PRIME RETAIL INVESTMENT OPPORTUNITY 7 – 9 …...2017/10/19 · • 7-9 Bow Street is a retail...

FOR SALEPRIME RETAIL INVESTMENT OPPORTUNITY 7 – 9 BOW STREET LISBURN BT28 1BJ

• 7-9 Bow Street is a retail investment fully-let to CEX and located in Lisburn City Centre.

• Lisburn is Northern Ireland’s third largest city with a population of 71,465 (2011 census). The city also forms part of the Belfast Metropolitan Area which accounts for 37% of the total population in Northern Ireland.

• The property occupies a prime position on the pedestrianised section of Bow Street, the main retailing high street in the city centre.

• The property comprises 3,874 sq ft over two levels with a prominent 9.40m double shop frontage.

• New 10 year lease to CEX Franchising Ltd, trading as CEX, from 10th June 2019 with a tenant break option at the end of the 6th year.

• Current rent of £30,000 per annum with approximately 5.5 years unexpired with an upwards only rent review at the end of year 5.

• We are seeking offers in the region of £410,000 (Four Hundred & Ten Thousand Pounds) exclusive of VAT and subject to contract. An acquisition at this level would reflect a net initial yield of 7.02%, after purchaser’s costs of 4.24%. .

INVESTMENT SUMMARY

7 – 9 BOW STREET LISBURN BT28 1BJ

LOCATIONLisburn is Northern Ireland’s third largest city with a population of 71,465 (2011 Census) also forming part of the Belfast Metropolitan Area which has a population of 672,522 accounting for 37% of Northern Ireland’s population. Lisburn benefits from excellent communication links having convenient access to the motorway network. The M1 motorway links Lisburn with Belfast to the north east and Dungannon to the west. The M1 and A1 place Lisburn on the main corridor between Belfast and Dublin. Lisburn railway station provides direct links with Belfast, Newry, Portadown, Lurgan, Moira and Bangor and also has services to Dublin Connolly. 7-9 Bow Street

BELFAST

DROGHEDA

LISBURN

NEWRY

DUBLIN


SITUATIONThe property occupies a prominent location on Bow Street, in a well-established position between multi-national retailers Specsavers and River Island. It is situated on the eastern end of Bow Street within the pedestrianised section, close to Haslems Lane providing direct access onto Lisburn Square, home to occupiers such as Little Wing, Next, Subway, Cubic co-working space. Construction commenced in August for the new £4m Haslem Hotel at Lisburn Square which is being developed by the Beannchor Group, also owner of Belfast’s 5-star Merchant Hotel.

The property is also situated a short walk from the main entrance to Bow Street Mall shopping centre which is anchored by Dunnes Stores and Primark and has multi-storey car park with some 1,000 spaces.

Other notable occupiers on Bow Street include Caffé Nero, Tesco Express, Boots, Eason, Holland & Barrett, The Edinburgh Woollen Mill, Superdrug and B&M Bargains. Notable local occupiers on Bow Street include Argento, Greens Food Fare and Bob & Berts. Sprucefield Shopping Centre and Sprucefield Retail Park are located approximately 2 miles outside Lisburn City Centre. .



The property comprises a mid-terrace three storey retail building of brick and block construction with a two storey & single storey rear return. The ground floor provides traditional retail space with first floor storage, staff and toilet facilities. To accommodate the tenant’s retail layout the second floor has been closed off, but could be reinstated for future use. The façade has a painted render finish and the ground floor façade has recently been re-rendered. Internally the property is fitted-out to the tenant’s corporate specification.

DESCRIPTION

50 metres

Lisburn (NI)

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

Experian Goad Plan Created: 08/10/2019Created By: Frazer Kidd

Copyright and confidentiality Experian, 2019. © Crown copyright and databaserights 2019. OS 100019885

ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice, Sixth Edition:-

*We recommend that prospective purchasers satisfy themselves that the above areas are correct.

FLOOR AREA (SQ FT) AREA (SQ M)

GROUND 2 ,819 261.97

FIRST 1,055 98.06

TOTAL 3,874 360.03

For identification purposes only

RATES AND EPC The property has an Energy Performance rating of C71. A copy of the EPC can be provided upon request.

VATThe property is elected for VAT. It is anticipated that this transaction will be treated as a Transfer of a Going Concern.

TITLERegistrered freehold.

PROPOSAL We are seeking offers in the region of £410,000 (Four Hundred & Ten Thousand Pounds) exclusive of VAT and subject to contract. An acquisition at this level would reflect a net initial yield of 7.02%, after purchaser’s costs of 4.24%.

TENANCY The property is fully-let to CEX Franchising Ltd (company number 05592492), trading as CEX for a term of 10 years from 10th June 2019 on a full repairing and insuring basis with an upwards only rent review at the end of the 5th year and a tenant break option at the end of the 6th year. The passing rent is £30,000 per annum. A copy of the lease is available on request.

COVENANT

CEX Franchising Limited (Company Number: 05592492).

CEX was founded in London 1992 and trades from 385 branches in the UK with further branches in Spain, USA, Ireland, India, Australia, Portugal, Netherlands, Mexico, Italy, Poland and Canary Islands. (Source: www.webuy.com). The business retails second hand electronics and entertainment goods, offering a trade in service both online and in-store.

A summary of CEX Franchising Limited key financials are set out below:-


YEAR TO DATE TURNOVER PRE-TAX PROFIT

31/12/18 £29,318,787 £2,068,057

31/12/17 (6 months) £14,484,335 £1,964,182

30/06/2017 £25,457,680 £1,451,936

30/06/2016 £24,257,156 £1,849,095

FURTHER INFORMATIONFor more information or to arrange a viewing please contact:

Brian Kidd Neil MellonM: 07885 739063 M: 07957 388147E: [email protected] E: [email protected]

Telfair House87 - 89 Victoria StreetBelfast, BT1 4PB WWW.FRAZERKIDD.CO.UK

Neil McShaneM: 07798 873593E: [email protected] Ormeau Baths18 Ormeau AvenueBelfast, BT2 8HS WWW.INPRIO.COM

DISCLAIMERFrazer Kidd LLP & InPrio Ltd 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, anddo 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 becorrect, 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) Noperson in employment of Frazer Kidd LLP & InPrio Ltdhas any authority to make or give representations or warranty whatever in relation to this propertyOctober 2019

PRIME RETAIL INVESTMENT OPPORTUNITY 7 – 9 …...2017/10/19 · • 7-9 Bow Street is a retail...

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