Superb investment property let to Musgrave Retail Partners NI Ltd T/A Centra and Bowden Corporation Ltd T/A Loft.  Producing an income in excess of £70,000 from June 2024.

Located within Queens Quarter in a prominent location at the junction of Bradbury Place with Shaftesbury Square south of Belfast City Centre.  The immediate area has seen significant development of new purpose built student accommodation with additional major schemes planned or under construction.  These include Botanic Studios, Aster House and Bradbury Place Student Living.  Many of the busiest student hangouts including Laverys are close by.

A three-storey building designed by Blackwood & Jury in 1912.  The building was B2 listed in April 1994.

Centra is a market leading convenience store brand, working in partnership with local independent retailers.  Centra is more than a grocery store offering Fank and Honest coffee, Moo'd ice cream, Green Kitchen salad bars and Caramico pizza take-aways.  They also other healty choices, like cold pressed juices and salad boxes, as well as take home meal products.

Loft provide excellent co-working serviced office suites offering flexible accommodation.

ACCOMMODATION

Ground Floor                             Sq M                  Sq Ft

Retail                                         177.05                1,884

Stores                                            7.05                     76

First Floor

Offices                                       113.56                1,222

Store                                             7.10                     76

Second Floor 

Offices                                         75.70                  814

TOTAL AREA                              320.46                3,449

LEASE DETAILS

Ground Floor 

Lessee - Musgrave Retail Partners Ni Ltd (Sublet to Franchisee RA Leathem Ltd)

Term - 20 years from 3rd April 2019

Rent - Revised to £60,860 from 4th April 2024

Rent Reviews - 5 yearly upward only in accordance with the higher of market rent of RPI capped at 3.0% compounded.

Tenant Break - End year 15

Repairs - Tenant interior excluding structural

Upper Floors

Lessee - Bowden Corporation Ltd

Term - 10 years from 1st June 2023

Rent - Year one £8,400 then £10,000 per annum fro June 2025

Rent Reviews - 5 yearly upward only in accordance with the higher of market rent of RPI

Repairs - Tenant interior excluding structural

NAV

Ground Floor - £26,300

Upper Floors - £17,700

PRICE - A puchase at £950,000 should show a purchase a return of around 6.8% after costs

VAT - The above figures are exclusive of VAT which may be chargeable

Viewing - By arrangement through Gary McDowell Chartered Surveyors

Telephone - 02890328000 or mobile 07836650683

Email - gmcdowell@garymcdowell.com