Unit 1, 35-43 High Street, Ballymena, BT43 6DT

Offers in the region of £950,000 exclusive 

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Property Description

  • Food store investment situated in Ballymena adjacent to the Tower centre
  • Modern portal frame retail unit extending to c. 9,350 sq ft
  • Fully let to Iceland Foods Ltd until 31 October 2023
  • Net rent £84,072.20 per annum exclusive
  • Asking price £950,000 exclusive reflecting a net internal yield of 8.37% after allowing purchasers costs at 5.69%

Ballymena is a large Co. Antrim provincial town situated approximately 29 miles North West of Belfast. The town hosts a strong residential core within an estimated population of 29,467 in the 2011 census (source NISRA). The town centre is serviced by two major shopping centres. Fairhill and Tower Centre with further out of town retail provision at Braidwater/Larne Road Link.

The subject property is situated adjacent to the Tower Centre north entrance and the town centre multi storey car park accessed off Springwell Street. Significant occupiers within the Tower Centre include Dunnes Stores, Boots, Superdrug, Primark, Holland and Barrett and Semi-Chem. Other nearby occupiers to the subject include HM Revenue & Customs, McAtamneys Butchers and Argento.

The subject property comprises an Iceland Food store situated in an accessible position within Ballymena town centre. The building is of modern portal frame construction with facing brick exterior and flat roof over. The unit has been fitted to the Iceland corporate specification and includes a large store and ancillary staff accommodation at first floor level. The unit benefits from a service yard to the rear accessed off High Street.

Tenant Covenant
Iceland is a well known food retailer with over 900 stores throughout the UK (source www.iceland.co.uk). For the year ending 31st March 2019 Iceland Foods Ltd reported a turnover of £3.022 billion, a pre tax profit of £31.2 million and a net worth of £792.9 million (source: Red Flag Alert).

Title
We understand the property is held by way of a Long Leasehold title. The property is also subject to a licence agreement for the duration of the Iceland Lease at an annual fee of £1,100 per annum. Further information is available from our clients solicitor: -
Johns Elliot
40 Linenhall Street
Belfast
BT2 8BA
Contact: Jason Thompson
Tel: 02890 326881
Email: Jason.thompson@johnselliot.com 

VAT
We understand that the property is elected for VAT. It is anticipated that a sale could be treated as a Transfer of a Going Concern (TOGC) Solicitor to confirm.

Proposal
We are instructed to seek offers in the region of £950,000 exclusive. A purchase at this level would reflect a net initial yield of 8.37% after allowing for purchasers costs at 5.69%.

EPC - E125


Description Area
Ground floor6685 square feet
First floor2665 square feet
Total Area:

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