/2001 subject to open Belfast Guaranteed by Property market rental value Portfolio (No17) Ltd on an upwards only basis

Unit 2 Harry Corry Ltd 7,345 10 yrs from 28/02/2025 N/A £75,000 01/03/2020 36/38 Boucher Rd 01/03/2015 subject to open Belfast market rental value on an upwards only basis, capped at £85,000

TOTAL 18,040 £167,500

ProposalWe are seeking offers invited in the region of £3,000,000 (Three million pounds) subject to contract and exclusive of VAT. An offer at this level reflects an attractive Net Initial Yield of 5.25% after allowing for standard purchaser’s costs of 6.45%.

TenureWe assume the property is held Freehold/Long Leasehold.

VATAll figures quoted may be subject to VAT.

ViewingStrictly by appointment with the sole selling agents-

Frazer Kidd Telephone: 028 9023 3111 Email: [email protected]



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PROPERTY BOUNDARY EDGED IN RED. FOR INDICATIVE PURPOSES ONLY.

DisclaimerFrazer Kidd LLP for themselves and for the vendors of this property whose agents they are, give notice that (I) The particulars are set out as a general outline for the guidance of intending purchasers or lessees, and do not constitute part of an offer or contract; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending 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 correctness of each of them; (Iii) No person in employment of Frazer Kidd LLP has any authority to make or give representations or warranty whatever in relation to this property.

For further information please contact:

Brian Kidd M: 07885 739063 E: [email protected]

Neil Mellon M: 07957 388147 E: [email protected]

Telfair House, 87/89 Victoria Street, Belfast, BT1 4PBT: 028 9023 3111F: 028 9024 4859E: [email protected]: www.frazerkidd.co.uk

EPC - Unit 1 & 2