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16 Wellington Park, Belfast, BT9 6DJ

£1,100,000

For Sale

WhatsApp Facebook Twitter Pinterest Linkedin Email

For Sale

16 Wellington Park, Belfast, BT9 6DJ

£1,100,000

Description

FOR SALE – WELL SECURED OFFICE INVESTMENT

Investment Summary

Belfast is the capital of Northern Ireland is the 2nd largest city on the island of Ireland and the 12th largest city in the United Kingdom.
The city is located approximately 103 miles north of Dublin and 71 miles south of Londonderry.
The property is situated just off the Malone Road in South Belfast which is widely regarded as one of the most affluent suburbs in Belfast.
Occupiers in the area include Queens University, Wellington Park Hotel, South Eastern Health and Social Care Trust, to name but a few.
The property comprises a newly refurbished office building which has been finished to a high specification.
The accommodation comprises office accommodation arranged ground and two upper floors with 32 surface car parking spaces.
The property measures a net internal area of 4,181 sq ft (388.43 sq m).
The investment will produce a net income of £75,000 per annum after the first two years at half rent has expired.
The investment provides a WAULT of 9.72 years to expiry and 4.72 years term certain.
Kerr Henderson (Financial Services) Limited has a Creditsafe score of 89/100 reflecting ‘Very Low Risk’.
The vendors interest totals a site area of approximately 0.3 acres (0.121 hectares).
We understand the property is held freehold.
We are instructed to seek offers over £1,100,000 (One Million and One Hundred Thousand Pounds Sterling) for our client’s freehold interest, excluding VAT. A purchase at this level would reflect a net initial yield of 6.45% after the 2 years of half rent has expired assuming purchasers’ costs of 5.85% and a capital price of £263 per sq ft.

Description

The property comprises a period three-storey semi-detached office building. The building has been extensively refurbished during Q4 2022 to a high specification, further details are available on request.

The building provides a mix of cellular and open plan office accommodation across three floors, with two staircases accessing all floors. There is a modern kitchen, board room and meeting rooms on the ground floor and a total of five WCs across the ground and first floors. The property is also serviced by modern fire and intruder detection systems as well as an air conditioning system.

Externally there is secure parking for 32 cars providing an excellent car parking ratio of 1:131 sq ft. The boundary of the site is fenced with an electronic gate providing access from Wellington Park.